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‘Don’t expect any uplift in commercial property’

Seven Investment Management’s Justin Urquhart Stewart says investors should stay away from UK commercial property.

Urquhart Stewart told delegates at Adviser Live 2008 that UK commercial property may have hit the bottom but that is where it is going to stay for the foreseeable future. He said: “If you look across London, you can see the cranes are getting slower and slower. Given the current state of the economy, I would say it is the right move to cross out exposure to commercial property in the UK.”

Thames River co-head of multi-manager Gary Potter said: “If we look at the seven years to the end of 2007, the average UK commercial property fund is up 65 per cent while the All Share is up 37 per cent, despite a 10 per cent decline in the UK retail estate sector. There is more to go and I would rather buy an enterprising manager who will buy a stock that rises by 30 per cent in one day and sell the stock than be stuck in the mire of UK commercial property.”

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