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Cameron’s victory: What it means for global listed property and infrastructure

Date: May 15th, 2015

By AMP Capital

This move is probably two years away and the implications for Europe would be minimal as the EU is not the Eurozone. A vote for Britain to exit the EU is unlikely as it would spell bad news for the UK economy. In this article, we assess the impact on listed infrastructure and real estate securities.

Listed infrastructure

Within listed infrastructure we believe the market has already priced in most known risks in the lead-up to the election. These risks involved electricity assets in the context of restructuring the Office of Gas and Electricity Markets (OFGEM), and a potential price cap or cut. In the water sector, there were some risks from changes in The Water Services Regulation Authority (OFWAT). We do not envisage changing our position as a result of the election.

Listed real estate

In the last few months fears of a hung parliament, where no party would have the majority required to govern the country, had cast a shadow over an otherwise healthy real estate sector. With the uncertainty around protracted negotiations now abated, we believe this could result in a positive impact on the value of the British Pound, bonds and equity risk premiums. This is likely to translate into steady growth and market returns in listed real estate.

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