Land Securities properties fall 8.8 percent in value

LONDON (Reuters) - Property firm Land Securities (LAND.L) reported an 8.8 percent reduction in the value of its portfolio, but said it was outperforming industry benchmarks and that its planned demerger was progressing well.

The firm said on Wednesday that the value of its properties fell 1.28 billion pounds in the year ended March 31 to around 13.58 billion.

"The market is demanding but we have performed well in relative terms this year and our results show considerable success in terms of value preservation in the face of a sharply falling market," Chief Executive Francis Salway said in a statement.

(Reporting by Mark Potter; Editing by Rory Channing)