Land Securities, one of the UK’s largest property companies has put its office properties up for sale in a bid to offset a staggering loss of 4.77 billion dollars that was reflected in its year-end results. The global economic meltdown has adversely affected the company, which is now selling off its assets in order to raise funds and reduce debts.

Francis Salway, the Chief Executive of Land Securities declared that the company intends to carry on the selling process throughout the year and there is hardly any property which is not under the radar.

Four major properties owned by Land Securities viz. St. John’s and Clayton Square Shopping Centre, and Chester and Aintree Racecourse Retail Parks were sold off recently. While the Aintree Racecourse Retail Park fetched a whopping amount of 61 million pounds, another property at 22 Kingsway, London WC2 was sold off to an overseas client of Jones Lang LaSalle for approximately £39 million profit. All these deals have put the company right back on track to generate around 370 million pounds in the current financial year, from sale of its business and office space assets.

The property portfolio of Land Securities boasts of its retail outlets, offices to rent London, shopping plazas and other area-specific domains. However, the downward trend of the real estate sector owing to the market pressures has taken a heavy toll on the company. According to Salway, declining rental values are a big head-ache for the company and with the prevailing economic crisis; things are not likely to look up in the near future

Adding to the woes of the company, the share prices of the company took a hit due to market speculations that Salway might be shown the doors. However, an official statement released by the company denied any such possibility.