{"id":20326,"date":"2016-07-20T22:07:21","date_gmt":"2016-07-20T15:07:21","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=20326"},"modified":"2016-07-20T20:29:38","modified_gmt":"2016-07-20T13:29:38","slug":"brexit-takes-a-bite-out-of-quick-sale-london-property-prices","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/brexit-takes-a-bite-out-of-quick-sale-london-property-prices\/","title":{"rendered":"Brexit takes a bite out of quick-sale London property prices"},"content":{"rendered":"


\nWhat is the cost of having to raise money quickly by selling London property? Almost 15 per cent based on the sale of two properties on Oxford Street, the United kingdom’s busiest shopping thoroughfare, since Britain voted to leave the European Union.Aberdeen Asset Management’s UK Property Fund accepted a 15 per cent price cut to sell a building on the street leased in part to pharmacy Boots on Friday, according to a person familiar with the matter. British Land sold a department store leased to Debenhams after the referendum without taking a discount, said Fergus Keane, a senior director at broker Cushman & Wakefield who was not involved in the sale. Aberdeen and British Land declined to comment.The contrasting outcomes show the discounts that property funds may face as they rush to sell properties to return cash to investors spooked by Brexit. The managers of seven funds overseeing about \u00a318 billion (Dh86.92bn) of property suspended trading after the Brexit vote prompted a slew of investors to ask for their money back.Offering daily liquidity on funds which hold illiquid assets creates a “vicious circle” when redemptions surge and will lead to discounted asset sales, the Jefferies analyst Mike Prew wrote in a July 7 note.”If you have to sell a building in a very short space of time, there is a limited audience of buyers that can do that,” said Stephen Down, an executive director at the estate agent Savills. “That’s the only evidence we are seeing so far of discounts.”Aberdeen, which last week resumed trading in its UK property fund and feeder trust after a week-long suspension, sold the property to Norges Bank Real Estate Management on Friday for \u00a3124 million, according to a statement. That is about 15 per cent less than the offer price when it was marketed a few days earlier, according to a person familiar with the matter, who asked not to be identified.British Land, the UK’s second-largest property investment trust, sold the department store leased to Debenhams for \u00a3400m on July 7, according to a company statement. That is a yield of about 2.75 per cent, according to JPMorgan, and in line with pre-Brexit yields for the best buildings on the street, Savills said.”I had this asset under offer after Lehman Brothers,” Mr Down said. “I was buying it for a price reflecting a yield of 7 per cent then. That was a proper crisis, this is just a confidence issue about the economy in the short term.” That deal was not completed after British Land decided against selling the property.business@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Brexit takes a bite out of quick-sale London property prices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

What is the cost of having to raise money quickly by selling London property? Almost...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-20326","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5hQ","jetpack-related-posts":[{"id":121348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-bound-bno-passport-holders-to-find-third-of-london-homes-listed-for-sale-available-at-20-per-cent-discount\/","url_meta":{"origin":20326,"position":0},"title":"UK-bound BN(O) passport holders to find third of London homes listed for sale available at 20 per cent discount","date":"August 10, 2021","format":false,"excerpt":"\r It is a good time for Hongkongers moving to the UK under the British National (Overseas) scheme to buy a home in London, with about a third of the homes listed for sale in the UK capital seeing their asking prices fall 20 per cent recently.About 35,000 homes, or\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24226,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rasmala-buys-dubai-warehouses-as-part-of-property-push\/","url_meta":{"origin":20326,"position":1},"title":"Rasmala buys Dubai warehouses as part of property push","date":"August 28, 2016","format":false,"excerpt":"\r Dubai investment bank Rasmala has bought 72 warehouses in Dubai as part of a wider push to acquire Dh1 billion of property in the UAE and Egypt over the coming year. London-listed Rasmala, which has recently refocused on alternative assets and property in the Middle East, said yesterday that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107339,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/swire-pacifics-property-arm-to-sell-its-50-per-cent-stake-in-625-kings-road-for-us303-million\/","url_meta":{"origin":20326,"position":2},"title":"Swire Pacific\u2019s property arm to sell its 50 per cent stake in 625 King\u2019s Road for US$303 million","date":"May 21, 2019","format":false,"excerpt":"\r Swire Pacific\u2019s property unit has reached an agreement to sell its entire 50 per cent stake in the owner of a commercial building in Hong Kong for HK$2.38 billion (US$302.6 million).Swire Properties will sell its stakes in Island Land Development, which owns 625 King\u2019s Road, a 26-storey tower in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96627,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-high-profile-property-leased-to-long-standing-tenant-carters-building-supplies-is-for-sale\/","url_meta":{"origin":20326,"position":3},"title":"A high-profile property leased to long-standing tenant Carters Building Supplies is for sale.","date":"August 25, 2018","format":false,"excerpt":"\r A high-profile property leased to long-standing tenant Carters Building Supplies is for sale on one of East Tamaki's busiest roads.\"It's not often that such a large and prominent site comes up for sale in East Tamaki where properties...\r \r Source : nzherald.co.nz\/Property\r Read more...A high-profile property leased to long-standing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99226,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/west-auckland-fully-leased-industrial-duo\/","url_meta":{"origin":20326,"position":4},"title":"West Auckland fully leased industrial duo","date":"October 6, 2018","format":false,"excerpt":"\r Two adjoining fully-leased West Auckland industrial properties are for sale in Hendersonwithin an established and popular industrial location handy to the northwestern State Highway 16 motorway.The property at 3 Clemway Place is...\r \r Source : nzherald.co.nz\/Property\r Read more...West Auckland fully leased industrial duo","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46041,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/londons-cheesegrater-sold-to-chinese-tycoon-for-more-than-1bn\/","url_meta":{"origin":20326,"position":5},"title":"London's 'Cheesegrater' sold to Chinese tycoon for more than \u00a31bn","date":"March 1, 2017","format":false,"excerpt":"\r British Land\u2019s sale of the tallest tower in the City of London is second biggest ever deal for a UK buildingThe \u201cCheesegrater\u201d, the tallest building in the City of London, has been sold to a Chinese property tycoon for \u00a31.15bn, the second biggest ever sale of a UK building.The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/20326"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=20326"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/20326\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=20326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=20326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=20326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}