Shaftesbury in red after £222m hit
11 April 2012
Carnaby Street landlord Shaftesbury today had to knock £222.5 million off the value of its properties as it dived into the red.
The firm, which also owns buildings in Chinatown and Covent Garden, said its estate is now worth £1.21 billion, a fall of 15.6% on the year. The writedown left it with losses of £220.9 million for the 12 months to the end of September against profits of £124.2 million a year earlier.
However, chief executive Jonathan Lane said the firm outperformed the wider market as its West End villages weathered the storm battering other parts of the property sector, particularly the City.
