British Land and Hammerson’s share prices tumbled today, as the duo faced the prospect of relegation from the FTSE 100 and 250 indexes respectively.
Shares in British Land, which has a market cap of nearly £3.4bn, have fallen by just over 45% since the start of the year. It closed down 4.13% at 350.6p today.
FTSE 250 student accommodation provider Unite’s market cap now exceeds British Land’s, standing at some £3.85bn. The company’s shares dipped 1.71% to 951p.
Hammerson’s share price dived 7.08% to 45p, making it one of the FTSE 250’s biggest fallers. The landlord’s share price has plummeted by around 85% since the beginning of 2020.
It has gained approval from its shareholders for a sharply discounted rights issue, as well as the sale of its stake in VIA outlets.
See also: Covid hammers retail REIT shares
Relegations are set to be confirmed after market close tomorrow (2 September), using market data from today’s session.
The FTSE 100 was down 1.7% at 5,862.05, while the FTSE 250 fell 1.03% to 17,604.6.
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