The value of shopping centre owner New Frontier Properties’ assets has been under pressure, with the company cautious about making new acquisitions in Britain, so soon after the referendum in favour of the UK leaving the EU.New Frontier, which on Monday reported results for the year to August, said it would proceed with caution until the uncertainty in the UK economy had eased and there was more clarity on the state of the property investment market.The group’s total comprehensive income for the period, according to International Financial Reporting Standards, was a loss of £6.37m, which incorporated the writing off of the acquisition fees associated with the acquisition of The Houndshill Shopping Centre in Blackpool, the fall in valuation of its three retail investment properties and the mark to market value of the financial derivatives taken out to fix the company’s interest cost.The company is 67.5%-owned by JSE-listed Rebosis Property Fund. East London businessman Sisa Ngebulana...
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