Retail REITs wobble in intu aftershocks

Hammerson and Capital & Regional were two of the biggest fallers among the listed REITs today, as shopping centre landlord intu’s collapse continues to reverberate throughout the retail sector. Hammerson’s shares dropped 6.83% to 80.26p, posting one of the FTSE 250’s sharpest falls during the day.  Community shopping centre landlord Capital & Regional posted the steepest share price decline among the REITs across the stock exchange, after slipping 8.31% to 85p. Shares at NewRiver REIT, which also specialises in community assets, fell by 4.99% to 202.36p. However, the pain was not limited to retail; shares in housebuilder Redrow fell by 6.83% to 430.8p.  The housebuilder outlined plans to pare back its London operations to focus on the regions, highlighting that Covid-19 has “shifted home movers’ priorities” to larger indoor and outdoor spaces. It also warned that the cost of scaling back its London business will result in “substantially lower” profits this year.  The FTSE 100 finished the day down 0.9%, at 6,169.74, while the FTSE 250 fell 0.46% to 17,119.16. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette