Shares in FTSE 100 landlords British Land and Landsec fell today after a downgrade from Jefferies, while index peer SEGRO reached its highest level in 14 years.
British Land was one of the worst performers on the index, down 4% at 501.2p, while Landsec fell by 3.1% to 682.8p.
Jefferies downgraded the pair to “hold”, from a previous “buy” rating, and cut their price targets.
The broker said that both landlords’ cost of doing business is “rising with earnings dependency on shops and decarbonising costs”.
SEGRO was among the top risers on the index, up 1.6% at 1,136p.
The FTSE 100 dipped by nearly 1% to 7,100 points, as the market digested Boris Johnson’s confirmation that most of England’s Covid restrictions would be lifted from 19 July.
The FTSE 250 was down 0.6% at 22,895 points.
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