Europe’s biggest shopping centre landlords face a gruelling 12 months, with crashing rents and values falling by 30%.

Moody’s Investors Service has warned of a hit to the credit quality of mall owners including Hammerson, Unibail-Rodamco-Westfield and Klépierre. It predicts “a significant deterioration” in rental income over the next 18 months.

By the end of 2021, Moody’s expects retail assets in continental Europe to have shed 15% to 20% of their value, with those in the UK to have lost up to 30%, compared with June 2020.