Brixton Estates today unveiled a £237m loss and resorted to the lyrics of Bob Dylan to describe the 'apocalyptic' mindset of the UK commercial property market.
The company, which dominates the West London industrial market around Heathrow and Park Royal, fronted its interim results with a picture of the four horsemen of the apocalypse, and quoted one of the gravelly-voiced folk legend’s songs to illustrate the current state of the property industry.
Brixton said: 'The opening lines of Bob Dylan’s All Along the Watchtower seem to capture the beleaguered mindset of the UK commercial real estate market.'
Brixton went on to give warning that the dual impact of an intensifying economic slowdown and the credit crunch had left the sector unable to ascribe accurate valuations as the market plunges.
'There is confusion — and an element of denial — over direct property pricing due to lack of transactions,' it said.
Brixton reported that its property portfolio has fallen in value by 10 per cent during to first six months of the year to £2.2 billion. Brixton's adjusted net asset value also declined by 18 per cent.
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