Hammerson sees UK shop lettings uncertainty

UK shopping centre landlord Hammerson — which owns the Dundrum Shopping Centre here — said the impact of Britain’s decision to leave the EU on property valuations was still unknown, but the lettings and investment markets were facing a period of uncertainty.

The company, which partly owns the Brent Cross Shopping Centre in London, said its external valuers had said that the probability of their valuations exactly matching the price achieved if Hammerson sold its assets had reduced after the Brexit vote.

Concerns have risen that prices for commercial properties may fall after the vote, with some investors worried that international retailers and banks may move some operations to other EU locations, hurting demand for property.