Nov. 6 (Bloomberg) -- Land Securities Group Plc and British Land Co., the U.K.'s largest commercial-property companies, declined in London after analysts at Morgan Stanley said the shares may fall to the lowest levels since at least 1995.
A team led by Martin Allen, a London-based analyst at Morgan Stanley, cut its ratings for the stocks because of ``rising concern'' over debt gearing covenants.
U.K. property companies have struggled to raise money from sales of real estate as transactions have dried up because of a shortage of bank finance. That has made it harder for them to cut debt and has contributed to a 30 percent decline in the FTSE 350 Real Estate Index in six months.
