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Land Securities warns Brexit uncertainty hitting London office market
May 18, 2017 / 6:39 AM / 5 months ago

Land Securities warns Brexit uncertainty hitting London office market

May 18 (Reuters) - Britain’s largest listed property developer Land Securities warned that Brexit had created business uncertainty in the London office market, leading to falls in demand, rental values and construction commitments.

The developer behind London’s “Walkie Talkie” skyscraper reported a 1.2 percent fall in adjusted diluted net asset value - a measure of a developer’s buildings - to 1,417 pence for the year to March 31.

Analysts on average had expected adjusted NAV of 1,372 pence, according to a company-supplied consensus.

“We won’t be sure of the long-term effect of Brexit on our markets for some time.... We’re taking this time to prepare the business for the opportunities and challenges we see ahead,” Chief Executive Robert Noel said in a statement. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)

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