PROPERTY SHARES DIVE

SHARES in Shaftesbury and rival Capital & Counties (Capco) fell as investors digested plans for a £3.5bn mega-merger that will unite some of London’s prime real estate.

The two FTSE 250 landlords are in talks to come together in a deal that would see locations including Chinatown, Carnaby Street and Covent Garden brought under the control of a single company, with a portfolio containing 2.9m square feet. But the market reacted poorly to the news, with shares in Shaftesbury sliding 3pc, or 17p, to 560p while Capco dropped 6.9pc, or 11.4p, to 154p.