- Property investment company Capital & Counties Properties warned that difficult operating conditions for its customers would lead to 'enhanced' levels of vacancy.

The dour outlook came as the company reported a wider annual loss for 2020 as the value of its property portfolio plunged.

For 2020, pre-tax losses widened to £680.8 million from £63.9 million year-on-year even as revenue rose to £140.3 million from £84.4 million.

'Challenging occupier and investment market conditions resulting from the pandemic have had a negative impact on property valuations and rental values,' the company said.

Total property value was £1.9 billion, a decrease of 26% on a like-for-like basis as net rental income slumped 74% to £16 million against December 2019.

Looking ahead, the company said operating conditions would remain difficult for its customers which was anticipated to lead to enhanced levels of vacancy and further adjustments in valuation and rental levels.

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