Paul Burgin examines the ups and downs of the UK's commercial property market.
The property market is back in positive territory, and fund managers emphasise prime tenants rather than prime locations are key to the about-turn. In the property boom, managers such as New Star's Roger Dosset paid over the odds for top-notch addresses. For example, he paid £28.3m for Cazenove Fund Management's headquarters in Moorgate on a yield of 4.95% and £81m for the Staples Corner retail park on a yield of 4.85% in early 2007. He paid £120m for Governor's House, home to M&G, on a yield of 4.25% in the same year. Dossett was later forced to sell many trophy assets at a loss. Gov...
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