The UK-focused shopping centre owner's troubles are a chill wind for SA, where the listed property sector, carrying large amounts of debt and experiencing weak market fundamentals even before the Covid-19 pandemic, has been particularly hard hit by the lockdown. SA has eased restrictions to lockdown level 3, but listed property stocks and the tenants they rely on have a long road to recovery ahead.
At that stage it had an LTV ratio of about 45%, which then gradually started increasing as asset values in the UK declined due to the physical retail property market coming under pressure from a surge in e-commerce, as well as fears about the country's exit from the EU. It had exposure to the Spanish market, but had to sell two of its best properties there.
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