Property firms Land Securities and British Land have both swung to a loss after the vote to leave the European Union hit the value of their portfolios.
Shopping centre owner British Land made a £205m loss in the six months to the end of October, down from a £823m profit in the same period a year before.
The firm said its property values have dropped 2.8% in the last six months, as investors remain cautious about Brexit.
But Chris Grigg, British Land’s chief executive, said that although there was uncertainty in the commercial property market, it was “better than people expected”.
“In our retail business, we’ve done more deals at better prices in the last six months and I don’t think people expected that,” he said.
Land Securities posted a £95m loss for the six months to 30 September, and warned businesses find themselves in “uncharted territory” following Brexit vote.
The value of its property has fallen by 2.2%.