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Lorcan Allen: Investment property market at risk of €10bn write-down in value

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Office market is bearing the brunt of correction, with owners of older office blocks facing significant price adjustments

David Solomon, the chief executive of Goldman Sachs, made his views on the commercial property market very clear last week – significant adjustments are coming and they’re coming fast.

Speaking to CNBC, Solomon predicted that a wave of markdowns will soon begin to show up on the balance sheets of US banks, and there will be some “pain”.

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