Asian investors have poured over £1.5bn into London property since the Brexit vote
Asian investors have been pouring their money into London commercial property following the Brexit vote.
Figures from Cushman & Wakefield seen by City PM show that Asian buyers have spent over £1.5bn in the capital since June 2016, snapping up properties in the City and the West End.
Read more: Apple's move to Battersea Power Station boosts London office take-up
Before the outcome of the EU referendum was known, the commercial property market was subdued. Uncertainty about what Brexit actually means persists, but some international buyers are taking the opportunity to buy real estate in the capital as London remains one of the most global cities in Europe.
Fergus Keane, international partner at Cushman & Wakefield, said that investors have been attracted to London because Britain is "on sale" due to the fall in sterling.
"There are incredible amounts of Chinese and Hong Kong investors, people of high net worth who can move at their own pace," he said. "Hong Kong and Chinese billionaires will come here for the holidays and pick up a couple of buildings while they are here."
Read more: Tech sector drives demand for London's offices post-referendum
He said that there has been an element of "nominal" discounting due to the Brexit vote, and that it had accentuated the end of the property cycle, but that there would be no dramatic falls in office rent.
High-profile deals which have been boosting the commercial property sector after the EU referendum include the letting of 467,300 square feet of space at Battersea Power station to Apple and Wells Fargo's decision to buy 33 Central.