An owner of shopping centres across Europe was one of the best-performing real estate stocks in London trading today.
Eurocommercial Properties’ euro-denominated, London-listed depositary receipts – which let investors trade in its shares on Euronext – rose by 5.8% to €18.59, close to their year high of €19.28 earlier this month.
The company published annual results today that showed a sharp drop in profit and a falling portfolio valuation. The group said it is eyeing continued disposals in efforts to bring its loan-to-value ratio down.
The day’s sharpest real estate riser was One Heritage Group, a small-cap developer whose stock has seen significant swings since an IPO late last year. Its shares were up by more than 13% today to 34p, their highest level since mid-February.
In the FTSE 100, there were gains of around 1% for the three largest REITs, Landsec, SEGRO and British Land, the last of which is now looking to make a mark in the logistics market with a debut deal in Enfield for £90m.
The FTSE 100 and 250 both ended the day up by roughly 1%, at 6,740 and 21,486 respectively.
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