For the financial year ending March 31, 2020, Landsec said the value of its property portfolio fell by 8.8%, or £1.17bn, to £12.8bn, with its retail portfolio in particular taking a hammering.

The value of its retail property portfolio fell 20.5% during the period, which Landsec said was a direct result “of the challenging environment and ongoing structural changes” in the sector, which have only been further exacerbated by the coronavirus.

Revenue profits fell 6.3% to £414m for the period, while losses before tax ballooned to £837m.