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British Land is still looking for tenants for its Leadenhall development |
These are difficult times for UK real estate funds. Some of the collective panic that hit Northern Rock’s customers last year spread into the real estate sector. In the last quarter of 2007, more than £1.6 billion ($3.11 billion) flooded out of commercial property funds as nervous investors, mainly retail, decided to cut their losses. Figures from the Association of Real Estate Funds (AREF), which surveys £37 billion of property funds, showed outflows up by 76% in the third quarter of 2007.
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