Land Securities

Ticker LAND

Today's data summary

Market open
% change
-1.54%
Price Pence
845.20
Change
-13.20
As of 16:51 21 Jan 2019
Market cap. Pound sterling
6,266.84 million
As of 16:51 21 Jan 2019

Latest updates

FTSE 100 makes gains

City of London
Getty Images

The FTSE 100 has extended gains and is now 0.70% ahead at 7,053.24.

Chilean copper miner Antofagasta is leading the blue chip risers, up 4.75% at £18.09 following concerns about market supplies.

Property companies continued to dominate the fallers. Land Securities' share price dropped 3.8% to 842p and British Land's stock fell 2.08% to 592.6p.

It follows an announcement that Intu shareholder Peel Group not to pursue a buyout of the shopping centre group.

Intu's share price is down 34.16% at 126.78p, followed by another of its one-time prospective buyers, Hammerson, whose stock fell by 5% 399.75p.

The FTSE 250 is up 0.40% at 18,714.97.

Abandoned Intu deal spooks investors

Hammerson owns the Bullring shopping centre in Birmingham
Getty Images
Hammerson owns the Bullring shopping centre in Birmingham

Intu Properties' share price has fallen further and is now down 38.37% at 118.72p after its biggest shareholder Peel Group said it would not proceed with a buyout.

The announcement knocked shares in other property groups.

Hammerson - which pulled out of a takeover of Intu earlier this year - saw its shares fall by 6.72% to 392.4p.

Land Securities led the FTSE 100 fallers, down 3.15% at 848.4p while British Land's stock dropped by 1.49% to 596.1p.

Retail woes hit Landsec property values

Bluewater shopping centre
Getty Images

Landsec, the developer whose assets include the Bluewater shopping centre in Kent, has reported a fall in the value of its property portfolio, although half-year profits have risen.

Pre-tax profits for the six months to 30 September rose to £42m from £34m a year earlier.

However, the woes currently afflicting the UK's retail sector weighed on the value of the company's property portfolio, which fell by 1.4%, or £188m, to £14bn.

Values of shopping centres and shops were cut by 2.9%, while retail parks fell 4.5%.

Intu shares ease back

Intu Eldon Square shopping centre
Intu Properties

Shares in Intu have eased back from near-40% highs, but are still up close to 30% following news that a consortium including British billionaire John Whittaker and Canada's Brookfield Asset Management is considering a bid for the shopping centre owner.

Peel Group, which is the investment vehicle of the Whittaker family, Saudi Arabia's Olayan Group and property investor Brookfield say they are were weighing a cash offer for Intu.

Rival shopping centre operator Hammerson shelved a £3.4bn takeover of Intu in April due to heightened concerns among its investors about the weak UK retail sector.

Hammerson shares are up 4%, no doubt on hopes that it too could become a bid target in a sector-wide restructuring.

Shares in other property companies are up - Land Securities is ahead 1.7% at 855p and British Land is up 1.4% at 585p.