(Bloomberg) -- The landlord that owns chunks of London's trendy Soho district has written down the value of its portfolio by more than 300 million pounds ($383 million), after the coronavirus pandemic forced its stores and restaurants to close.
Shaftesbury Plc said its portfolio fell by 7.9% in the six months through March to 3.5 billion pounds, according to a statement Wednesday. The company has been particularly exposed to lockdown measures, with about 38% of its portfolio made up of restaurants, bars and cafes in London's most popular tourist districts, according to Bloomberg Intelligence analyst Sue Munden.
“The growing impact of the measures to address the pandemic are having a material impact on normal patterns of life and commerce, both for our occupiers and on the near-term prospects for our business and financial performance,” Shaftesbury Chief Executive Officer Brian Bickell said in the statement.
Shaftesbury's focus on small independent stores and restaurants in London's tourist heartlands had been a source of strength during the country's retail crisis, as they continued to attract millions of visitors even as more shoppers bought online. Now the dozens of properties it owns around Chinatown, Soho and Covent Garden have seen footfall plunge as international travel has all but ceased and Britons have been told to stay at home.
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