Reuters: Climate change is a growing risk to older properties and southern UK cities, including London, and should inform the decision-making of property investors, one of Britain's biggest pension fund managers said on Friday. In a joint study with University College London (UCL), Hermes said cities such as Southampton, Bristol and Cardiff, and the entire Thames estuary were most at risk to flooding, storm damage and subsidence through drought. More northern ports such as Newcastle, Liverpool, Edinburgh, and Belfast were less exposed, it said. Hermes is wholly owned by BT's pension fund. It manages the retirement savings of Britain's mail and telecommunications workers and has 12 billion pounds ($23.8 billion) of real estate under management. A spokeswoman for Hermes said the company's property investment program had started last year to consider environmental concerns such as flood risk. But it was finding it a challenge on some existing investments, she said, without specifying....
Image from the Hermes publication.
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