LONDON, July 10 (Reuters) - Shares in several UK landlords fell in early trading on Monday, extending last week's losses, when interest-rate sensitive stocks came under pressure from renewed expectations for interest rates to stay higher for longer.
UK REIT (real estate investment trusts) Hammerson fell as much as 6.3% in early trading to its lowest level since March, before recovering somewhat, and was last down 3.3%.
UK self-storage company Safestore fell 5.4% before clawing back some losses and was last down 0.5%.
A FTSE real estate index, which includes commercial property firms and real estate investment trusts (REITs), was last up 0.1%, having traded as much as 1.9% lower in earlier trading when it dropped to its lowest level since October 2022.
UK government borrowing rates have soared to their highest since 2007 this month, as persistent inflation has prompted investors to reassess how high they think the Bank of England will raise interest rates.
Money markets show traders believe rates will peak at nearly 6.35% next May and will not start to fall for another six months.
Hammerson (HMSO)
Safestore (SAFE)
British Land (BLND)
Segro (SGRO)