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STOCKS NEWS EUROPE-UK property stocks fall on lending fears

Mon Nov 2, 2009 10:59am EST

Stocks

   

UK property stocks fall on fears that another looming shake-up for Britain's top banks could further crimp real estate lending.

Five real estate investment trusts (REITs) are among the top 10 losers on the FTSE 100 .FTSE, with Hammerson (HMSO.L) down 3.5 percent, British Land (BLND.L) down 2.8 percent, and Land Securities (LAND.L) down 1.6 percent.

Segro (SGRO.L) is down 3.2 percent and Liberty International (LII.L) fall 3.3 percent, dragging the UK real estate index .FTNMX8730 down 2.4 percent, underperforming the FTSE 100's 1 percent fall.

"(The UK REITs) have been tracking the banks for ages. Pick your chicken and egg ... if the banks are tight on capital and lending for whatever reason, then real estate is the biggest casualty," Singer Capital Markets analyst Ian Wild analyst says.

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