Commercial property investors are writing clauses into contracts giving buyers the right to walk away from real estate deals if Britain votes to leave the European Union this month, as a way to unfreeze a sector stalled by uncertainty over Brexit.
The moves come as Arabian Gulf investors, some of the biggest buyers of British real estate, are holding back from new deals because they fear a property price slump if Britain does leave the EU, according to legal and investment sources.
Among Gulf Arab investors sovereign and private investors from Qatar, Saudi Arabia, Kuwait and the United Arab Emirates have been prolific buyers of British assets in the past decade, snapping up billions of dollars worth of property, mostly in London.
“Sovereign wealth funds are concerned that Brexit is taking its toll on the property market in London,” said a London-based lawyer who works with some of the largest Gulf funds. He declined to be named, citing the confidential nature of his work.
“The situation will further deteriorate if there’s a Brexit vote.”
The overall value of residential property in upmarket areas popular among Gulf investors – including Chelsea, South Kensington and Knightsbridge – fell between 3.5 and 7.5 per cent on the year in May, according to the estate agent Knight Frank, although some areas did better.
Investors from the UAE accounted for more than 20 per cent of buy-to-let property sales in the UK in 2015, said Amit Seth, the Middle East and North Africa head of international residential developments at the London-focused estate agency Chestertons.
“At the moment it seems clear people are little bit more sceptical on making an investment today because of Brexit,” said Mr Seth, who is based in Dubai, referring to private Gulf investors in residential property.
He said investors were still researching opportunities and discussing them with his company, but not finalising deals.
While the precise impact on Gulf investments is unclear, overall flows of foreign capital into commercial real estate in Britain stopped in the first three months of 2016, the Bank of England governor Mark Carney said in April. Business investment in the country also fell in early 2016, statistics showed last week.
Asked to comment on Gulf investor concerns, Tobias Ellwood, a British foreign office minister, said the EU referendum was a significant event that had been discussed as part of regular bilateral engagements covering a wide variety of areas.
“But [it] has not been raised in any form in relation to impact on investment opportunities, which go from strength to strength,” he said last month.
Sheikh Hamad Al Thani, a former Qatari prime minister and an investment chief who oversaw much of the country’s UK acquisitions, has spoken out against a “leave” vote.
“In the Middle East we all want to see a strong Europe, and believe that economic integration is key to making it stronger. In fact, we believe the UK should not only be part of the EU but should lead it,” he told Reuters, describing the City of London as the “financial capital of the world”.
Qatar is one of the most high-profile investors in London, owning landmarks such as the Shard ower, Harrods department store and Olympic Village, as well as luxury hotels. It also leads a consortium that bought the owner of the Canary Wharf financial district last year.
Sheikh Hamad said in April that Qatar’s total investments in Britain were about £30bn.
Kuwait Investment Authority is also a major investor through its London-based Kuwait Investment Office. In 2013 it said the fund had more than doubled its investment in Britain over the previous 10 years to more than $24bn.
Like Qatar, Kuwait owns London landmarks such as the More One riverside development which houses the headquarters of the mayor, as well as buildings in Canary Wharf. It has focused on infrastructure investments through its Wren House Infrastructure Management arm set up in 2013.
Uncertainties about the legal and regulatory framework that would result from a Brexit is a worry for any large investor in Britain, said Fabio Scacciavillani, the chief economist at Oman Investment Fund.
“If the region’s sovereign wealth funds have invested in UK assets they would be rightfully concerned for their long-term returns outlook,” he said, adding most would put their decisions on hold until after the vote.
“Brexit implies a long and potentially thorny period of adjustment as the UK will need to negotiate trade relationships.”
Meanwhile, transactions in commercial property fell by 40 per cent in the first quarter, according to the Bank of England, spurring a revamp of standard purchase and sales contracts.
In one example from a commercial transaction seen by Reuters, a clause sets a deadline after the Brexit vote when the buyer would be permitted to terminate the contract if the referendum results in a decision to leave.
Sellers, too, are taking legal precautions, seeking language in contracts to ensure that Brexit will not be considered a “material adverse change” that would annul a deal.
Paul Firth, the head of property at the law firm Irwin Mitchell, said a significant per cent of the firm’s “bigger investment deals” with values ranging from £10m to £80m either included Brexit clauses, or purchasers had sought to negotiate that they be included.
He said the use of such clauses had increased in recent weeks as the referendum date draws closer.
“[Investors] fear that the value and return on investment properties may decline and that it may not be as good an investment if Britain withdraws from the EU,” he said.
Since commercial real estate deals are usually confidential, it was not possible to determine precisely how common such clauses are.
However, half of the 24 law firms, brokerages and commercial property firms Reuters spoke to said they had used Brexit clauses, brokered a deal with such a clause or had requests to include them in at least one deal. Some of the others said they had seen them.
The prime minister David Cameron and other politicians supporting the campaign to stay in the EU say a vote to leave would damage the economy and cause property prices to fall. Those campaigning to exit say any such threat is overblown and Britain can prosper outside the EU.
But whether overblown or not, it is a risk some buyers seem unwilling to take.
Guarantees are being offered not only for commercial property but also for homes. An invitation to a May 25 launch of some floors of Two Fifty One, a 41-storey luxury apartment tower going up in south London’s gentrifying Elephant and Castle district, offered buyers a “money back Brexit guarantee pledge”.
Buyers attending the launch would not have to exchange contracts until July 6 and could withdraw their offer and get their deposits back if they were unhappy with the outcome of the vote, said Martin Lent, the chief executive of SCM, the development manager for the project by residential developer Oakmayne.
In commercial property, Brexit clauses are more common in higher-value deals where the risks are greater, said Andrew Friend, a director of a UK property fund at Henderson, one of Europe’s largest investment managers.
“Deals that include these clauses tend to be at the higher lot size end of the market and they’re more focused on sectors such as financial office space in London, which are more sensitive to a Brexit type situation,” said Mr Friend.
Brexit clauses are particularly in demand among overseas investors. Two lawyers dealing with property said most enquiries about Brexit clauses were from foreign investors who were concerned that an “Out” vote could weaken sterling, as well as reduce appetite for leasing commercial space in Britain.
“When it comes to international investors looking to build global or European portfolios, we are either ‘on hold’ or would use a Brexit clause,” said Rob Wilkinson, the chief executive of AEW Europe, a property manager property.
Melanie Curtis, a real estate partner at the law firm K&L Gates, said she had worked on a deal with a Brexit clause in a commercial property transaction worth more than £10m, in which her firm acted on behalf of an overseas buyer.
“The buyer required a Brexit clause, as it may reassess its UK investment policy in the event of withdrawal from the EU.”
James Crookes, the head of real estate and property at the law firm Pinsent Masons, said some clauses, rather than giving the buyer the right to walk away or renegotiate, would automatically reduce the purchase price of a property in the event of a Brexit vote. In one deal, the price would be lowered by £1m.
“So they’re factoring in a valuation on the assets based on Brexit.”
Nick Lloyd, the national head of capital markets at the commercial property broker Lambert Smith Hampton, said offering Brexit clauses could also be beneficial for sellers, to secure deals while fewer transactions are taking place, in anticipation of a potential flood of properties returning to the market if Britain votes to remain in the EU.
“Whilst they mitigate downside risk for buyers, they can be attractive to a vendor who wants to avoid the risks of marketing during a potential oversupply of new stock after the referendum,” said Mr Lloyd.
But with less than a month to the vote, two law firms and one property broker said they were now advising clients to reject demands for a Brexit clause and simply put deals on ice.
“One seller recently asked the buyer to confirm it would proceed with the purchase irrespective of the outcome of the referendum,” said Mark Payne, a partner in the property team at the law firm Clifford Chance.
“This proposal was, however, rejected.”
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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The%20specs
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The%20specs
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SPECS
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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Company%20Profile
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SPECS%3A%20Polestar%203
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A list of the animal rescue organisations in the UAE
Company%20profile
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COMPANY%20PROFILE
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Company%20Profile
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COMPANY%20PROFILE
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Which products are to be taxed?
To be taxed:
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules
CHATGPT%20ENTERPRISE%20FEATURES
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If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
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