British Land has dropped out of the FTSE 100 after 21 years.
The REIT has been replaced by engineering stock IMI as a result of FTSE Russell’s June 2023 annual review, announced last night.
The index of the top 100 highly capitalised companies on the London Stock Exchange is rebalanced four times a year, with any company that has fallen below 110th position relegated.
At this review British Land was the only company to be relegated.
Earlier this month British Land announced that it had made a £1bn loss after capital values took a hammering. At the time, chief executive Simon Carter was keen to point out that the short-term fall should not be the focus. “Value in real estate is created over the medium to long term,” he said.
The share price has fallen by 12.5% over the month to 345.7p.
The latest FTSE rebalancing also saw Empiric Student Property promoted to the FTSE250.
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