UK landlords scope out office bargains as Brexit vote bites

London

BRITISH landlords were bracing for a drop in commercial property values due to an exodus of tenants after Britain voted to exit the European Union. While property prices fell in sympathy with the glum market sentiment, most occupants stayed put.

This translated into bargains for savvy real estate companies looking to buy properties on the cheap and for investors who wanted to increase their stakes in landlords doing so.

UK Commercial Property Trust (UKCPT), which owns property across the UK, was keen on buying office space in South East England, said Will Fulton, a portfolio manager at Standard Life Investments. Standard Life manages UKCPT's real estate portfolio. "The immediate thought is everybody is looking for a bargain . . . how much can I get off?," Mr Fulton said, adding that UKCPT was looki…