British Land Co. Plc, the U.K.'s second-largest real estate investment trust, posted a second quarter loss after it was forced to write down the value of its shops and offices by 683 million pounds ($1.02 billion).
The net loss for the three months ended Sept. 30 widened to 747 million pounds, or 146 pence a share, from 277 million pounds, or 54 pence, a year earlier, the London-based company said today in a statement. The company's net asset value fell to 1,043 pence a share.
British Land, owner of the Broadgate estate in London's main financial district, is enduring the worst commercial property decline in at least 15 years. A freeze on bank lending has cut off credit to most property borrowers, exacerbating price falls. U.K. commercial property values are down 28 percent from their peak in June 2007, according to data from Investment Property Databank Ltd.
