- London property investor McKay Securities said market conditions had remained steady since it reported its year-end statement in May.

'The supply of modern business space across all our markets remains at historically low levels with a limited development pipeline,' the company said ahead of its annual general meeting.

'Occupier demand for our assets has proved resilient despite Brexit, although we anticipate continuing caution until the terms of exit are clear.'

Chief executive Simon Perkins said the company had reported an exceptionally productive period at the end of the financial year, including the de-risking of its speculative development programme.

'As a result, the board will be recommending a 14.2% increase in the final dividend at our AGM later today,' he said.

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