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Research - JULY 29, 2021

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Will the recovery provide value?

by Bill Page, LGIM Real Assets

For the property sector, times of great economic stress have often been followed by a period of opportunity where investors — if they had the means — could lock into value and essentially buy cheap. No one is forecasting property value reductions of the scale of those following Black Monday in 1987; the dotcom bubble bursting in the early aughts; and, of course, after the onset of the global financial crisis post-2008, but dislocation often precedes opportunity.

Some economic commentators are projecting that as we come out of the pandemic there will be an economic boom similar to the “roaring twenties,” which followed the devastating Spanish Flu epidemic of 1918–1920. While the jury is still out on that, there are indications that the U.K. economy may prove more resilient than expected a few months back.

A recent survey by Deloitte indicated that more than 70 percent of U.K. CFOs expect hiring and investment to increase during the next 12 months and are now p

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