The FTSE 250 organization, Cloud Light  which was one of the pleasant-appearing United kingdom belongings groups throughout the monetary disaster, stated on Thursday that the referendum vote to go away the European had “had a negative effect on business confidence in London so one can in all likelihood result in decrease economic growth”.

“For this reason, we are able to assume London’s industrial property markets to weaken at some point of this period of uncertainty,” said Toby Courtauld, chief executive.
Fantastic Portland, that is growing Facebook’s new headquarters in Fitzrovia, said a three.7 per cent drop in the value of its portfolio inside the six months to the give up of September, in keeping with a decline in industrial property prices inside the broader market.

It made a pre-tax loss of £62.8m, down from an income of £371m a yr in the past, at the same time as its condominium values declined 0.5 per cent due to a drop in London workplace rents.
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The organization has offered £293m of properties since March, such as a building underneath construction on Oxford Road sold this week at £277m, bringing its loan-to-fee ratio right down to sixteen according to the cent.

The sales have been no longer simply right down to Brexit: Awesome Portland has been a net supplier of residences considering that 2013 because it predicted the property marketplace passing its height.

Mr. Courtauld stated the group changed into organized to buy new improvement web sites whilst fees emerge as low enough, despite the fact that he did now not assume that taking place inside the next six to twelve months.

“Our stability sheet has by no means been stronger and gearing never decrease, giving us the giant monetary capability to exploit any market weak point, just as we did in 2009,” he stated.

Buyers have sold off assets agencies’ shares because of the Brexit vote, but analysts at Numis said First rate Portland’s present day low percentage rate — a 24 in step with cent bargain to its net asset price — become “unjustified” as the institution become “properly placed for uncertain times”.

The institution elevated its intervening time dividend through 2.8 per cent to 3.7p.
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