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  On the subject of fail-safe commercial property investment. From today's FT:-
  
  Great Portland sells Facebook’s London HQ at discount for £435m.
  
  West End property company Great Portland Estates has sold Facebook’s new London headquarters at a discount to its latest valuation as the group prepares for a property market downturn.
  
  Mike Prew, analyst at the investment bank Jefferies, said the pricing was “disappointing at an exit yield of 4.25 per cent compared with a peak valuation [in 2014] of, we think, nearer 3.75 per cent.” He noted that a drop in capital values for London properties appears to be affecting even those whose tenants have an “uber prime covenant” such as that of Facebook.
  
  
  He attributed the drop to London becoming a “less global city” because of the UK’s decision to leave the EU, plus rising bond yields — which tend to result in property investors demanding higher yields — under Donald Trump’s presidency, plus a “reduction in value as London office rents start to fall.”

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