UK property giant British Land reported a £1.3bn (€1.7bn) loss for the three months to the beginning of the year, after falling property values in the UK market led investors to pull hundreds of millions of pounds out of the sector.

British Land boasted a £1.4bn profit for the same period 12 months ago. Its portfolio value also fell by 8.9% over the quarter, and its net asset value fell by 16.7% over the period from £8.7bn to £7.2bn.