More than most sectors, commercial real estate could do with a fresh start this New Year. The figures for December are not out yet, but property values fell 3.9 per cent in the first 11 months of 2012, according to the closely-watched IPD benchmark. But even if the wind does not change - and consensus forecasts suggest it won’t - there’s a way to invest in property that spares you the pain of valuation write-downs: lend against it.
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