30 March 2012
Property Week
View all stories from this issue.
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CBRE puts its bonus pool money where its mouth is
30 March 2012
When he unveiled CBRE’s 2011 results last month, CEO Brett White said the company’s senior management bonus pool would be significantly lower than it was in 2010, despite net profit increasing by 19% to $239.2m.
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£270m sale of Woolgate Exchange falls through
3 April 2012
The sale of a £270m City of London office building to a Malaysian investment fund has collapsed.
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Abstract gets Croydon go-ahead
2 April 2012
Mark Glatman’s Abstract Securities has won planning consent for its 100,000 sq ft speculative office scheme in Croydon.
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Aerium and Allied London buy Herbal House for £26m
4 April 2012
The former Daily Mirror printing works Herbal House has been bought by Aerium and Allied London for £26.1m.
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Altar-native venue
30 March 2012
Fresh from staging a gritty punch-up — officially a white-collar boxing match — at Aviva Investors’ former Post Office site in London, the West End Office Agents’ Society is adopting the faded splendour of an old church (right) for this year’s summer bash.
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Auction house Acuitus achieves 64% sale rate
30 March 2012
Acuitus achieved a sale rate of 64% in its latest auction raising a total of £14.5m.
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Bahraini bank files for bankruptcy
30 March 2012
Plan being formulated for 19 real estate funds across the globe
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Breakfast with … Value Retail’s Scott Malkin
30 March 2012
Scott Malkin is founder and chairman of Value Retail, which owns Bicester Village factory outlet in Oxfordshire. Sarah Stewart took him for breakfast
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Buchler’s Augur hired to cure misfiring Vauxhall site
30 March 2012
Laing O’Rourke appoints development manager to stop-start Luton scheme. Sarah Stewart reports
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Buchler’s Augur hired to cure misfiring Vauxhall site
30 March 2012
Laing O’Rourke appoints development manager to stop-start Luton scheme. Sarah Stewart reports
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Burrito chain plans southern expansion
3 April 2012
Northern burrito chain Barburrito, is planning to expand south off the back of a £3.25m investment deal from the Business Growth Fund, TheBusinessDesk.com reported today.
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Business rates continue to rise and confuse
30 March 2012
The new rating year arrives on 1 April, as businesses are struggling not just to meet their increased liabilities, but also simply to keep on top of all the changes to the rating system, both implemented and planned.
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Canary Wharf majority owner suffers "year of two halves"
30 March 2012
Songbird Estates, the majority owner of Canary Wharf Group, today reported a marginal increase in net asset value over 2011 as the company struggled against losses and falls in the value of its property portfolio.
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Capita property management don defects to CBRE
29 March 2012
The head of property services at Capita Symonds has been hired by CBRE as “head of surveying and the regions” within its property and asset management team, PropertyWeek.com can reveal.
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CBRE Global Investors poaches German transactions head
2 April 2012
CBRE Global Investors has poached a new head of transactions for its German business from UBS Global Asset Management.
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Celtic Jaguar sells in Scotland
30 March 2012
Jaguar Capital is to put Calton Square in Edinburgh up for sale for around £65m.
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City’s favourite rush
30 March 2012
Around 1,200 people, including several names from the property industry, took some time out from the working day at the start of this month to run up 42 storeys, totalling 920 stairs, to raise money for homelessness charity Shelter.
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Citygrove to develop £100m Express Dairies site in South Ruislip
2 April 2012
Citygrove has been selected to undertake a £100m scheme on the former Express Dairies site in the heart of South Ruislip, London.
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Cluttons: Commercial Property Market Outlook - Q1 2012
3 April 2012
During the latter weeks of 2011 and early 2012 economic sentiment took a turn for the worse.
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Colliers International: Residential Data Shot - March 2012
3 April 2012
“The government, being keen to kick-start the housing industry has made several headline grabbing announcements lately on government-backed mortgage and house building schemes.”
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Colliers prepack ensures mid-table security
30 March 2012
First DTZ, now Colliers International. One by one agency’s quoted names are collapsing into insolvency — the victims of debts incurred during ill-advised expansion in the boom (finance).
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Crown Estate and Hercules JV secures £150m debt facility
30 March 2012
A joint venture between The Crown Estate and The Hercules Unit Trust has agreed a £150m loan facility with two German banks.
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Deka confirms £235m Kings Cross buy
4 April 2012
Deka Immobilien has confirmed its purchase of Guardian Media Group’s head quarters at King’s Cross, as revealed by PropertyWeek.com yesterday.
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DTZ: European Logistics Markets 2012
3 April 2012
Year 2011 ended on a mixed note as the sovereign debt crisis spread across the region, leading to a negative economic outlook.
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Essex County Cricket Club and University of East London bid for Olympic Stadium
30 March 2012
Essex County Cricket Club and the University of East London have made a joint bid to occupy the Olympic stadium after the Games this year.
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Eurohypo name to disappear as Commerzbank scales back business
30 March 2012
Commerzbank will wind down its Eurohypo lending business after agreeing a restructuring deal with the EU, in a move that will see one of the most august names in property lending disappeared.
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Ex-DTZ man leads Hong Kong
30 March 2012
DTZ’s former chairman of Asia-Pacific, CY Leung (pictured), was appointed Hong Kong’s new leader on Sunday.
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Extranets revolutionise information flow
30 March 2012
New technology simplifies sharing of property data for greater efficiency. David Hatcher reports
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F&C reports strong results off the back of London focus
29 March 2012
F&C Commercial Property Trust saw net asset value rise by 4.4% in 2011 due to its focus on central London property.
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Fears over premiums as UK flood pact nears end
30 March 2012
Owners in high-risk flood areas could be left high and dry. Sarah Townsend reports
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Fears over premiums as UK flood pact nears end
30 March 2012
Owners in high-risk flood areas could be left high and dry. Sarah Townsend reports
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Game snapped up
2 April 2012
Retailer Game Group has been bought out of administration by OpCapita, the private equity firm that bought Comet last year for £2.
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Germans pounce on £235m Guardian HQ
3 April 2012
Guardian Media Group’s headquarters in London’s King’s Cross has been sold to a German fund manager in an off-market deal, PropertyWeek.com can reveal.
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Goldman to launch $3bn property debt fund
3 April 2012
Giant US investment bank Goldman Sachs is looking to raise capital for a new fund which will lend to property companies in the US and Europe, as it continues its post-credit crunch transformation.
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Gov response to Portas Review “lacks bold vision” says industry
30 March 2012
The government’s response to Mary Portas’ high street review has been criticised by two major trade bodies for not “living up to her bigger ambition to revitalise our high streets”, while the landlord BIDs proposals has been deemed “worryingly weak”.
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Green light from Pickles for £80m Hinckley scheme
4 April 2012
An £80m regeneration scheme in Hinckley has been given the go-ahead by Secretary of State Eric Pickles today.
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Hammerson selected to develop Whitgift Croydon
2 April 2012
Hammerson has signed an exclusivity agreement which will enable it to buy a highly contested and controversial stake in the Whitgift Centre in Croydon, in a move which could scupper Westfield’s plans for the centre.
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Hammerson selection for Whitgift redevelopment is "inexplicable" says freeholder
2 April 2012
The freeholder of the Whitgift Centre in Croydon, the Whitgift Foundation, has described the leaseholders’ selection of Hammerson as preferred development partner as “inexplicable”.
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Hansteen burned by Benelux value slide
30 March 2012
Hansteen’s 2011 figures were hit by a weak performance in the Benelux countries.
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Hell hath no fury like a neighbour wronged
30 March 2012
The message: Neighbours should mediate and not litigate
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Henderson Global Investors moves into Sweden
2 April 2012
Henderson Global Investors has opened a Swedish office in order to boost its presence in the Nordic region.
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High Court rejects rent during administration legal challenge
28 March 2012
A key ruling on the payment of rent during administration has been handed down in the high court today following a legal battle between X-Leisure and Ernst & Young.
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Hong Kong billionaire Kwok brothers arrested
30 March 2012
The brothers who run Hong Kong’s largest property company were arrested yesterday in connection with a corruption investigation.
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If you are looking for a light touch but tough framework, this is it
30 March 2012
Although delayed by a few days, the announcement about the future of the planning system in England was tied to the Budget, and has provided conclusive evidence that this government believes a reformed process can help economic recovery.
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IPD chairmanship follows busy career
30 March 2012
Property research veteran Charles Follows is to be the first external chairman of the IPD Pooled Property Fund Index (PPFI) consultative group.
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JLL poaches from DTZ's German management board
2 April 2012
Jones Lang LaSalle has poached the chairman of DTZ’s German management board.
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Kier to develop 750,000 sq ft Manchester scheme
3 April 2012
Siemens has appointed Kier Property to develop a 20-acre site in south Manchester, including a 100,000 sq ft new northern headquarters building for the electronics giant, as revealed by Property Week.
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KOP Properties wins planning for 10 Trinity Square
4 April 2012
A joint venture between KOP Properties and Beijing-based investment group Ringwood has been granted planning permission to develop 10 Trinity Square in the City of London.
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KPMG submits plans for collapsed Lexi Holdings site
4 April 2012
KPMG has submitted an plans for a major mied use development on a site previously owned by Shaid Luqman’s Lexi Holdings, TheBusinessDesk.com reported today.
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LandSecs nears first letting at Walkie Talkie
3 April 2012
Land Securities is close to securing its first letting at its 37-storey Walkie Talkie tower in the City.
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LandSecs to sell 1m sq ft scheme to Staveley fund
28 March 2012
One of Land Securities’ largest development sites is to be sold to PCP Partners, the Middle Eastern investment vehicle set up by Amanda Staveley, for £230m.
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Learning company QA takes 30,000 sq ft at St Katharine Docks
3 April 2012
Max Property Group has preleased 30,000 sq ft of prime office space at St Katharine Docks by London’s Tower Bridge to learning company QA.
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Listen to the sound of the 1970s and you could still have a smash hit
30 March 2012
In the present precarious economic climate, I am often asked by younger property dealers how it is possible to survive and even make a profit in these difficult times.
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Lloyds debt talks spell new dawn for Sunrise
30 March 2012
Bank in debt-for-equity swap talks to rescue struggling retirement home operator
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London Election 2012 interview: Johnson controls
30 March 2012
Over the next three weeks, Property Week will be exploring London’s hotly contested mayoral election. Today, Hardeep Sandher meets Boris Johnson. Photographs by Tom Campbell
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London Election 2012 interviews: Johnson controls
30 March 2012
Over the next three weeks, Property Week will be exploring London’s hotly contested mayoral election. Today, Hardeep Sandher meets Boris Johnson. Photographs by Tom Campbell
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M&S tunes into multichannel retail
30 March 2012
Marks & Spencer is conducting an internal property review of the impact of multichannel retail on its future property requirements.
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Madison buys in Frankfurt
30 March 2012
Morgan Stanley has sold a 57% stake in Frankfurt’s Trianon tower (pictured) to US private equity firm Madison International.
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Meadowhall cued for sovereign wealth
30 March 2012
Norges and Canada Pension Plan are frontrunners for Sheffield mall
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Meyer Bergman hits 99% occupancy at Czech mall
2 April 2012
Meyer Bergman has increased occupancy at its Forum Nová Karolina shopping centre in the Czech Republic to 99% with a letting to international fashion retailer Peek & Cloppenburg.
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Mixed feelings from industry in wake of this year’s Budget
30 March 2012
Sarah Townsend reports on Budget proposals that will impact on policy for the property industry
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Mixed feelings from industry in wake of this year’s Budget
30 March 2012
Sarah Townsend reports on Budget proposals that will impact on policy for the property industry
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NCP agrees £500m debt and rent deal
2 April 2012
Britain’s biggest car park operator has agreed a debt-for-equity swap which will involve its lenders writing off £500m of loans in order to save the company, propertyweek.com can reveal.
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Need to know: Arla Foods’ Aylesbury ‘mega-dairy’
30 March 2012
Part-Swedish, part-Danish company Arla Foods announced last year that it would create the UK’s largest dairy in Aylesbury. Tim Evans, senior project director at Arla, tells Property Week about the plans
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Neill, Pickles and Clark deny property influence claims
30 March 2012
Government ministers have been forced to deny allegations that their “unashamedly pro-growth” planning reforms were heavily influenced by lobbying from the property industry.
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New names prompt Kames shake-up
30 March 2012
Kames Capital is restructuring its property division.
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Noel takes over at Land Securities
2 April 2012
Rob Noel has today taken over the role of group chief executive of Land Securities, the UK’s largest property company, from Francis Salway.
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NPPF signals desire for economic growth
30 March 2012
Sir, The government has put forth its plan for the future role of retail in our towns and high streets with its response to the Mary Portas review, the National Planning Policy Framework (NPPF) and the 2012 Budget
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Ontario Teachers Pension Plan makes approach for Goals
2 April 2012
Ontario Teachers’ Pension Plan has made an approach to buy Goals Soccer Centres.
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Opal seeks lessons from Rothschild
30 March 2012
The UK’s second-largest student accommodation company has appointed Rothschild to help it find equity to reduce its £900m debt burden.
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Palmer backs gorilla unit
30 March 2012
One consequence of Palmer Capital’s purchase in January of 50% of an asset management company was sponsorship of a national rugby side.
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PCP’s great expectations
30 March 2012
Dubai-based Amanda Staveley is expected to push the speculative button on a 1m sq ft scheme at Arundel Great Court near London’s Strand, after buying it from Land Securities this week.
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People Moves: 30 March
30 March 2012
Grainger has appointed Laure Duhot, head of equity raising at Pradera, as director of strategic capital markets.
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People Moves: INREV, Sanderson Weatherall, Savills, EA Shaw and more...
30 March 2012
Grainger has appointed Laure Duhot, head of equity raising at Pradera, as director of strategic capital markets.
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PEPR sells industrial to Hines and Tristan Capital Partners
2 April 2012
Prologis European Properties (PEPR) has sold eight logistics properties across Poland and Germany for €71.8m.
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Planning permission granted at Solent enterprise zone
30 March 2012
Planning permission has been granted for more than 1m sq ft of space to be developed in Daedalus,part of the Solent enterprise zone.
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Planning reforms will unclog ‘silted up’ system
30 March 2012
Business leaders and conservationists praise government’s National Planning Policy Framework
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Portas plan revealed
30 March 2012
BIDs boost and Town Team pilot extension, but ministerial sign-off rejected
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Portas plan revealed
30 March 2012
BIDs boost and Town Team pilot extension, but ministerial sign-off rejected
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Prepack puts Colliers pensions in jeopardy
30 March 2012
Chief executive Horrell now has “millions” for recruitment drive
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Property legal battles increase by more than 18-fold
2 April 2012
Legal disputes between landlords and tenants at the High Court have increased by more than eighteen-fold since the onset of the financial crisis.
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Property Week Digital Edition - 30 March 2012
30 March 2012
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Property Week sees off national big-hitters
30 March 2012
Magazine triumphs at LSL Awards, beating competition from the Times and Evening Standard
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Property Week's tweeting Canaries
30 March 2012
Property and Twitter share a common theme: they are both about meeting people.
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Property’s administration trend is here to stay
30 March 2012
The steady drip of property companies entering administration continued this week, as a hotel owner and a north-west-based developer trader went to the wall.
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Q+A: RO Developments’ birthday
30 March 2012
RO Developments celebrates 80 years in the industry this year but has spent the last few recovering from the Buncefield fire, which destroyed its Hemel One scheme in 2009. Sarah Stewart spoke to development director Richard Bourne about its plans
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Quick twitted
30 March 2012
Is there no end to a footballer’s ability to alert the public to a serious subject through his own misfortune?
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Quinlan sued by his own company over unpaid bills
30 March 2012
Hotel debts and interest paid by Barclay brothers
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Quintain seals £158m iQ fund refinancing
3 April 2012
Quintain has concluded the £157.75m refinancing of the iQ fund, one of the UK’s largest student accommodation providers.
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Real Madrid plays for UAE resort
30 March 2012
Real Madrid has revealed plans for a $1bn holiday resort in the United Arab Emirates.
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Retailer asks landlords to cough up for its new look
30 March 2012
New chair meets store owners as part of turnaround programme. Rachel Hunter reports
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Retailer Ellie Louise collapses into administration
3 April 2012
Women’s clothing retailer Ellie Louise has collapsed into administration.
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Revamps for trio of regional retail schemes
30 March 2012
Local hero: Centre:MK’s evolution is hope to stimulate Milton Keynes economyCentre:MK to open Secklow Gate
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Ritblat ends 53-year Colliers reign
30 March 2012
Sir John Ritblat, founder and chairman of Colliers International, has resigned, the firm reported this morning.
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Ronson and Myners hit out at attempts to stifle growth
30 March 2012
Gerald Ronson and Lord Myners this week made sweeping attacks on aspects of business life, which they said were damaging economic growth in Britain.
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Rough justice
30 March 2012
The conviction of a fraudster has highlighted flaws in the residential lettings world. Mira Bar-Hillel investigates
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Rough justice
30 March 2012
The conviction of a fraudster has highlighted flaws in the residential lettings world. Mira Bar-Hillel investigates
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Rowan in southern office fundraising
30 March 2012
Fund manager Rowan Asset Management is putting together funding for an investment drive to buy undervalued property in the south of England.
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Royal London Asset Management wins Halifax green light
4 April 2012
Royal London Asset Management has been granted planning consent for a 123,000 sq ft retail scheme in the Yorkshire town of Halifax, TheBusinessDesk.com reported today.
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RREEF funds buys £150m Park House in City
28 March 2012
A fund managed by RREEF has bought Park House in the City for £150m, as revealed by Property Week (news, 24.2.12).
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Sainsbury’s signs 136,000 sq ft office lease in Coventry
30 March 2012
Sainsbury’s has signed a deal with the Homes and Communities Agency to take a 136,000 sq ft lease at its Ansty Park office scheme near Coventry.
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Savills chief pockets near-£1m bonus after profits rise
4 April 2012
Savills chief executive Jeremy Helsby earned £1.27m in 2011 after the firm grew underlying profit by 7% to £50.4m.
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Savills: European Investment Bulletin - March 2012
3 April 2012
“In most countries the reported lack of financing has restrained investments.”
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Sheer lunacy
30 March 2012
Hot on the heels of Property Week International’s interview with Dennis Hope — the man who claims he owns the moon (02.03.12) — came a commission by Sir Richard Branson’s space travel company, Virgin Galactic, encouraging architects to quickly become specialists in a new subject.
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Shopping centre development hits 50-year low
30 March 2012
Shopping centre development in the UK has slowed to a crawl.
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South Korean fund giant feels at home in the City
30 March 2012
South Korea’s National Pension Service (NPS), the world’s fourth-largest pension fund and owner of the HSBC Tower in Canary Wharf in London’s Docklands, will open an office in the capital in June.
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St Modwen and Vinci home in on Nine Elms
30 March 2012
St Modwen and construction firm Vinci could begin building homes in London’s Nine Elms as early as 2014, after the pair were selected this week to redevelop the 57 acre Covent Garden Market site.
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Students take fundraising plunge
30 March 2012
University of Reading’s masters in real estate students are asking the property industry for a helping hand as they finalise plans to abseil down 420 feet on the Blade — Reading’s tallest office building.
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Take an executive decision — reward REIT bosses for company performance
30 March 2012
The Peltzman effect is named after the professor of economics at Chicago Business School. It is the tendency for people to react to regulation by increasing other risky behaviour.
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Take an executive decision — reward REIT bosses for company performance
30 March 2012
The Peltzman effect is named after the professor of economics at Chicago Business School. It is the tendency for people to react to regulation by increasing other risky behaviour.
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Take three...international London debt deals
30 March 2012
International lenders continue to support loans on London property, and three debt deals that total more than £300m are close to completion this week:
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Taxing the rich: a mansion out of a molehill?
30 March 2012
Sir, Anthony Ratcliffe says “it is highly inequitable that a householder in a £320,000 house pays the same as a £3.2m house”
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The art of the deal
30 March 2012
From Tony Pidgley to Gerald Ronson, Property’s most successful businessmen reveal their negotiating tactics and advice. David Hatcher spoke to them
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The Firing Squad
30 March 2012
The redundancy process requires a clear, level-headed approach, but managers must also have empathy. David Hatcher spoke to the executives who have had sleepless nights over getting it right
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The gig’s up at Battersea
30 March 2012
Simon Broackes, the property developer son of Sir Nigel Broackes, has withdrawn his application to hold a three-day festival at Battersea Power Station in June.
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Topland buys Von Essen Royal Crescent Hotel in Bath for £19m
2 April 2012
Topland Group has bought the Royal Crescent Hotel in Bath from the Von Essen portfolio for around £19m after the Livingstone brothers pulled out of the deal.
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Tristan to snap up Warsaw whopper
30 March 2012
Ric Lewis’s fund in talks over €230m financial centre
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United House picked for £130m Finsbury Park overhaul
3 April 2012
United House is to deliver Islington’s largest regeneration scheme since the Arsenal Stadium project.
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Valad and Lloyds refinance €1.1bn Duke loans
3 April 2012
Valad Europe has completed a €1.1bn refinancing of Duke, its real estate joint venture with Lloyds Banking Group.
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Valad or Patron? Only one way to find out …
30 March 2012
Bondholders must decide fate of “crap of the crap” Dutch property portfolio. James Whitmore reports
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Waterloo’s Elizabeth House plans unveiled
2 April 2012
Chelsfield and London & Regional are this week submitting Sir David Chipperfield-designed plans for the 1.42 million sq ft redevelopment of Elizabeth House, next to London’s Waterloo station, and have revealed new images of how the scheme will look.
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WELPUT lets 155,000 sq ft to London School of Business and Finance
30 March 2012
Schroders’ West End of London Property Unit Trust has let the entire 155,000 sq ft of space at an office block in London’s Midtown on a short-term lease, ahead of redevelopment.
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Westfield "remains determined" to redevelop Whitgift in Croydon
3 April 2012
Westfield has said it “remains determined” to redevelop the Whitgift shopping centre in Croydon after Hammerson was yesterday picked as a preferred development partner.
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Wickes works it out with landlords
30 March 2012
Wickes plans to renegotiate the size of around half of its stores with landlords at lease expiry, after attempts to sublease space have been hindered by the cost of conversion and retailer incentives.
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X-Leisure loses rent battle
30 March 2012
High Court rules that landlords will not recoup unpaid rent before appointment of administrators
