02 March 2012
Property Week
View all stories from this issue.
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"Independence is not the end, but the means to an end"
02 March 2012
The people of Scotland and those in the wider UK are involved in a debate on our country’s future.
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#PWTwitter 100 - February 2012
28 February 2012
Welcome to Property Week’s #PWTwitter100 - a list of the top 100 influencers from the real estate sector on Twitter.
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500th opening for Travelodge as it announces ambition expansion plans
1 March 2012
London’s biggest hotelier, Travelodge opened its 500th hotel in Stratford today as it announced that it is seeking to open a further 184 hotels across the capital by 2025.
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A feast in the Middle East, but working West is best
02 March 2012
This year’s Macdonald & Company survey was answered by more than 13,750 property professionals across the world. It paints a picture of a resilient Europe, flagging Far East and a gilt-edged Gulf. Sarah Townsend reports
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A futures market
02 March 2012
The Scottish Futures Trust leverages investment through complex, financial initiatives. David Hatcher reports
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Alchemi finds chemistry with £35m Victoria block
1 March 2012
A residential development company has bought a £35m office building from Blackrock on London’s Victoria Street, PropertyWeek.com can reveal.
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Avestus checks out of Prague Four Seasons
02 March 2012
One of the Czech Republic’s top hotels, the Four Seasons in Prague, has been put up for sale for around €80m.
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Aviva Post Office site in vogue for London Fashion Week
02 March 2012
Aviva Investors’ 21/31 New Oxford Street took centre stage last week in London Fashion Week.
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Axa launches €400m European fund
1 March 2012
Axa Real Estate has raised €118m for a new fund to target core office properties across the Eurozone and the UK.
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Beckwith’s City refurb begins
02 March 2012
Peter Beckwith’s PMB Holdings and Area Property Partners began construction this week on a speculative refurbishment of 8 Fenchurch Place in the City of London.
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Benson Elliot enlists SocGen’s Jakeman
02 March 2012
Private equity real estate firm Benson Elliot Capital Management has hired James Jakeman and Georg Strassner in senior roles.
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Blackstone in talks to buy £60m sheds
2 March 2012
Blackstone is in talks to buy nearly £60m of sheds as it continues its unprecedented march on the industrial market.
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Blackstone plans fifth Center Parc
1 March 2012
Center Parc owner Blackstone is to start construction on a fifth site of the holiday village in Woburn, Bedfordshire it announced today.
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BNP Paribas Real Estate: Brussels - 2011 Review
8 March 2012
The leasing activity in the Brussels office market slowed during the year. Overall 2011 take-up was 321.400 m² representing a 36% fall on the Brussels’ market five year average and down 33 % from 2010.
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BNP Paribas Real Estate: City News - Milan
8 March 2012
Q4 2011 was characterised by very scarce investment activity in the Milan real estate market.
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BNP Paribas Real Estate: European Hotels Market - H2 2011
8 March 2012
At €6.8bn in 2011, investment in hotels in France, Germany, Italy, Spain and the UK continued the recovery started in 2010.
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BNP Paribas Real Estate: Investment in Western Europe - Q4 2011
8 March 2012
The investment market recovery has lost momentum as the crisis in the Euro area stepped up. The total investment volume in Western Europe amounted to € 102.8bn in 2011, up by only 2% on the previous year.
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Boris reassures over Ministry's future
8 March 2012
Mayor of London Boris Johnson last night indicated he will safeguard the future of the Ministry of Sound nightclub in Elephant and Castle, south-east London.
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Boris unveils developer "speed-dating"
1 March 2012
Mayor of London Boris Johnson is today unveiling a speed dating-style event that brings together councils in London with potential developers of the vast amounts of land they own.
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Break for the border
02 March 2012
As economic angst continues to suppress consumer confidence in Europe and the US, some retailers are thriving in new markets, while others are retreating. Rachel Hunter reports
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Brum park to mix shops with great outdoors
02 March 2012
Eagle One to create £25m “try before you buy” scheme at Evesham Country Park
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Capital & Counties announces 11.7% NAV hike
29 February 2012
Capital & Counties has announced strong results for 2011 with a hike in net asset value of 11.7%, to 166p per share.
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Capital & Counties sells stake in five properties to Great Portland Estates
29 February 2012
Capital & Counties has sold its half share in £150m worth of West End property to Great Portland Estates, from the pair’s Great Capital Partnership.
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Cathedral gets planning for Bromley regeneration
7 March 2012
Plans by developer Cathedral Group for a £90m, mixed use regeneration scheme in Bromley town centre have been approved by the council.
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CBRE: German Investment Quarterly - Q4 2011
8 March 2012
The German investment market for commercial properties saw a total investment volume of €5.83bnin the last quarter of 2011 and therefore a slightly higher investment volume than in the previous quarter.
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Conran has designs on €100m Tuscan hilltop idyll
02 March 2012
Sir Terence Conran is to transform a Tuscan hilltop village into a €100m luxury residential resort.
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Corestate buys €53m distressed retail portfolio
1 March 2012
Switzerland based private equity investor Corestate Group has bought a distressed portfolio of German high street shops for €53m.
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Cube gets planning for pier
28 February 2012
Cube Real Estate has been granted planning permission for a river pier on the Thames near its Plantation Wharf scheme.
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Cushman & Wakefield: International Investment Atlas - Summary
8 March 2012
Global investment rose 14% in 2011 to US$727bn (US$808bn including multifamily) and volumes are now 83% up on their 2009 lows.
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Cushman captures City pair
02 March 2012
Cushman & Wakefield this week stepped up its central London expansion, poaching two top agency directors from CBRE.
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Cushman poaches heavyweight City duo
28 February 2012
Cushman & Wakefield has poached CBRE City of London agency directors Digby Flower and Andrew Parker, propertyweek.com can reveal, to try and boost its central London standing.
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Defending London’s Honor: The Honor Chapman Memorial Project
02 March 2012
The capital’s crown as the world’s top city is under serious threat. This is the warning from the Honor Chapman Memorial Project. Claer Barrett reports
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Derwent London secures Stephen Street pre-let
12 March 2012
Derwent London has pre-let 15,400 sq ft at its 1 Stephen Street scheme to the north of London’s Oxford Street.
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Developer's View
02 March 2012
“Without tenant demand, property cannot profit”
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DevSecs' secures Morrisons for Oriental City site
1 March 2012
Development Securities has secured supermarket chain Morrisons for a major store at 399 Edgeware Road, London.
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Dizzy Heights - Supertall towers
02 March 2012
Step away if you suffer from vertigo — skyscrapers have gone “supertall”. Hardeep Sandher reports
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DTZ makes 24 promotions
28 February 2012
DTZ has made 24 promotions to associated director and senior surveyor in the UK.
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Edexcel's HQ sold to Middle Eastern family
2 March 2012
The London headquarters of the examinations board, Pearson’s Edexcel, has been bought by a Middle Eastern family for £55m.
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Enter Milan: Westfield's latest retail venture
02 March 2012
Westfield has joined forces with footballer-turned-retailer Antonio Percassi to open Italy’s largest mall. Kat Spybey reports from fashion capital Milan
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Evans Randall buys Docklands' Sovereign House
8 March 2012
Private equity group Evans Randall has acquired Sovereign House in London’s Docklands for £27m.
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Fateful attraction
02 March 2012
Can partners who sell their firms to multinational agencies find their niche? Christine Eade reports
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Five fund managers team up for sustainability study
29 February 2012
Five of the most dominant fund managers in the UK property market have started pooling data on more than £10bn of property in a bid to chart how the green attributes of buildings affect rental growth and capital values.
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Former Guardian HQ up for sale
1 March 2012
The former headquarters of Guardian Media Group is to be sold by its Irish owner, paving the way for a redevelopment of up to 210,000 sq ft in Farringdon, PropertyWeek.com can reveal.
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Former Guardian office on newsstand
02 March 2012
The former London headquarters of Guardian Media Group is to be sold by its Irish owner, paving the way for a 210,000 sq ft redevelopment.
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Fund managers launch green benchmark
02 March 2012
Five of the biggest fund managers in the UK property market have started to pool data on more than £10bn of property in a bid to chart how the sustainability attributes of buildings affect rental growth and values.
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Global Perspective
02 March 2012
“Shops will become glorified showrooms”
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Government launches Portas town team pilot workshops
29 February 2012
The government will launch a series of workshops to help advise town centres on how to apply to become one of Mary Portas’ town team pilots.
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Government must ramp up office efficiency drive, says NAO
2 March 2012
The government has reduced the annual cost of the civic estate by more than £800m since April 2004 but could find a further £830m of savings if it better utilised its space, new research reveals.
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Greater Manchester sets up £100m investment fund
1 March 2012
Greater Manchester’s local authorities have pooled resources to create a £100m investment fund to support business, including in investiung in stalled development projects, TheBusinessDesk.com reported today.
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Grosvenor and Derwent complete Hyde Park Corner JV
1 March 2012
Grosvenor and Derwent London have formalised their joint venture to redevelop the 168,000 sq ft 1-5 Grosvenor Place into a luxury mixed use scheme.
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Hammersmith Palais sold for student accommodation
29 February 2012
London & Regional has sold the Hammersmith Palais, one of London’s best-known concert venues, to a joint venture led by US private equity group Carlyle.
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Hammerson office sale share surge
02 March 2012
Hammerson’s intention to sell its £600m London office portfolio and invest entirely in retail property has won the approval of investors.
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Henderson adds Feeney to new lending drive
02 March 2012
Bank of America man recruited to tap into senior debt fundraising trend
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Henderson Global Investors: Commercial Real Estate Debt
3 March 2012
The fall out from the financial crisis identified a need for tighter regulation within the financial industry. This is now being addressed globally through various legislative proceedings with the common aim to maintain the integrity of the financial system.
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Henderson goes Dutch with office
02 March 2012
Henderson Global Investors has bought the 113,000 sq ft Haagsche Hof office scheme in the Netherlands for €27m.
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Home Builders Federation: New Housing Pipeline - Q4 2011
3 March 2012
The flow of residential approvals remained subdued during the third quarter of 2011. Whilst the number of units approved was off the two year low seen during the previous three months, it remained extremely weak.
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Independents open three times as many shops as chain retailers
1 March 2012
Independent retailers opened three times as many high street shops as the chain retailers last year, research by the Local Data Company has found.
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IVG’s €5bn business launch
02 March 2012
German institution to raise capital outside domestic market for first time
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JLL MidEast head homes in on UK
02 March 2012
Jones Lang LaSalle’s head of capital markets for the Middle East and north Africa is to leave in April, to start a UK residential business.
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Just deserts in Doha
02 March 2012
Development is booming in wealthy emirate, but lifestyle may be lacking. David Hatcher reports
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Kerslake: NPPF “presumption in favour” is here to stay
29 February 2012
Sir Bob Kerslake, head of the civil service and permanent secretary to the Communities department, confirmed last night that the government would offer a default “yes” to new development that it defines as “sustainable”, as part of the new planning system.
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Land Secs signs Ibis hotel at West12 shopping centre
2 March 2012
Land Securities has signed up Ibis to open a new hotel at its West12 shopping centre in Shepherd’s Bush, London, and will refurbish the retail façade.
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Le SIIC, c’est chic - An interview with Guillaume Poitrinal
02 March 2012
Europe’s biggest — and slickest — property company, Unibail-Rodamco, has been described as the “perfect REIT”. James Whitmore spoke to its chief, Guillaume Poitrinal, in Paris to find out why. Photographs by Antoine Doyen
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Leader: “There has been bitchiness about Irvine Sellar’s Shard in London”
02 March 2012
With Property Week readers following news from MIPIM on iPhone, iPad and laptops over the next week, today we revert to a magazine, rather than newspaper style, for our first international special of 2012.
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Liberty Living secures £300m debt package
29 February 2012
Student accommodation provider Liberty Living has secured a comprehensive financing package of £300m from HSBC and Royal Bank of Scotland.
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Lloyds reduces loan exposure to £65bn
02 March 2012
Lloyds Banking Group has managed to reduce its exposure to property and losses on bad property loans.
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London pride: A day in the life of Laurent Luccioni
02 March 2012
Laurent Luccioni, chief executive of MGPA — Europe, takes us through his working day in the UK capital
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London recovery boosts Derwent's NAV
1 March 2012
Derwent London enjoyed a 15.4% increase in its net asset value over 2011 as the recovery of London’s commercial property values continued.
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Luxury Yorkshire hotel gets funding boost
28 February 2012
A multi-million pound tranche of funding has been agreed to further develop luxury hotel Raithwaite Hall Country Retreat near Whitby in Yorkshire, TheBusinessDesk.com reported today.
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M&S mulls new store at St Modwen's Longbridge
2 March 2012
Marks & Spencer is considering ditching plans to anchor a Land Securities scheme in Birmingham and instead open a new store at St Modwen’s Longbridge development.
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M&S quits Glasgow anchor
02 March 2012
Marks & Spencer has pulled out of plans to anchor the proposed £100m extension to the Buchanan Galleries shopping centre in Glasgow.
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Manhattan Eyeline
02 March 2012
“New York needs Wall Street to flex its muscles”
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Metric Property recruits British Land asset manager
27 February 2012
Metric Property Investments has appointed British Land’s Simon Meacock as asset manager.
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Miller Group completes £160m Blackstone equity deal
1 March 2012
Miller Group, the UK’s largest private housebuilder, has completed a financial restructuring which will see £160m of new equity pumped into the business.
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Minerva chief Hasan to lead St John’s Wood Barracks
02 March 2012
The chief executive of Minerva has been appointed by a Malaysian billionaire to help develop the £250m former St John’s Wood Barracks in north London into new homes.
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Minerva chief to develop St John's Wood Barracks
27 February 2012
The chief executive of Minerva has been hired by a Malaysian billionaire to help develop the £250m former St John’s Wood Barracks in north London in to new homes.
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MIPIM 2012 DATA: New entrants unlikely to plug European debt gap
1 March 2012
New entrants to the European lending market are “unlikely” to plug the gap left by banks retreating from real estate, Henderson Global Investors has warned.
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MIPIM 2012: Major European fund manager makes UK debut at Canary Wharf
8 March 2012
European fund manager Amundi Real Estate has made its debut investment in the UK, buying a stake in 5 Canada Square in Canary Wharf.
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MIPIM 2012: Manchester councils hoping to raise £500m for infrastructure
8 March 2012
Sir Howard Bernstein, chief executive of Manchester City Council, today said he is hoping a new fund aimed at kick-starting private sector schemes in the city would reach £500m.
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MIPIM 2012: Tristan's Lewis - fund management is facing a "summer of reckoning"
8 March 2012
Ric Lewis, chief executive of fund manager Tristan Capital Partners, has warned that the fund management industry is facing a “summer of reckoning”.
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MIPIM BLOG: A very long MIPIM day and night, big beasts and Narnia
8 March 2012
The day started normally enough with a well attended British Property Federation/ Reed Midem investors breakfast at the Carlton. British Land CEO Chris Grigg, and British Property Federation President elect, had just three minutes to address the gathering on the benefits of investment in UK real estate.
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MIPIM BLOG: the after party and the follow up
12 March 2012
As much as I enjoy Cannes during MIPIM week I was ready to escape from the confines of my narrow Croisette patch bordered by the Carlton at one end and the Palais at the other.
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MIPIM icons set for sales
02 March 2012
Qatar to buy Martinez, as Carlton to be “flipped”
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Modern-day miracle: The Shard
02 March 2012
How Irvine Sellar fought an epic battle to create a global landmark for London.
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MORNING AFTER: Property Week and Canary Wharf Group Tweet Up
29 February 2012
Property Week and Canary Wharf hosted a “Tweet Up” last night at Canary Wharf restaurant Iberica
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MORNING AFTER: Young Norwood Property Awards 2012
28 February 2012
350 young property professionals gathered at the annual fundraising event, which raised an impressive £80,000 for charity
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MPs in empty rates uprising
02 March 2012
Cross-party group of 65 MPs up ante on abolition of “bombsite Britain tax” ahead of Budget
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Next doubles its space at Cardiff Capital Shopping Park
29 February 2012
Fashion retailer Next has agreed to double its presence at Cardiff’s Capital Shopping Park, adjacent to the Cardiff City Stadium.
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Numbers game: Forever 21's European expansion
02 March 2012
Forever 21 is gambling on European expansion, just as Britain’s high streets undergo a painful contraction. Rachel Hunter talks to CFO Larry Meyer
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Palmer Capital buys European fund manager
8 March 2012
Palmer Capital has bought Middle Europe Investments, a Dutch based fund manager with €232m of assets under management.
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Patron in Dutch distress deal
02 March 2012
Private equity firms Patron Capital and TPG are close to buying a portfolio of 220 Dutch offices for more than €350m in an innovative distressed debt deal.
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Peel threatens to walk away from £5.5bn Liverpool scheme
28 February 2012
Peel Group has threatened to walk away from its £5.5bn Liverpool Waters scheme if it does not obtain planning permission next week - or if the government calls it in for a public inquiry, TheBusinessDesk.com has reported.
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Peveril treats Edinburgh office like a hotel
02 March 2012
A prominent corner site on Edinburgh’s St Andrews Square has been sold, under plans to develop it into a £120m luxury hotel and retail scheme.
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Pidgley pounces on Reubens’ riverside site
02 March 2012
Berkeley’s St James subsidiary to take over Foster-designed aparthotel and flats
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Property Week North West Supplement - Digital Edition
2 March 2012
Property Week’s North West supplement - March 2012
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Property’s Moonraker
02 March 2012
Moon land is selling for £20/acre. Sound investment or lunacy? David Hatcher reports
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Quintain buys West End fund manager
28 February 2012
Quintain has bought West End fund manager Grafton Advisors in a deal which will bring its total assets under management over £2bn.
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Quintain snaps up £6m Grafton
02 March 2012
West End firm’s Kempner rejoins Wyatt and Rucker as head of fund management after 13-year hiatus
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Reiss is the word
02 March 2012
British fashion retailer has a new top man to reboot its overseas expansion. Rachel Hunter reports
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Residential investment property returned 11.3% last year
29 February 2012
Residential investment property has continued to perform better than commercial property, delivering returns of 11.3% last year, driven by the strong London market.
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Retailers plan open revolt on monthly rents
02 March 2012
Occupier group writes letter demanding landlords offer greater concessions
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RICS Construction Market Survey - Q4 2011
3 March 2012
The Q4 2011 RICS Construction Market Survey showed total workloads at the national level fell a little further, with the net balance declining from -1 to -7.
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RREEF nears sale as Deutsche Bank enters exclusive talks
28 February 2012
The world’s second largest property fund manager, RREEF, is close to changing hands as a buyer entered exclusive talks to buy Deutsche Asset Management.
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Savills opens New Zealand office
29 February 2012
Savills has launched into New Zealand and opened a dedicated commercial property office in Auckland after recruiting two local property executives.
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Savills poaches head of investment from Jones Lang LaSalle Germany
1 March 2012
Savills has appointed Marcus Lemli as head of investment for its European operation.
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Savills: Brussels Office Market - Q4 2011
3 March 2012
“In a weakening macro-environment where interest rates are heading downwards again, we are expecting investors to become more aggressive on long-term let assets.”
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Savills: Madrid Office Market - Q4 2011
3 March 2012
“The decreasing levels of demand for office space in 2011 coincided with deteriorating economic sentiment. Only significant rental adjustments and incentives were involved in large scale lettings; we have seen 2012 begin stronger than the previous year”.
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Savills: Paris Office Market - Q4 2011
3 March 2012
“Although the economic climate appears bleak, business activity in 2012 will be driven by more opportunistic strategies. The supply and demand situation is expected to become even more balanced this year with higher take-up of second hand properties. With the economy set to improve in 2013, new developments may become very sought after.”
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Savills: UK Hotel Investment - Spring 2012
8 March 2012
UK investment volumes held in 2011, up 0.8% to £1.5bn, with 68% of this focused on London and the South East.
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Scot prospects
02 March 2012
Office developments and football clubs could be big draws for foreign investors. David Hatcher reports
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Scotland: What price freedom?
02 March 2012
Will Alex Salmond’s independent Scotland remain an attractive prospect for investors? David Hatcher reports
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Scottish developers call for help as output falls by £2bn
28 February 2012
Developers have urged the Scottish government to step in an help the property industry after new figures published today revealed new orders for commercial development and repair work have fallen by a third since 2007.
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Shops get smart
02 March 2012
Property Week and Multi Development research reveals the retail world is embracing innovation. Lucy Scott reports
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Singaporean has debut data with destiny with £32m Docklands buy
02 March 2012
Keppel Land invests in lucrative data centre market
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South Africa’s brave hearts
02 March 2012
Edinburgh’s stalled Caltongate scheme is back on track under South African ownership. David Hatcher reports
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Swede to buy British brand’s French flagship
02 March 2012
H&M owner to pay Hammerson £140m for Burberry block in Paris
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Sweet return for Candys at Sugar Quay
02 March 2012
CPC Group buys City of London site from administrator
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Task Royal for former Savills chief
02 March 2012
Aubrey Adams gives first interview since taking on daunting role. Mike Phillips reports
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Tchenguiz: my arrest was leaked
02 March 2012
Vincent accuses Serious Fraud Office at Leveson Inquiry of alerting press to raid during MIPIM
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Teams rise to CBRE’s Property Peak challenge
02 March 2012
CBRE’s City agency team scaled new heights last week, when the inaugural CBRE Property Peak Challenge took place at the City of London’s tallest building, the Heron Tower.
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Tough love: The eurozone family
02 March 2012
No end in sight to pressure on eurozone “family”. By Tony McGough
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Travelodge brings Little Chef leases to market
8 March 2012
Travelodge has brought forty-eight roadside restaurant leases to the market following Little Chef’s decision to close are large part of its portfolio.
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Tristan raises €420m for fund
29 February 2012
Tristan Capital Partners has completed a fourth and final capital close for its CCP III LP Fund, raising €420m.
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Unite sees 8% NAV rise
1 March 2012
Unite Group, the student accommodation provider, saw its net asset value increase by 8% to 318p a share in 2011 on the back of good rental growth and development profits.
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US insurer breathes MetLife into UK debt market
02 March 2012
US insurer MetLife provided $800m of debt to the UK property market and could provide up to $2bn more over the next few years.
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VIDEO: Grigg, Marriott, Hodges and Johnston discuss financing London
2 March 2012
Today’s Movers & Shakers networking breakfast saw some of the biggest names in investment debate the future of financing London’s property market.
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Wainbridge puts Hammersmith offices under offer
1 March 2012
Wainbridge, the private property investment firm, is close to buying Bechtel House in London’s Hammersmith from CBRE Global Investors.
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Wanted: deep pockets and determination at Battersea
02 March 2012
Ernst & Young and Knight Frank take Property Week International inside high-profile sale
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Welcome to America: The latest food trends in London
02 March 2012
A posse of pioneering restaurants is heading to the UK from the Americas. Rachel Hunter reports
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Wetherspoon wins damages against agent in Fraud case
29 February 2012
JD Wetherspoon has been awarded damages from the beneficiaries of five of the property transactions in which the value pub chain was the victim of “fraud and dishonest breach of duty” by its property agents.
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With a little application... Review of apps for the property industry
02 March 2012
What are property’s favourite apps? David Doyle and Emily Simmons find out
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Women's Power List nominations - last chance to vote today!
2 March 2012
Today is your last chance to submit your nominations for the Women’s Power List – the list of the top 100 most influential women in property.
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Wood Wharf could become 'tech hub'
29 February 2012
Canary Wharf Group’s Wood Wharf scheme could become a hub for technology and media companies to contrast the company’s financial behemoth next door.
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Yoo’s Philippe Starck to lux out Mumbai resi tower
02 March 2012
Residential design and development firm Yoo has been commissioned by Indian developer Lodha Group on a 63-storey tower in Mumbai.
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Yorkshire retail park up for sale at £130m
1 March 2012
British Land, Hermes and Aviva Investors are preparing to bring the Birstall Shopping Park in West Yorkshire to the market for around £130m.
