British Land takes £1.3bn IFRS hit

British Land has suffered a £1.3bn IFRS fair value loss on the back of the
credit crunch.

100 giant
said in its third quarter report to 31 December that the reflected
a pre-tax IFRS loss on ordinary activities.

The loss comes as a consequence of IFRS fair value requirements relating to
its investments. For the same period in 2006, the company made a £381m profit.

Because of the value decline, its gearing jumped to 45%.

British Land chairman Chris Gibson-Smith said: ‘Macro-economic uncertainty
and the global credit crunch have depressed property values. However, the worst
should now be behind us, though uncertainties remain on timing and extent of the

Further reading:

value shockwaves far from over

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