03 February 2012
Property Week
View all stories from this issue.
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‘Priciest home’ Updown plummets
03 February 2012
The sale of a mansion put into receivership by Ireland’s NAMA (National Asset Management Agency) was completed this week. The buyer paid £27m less than the level of the building’s debt.
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Arcadis launches Birmingham hospital facility
2 February 2012
Arcadis is to manage a new hospital project in Birmingham which will support the UK’s military patients and their families.
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Battle of buyers in Birmingham’s Cornwall Street
03 February 2012
Leaseholder will have to negotiate with freeholder Nurton. David Hatcher reports
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BGC eyes up US property services firm
03 February 2012
BGC Partners is in talks to buy or invest in struggling US property services firm Grubb & Ellis.
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Bidders line up for RREEF
2 February 2012
MacQuarie Group, Ameriprise Financial, JP Morgan and State Street have been named as bidders to buy the asset management divisions of Deutsche Bank, Bloomberg reported today.
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Birmingham Science Park’s digital evolution
03 February 2012
Wrenbridge, Vinci Construction, Thomas Vale, Muse, Bruntwood and Trebor Developments with Hortons’ Estate are all thought to be vying to become Birmingham Science Park Aston’s development partner for the park’s next phase, Digital Plaza.
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Blackberry manufacturer moots new HQ
27 January 2012
Blackberry manufacturer Research in Motion has appointed CBRE to do a feasibility study for a potential 120,000 sq ft European HQ.
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Boris will be praying for a much less eventful Olympic year
03 February 2012
A young reporter once asked then prime minister Harold Macmillan what the most difficult aspect of his job was.
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British luxury brand sets New Bond Street record
30 January 2012
British brand Belstaff has set a new record rent on London’s luxury highway, New Bond Street.
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Brompton Diamond
03 February 2012
Re Brompton Diamond up for sale
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Bruce’s resi bonus: £320m private rented venture secures backing
03 February 2012
Apollo and Canada’s Ivanhoé Cambridge to back Ritchie’s £320m private-rented venture in London
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Bruntwood bulks up in Birmingham
03 February 2012
Manchester-based firm buys Centre City and eyes 2 Cornwall Street. David Hatcher reports
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Bruntwood now worth £318m
3 February 2012
Chris Oglesby’s Bruntwood enjoyed a net asset value increase of 2.4% to £318m in the year to September 2011, the company has announced.
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Bruntwood sells £42m block
30 January 2012
Family-owned north-west developer and investor Bruntwood has sold 1 New York Street in Manchester at a yield of 6.5%.
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Bullring key to Locker Room deal
03 February 2012
The Locker Room has taken a 6,000 sq ft unit at the Bullring in Birmingham.
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Calvin Klein’s Great Eastern odyssey
03 February 2012
Calvin Klein parent Warnaco Group has preleased an office block in London’s Shoreditch at around £36/sq ft.
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Canada Life to leave Leeds at a loss
03 February 2012
Princes Exchange in Leeds has been put up for sale by Canada Life.
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Cap & Reg increases stake in the Mall Fund
30 January 2012
Capital & Regional has increased its stake in the Mall Fund from 18.16% to 20.15% after buying units from clients of LaSalle Investment Management.
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Carlyle buys €337m Swedish portfolio
1 February 2012
Carlyle has bought a Swedish office and residential portfolio in central Stockholm for SEK 2.95bn (€337m).
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Carrefour sells 97 stores
03 February 2012
French supermarket giant Carrefour has sold 97 stores to investment vehicle La Française REM for €365m.
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CBRE Global Investors exchanges on St Paul's move
30 January 2012
CBRE Global Investors has exchanged contracts on its 25,000 sq ft move to Land Securities’ One New Change scheme in the centre of London.
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C-III takes over NAI Global
03 February 2012
Andrew Farkas’s C-III Capital Partners has completed its acquisition of NAI Global, just 10 days after negotiations between C-III and partner Colony Capital to buy rival Grubb & Ellis fell through.
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Colliers names West End office agency head
31 January 2012
Colliers International has appointed a new head of West End agency from its Birmingham office.
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Columbus conclude lease restructuring at Gracechurch Street
3 February 2012
The £26m restructuring of the head lease of Lombard House at 33 Gracechurch Street has been completed by Columbus Capital Management.
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Columbus fishes for new lease in City
03 February 2012
Columbus Capital Management has completed a £26m restructuring of the head lease of Lombard House at 33 Gracechurch Street with the Fishmongers’ Company that could increase the building’s value by a third.
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Consolidation key as market contracts
03 February 2012
Latest league tables show volumes down on previous year and Jones Lang LaSalle the big winner after its takeover of King Sturge
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Co-op hire signals urban expansion
03 February 2012
The Co-operative Group has hired Stephen McDonald from Lidl as regional acquisitions manager for central and eastern England.
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Cordea Savills buys German asset manager
1 February 2012
Cordea Savills has bought German asset manager International Property Asset Management (IPAM) for an undisclosed sum.
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Corestate closes €400m fund
2 February 2012
Private equity real estate investor Corestate Group has announced the close of its German Commercial Properties fund - giving it an estimated investment volume of €400m.
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Councils meet their developer match
03 February 2012
Ealing council has launched an initiative intended to kickstart development at 120 stalled sites across the capital.
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Cowell's Estate Office Group ventures into Japan
2 February 2012
Nicholas Cowell’s Estate Office Group has secured a foothold in the Japanese market through a partnership with a Tokyo based asset management company.
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Cutts’ ‘country’ retreat
03 February 2012
The former headquarters of John Cutts’ Parkridge Holdings in Solihull have been put on the market by receivers at BNP Paribas Real Estate and PWC, which are dealing with the holding company’s administration.
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Desert Island Bricks: Lesley-Anne Avis
03 February 2012
Incoming national chairman of the Association of Women in Property reveals her all-time favourite places
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Design squad in place for International Quarter
03 February 2012
Lend Lease and London & Continental Railways have drawn up a design panel of top architects for their £1.3bn International Quarter development next to the Olympic Park in Stratford City, east London.
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Distressed sales could "overwhelm" secondary market, IPD warns
2 February 2012
Increased distressed asset sales are threatening to overwhelm the already-struggling secondary property market, the IPD warned today.
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Europe is muddling along ... but it needs to do so much more quickly
03 February 2012
Mick Jagger told guests at a chalet party he threw last week in Davos that he had spent four hours that day preparing his music playlist for the glittering bash.
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Exemplary selling tactics
03 February 2012
Ludgate has happened upon evidence of subliminal messaging in the sale by Gladedale of Edinburgh’s exclusive Quartermile scheme. The flashy brochure describes “an unrivalled opportunity to acquire a unique 19 acre exemplar mixed-use development scheme in the heart of Edinburgh.” Hardly surprising, then, that the buyer turned out to be none other than … Exemplar!
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First Alliance wins £75m workout mandate with Royal Bank of Scotland
03 February 2012
First Alliance Properties, the property investor, developer and asset manager, has won around £75m of “workout” contracts from the Royal Bank of Scotland and proposes to build a team to work with banks on asset management initiatives.
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Food chains fight over Dudley site
03 February 2012
Asda, Sainsbury’s and Morrisons are all thought to be interested in operating a 75,000 sq ft supermarket on the site of the former Inland Revenue office, Cavendish House, in Dudley Town Centre.
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Forever 21 fashions fast European rollout
03 February 2012
Four French and first German stores follow debut on continent at Bullring last year
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Fred's tipple shredded
03 February 2012
Former Royal Bank of Scotland boss Fred Goodwin has just been stripped of his knighthood, which puts the kybosh on Jumeirah Carlton Tower in Knightsbridge honouring him with a champagne cocktail called “Sir Fred”.
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Freeport leases in Portugal
31 January 2012
Carlyle-owned retail developer Freeport has leased eight of ten units at an extension to its Freeport Outlet Alcochete retail centre in Portugal.
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Glades extension provides locals with food for thought
03 February 2012
A 15,000 sq ft extension to the Glades shopping centre in Bromley is expected to be given the go-ahead at the end of the month.
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Government launches Portas Town Teams pilots
4 February 2012
Grant Shapps is expected to announce today that the government will launch a series of pilots to test Mary Portas’ Town Teams recommendation, as tipped by Property Week earlier this week.
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Green Properties plans London’s fifth tallest towers
31 January 2012
Stephen Vernon’s Green Properties and CIT are planning a pair of residential towers in Nine Elms that could be up to 200m in height, making them London’s fifth tallest towers.
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Green shoots in the gardening sector
03 February 2012
While DIY retailers struggle, garden centres enjoy growth in sales. Rachel Hunter reports
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Half-dozen sheds on block
03 February 2012
A portfolio of six big sheds has been put up for sale by a north-west-based investor with an asking price of nearly £110m.
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Health department company will oversee slew of NHS property sales
03 February 2012
Department of Health project offers opportunities for private sector. Sarah Townsend reports
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Helical acquires Broadway House
3 February 2012
Helical Bar has acquired Broadway House, Hammersmith, for £14.1m.
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Helical hammers out asset angles
03 February 2012
Helical Bar was today due to announce it had bought an office and retail block in Hammersmith out of receivership, as it pledged to concentrate on central London for the next two years.
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Hub can create jobs and connect industry, not just passengers
03 February 2012
Our reason for undertaking this study and sharing our idea now was catalysed by the realisation that the population is going to increase by 20% to 10 million over the next 20 years, creating enormous pressure for jobs and for homes.
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India wakes up to Starbucks
03 February 2012
Coffee chain Starbucks has teamed up with Tata Global Beverages to open the first Starbucks coffee shop in India.
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Inside the deal: Law Society at the Cube
03 February 2012
In December, the Law Society, the representative body for solicitors and lawyers, leased 57,290 sq ft at the Cube in Birmingham, consolidating its presence in the West Midlands. However, the process was not all plain sailing.
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Jones Lang LaSalle makes $215m profit in 2011
31 January 2012
Jones Lang LaSalle last night reported a 29% increase in net profit to $215m in 2011.
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Jones Lang LaSalle profits up 29% after strong year-end
03 February 2012
King Sturge acquisition and double-digit growth in all regions drives revenue up
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Jurys out on hotel chain cash injection
03 February 2012
Jurys Inn owners aim to restructure debt, but sale is still possible
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Kallakis retrial follows illness
03 February 2012
Co-defendant hospitalisation leads to dismissal
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Kier selected for Derby residential scheme
2 February 2012
The Homes and Communities Agency and Derby City Council have agreed a deal to create around 700 new homes in the city.
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Labour Party finds new HQ
03 February 2012
The Labour Party plans to relocate its headquarters to Victoria, paving the way for British Land to revamp the party’s current offices nearby.
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Lack of interest lands tenant in hot water
03 February 2012
The message: Legal principles can take precedence over fairness.
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LandSecs in talks to sell Liverpool shopping centre
2 February 2012
Land Securities is in talks to sell off the St John’s Shopping Centre in Liverpool city centre, TheBusinessDesk.com reported today.
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Legal & General pedals Boris bike bonanza
03 February 2012
Staff at Legal & General this week got behind Boris, not by backing him in London’s mayoral election, but by imposing a policy of cycling to and from meetings on Boris bikes.
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Liverpool developers invited to bid for £13.2m Government funds
2 February 2012
Liverpool development projects have been given a £13.2m cash boost by the government to fund infrastructure.
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Livingstone brothers complete Cliveden buy
2 February 2012
Richard and Ian Livingstone have completed their purchase of the Cliveden House Hotel, the hotel made famous in the Profumo affair.
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London's Silicon Rally
03 February 2012
David Cameron has a vision for a “Tech City” stretching from Old Street to the Olympic Park. But as Nick Johnstone discovers, the geeks and creatives have already beat him to it
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Marks & Spencer store U-turn
03 February 2012
Retail stalwart backs out of eight stores in two weeks
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Massimo Dutti fit for King’s Rd
03 February 2012
The Cadogan Estate has remodelled part of its Duke of York Square development on King’s Road in Chelsea to attract a new fashion anchor and another entrant to the UK retail market.
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Medway timetables railway regeneration route
03 February 2012
Now that a new station is about to open in Gillingham this month, attention is turning to its neighbour further along the line, Rochester.
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Merger with Trinity adds new string to Chainbow
03 February 2012
Residential property management expert Roger Southam has sold a large chunk of his Chainbow business, to focus on the emerging professional private-rented sector.
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Meteor Park fully let ahead of Segro sale
03 February 2012
Segro has fully let Meteor Park after completing two deals that total more than 160,000 sq ft.
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Minerva’s new owners give account of themselves
03 February 2012
New company report gives insight into whether Area and Delancey’s take-private of Minerva was wise. Mike Phillips reports
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More parking madness
03 February 2012
Sir, I was interested to read David Cooper’s letter on the next battle with Westminster over double yellow lines painted, especially within Mayfair and St James’s, where I chair the residents’ society.
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Multi takes control in Italy
2 February 2012
Multi Development has bought out its partner in its retail development business in Italy.
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NAMA deal paves way for giant Leicester Square hotel
30 January 2012
Radisson Edwardian has bought the 0.47 acre Odeon Leicester Square site under plans to more than triple the size of its existing hotel at the popular tourist destination.
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NAMA sets up funds to stimulate market
03 February 2012
Agency hopes to address market’s ‘serious liquidity constraints’
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NAMA trawls Treasury trove to recoup €2bn debt
03 February 2012
Spencer Dock among assets accrued in boom time and now in receivers’ hands. Mike Phillips reports
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NAV surge at Great Portland Estates shows London's strength
2 February 2012
Great Portland Estates showed the benefit of a central London portfolio this morning as it reported net asset value per share had risen 18.4% over 2011, despite the economic turbulence.
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New Bond Street record rent
03 February 2012
British fashion brand Belstaff has set a record rent on London’s luxury thoroughfare, New Bond Street, after signing for a flagship store.
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NewRiver Retail poaches JLL's head of retail development
30 January 2012
NewRiver Retail has poached Jones Lang LaSalle’s head of retail development, Charles Miller.
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Next in line for garden centre rollout
03 February 2012
Fashion and homewares have been happy bedfellows for nearly a decade now, and Next, John Lewis and Zara have all opened standalone home outlets over the past few years.
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Nobu joins Shoreditch set
03 February 2012
Michelin-starred restaurant group to open follow-up to Las Vegas hotel, near Silicon Roundabout
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Northern Irish developer gets £30m go-ahead in Liverpool
1 February 2012
Northern Irish developer Benmore has gained planning approval for a £30m New Mersey Leisure scheme in Speke, south Liverpool, TheBusinessDesk.com reported today.
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Office take-up in the South East up by 6%
2 February 2012
The South East office market saw a 6% increase in take up in 2011 compared with 2010, with space transacted in the region totalling 4.38m sq ft, research from Strutt & parker has shown.
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OFT to examine Reubens' racecourse takeover
1 February 2012
The Office of Fair Trading is to investigate the £167m acquisition of racecourse operator Arena Leisure by Aldersgate Investments, the investment vehicle of the Reuben Brothers, TheBusinessDesk.com reported today.
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Peakside launches 80 Hammersmith Road
3 February 2012
European private equity house Peakside Capital has launched 80 Hammersmith Road, a 41,700 sq ft Grade A office redevelopment in London’s Hammersmith.
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Peel puts Castlefield block up for sale
1 February 2012
Peel Holdings has put a Grade II-listed mixed use building in Castlefield in Manchester city centre.
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People moves: Watson Burton, ING Real Estate Finance, Knight Frank and more...
03 February 2012
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PMB to build £35m Milton Keynes data centre
31 January 2012
Peter Beckwith’s PMB Holdings is to build a £35m data centre in Milton Keynes on the Maxwell House site once owned by disgraced ex-media tycoon Robert Maxwell.
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Portas business rates remedy is too little too late
03 February 2012
It is no secret that our high streets are suffering: landlords know it, retailers know it and, of course, Mary Portas knows it.
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Portas goes to town with team pilots
03 February 2012
First of high street guru’s recommendations to be launched as early as next week
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Pragmatism needed at Battersea Power Station
03 February 2012
Sir, I quite agree the site could be developed in bite-sized chunks that could be pragmatic and economically realistic
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Pramerica recruits Tishman Speyer executive
30 January 2012
Raimondo Amabile, a former Tishman Speyer executive, has joined Pramerica Real Estate Investors as a managing director.
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Premier Inn gets £10m Bristol hotel green light
2 February 2012
Premier Inn has secured planning permission for a 175-bed hotel in Bristol city centre.
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Prepacked Jane Norman joins Wolsey Place line-up
03 February 2012
Woking shopping centre extension will now open fully let. Sarah Stewart reports
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Princesse Tam Tam reveals rollout
03 February 2012
French lingerie brand Princesse Tam Tam is planning its first UK store, in London, in response to a perceived gap in the market.
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Property sector administrations up 35%
3 February 2012
Property sector administrations increased by 35% in the fourth quarter of 2011 against the previous quarter, according to the latest figures from the Insolvency Service.
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Property Week Digital Edition - 24 February 2012
24 February 2012
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Property Week Digital Edition - 3 February 2012
3 February 2012
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Prupim appoints new chief
31 January 2012
Prupim has appointed a new chief executive to replace Martin Moore.
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Prupim’s prudent search ends with opportunistic chief
03 February 2012
MGPA’s Alex Jeffrey will replace Martin Moore, with UK looking on the pricey side
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Q+A: Hammerson’s Bullring man
03 February 2012
Hammerson’s new portfolio director, Martin Plocica, joined the company in October to oversee the running of six of the REIT’s largest centres in the UK, including its Birmingham flagship, the Bullring. David Hatcher spoke to the American about the future of the 1.2m sq ft centre
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Quintain to refinance £40m of debt
2 February 2012
Developer Quintain is in negotiations to refinance £40m of debt from its lenders which will equip the group with £393m of facilities until 2016.
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Radisson Leicester Square treble
03 February 2012
Radisson Edwardian has bought the 0.47 acre Odeon Leicester Square site and plans to more than triple the size of its existing hotel at the popular central London tourist destination.
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Reading Lights
03 February 2012
On the day in January when unemployment among 16-to-24-year-olds reached a 19-year high of 1.02 million, Property Week visited Reading University to meet the next set of job seekers who will have to battle such statistics.
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Recession-hit London scheme goes back before committee
2 February 2012
One of London’s most high-profile schemes to be mothballed during the credit crunch will go before a planning committee tonight.
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Regus opens in Madagascar
31 January 2012
Serviced office provider Regus has opened its first business centre in Madagascar.
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Retail pain champagne claim
03 February 2012
Ping! An email from Linda Scott, regional estates manager at Sainsbury’s. Scott is on course for a bottle of bubbly, after responding to Ludgate’s bid to find the UK’s most ill-fated retail unit.
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Retail woes leave shed voids
03 February 2012
The shockwaves emanating from the troubles on UK high streets have added millions of square feet of voids to the industrial market.
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Retrial as jury discharged in Kallakis case
30 January 2012
The jury in the fraud trial of Achilleas Kallakis has been discharged and a retrial is to take place after his co-defendant Alexander Williams was hospitalised with an illness.
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Rocket to remake Old Street block
03 February 2012
An unloved block off Old Street roundabout is to be redeveloped into a 150,000 sq ft mixed-use scheme.
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Roundhouse Properties gets planning for Preston retail park
31 January 2012
Preston-based property company, Roundhouse Properties has secured planning consent for a 72,000 sq ft retail park site in the south of the city.
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Roxhill ready for take-off at Coventry
03 February 2012
Mark Glatman and David Keir draw up £250m scheme at airport. David Hatcher reports
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Saudi pins hope on Pinnacle sale
2 February 2012
Developer to sell stake in attempt to resume construction.
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Segro and Moorfield complete logistics fund deal
1 February 2012
A Segro and Moorfield joint venture this morning announced it had completed the purchase of a £314.7m logistics portfolio from Legal & General, Hermes Real Estate and LaSalle Investment Management, as tipped by PropertyWeek.com.
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Segro signs MedicAnimal at Park Royal
1 February 2012
Segro has leased 47,612sq ft of space at Park Royal to online retailer of pet supplies MedicAnimal.
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Shoosmiths seeks fitting offices
03 February 2012
Shoosmiths has begun a search for a 40,000 sq ft office in Birmingham city centre. CBRE has been appointed to search for the space. The law firm occupies 20,000 sq ft at Epic’s 125 Colmore Row, which is close to capacity. Its sublease from Lloyds Banking Group expires in 2013. This ties in with a break clause in Lloyds’s 140,000 sq ft lease, which it is likely to activate as it only occupies 85,000 sq ft in the building and is undergoing a rationalisation strategy.
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Silicon implant for Resolution
03 February 2012
Resolution Properties has bought 15 Bonhill Street near London’s Old Street roundabout from Land Securities for £33m, reflecting a yield of 6.6%.
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Size isn’t everything in investment agency world
03 February 2012
Britain’s three biggest agents continue to march inexorably towards a 50% share of the UK investment market, figures released this week by PropertyData reveal.
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Speeding into a Brummie future
03 February 2012
High Speed 2 was approved by the government last month.
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Spurs to build new stadium next to White Hart Lane
31 January 2012
Tottenham Hotspur will build a new stadium next to their existing White Hart Lane home as part of a new regeneration agreement.
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Stockport Council to buy Debenhams site to unlock major mixed-use scheme
2 February 2012
Stockport Council is set to buy the large Debenhams unit next to the Merseyway shopping centre with a view kick-starting a mixed-use leisure and retail scheme on the site, TheBusinessDesk.com reported today.
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Surrey County Council deploys Dambuster
03 February 2012
Search for space reveals no suitable site anywhere within county boundary. Sarah Stewart reports
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Tech City Map
2 February 2012
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Tech companies bright spot as London take-up falls
1 February 2012
Take-up of central London offices from IT and telecoms firms more than doubled in 2011, despite cross-sector take-up falling by 27%, according to research by Knight Frank.
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Thames hub: cleared for take off or flight of fancy?
03 February 2012
Prime minister David Cameron announced in January that a consultation for a sustainable framework for UK aviation would happen in March, in order to “set out long-term plans for the sector” and to “retain the UK’s hub status”.
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Two-thirds of best London homes sold to foreign buyers
3 February 2012
International buyers accounted for almost two-thirds of the prime London new build residential market in 2011, new research shows.
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UBS completes Broadgate pre-let
30 January 2012
British Land and Blackstone have finalised a previously conditional deal with UBS to pre-let 5 Broadgate in the City of London, meaning development of the 700,000 sq ft building can start.
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Unite: Demand outstrips supply despite fall in student applications
31 January 2012
Student accommodation developer Unite has said demand for university places still outstrips supply despite a 7.4% drop in applications.
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Valuers, watch your step: hazards ahead
03 February 2012
Lawyers predict rise in professional negligence claims. Sarah Townsend reports
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Vestas blows life into Sheerness site
03 February 2012
Sarah Stewart reports on Vestas Offshore’s proposal for a 227 acre Isle of Sheppey plot
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Welcome to Glastosea
03 February 2012
B1 Events, the company of Simon Broackes, son of Sir Nigel Broackes, is in talks with administrators to hold a three-day festival at Battersea Power Station in June.
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Westminister approves Middlesex Hospital plans
3 February 2012
Westminster Council has provisionally approved plans for a major redevelopment of the Middlesex Hospital site, one of London’s most high profile schemes to be mothballed during the credit crunch.
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Whittaker immortalised
03 February 2012
Thank you for all your kind messages about executive editor James Whitmore’s interview with Peel boss John Whittaker
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Yoga, pilates, spinning ... secondary pricing will need a workout of its own
03 February 2012
The main thing is that you have to keep responding to change.
