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BUZZ-UK retail landlords: valuations looking stretched-Barclays

Reuters - UK Focus

** London-listed retail landlords Hammerson & Intu Properties under pressure after strong runs as Barclays (LSE: BARC.L - news) issues relatively bearish note

** Hammerson - up 20 pct in last yr - down 1.6 pct, top FTSE 100 faller & Intu - up 28 pct in last 12 mths - down 1.2 pct, with Barclays seeing limited upside for the pair given current valuations

** Broker says while outlook for retail sales & hence rental growth for landlords looks good for upcoming year, with yields at record lows & a poor track record of rental growth, it believes forward-looking returns are low

** Barclays downgrades Intu to "underweight" vs "equal-weight", keeps "equal weight" on Hammerson (Other OTC: HMSNF - news)

** Oriel cuts Hammerson to "reduce" vs "hold", on valuation grounds (RM (LSE: RM.L - news) :esha.vaish.thomsonreuters.com@reuters.net; RM: tricia.wright1.thomsonreuters.com@reuters.net)