Europe

Leslau hails momentous day

Breixt supporter and chairman of Prestbury Invesments Nick Leslau has hailed a “momentous day” in politics.

Leslau says that despite this morning’s turbulence, “UK real estate has throughout history been a fundamental part of our investment landscape and that simply won’t change”.

In a statement issued to Estates Gazette he said: “Democracy has spoken and we must respect this and now move forwards and not look back.”

“We now have to brace ourselves as we adjust to a new world and a UK political leadership battle. Until our internal challenges are resolved, we will not move forwards, so the sooner the better. Markets will be very unstable for a while but that is certainly not a surprise.

“Domestically there will be much speculation about UK real estate as indeed there will be about every other area of business but a modest correction will happen and the markets will absorb the change. It will need some time.

“I wanted this day to come as I have an incredibly low opinion of the EU and the notion that it knows what is best for us. It is horribly undemocratic and dysfunctional and even the most hardened of those who voted to remain will recognise the EU is a seriously flawed model. We now have to take responsibility for a different and better future for our children and grandchildren.”

“It is a momentous day and the course of history has been changed forever. A new chapter is being written and we should not fear it but embrace it.

“Uncertainty also creates opportunity and the UK may well be leading the world at a time when people’s perception of political leadership is at such a low ebb and, whilst we may well be the first to take the pain, we will also be the first to build a new political and economic framework.

“There will be a fair bit of hysteria around for a few weeks and maybe months but we should not panic as I believe change is a good thing.

“UK real estate has throughout history been a fundamental part of our investment landscape and that simply won’t change.  Quantitative easing has produced negative interest rates which in turn has supported and driven asset values across the globe not least of all in the UK. This referendum will not change that.”

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