Sovereign wealth funds and other giant investors with a global mandate will commonly restrict themselves to “gateway cities”, of which London is in the top tier. In the wake of the referendum result, many of the larger domestic players have been cautious buyers or even net sellers, while overseas investors have been more acquisitive, and as a result the capital’s share of the investment market has been even higher than usual. However, there are a few early signs that there may be a change in investor behaviour with some notable activity outside the capital.