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Brexit: UK real estate investor looks to snap up European offices to capitalise on looming bank exodus Brexit: UK real estate investor looks to snap up European offices to capitalise on looming bank exodus
(about 2 hours later)
Banks are planning to move business overseas in the first few months of 2017, Anthony Browne, chief executive officer of the banking lobby group BBA, warned on Sunday. Banks are planning to move business overseas in the first few months of 2017, Anthony Browne, chief executive officer of the British Bankers’ Association, warned on Sunday, and some property companies are already looking for new offices for their bank clients.
Some real estate investment firms cleverly ceased the opportunity to start looking for new offices for them. Schroder European Real Estate Investment Trust, a London-based property investor, is looking for an office space in Frankfurt, in anticipation that the bankers exodus from London following UK’s vote to leave EU will boost values in the German financial centre.
Schroder European Real Estate Investment Trust, a London based property investor, is looking for an office space in Frankfurt, in anticipation that the bankers exodus from London following UK’s vote to leave EU will boost values in the German financial centre.
According to a report by Bloomberg, CBRE Global Investors and Standard Life are also seeking to acquire office buildings in cities such as Dublin and Amsterdam.According to a report by Bloomberg, CBRE Global Investors and Standard Life are also seeking to acquire office buildings in cities such as Dublin and Amsterdam.
“The potential additional growth as a result of companies relocating from the UK enabled us to be firmer on pricing and financial underwriting,” Tony Smedley, a fund manager at Schroders, said.“The potential additional growth as a result of companies relocating from the UK enabled us to be firmer on pricing and financial underwriting,” Tony Smedley, a fund manager at Schroders, said.
The Independent has contacted Schroders for further comment.The Independent has contacted Schroders for further comment.
Up to 70,000 financial jobs could be lost if Britain leaves the EU without a new relationship in place for the City of London, according to TheCityUK.Up to 70,000 financial jobs could be lost if Britain leaves the EU without a new relationship in place for the City of London, according to TheCityUK.
UK banks fear that a hard Brexit will result in the UK leaving Europe’s single market and therefore the loss of crucial passporting rights, which allow them to sell their services freely across the rest of the EU and give firms based in Europe unfettered access to Britain.UK banks fear that a hard Brexit will result in the UK leaving Europe’s single market and therefore the loss of crucial passporting rights, which allow them to sell their services freely across the rest of the EU and give firms based in Europe unfettered access to Britain.
Real instate investors are ceasing the opportunity to invest into office buildinfs the banks may need once UK leaves the EU. Property firms are investing in office buildings the banks may need once the UK leaves the EU. “We believed that before Brexit, but we believe it even more now because of the inquiries coming from companies seeking to locate some functions in other locations,” Jeremy Plummer, chief executive officer for for Europe, the Middle East and Africa at CBRE Global Investors, told Bloomberg.
“We believed that before Brexit, but we believe it even more now because of the inquiries coming from companies seeking to locate some functions in other locations,” Jeremy Plummer chief executive officer for for Europe, the Middle East and Africa at CBRE Global Investors told Bloomberg. Open Europe, which took a neutral stance on the referendum, warned that losing access to the single market could cost banks in the UK as much as £27bn, or a fifth of their annual revenue.
Open Europe, which took a neutral stance on the referendum, warned that losing access to the single market could cost banks in the UK as much as £27 billion, or a fifth of their annual revenue. Mr Browne said: “Banking is probably more affected by Brexit than any other sector of the economy, both in the degree of impact and the scale of the implications."
Anthony Browne, the head of the British Bankers' Association, said: “Banking is probably more affected by Brexit than any other sector of the economy, both in the degree of impact and the scale of the implications."
Smaller banks could begin moving some operations overseas within weeks, with larger institutions following in the first few months of 2017, he predicted.Smaller banks could begin moving some operations overseas within weeks, with larger institutions following in the first few months of 2017, he predicted.
The Government is reportedly considering making future payments to the EU to secure privileged access to the single market for City firms to continue trading across the continent.The Government is reportedly considering making future payments to the EU to secure privileged access to the single market for City firms to continue trading across the continent.