The landlord, which owns shopping centres such as Trinity Leeds and Gunwharf Quays in Portsmouth, wrote down the value of its overall portfolio by £368m for the six months to the end of September.

It said this decline in asset values was driven predominantly by the issues facing retail and leisure, which accounts for roughly half of its portfolio.

Particularly hard hit was the value of its retail park portfolio, which fell 11.1% to £523m, while regional shops and shopping centres fell 9.4% to £1.9bn.