Real estate stocks rebounded 3.5% on average in April following a rout in March caused by the conflict in the Middle East. London office developers dominated our list of risers, while an eclectic mix of companies made the list of fallers.

Best performers in price terms

Source: Bloomberg, Marten & Co

Hammerson (HMSO) led the way in April, with the retail giant’s turnaround continuing to gather pace. Its shares have risen 30.3% over the past 12 months. Value & Indexed Property (VIP) also posted a double-digit share price uplift in April, with its inflation-linked income helping it to outperform its MSCI UK Quarterly Property Index benchmark. The three London office landlord/developers – Great Portland Estates (GPE), Helical (HLCL) and Derwent London (DLN) – all gained 9%+ in the month as leasing activity picked up amid a tightening of supply in the capital.

Worst performing in price terms

Source: Bloomberg, Marten & Co

There were just nine share price fallers in the month, led by Henry Boot (BOOT) and Harworth Group (HWG). Both development specialists are suffering from the malaise in the house building sector, although each have substantial industrial and logistics landbanks in which to grow. Having seen its share price jump in March, Macau Property Opportunities (MPO) retreated 6.3% in April and has now shed more than 75% over the past 12 months.

Valuation moves

Source: Marten & Co

There was very little evidence to go on in terms of valuation updates in April, with quarterly values flat at the two diversified REITs that did post numbers. AEW UK REIT (AEWU) backed away from making an offer for Alternative Income REIT (AIRE) during the month citing a disagreement during due diligence. Berlin residential landlord Phoenix Spree Deutschland (SPDL) saw its portfolio increase in value over 2025 as it begins to return capital to shareholders as part of its managed wind down.

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