In London’s booming commercial-property market, church and state alike have been among the biggest winners. Now, some of Britain’s oldest and richest landlords are preparing for the market to cool.
Property investment funds run on behalf of the Church of England and the Duke of Westminster—and one legally owned by the queen—have been sitting on broad swathes of central London for centuries. More recently, those portfolios have reaped gains as strong demand has driven up real-estate prices sharply.
The pace of real-estate investment globally has sparked concerns of overheating. In London, these well-established investors have reacted to the boom by cutting exposure to the city, strategizing for the next downturn and diversifying elsewhere.
Read more at the Wall Street Journal.