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Retail closures hit Land Securities’ portfolio, loss widens

May 14 (Reuters) – British property developer Land Securities Group on Tuesday reported a wider loss for the year due to a steep decline in the value of its retail assets, as pressure on retailers led to higher vacancies.

The company, which manages the Bluewater shopping centre in southeast England, reported a loss before tax of 123 million pounds ($159.30 million) for the year ended March 31, compared to a loss of 43 million pounds a year ago. ($1 = 0.7721 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr)

Source – Reuters