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Report: British property funds move to sell flagship buildings

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Report: British property funds move to sell flagship buildings

U.K. commercial property funds that have been temporarilysuspended in thewake of the Brexitvote are looking to sell various flagship buildings, the Financial Times reported July 12.

HendersonGroup Plc's U.K. property fund is looking to sell the Londonheadquarters of Coutts & Co.by the end of 2016.

The fund plans to formally bring the property on 440 Strandon the market in autumn, "two people briefed on the plans" told thepaper. The building, which has housed the private bank since 1904, is leased toits parent, Royal Bank ofScotland Group Plc, until 2037, the paper noted.

Aberdeen AssetManagement Plc, which suspendedits property fund until noon July 13, has also begun marketing for variousbuildings. The U.K. headquarters of Fox International, a division of 21stCentury Fox, and BT Group Plc's National Distribution Center at Magna Park inLutterworth, Leicestershire, are among the buildings Aberdeen is looking tosell, the FT reported.

The funds will look to sell prime assets as they would beeasier to offload in an uncertain market, agents old the paper.