Goldman upgrades Landsec, British Land

Land Securities Group

593.50p

17:14 21/11/24

1.28%

7.50p

Goldman Sachs upgraded Land Securities and British Land on Tuesday as it took a look at the European real estate sector.

British Land Company

375.00p

17:15 21/11/24

-1.11%

-4.20p

FTSE 100

8,149.27

17:09 21/11/24

n/a

FTSE 250

20,349.92

16:49 21/11/24

n/a

FTSE 350

4,491.25

16:49 21/11/24

n/a

FTSE All-Share

4,448.06

17:14 21/11/24

n/a

Real Estate Investment Trusts

2,092.46

16:49 21/11/24

0.16%

3.31

The bank lifted Land Securities to ‘buy’ from ‘neutral’ and upped the price target to 690p from 580p.

Meanwhile, British Land was lifted to ‘neutral’ from ‘sell’ and the price target to 350p from 290p.

Goldman said it was becoming "more positive on their retail exposure in particular, as we expect in-place rents to recover from here alongside a lower cost of capital versus other asset classes".

In the same note, GS downgraded Gecina to ‘neutral’ from ‘buy’ on share price outperformance, but lifted the price target to €103.5 from €101.4.

Goldman said: "We see a low appetite for office investment to precipitate further value declines, even for prime offices, while the shares also have outperformed year to date."