Shares in several pub companies climbed after Citigroup became the latest broker to highlight the potential opportunities to the sector from investing in real estate investment trusts (Reits). The broker upgraded targets prices on several operators after it noted the potential value, which could be released by pub groups splitting businesses into property and operating companies. Shares in Greene King rose 51p to 1140p, Punch Taverns gained 52p to 1281p, Wolverhampton & Dudley increased by 54p to 1844p, while Enterprise Inns improved by 30p to 1363p. Earlier this week pub company shares climbed, after Nigel Parson, of Evolution Securities, said that the introduction of Reits could see pub operators breaking up or being bought because they have “huge valuation upside”, offering larger property portfolios and stable, uncomplicated, cash-generative businesses. Parson said: “Private equity completely understands the opportunity. When the next round of bids arrives, pub companies will surrender or have to convert to a Reit as part of their defence.”