World property stocks hit by Leave vote

EU referendum: World stock markets have been left reeling by the UK out vote, as have some of the largest property companies.

By 11am, the FTSE All Share was down 5%.

The French CAC 40 was down 7.8%. Construction, infrastructure and industrial giant Bouygues share price was down 5.3%, while commercial property focused company Unibail-Rodamco saw its share price fall 6.4%.

The German DAX 30 was down 6.6%, residential fund Vonovia’s share price was down 0.8%, while TLF Immobilien AG’s price was down 1.6%.

Many European countries are worried about the knock on effects and possible contagion to their own markets.

Internationally, the Japanese Nikkei 225 was down 7.9%, with Mitsubishi Estates share price down 5.3%.

The Singapore SGX was down 1.8%. Hoo Bee Land, which invests in UK real estate, saw its share price fall 4%, while Global Logistics Properties was down 2.2%.

The US markets have yet to open, with the NYSE opening at 14.30 UK time.

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