Derwent London and Westfield among landlords to cheer Pfizer update

Retail and office landlords, including Westfield and Derwent London, have cheered Pfizer’s update that the drugmaker has made a breakthrough on its Covid 19 vaccine.

Shares in London-listed landlords made big gains yesterday after Pfizer’s boss Albert Bourla updated on a “first but critical step” in the firm’s work to “deliver a safe and effective vaccine”.  

A number of property bosses, that have seen a turbulent 2020 for the real estate sector, today welcomed the news.

Derwent London’s Paul Williams told the Evening Standard: “Whilst early days, confidence in a safe return to work is an essential part of getting London back to full strength and a successful vaccine would be an important step forward.”

Gerald Kaye, chief executive of Helical, told the Evening Standard: “If the vaccine is approved, that can only be good news for London. This current lockdown is causing unimaginable harm to the retail, food and beverage,  travel and hospitality sectors in the vital run up to Christmas. Vaccine or no vaccine we need the capital to get back on its feet without delay for the sake of the whole country and Londoners’ overall well-being.”

Property giant Landsec’s Mark Allan said the announcement has “to be positive for sentiment on all fronts”.

Christophe Cuvillier, the chief executive of Unibail-Rodamco-Westfield, which is behind the Westfield malls in Stratford and White City, said: “The group and our industry are going through a period of uncertainty and disruption. The announcement of a possible first global vaccine against Covid-19 is the most recent illustration of this.”

He added: “This medical breakthrough is tremendous news for all and marks a major step in the global fight against the pandemic. Subject to the approval of the next clinical steps, this could have a significant positive impact on retail real estate in general.”