Hammerson, Great Portland and Land Securities were the main beneficiaries of the ScotMet takeover, ending the week up 5%, 7% and 3.5% respectively.
British Land also had a good week, thanks to a bullish note from ABN Amro on its City holdings, gaining 4% to 427.75p. The analysts’ report also helped City specialist Wates City, which rose 4.5% to 75p after a recent poor run. MEPC, up 5%, and Canary Wharf, which rose 4%, completed a good week for the majors.
Only Liberty International, Capital Shopping Centres and Slough underperformed the 3% rise in the Real Estate Index to 1818. This was double the 1.4% rise in the All-Share to 3002, which was helped by a strong performance from the stock market’s biggest stock, Vodafone AirTouch.
Among the smaller property stocks there were good performances from Mucklow. Quintain and Safeland – which all rose 8% – and Frogmore, Bourne End, and Tops Estates, all up 7%.
