Fall in property values blamed for unexpectedly large loss
Property behemoth British Land has announced a record £3.88bn loss as a result of plummeting property values.
The loss is more than double the previous year's £1.56bn loss and exceeds even the £2.96bn predicted by five analysts in a Bloomberg survey.
In March, British Land carried out one of the first of the recent spate of rights issues among major firms, tapping shareholders for £740m.
The British Land portfolio is almost equally divided between retail warehouses or malls and office buildings, with most of its office buildings located in the City of London.