Latest White Bear Yard News
Aug 31, 2017
The Houses of Parliament in London.PA LONDON – Standard Life's real estate investment trust has sold its last City of London property, amid fears the financial capital will be hardest hit by Brexit. The group sold its "largest and only City of London asset at White Bear Yard, in order to realise profit and remove the risk of potential future underperformance," it said in a statement to investors on Thursday. Standard Life sold White Bear Yard, a coworking space home to well-known tech investment fund Passion Capital, for £19 million in May. The fund, which has £418 million of property assets, is concerned that the loss of London's status as Europe's financial centre post-Brexit will weaken commercial real estate values. "From a geographic point of view, the portfolio has no exposure to the City of London, forecast to be one of the weakest markets due to the uncertainties over how Brexit will affect the financial services industry," the company said. Banks and other finance firms have begun shifting operations to Frankfurt, Paris, Amsterdam and Dublin in preparation for the UK's exit from the European Union's single market.