Wednesday, April 11, 2007

U.K. Reits / end of gold rush

this is a follow up on this story " Those who piled into commercial property risk a shock"

diese meldung pa├čt genau zu der o.g. story. (

Lehman cuts U.K. REITs to neutral from positive

Lehman Brothers downgraded the U.K. real estate investment trust sector to neutral from positive, saying it's seen the end of the gold rush. "The cycle is now adjusting to lower and slower levels of returns befitting real estates' low risk characteristics. Highly indebted investors holding sub-prime stock with weak rental prospects can expect a bumpier landing than those holding prime buildings let on long leases which we think are on a gentle glide path down to yield equilibrium," the broker said.

It downgraded the following from equal-weight to overweight: Land Securities, British Land, Hammerson, Slough Estates and Brixton

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