Shaftesbury posted a £287m first-half loss on Wednesday after being impacted by the Coronavirus pandemic.
The West-End landlord, which owns pubs, shops, workspaces, and restaurants in central London said a “collapse” of footfall from February and the closure of shops in March has affected tenant’s ability to pay rent.
The £287m loss is compared to the £38.7m profit made in the same period a year earlier.
“Although our business performed well during the first four months of the period, the growing impact of the measures to address the pandemic are having a material impact on normal patterns of life and commerce, both for our occupiers and on the near-term prospects for our business and financial performance,” said Brian Bickell, the group’s chief executive.
“The economies of London and the West End have a long history of structural resilience, having weathered many episodes of near-term challenges and uncertainties. Their unique features come from a culture of constant evolution across a broad-based economy, attracting talent, creativity, innovation and investment from across the world and reinforcing their enduring appeal to businesses, visitors and as great places to live.”
“In the post-pandemic recovery, these fundamental advantages will underpin their return to prosperity and growth,” he added.
The group has said that it aims to collect 50% rent from tenants that is owed between April-October.
Shares in Shaftesbury (LON: SHB) are trading down 4.94% at 616.00 (1031GMT).