Foreign capital accounts for record share of London office investment
Foreign investors spent £1.2 billion ($1.5 billion) on office investments in Central London in third quarter 2016 — accounting for 84 percent of total investment, up from an average of 65 percent in the past three years — according to the latest research from CoStar Group.
Across the United Kingdom, foreign investment reached £3.4 billion ($4.1 billion) during the third quarter and accounted for 45 percent of total investment. A total of £8.7 billion ($10.6 billion) was invested in U.K. commercial property during third quarter 2016, a 42 percent drop from the £14.9 billion ($18.1 billion) invested in third quarter 2015.
Foreign investors have taken advantage of a weaker pound in the wake of the U.K. referendum to leave the European Union. A number of investors, such as China Minsheng and Hong Kong’s Wheelock Properties, took the opportunity to make their debut U.K. acquisitions. The biggest overseas investment in U.K.