Brexit clauses put brakes on big UK property loans

Collapse in sterling expected to see in-flight deals renegotiated

Sterling property
In for a penny, in for a pounding: property deals in sterling are under pressure from Brexit

Big UK commercial property deals will be held up for weeks – or called off altogether – after lenders and acquirers began exercising 'Brexit clauses' following the June 23 referendum vote for the UK to leave the European Union.

The clauses give lenders the right to renegotiate the price and terms of the transaction, or to walk away, and have been popular with foreign banks that were worried about a post-referendum collapse in the value of the British pound.

A London-based partner at one law firm

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