LONDON, April 25 (Reuters) – Property values in London’s Canary Wharf financial district fell by 1.2 billion pounds ($1.50 billion) over the past year, led by a decline in the value of its office buildings, the landlord said in annual results published on Thursday.
Canary Wharf Group – which is joint owned by investors Brookfield (BN.TO), opens new tab and the Qatar Investment Authority – said in its 2023 earnings that its overall property portfolio declined in value to 6.8 billion pounds from 8 billion.
Office buildings accounted for most of the decline, tumbling in value by more than 900 million pounds, the company said, adding that the “fair values” were determined by independent external valuers.
Commercial real estate owners and developers have had a punishing few years, as soaring debt costs and emptying post-pandemic offices have combined to sour many property investments.
Canary Wharf – which sprung up in the east of London in the 1980s to offer an alternative to the City of London – is home to the likes of JP Morgan and Citi, but has been hit by high-profile planned exits of key tenants including HSBC and law firm Clifford Chance.
Source: REUTER
Post a comment
Related Posts
August 27, 2024
China’s PDD suffers $55 bln market cap wipeout after flagging an uncertain market
China’s PDD Holdings (PDD.O), opens new tab missed market estimates for quarterly revenue on Monday, and downbeat…
August 27, 2024
JPMorgan Chase is sued over low rates on cash sweeps
JPMorgan Chase (JPM.N), opens new tab has been accused in a new lawsuit of sweeping customers’ idle…
August 23, 2024
HSBC to double UK wealth business as banks target ‘mass affluent’
HSBC aims to double the assets under management (AUM) in its British wealth business to…
August 23, 2024
Investors rush to money market funds before Fed rate cut, BofA says
Investors poured $37 billion into cash-like money market funds (MMFs) in the week to Wednesday,…
