Key properties facing sell-offs in Brexit's wake

Thu, 14 Jul 2016 | COMMERCIAL PROPERTY

Henderson Global Investors is thought to be planning a sale of the central London-based headquarters of Coutts & Co, the bank which counts the Queen amongst its royal customers, and is also tipped to be working on the sale of a retail store on Oxford Street.

Meanwhile Aberdeen Asset Management is thought to be mulling the sale of a BT office in Leicestershire, and another office development in Hammersmith, London, among others.

Investors are pulling their money out of UK property funds in fear that real commercial property values will tumble, potentially leading to hurried sales of key London properties.

The bosses of seven commercial property funds suspended trading last week, and with the pound at its lowest value since the mid-1980s amid recent Brexit worries, it seems that a door has opened for foreign investors to snap up attractive property in the UK for bargain prices.

Despite the recent fears and slow-down in property deals, however, they are still going through. Just last week, for example, Swedish billionaire Stefan Persson, the chairman of clothing retailer H&M, is understood to have agreed to purchase Debenhams' seven-storey flagship store on Oxford Street in a deal worth around £400 million.


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