The FTSE 100 reached its highest level in more than five and half years today as the new era of REITs began
Five of the six biggest-quoted property companies that converted to REIT status today enjoyed healthy increases in their respective share prices, helping the UK’s main stock exchange index climb 65 points or 1.1% to 6,286.5 - its highest level since February 2001.
Land Securities, the UK’s biggest and the world’s third-biggest REIT, saw its share price reach 2351p today. This is 689p higher than the share price 12 months ago. The price settled at 2233p at the close of the day’s trading.
Shares in British Land, the world’s fourth-biggest REIT, were selling at 1749p at their peak this afternoon, some 674p higher than their price at the same time last year.
Liberty International was the only large quoted property company not to end the first day of UK REIT trading on a high, after its share price dipped 0.26% to 1393p.