Some of the UK’s biggest listed landlords face rent cuts as Debenhams seeks to ease the burden of a store portfolio that includes leases stretching as far as 2083.
British Land and Intu have the largest exposure to the struggling retailer, according to data from Colliers International, although people close to both companies insisted their stores were among Debenhams’ most successful.
Other groups with significant exposure include Landsec, Capital & Regional and Hammerson, the data shows. At least 30 of Debenhams’ 165 stores are owned by listed groups.
And the Guardian reports that the credit agency Moody’s has cut Debenhams credit outlook and said that the chain will struggle to refinance its debts without raising new funds from shareholders.
