For the property companies behind the UK’s shopping centres and offices, there has been little to celebrate lately. Sure, Hammerson bragged this week that just 25 of its tenancies were in administration, 0.5 per cent of its rent roll. But given its trouble finding tenants for its latest office and retail developments, and Liberty International’s acknowledgment of a doubling of bad debt provisions, investors were prepared for plenty of further bad news from the sector.

Land Securities, whose 27 malls and 26 retail parks give it a 5 per cent share of the UK retail property market, managed expectations well. Even though writedowns pushed the group into a first-half pre-tax loss of £1.74bn and reduced net assets per share by 20.7 per cent, its shares rose 3 per cent. Francis Salway, chief executive, focused on the 13 per cent rise in underlying rental profits, achieved in spite of an increase in voids to 4 per cent from 3.4 per cent in March.