Property stocks downgraded

Fears that a potential recession could lead to higher vacancy rates and weaker market rents have prompted a broker's downgrade on the property sector. RBC cut its ratings on eight European real estate stocks to “reflect further rises in interest rates and a deterioration in credit spreads, as well as market trends”. In a research note, RBC said it was taking a “more cautious view of London office and UK retail property markets”. It downgraded British Land and Hammerson to “underperform”, and Land Securities to “sector perform”.

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