Land Securities

Ticker LAND

Today's data summary

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

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FTSE 100 makes gains

City of London
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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
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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
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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.