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It owns shopping centres including Meadowhall in Sheffield and offices including most of the Broadgate complex in London.
The FTSE 100 company said the value of its holdings had fallen nearly 11 per cent to £11.6 billion in the six months to the end of September.
Before write-offs against the lower valuations, underlying profits were slightly ahead at £144 million.
Occupancy levels remained at 97 per cent and the group had a broad mix of tenants and industry. The firm said
difficult conditions facing retailers would weigh on prospects in the short term, but it had yet to see any significant
After completion of two schemes next year, its London office programme would “pause” until market conditions were more favourable.
The group is seeking a new chief executive after the departure of Stephen Hester last month to run Royal Bank
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