British Land suffers £1bn hit from retail tumult

Upheaval in the retail sector, accelerated by coronavirus, has wiped more than £1bn off the value of British Land’s portfolio. The FTSE 100 property company owns about £11bn worth of property, including key sites in Broadgate, east London, and Paddington in west London. Just over a third of that — £3.9bn — is made up of retail parks, stores and shopping centres, which have shed more than a quarter of their value over the year.