Tuesday 25 October 2016

Property Investors are Heading into EU

Real Estate

Latest research showing that UK property investors are on the hunt for buildings in European cities to capitalise on demand for offices from the banking fallout from Brexit.

A company managed by Schroders is eyeing an office premises in Frankfurt, while CBRE Global Investors and Standard Life are looking to buy office space in cities from Dublin to Amsterdam.

Real-estate firms want to take advantage of a shortage of space in European business districts by buying land and buildings that could be used for banks if reports that 70,000 jobs could leave Britain following the vote are borne out.

The British Bankers' Association has warned bank bosses in the City have their hands "poised quivering over the relocate button".

Jeremy Plummer, chief executive officer for Europe, the Middle East and Africa at CBRE Global Investors, told Bloomberg it expects "strong occupational demand" from banks and financial services companies.

But London property agents including Cushman & Wakefield and Michael Elliott, insisted the capital was still one of the biggest targets for real-estate spending.

Mark Shipman, director at Michael Elliott, added: "There is so much domestic and overseas wealth looking to invest in London."



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