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    October 18, 2020
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PROMOTION Safe as houses? For years, owning property was 'safe as houses'. However, it has been troubling times for property investors NTU, the once darling owner of the they sell and how they sell it. Post- COVIDI think there will be Trafford Centre has plummeted into administration. Even one of Landlords are increasingly accepting zero rents, as an empty a big shift to people working from home for at least some of their Europe's largest office landlords Unibail-Radamco-Westfield has building not only doesn't make money but costs significant amounts consequences for office landlords In business rates and service costs. Most shop groups would like fewer shops than they have and all want much lower rents. There is quite simply too much shop space in the UK. Previously booming high streets have been replaced by tumbleweeds blowing past rundown sectors. Property funds and REITS pawnbrokers, payday loan sharks and charity shops (who benefit from no business rates) Meanwhile, the prospects are uncertain for office property. Optimistic investors expecta working time. This will have grave seen its worth plunge from £24bn to just E3.Sbn. The simple fact is that property is not what it used to be. Tenants and those owning the buildings providing goods and services to city centre office workers. There are sweet spots for property are starting to gain control and landlords are increasingly taking what they can get. Anexample is New Look has recently forced its landlords to renegotiate the rents. It is now paying no rent on 68 shops and the other 402 are paying between such as warehouses and data centres but there aren't many options to exclusively invest in these have severe structural issues to overcome. If investing directly in property, would I be taking on such risk and hassle in this emvironment? Definitely not. Give me a basket of well picked shares, diversified with anti-fragile 2% and 12% of turnover. Turnover related rents are becoming more of a norm. Not a great situation for return to the office in due course landlords, as their return relies on and, ifanything, more space will companies' trading performance but berequired for social distancing. they are unable to influence what assets, specifically designed to meet client goals and weather any storms any day of the week. But l am blased.+ For me, such optimism is delusion. 8 Berry Lane, Longridge, Preston, Lancs, PR3 3JA 01772 780300 www.ribblevalley.raymondjames.uk.com RAYMOND JAMES Ribble Valley PROMOTION Safe as houses? For years, owning property was 'safe as houses'. However, it has been troubling times for property investors NTU, the once darling owner of the they sell and how they sell it. Post- COVIDI think there will be Trafford Centre has plummeted into administration. Even one of Landlords are increasingly accepting zero rents, as an empty a big shift to people working from home for at least some of their Europe's largest office landlords Unibail-Radamco-Westfield has building not only doesn't make money but costs significant amounts consequences for office landlords In business rates and service costs. Most shop groups would like fewer shops than they have and all want much lower rents. There is quite simply too much shop space in the UK. Previously booming high streets have been replaced by tumbleweeds blowing past rundown sectors. Property funds and REITS pawnbrokers, payday loan sharks and charity shops (who benefit from no business rates) Meanwhile, the prospects are uncertain for office property. Optimistic investors expecta working time. This will have grave seen its worth plunge from £24bn to just E3.Sbn. The simple fact is that property is not what it used to be. Tenants and those owning the buildings providing goods and services to city centre office workers. There are sweet spots for property are starting to gain control and landlords are increasingly taking what they can get. Anexample is New Look has recently forced its landlords to renegotiate the rents. It is now paying no rent on 68 shops and the other 402 are paying between such as warehouses and data centres but there aren't many options to exclusively invest in these have severe structural issues to overcome. If investing directly in property, would I be taking on such risk and hassle in this emvironment? Definitely not. Give me a basket of well picked shares, diversified with anti-fragile 2% and 12% of turnover. Turnover related rents are becoming more of a norm. Not a great situation for return to the office in due course landlords, as their return relies on and, ifanything, more space will companies' trading performance but berequired for social distancing. they are unable to influence what assets, specifically designed to meet client goals and weather any storms any day of the week. But l am blased.+ For me, such optimism is delusion. 8 Berry Lane, Longridge, Preston, Lancs, PR3 3JA 01772 780300 www.ribblevalley.raymondjames.uk.com RAYMOND JAMES Ribble Valley