British Land (BLND.L) is set to return to the FTSE 100 (^FTSE) following FTSE Russell’s December 2025 quarterly review, while WPP (WPP.L) will be removed from the blue-chip benchmark and reassigned to the FTSE 250 (^FTMC), in one of the most high-profile changes in the latest index rebalance.
The global index provider confirmed the reshuffle on Wednesday after the market close. All changes will be implemented at the close of business on 19 December 2025 and will take effect when trading begins on 22 December.
British Land’s (BLND.L) promotion comes after a period of renewed investor confidence in prime commercial property, with the group’s shares rising 17% this year, valuing the company at more than £4bn. Its return to the FTSE 100 displaces WPP (WPP.L) whose market capitalisation has fallen sharply amid continued pressure on its business model.
WPP’s (WPP.L) demotion marks the end of an era for a company that had been a fixture of the FTSE 100 since 1998. Once valued at about £24bn in 2017, the group is now worth only £3.1bn following a prolonged deterioration in trading.
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The company’s share price has dropped by two-thirds this year alone, driven by client losses, heightened competition from rivals with stronger AI and data capabilities, and a global slowdown in marketing spending.
Cindy Rose, who replaced Mark Read as chief executive in June, has launched a strategic review and acknowledged that the group has “not gone far enough or fast enough in adapting to the evolving needs of our clients”.
WPP (WPP.L) has issued two profit warnings this year, while France’s Publicis Groupe (PUB.PA) has overtaken it as the world’s largest advertising group by revenue. Analysts view WPP as a potential takeover target unless Rose can rapidly stabilise the business.
The reshuffle of the FTSE 250 brings further changes. WPP (WPP.L) will join the mid-cap index alongside GB Group (GBG.L), Pan African Resources (PAF.L), Princes Group (PRN.L) and Shawbrook Group (SHAW.L), all of which have been promoted to the index.
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Leaving the FTSE 250 will be British Land (BLND.L), which moves up, as well as European Opportunities Trust (EOT.L), Foresight Solar Fund (FSFL.L), PayPoint (PAY.L) and Pinewood Technologies Group (PINE.L), which move down.
The latest changes also reduce the number of female chief executives represented in the UK’s top index. With the recent announcements by Emma Walmsley of GSK (GSK.L) and Liv Garfield of Severn Trent (SVT.L) that they will step down, the number of women leading FTSE 100 companies will fall to just seven.