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.

Other News

C&W predicts jump in European investment

Investment into European property will rebound with 6.3% growth in volumes in 2017 despite rising inflation and political volatility, forecasts from Cushman & Wakefield’s 2017… Read more »

E Europe

Dubai woos UK investors

Sanjay Manchanda, chief executive of the developer behind the Palm 360 and Deira Island developments, said that overseas investment into Dubai continues to be welcomed…. Read more »

E Europe

Centres of excellence

The top 100 richest cities in the world account for around one-third of global GDP. To access 25% of available global output, you would need… Read more »

E Europe