Boston Properties up on asset stake sale; real-estate stocks rise as yields drop

Vornado Realty Trust

14/11/2023 16:45

** Shares of real estate investment trust Boston Properties
 BXP.N  surge almost 12% to $57.49 after co agrees to sell
interest in two of its Massachusetts-based properties for about
$1.7 bln
    ** Stock set for best one-day percentage increase in 3
years, leading gains on the S&P 500  .SPX 
    ** BXP to sell 45% interest in two life sciences development
properties to Norges Bank Investment Management
    ** This follows a rally in real-estate stocks after cool
inflation data led to a drop in U.S. 10-Year Treasury yields
 US/  
    ** S&P 500 real estate index  .SPLRCR , which includes
dividend stocks that are bond proxies, jumps 6%, on course for
the biggest daily pct gain in a year
    ** The S&P 500  .SPX  rises 2%
    ** BXP down 14.9% YTD vs 2.6% drop in SPLRCR

 (Reporting by Pranav Kashayap and Medha Singh)
 ((medha.singh@thomsonreuters.com))