Shares in London-focused real estate groups fell after Jefferies downgraded much of the sector as the work-from-home trend creates a surplus of space.
Shares in London-focused real estate groups were under pressure Wednesday after Jefferies downgraded much of the sector as the work-from-home trend creates a surplus of space.
Funding of the sector is also being hurt by the sharp rise of interest rates as the Bank of England continues to fight inflation that remains stubbornly above its 2% target. “Investment market liquidity is receding on rent uncertainty and squeezing developer profits…with the City leveraged and becoming less fundable with increased uncertainty over tenants renewing their leases,” said Jefferies.
Germany’s DAX DX:DAX lost 0.3% and the CAC 40 FR:PX1 in France eased 0.1% amid cautious global sentiment following recent heavy declines on Wall Street.
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