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MILAN, Sept 27 - Great Portland led a slump in UK landlord shares on Wednesday after downgrades from Jefferies that warned London's embattled office market was in "rental recession".
Great Portland had dropped more than 4% by 0720 GMT after analysts at the U.S. bank cut the stock to hold from buy, slashing their price target to 387 pence from 706 pence. They downgraded rival Derwent , also to hold from buy, and cut both Land Securities and British Land to underperform from hold, knocking 2% off their shares.
Jefferies estimated a 20% contraction in London office usage due to post-pandemic hybrid working and an increasing preference among occupiers for greener buildings in the suburbs.
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