The London-based commercial property developer reports a pre-tax loss of £622m for the year, compared to a profit of £875m the previous year.

It put the profit loss down to a £848m reduction in its portfolio value, due to weakening valuation yields and less active investment.

Revenue grew by 16% to £791m from £679m a year prior, with LandSec noting more normalised consumer demand post-Covid.

Despite the reported losses Land Securities insists it is in “great shape” as we head through 2023 and beyond.

Land Securities chief executive Mark Allan says: “We expect the combination of a ‘higher for longer’ interest rate environment and the continuing concentration of customer demand on the very best space to result in exciting opportunities and continued positive rental growth for Landsec. Those competitive advantages will be more important than ever.”