Ground Rents Income Fund posted the biggest uptick in listed real estate today, after selling its freehold interest in Manchester’s Beetham Tower.
The firm finished the session up 3.2%, at 73p. It has sold the freehold for a “nominal consideration” to an unnamed private investor, releasing it from all litigation and freeholder obligations relating to the building.
As such, it will pass on a combined £3.2m in cladding repair costs to the buyer, which is also expected to deliver a “long-term” solution for the property.
Elsewhere, British Land was among the biggest fallers on the FTSE 100 today, as the wider index closed 0.3% higher at 7,105 points.
Shares in BL dipped by 1.7% to end the day at 510.6p. FTSE 100 peers Landsec and SEGRO also fell, with the former down by 1.3% to 712.4p and the industrials giant down by more than 0.8% at 1,218p.
Capital & Counties – one of yesterday’s top real estate risers – also dropped back today, falling by 2% to 172p.
The FTSE 250 ended up 0.3% at 23,289 points.
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