Retail landlords were largely stable in trading following the approval of New Look’s voluntary arrangement, despite several having opposed the retailer’s proposals.
Under the CVA’s proposals 402 leases will switch to turnover rent, while 68 stores will be retained under nil rent.
British Land inched up by 1.21% to 351.5p, while Landsec dropped by 0.2% to 542.8p.
Meanwhile, shares at the major insurers enjoyed a boost despite the outcome of today’s business interruption test case ruling.
Although the case has not yet left the High Court, the judges ruled in favour of the arguments advanced for policyholders by the FCA on the majority of the key issues. Hiscox traded up 17% to 129.20p, while RSA rose 4.68% to 492p.
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