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Trump election 'positive' for London, say real estate leaders

The US election could be positive for the London real estate market, industry leaders have said.

Canary Wharf CEO Sir George Iacobescu said the surprise result of the presidential race could benefit the UK.

Speaking at a Bisnow commercial real estate event, Sir Iacobescu said companies could look to invest in the UK instead of America after Donald Trump was elected the next US president earlier this month.

He said: “The consequences of Trump could be positive for London – companies could look to London for stability.”

Mr Iacobescu added that the upcoming elections in Austria, Italy, France and Germany could also “affect the climate substantially”.

He added: “The more trouble around, the better London will fare.”

GM Real Estate partner Tony Gibbon agreed that instability following the US election could work in London’s favour.

In reference to investment opportunities, he said: “I’ve had people ringing me up saying that London looks more interesting than New York.”

However, British Land CEO Chris Grigg said we will have to “wait and see” what the consequences of a Trump presidency will be for the London real estate market, as it is “too early to tell” how the result will affect the capital.

JLL head of UK markets group China desk Eric Pang gave his insight into the Asian market’s perspective on London.

He said London was still attractive for Chinese investors even after the uncertainty caused by the UK’s decision to leave the EU.

However, the majority of investors will “wait and see” what the London real estate market looks like while the UK negotiates its way out of the EU, according to Mr Pang.

He said: “The general consensus is that there is a positive outlook to the UK. London is still desirable.”

Mr Pang added there is also an appetite for projects in Birmingham and Manchester and investors are looking to move production from China into the UK, which will create opportunities for office and housing developments. 

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