Shares in Savills dropped by almost 10% in trading today, after the agency announced that it is scrapping final and interim dividends. The move is part of efforts to keep hold of enough cash to mitigate market uncertainty during the coronavirus pandemic.
The agency’s shares closed down 80.5p at 744.5p, giving the company a market capitalisation of roughly £1.2bn.
AIM-listed real estate financier Urban Exposure fell by close to 3%. The company said this morning that it is considering its next steps after Pollen Street Capital’s Honeycomb Holdings withdrew from purchasing its loan book.
For the second day running, Schroders made the list of top FTSE risers – this time its Schroder European REIT, which gained more than 8%.
Also riding higher were Triple Point Social REIT, which rose by almost 7%, and Residential Secure Income, up by 6.5%.
As a whole, markets dropped today, with the FTSE 100 losing close to 4% at 5,454, and the FTSE 250 down by 3.7% at 14,547.
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