The vote in June by UK voters to leave the European Union has not weakened London's attractions for commercial property investment, a survey finds.

A survey of 96 institutional investors – including family offices and wealth managers – finds that the Brexit vote of the UK has not greatly dented London’s attractions as a European centre for commercial real estate and in some ways may have enhanced it. Germany also has strong appeal.

BrickVest, a property platform, polled the investors and found that 38 per cent of them said London was the most attractive European city in which to put money, beating Berlin (36 per cent), Munich (31 per cent) and Paris (22 per cent).

Some 21 per cent cited both Dublin and Hamburg. Combined with the results on Berlin and Munich, this shows a “clear positive trend towards German commercial real estate,” the firm said. In the survey, 40 per cent of the top ten European cities were German. (BrickVest opened an office in Berlin following the Brexit vote.)

As far as Brexit is concerned, 30 per cent of investors said the UK’s departure from the European Union will increase European commercial real estate investment opportunities. Some 23 per cent of institutional investors said Brexit will have no impact on commercial real estate investment opportunities.

Less positively, the survey revealed worries that investors do not have enough access to a secondary property investment market, an issue that took fresh prominence when, immediately after the 23 June vote this year, some fund management groups, such as M&G, Columbia Threadneedle, Aviva Investors, Standard Life Investments and Aberdeen Asset Management, brought client redemptions to a halt on their property funds. According to the BrickVest survey, £1.4 billion ($1.75 billion) of money was withdrawn from UK property funds after the Brexit result (source: Investment Management Association).