Major British office landlord writes down value of properties following interest rate hikes

Higher interest rates have weighed heavily on commercial real estate

The office and retail landlord said the value of its portfolio dropped by £625m (€729m) to £10bn in the year to March 31.

A major British office landlord has written down value of its properties following interest rate hikes.

Land Securities Group marked down the value of its UK real estate portfolio by 6% last year as rising interest rates weighed on commercial property.