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Share Price: 61.20

Bid: 60.20

Ask: 61.80

Change: 0.60 (0.99%)

Spread: 1.60 (2.658%)

Open: 61.20

High: 61.20

Low: 61.20

Prev. Close: 60.60

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JP Morgan sees rents falling as it cuts ratings for commercial property

Mon, 21st Jan 2019 11:50

(Sharecast News) - JP Morgan Cazenove has downgraded a host of European property companies, including FTSE 250 firm Hammerson, as the UK retail sector continues to battle weak consumer sentiment.The bank, which last downgraded the sector in September 2018, said in a note published on Monday that it was factoring in even lower rental growth for European retail property owners."This is due to the deterioration in UK retail news flow which accelerated through Christmas 2018 and into the new year," it explained. "We believe that buyers of malls will increasingly incorporate expectations of negative future rental growth into their forecasts, which will be reflected in outward yield shift going forward."It added: "We also reflect investor risk appetite for listed retail companies by taking a more conservative capital structure for our [weighted average cost of capital] estimates."The UK's retail sector has struggled as uncertainly around Brexit curtails consumer spending despite high employment and accelerating wage growth. A number of big-name retailers, including John Lewis, Marks & Spencer and Debenhams, have reported disappointing festive seasons, while HMV called in the administrators three days after Christmas.In November, shares in Intu Properties - owner of Old Trafford in Manchester and Lakeside in Essex - plunged after a consortium blamed macroeconomic uncertainly and "volatility across markets" for walking away from a £2.9bn takeover offer.The Royal Institution for Chartered Surveyors has even taken the unusual step of warning valuers to be aware of potential for "significant changes in value" when valuing retail properties. According to The Sunday Times, RICS issued the guidance in December.RICS also told valuers to be aware of "seismic" shifts in shopping habits, as shoppers continued to abandon bricks and mortar for online rivals, leaving retailers eager to get out of costly, long-term leases.As well as Hammerson, owner of the Bullring in Birmingham, European retail owners downgraded by JP Morgan Cazenove include Shaftesbury, which owns properties in London's West End, and in-town shopping centre operator Capital & Regional. All were cut to 'neutral' recommendations. Overall, JP Morgan Cazenove said it had downgraded price targets by an average of 13.9% for 20 stocks.As at 12.30pm GMT, shares in Hammerson were off 3%, Shaftesbury was flat at 837p and Capital & Regional was unchanged at 29p.

More News

14 Aug 2018 07:41

Capital & Regional dividend growth limited by retailer CVAs

(Sharecast News) - Capital & Regional saw the net asset value of its seven shopping centres dip in the first half of the year and said it expects full year dividend growth to be at the low end of its target range.

7 Aug 2018 16:01

UK Earnings, Trading Statements Calendar - Next 7 Days

Wednesday 8 August GlencoreHalf Year ResultsPaddy Power BetfairHalf Year Year Year Year 9

6 Aug 2018 08:13

Capital & Regional FD Staveley to step down

(Sharecast News) - Real estate investment trust Capital & Regional said on Monday that finance director Charles Staveley will step down from the board on 15 August and leave the company later in the year to pursue other business interests.

2 May 2018 16:07

UK Shareholder Meetings Calendar - Next 7 Days

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13 Mar 2018 07:06

EUROPE RESEARCH ROUNDUP-Capital & Counties Properties, Inmarsat, Norsk Hydro

March 13 (Reuters) - Securities analysts revised their ratings and price targets on several European companies, including Capital & Counties Properties, Inmarsat and Norsk Hydro, on Tuesday. * :

12 Mar 2018 15:31

DIRECTOR DEALINGS: Capital & Regional Chairman Buys, Sells Shares

LONDON (Alliance News) - Capital & Regional PLC said on Monday Chairman Hugh Scott-Barrett bought and sold shares in the property real estate investment trust in last at

8 Mar 2018 05:38

UK Stocks-Factors to watch on March 8

March 8 (Reuters) - Britain's FTSE 100 index is seen opening flat on Thursday, according to financial bookmakers. * UK-RECRUITERS: British recruiters a

4 Jan 2017 14:02

Capital & Regional refinances mall property debt

(ShareCast News) - Capital & Regional has refinanced the debt on its five wholly-owned shopping malls with £372.5m of new debt facilities with three lenders to cut its blended interest rate to 3.27% from 3.52%. The three new facilities were a £165m 10-year loan with Teachers Insurance and Annuity As

9 Dec 2016 09:15

Capital & Regional signs leases on two BHS spaces

(ShareCast News) - UK-focused specialist property real estate investment trust Capital & Regional announced on Friday that it exchanged two long-term leases for its former BHS units at The Mall Blackburn and The Mall Walthamstow, bringing new occupiers Wilko and the The Gym Group into the schemes an

9 Dec 2016 08:53

HSBC upgrades Capital & Regional to 'buy'

(ShareCast News) - HSBC has upgraded Capital & Regional, a British manager of shopping centres, to 'buy' from 'hold' but lowered its price target to 66p from 69p. The company's recent disposal of the Camberley shopping centre and refinancing has reduced the bank's equity valuation by £14.5m, equival

30 Sep 2016 08:27

BROKER RATINGS SUMMARY: Split View On Capita As Two Raise, Three Cut

19 Aug 2016 13:47

Directors dealings: Capital & Regional boss buys-in after interims

(ShareCast News) - Capital & Regional's boss Hugh Scott-Barrett bought into the company's shares on the same day that it published its latest interims. On 18 August, the UK-focused specialist REIT unveiled a 16% jump in operating profits for the six-month stretch running up to 30 June to £13.7m, in

18 Aug 2016 09:43

Thursday broker round-up

(ShareCast News) - Admiral Group: RBC reiterates underperform with a target price of 1600p. Laird: Berenberg maintains sell with a 230p target. BGEO Group: UBS reiterates neutral with a 2960p target. ICAP: Exane BNP Paribas upgrades to outperform with a 510p target. Poundland: Credit Suisse keeps

11 Aug 2016 15:03

UK Earnings, Trading Statements Calendar - Next 7 Days

18 Jul 2016 13:20

Monday broker round-up

(ShareCast News) - Experian: Barclays reiterates overweight with a target price of 1,550p. Rentokil: HSBC upgrades to hold with a 190p target. Card Factory: UBS reiterates buy with a 295p target. Capital & Regional: HSBC starts coverage at buy with a 61p target. Unilever: Goldman Sachs reiterates

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