UK real estate market faces 10 bln stg loss of value

LONDON (Thomson Financial) - Property agent CB Richard Ellis is to wipe up to 10 bln stg off the value of the UK's commercial property market when it carries out its quarterly valuations at the end of this month, the Sunday Telegraph reported. The world's biggest property agent, which values nearly half the investment-grade commercial real estate in the UK, has told select clients it is to mark down their property by up to 10 pct as a result of a downturn in the market, the report said.