Commercial property fund manager, Invista Real Estate Investment Management (REIM) has warned it is expecting worsening market conditions.
The company’s open-ended funds have been hit hard, with cautious investors withdrawing £180 million in the six months to June, it has been reported.
“We do anticipate market conditions deteriorating further. We are therefore taking action to ensure Invista REIM can withstand a worsening economic environment,” said chief executive officer Duncan Owen.
“Our business model is robust and a significant part of our balance sheet remains in cash awaiting investment, if appropriate.”
The firm’s pre-tax profits fell by more than two-thirds since January and revenue fell to £23.8 million from £37.0 million.
With commercial property values falling, investors are looking to the London for future investment opportunities.