UK property stocks took a fresh beating on Monday after plunging into the red on Friday on the news that Britain is to exit the EU.
Derwent London was the biggest loser on the London stock exchange but managed to curb its losses to 12.7% after shedding 24.5% on Friday. The company is the largest UK REIT focused on central London where job losses may be on the cards in the financial sector. A number of foreign banks and insurers have said they would shift part or all of their organisations to the Continent should the UK vote for a Brexit.
Anoter major office specialist Great Portland Estates lost 10.5% after shedding 22%on Friday, while British Land likewise took another big hit on Monday, also falling another 10% after plunging almost 20% on Friday.
Other losers include Hammerson which dropped 8.6% after shedding 13% on Friday and Hansteen which fell 7.3% after losing 5.5% on Friday.
By contrast, Europe's largest listed real estate company Unibail-Rodamco shed only 0.21% while its Paris-listed peer Klépierre likewise booked a loss of just under 1%.
The global brokerage firms also headed further south on Monday with Savills losing another 6.% after dropping 20% on Friday. In New York CBRE, JLL and Colliers International likewise took another beating on Monday with losses ranging from 4-10% shortly before the close of trading.
