Trafford Park owner’s portfolio value almost halved

Brixton, the UK's largest industrial property landlord and owner of 2.5m sq ft in Trafford Park, Greater Manchester, saw net asset value fall 47% in the past year.

The REIT reported a pre-tax loss of £758.8m and a £673.4m reduction in the value of its portfolio from £1.4bn to £787m.

Brixton scrapped its final dividend and said nothing of an expected rights issue.

Borrowing increased from 55% in 2007 to 110% last year and covenants, Brixton said, were "likely to come under pressure".

The group said net rental income rose 6.8% to £77.4m but vacancy increased from 15.4% to 17.3%.

Brixton said its empty rates bill was £3.8m for the year.

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