Property shares were given a fillip yesterday as traders drew comfort from Laxey Partners launching a £1bn opportunity fund to buy shares in commercial property companies. The Times, Daily Telegraph
Mike Prew, of Lehman Brothers, said he believed that the whole sector had fallen too far. He is forecasting that 10% will be written off the value of prime British properties this year but that this has already been more than priced into shares.
Liberty International closed up 60p at 990p and British Land, which also benefited from Singapore declaring a 3% stake last week, rose 45.5p to 944.5p. Persimmon, the housebuilder, rose 47?p to 739p, while Taylor Woodrow closed up 6.2p at 172.5p ahead of figures today.