Hammerson revealed today that it had made its first purchase as part of a share buyback programme.

In an announcement to the stock exchange, Hammerson said it has bought back 750,000 of its own shares at a cost of £8.86m.

Hammerson confirmed it had the provision to buy back its shares when it posted its interim results on 4 September. The shares will be held in treasury.

The move comes as the UK’s listed property companies seek to address the problem of their plummeting share price. Hammerson has seen its shares fall 27% since the start of the year, in line with the performance of most UK REITs.

British Land and Land Securities started similar share buybacks earlier this year, with both companies saying that they thought the shares were underpriced.