Workspace’s and Derwent’s share prices were still more than 20% down on pre-referendum levels this morning as UK property struggles to make up huge losses from the days following the Brexit vote.
While the FTSE 350 has recovered since 23 June, opening 7.7% above its pre-referendum level this morning, the FTSE 350 REIT index is down 7%.
Only four of the FTSE 350 REITs have recovered, compared with the five companies – Workspace, Derwent, Big Yellow, Great Portland and British Land – which have lost more than 10% of their value.
Industrial-focused REITs Tritax Big Box and Hansteen were the biggest winners after the vote with share price gains of 8.6% and 6.9%.
Hansteen posted record growth in asset values and adjusted profits in its half-year results earlier this week as executives stressed the resilience of the sector despite widespread uncertainty.
The biggest losses came from companies most exposed to commercial property in London and the South East.
Despite steady growth in the past month, none of the FTSE 350 housebuilders have made up their losses, with McCarthy & Stone and Crest Nicholson opening at 20% below their pre-referendum levels today.
FTSE 350 REIT share prices
| June 23 Close | August 24 Open | Change since 23 June | |
|---|---|---|---|
| Workspace | 869 | 678 | -22.0% |
| Derwent London | 3430 | 2739 | -20.1% |
| Big Yellow Group | 858 | 742 | -13.5% |
| Great Portland | 770.5 | 668 | -13.3% |
| British Land | 762.5 | 661.5 | -13.2% |
| Safestore | 400.5 | 362.6 | -9.5% |
| Land Securities | 1190 | 1104 | -7.2% |
| Redefine | 46.11 | 43.08 | -6.6% |
| Assura | 59.5 | 58.25 | -2.1% |
| Hammerson | 590 | 580.5 | -1.6% |
| Intu | 317.5 | 315.3 | -0.7% |
| Shaftesbury | 958.5 | 953 | -0.6% |
| Segro | 448.6 | 449 | 0.1% |
| LondonMetric | 164.3 | 166.1 | 1.1% |
| Hansteen | 108.5 | 116 | 6.9% |
| Tritax Big Box | 133 | 144.5 | 8.6% |
| FTSE 350 | 3531.71 | 3802.2 | 7.7% |
| FTSE 350 REIT | 3231.37 | 3004.83 | -7.0% |
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