Shares sale is shelved

PROPERTY shares have been put under pressure after the credit crunch forced British Land to shelve the sale of a stake in its £1.7 billion Meadowhall shopping centre in Sheffield.

The announcement, made after the market closed on Thursday, sent shares in British Land more than three per cent lower.

The company said the recent turbulence in financial markets made the prospect of getting a realistic price "unlikely at the present time".

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Fellow property firm Liberty International fell by more than four per cent, while Land Securities and Hammerson also slipped two per cent.

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