Several REITs enjoyed share price rises of more than 3% today, including Schroder REIT, NewRiver and Regional REIT.
Schroder REIT’s share price increased to 33.25p per share, while Newriver hit 56p and Regional REIT 66p.
Andrew Perloff’s Panther Securities ended the day down 10.26% to 175p per share.
As Jefferies analysts suggested that investors are being too bearish on London office-focused REITs, several of the leading landlords and developers in the capital saw their stock rise.
Jefferies’ Mike Prew and Andrew Gill reaffirmed their “buy” recommendations on Landsec, British Land, Derwent London and Great Portland Estates today, arguing that “despite the working from home phenomenon and falling London office rents, the investment market has seen £3bn of £6bn for sale trade at 4% cap rates and within 5% of pre-Covid-19 valuations”.
British Land dropped by 0.7% during trading to finish at 388.2p, but the rest of Jefferies’ picks moved up – Landsec by 0.2% to join the 10 top risers in the FTSE 100, Derwent by 0.6% and GPE by 0.4%.
The FTSE 100 fell by 1.91% to 5,776 points and the FTSE 250 slipped by 0.79% to 17,787 points.
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