15 December 2006
Property Week
View all stories from this issue.
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100 Club raises £65,000 for disabled children
13 December 2006
The 100 Property Club raised a record £65,000 at its annual Christmas bash at London’s Dorchester hotel last night.
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2006 was property’s ‘best-ever year’
15 December 2006
How did the 10 predictions for 2006 we made in the first issue of this year (leader, 06.01.06) measure up?
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2006: a year in property
15 December 2006
The good, the bad and the regional. Property Week tours the country for the highs and lows of the last year
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20-30-40-50-60-70-80
13 December 2006
Each week we meet a property figure from a different age bracket. This week Anna Goldie meets Roy Cadogan, 82, a valuer at Montagu Evans
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A belle epoch for French investment
15 December 2006
‘SIICs techniques’ have driven investment to record levels in 2006. Deirdre Hipwell reports
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A good line-out
15 December 2006
Ireland’s 32-15 drubbing of South Africa’s rugby team a few weeks ago was a hot topic of conversation when Keith Woods and Francois Pienaar got together at the launch of Howard Eurocape’s Mandela Rhodes scheme in Cape Town last Thursday.
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A year in property
15 December 2006
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Agnellis agree to £287m Cushman deal
19 December 2006
The Agnelli family has agreed to acquire a 67.5% stake in Cushman & Wakefield for $563m (£287m).
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AIM reels in latest in series of Israeli developers
15 December 2006
Former Mountleigh man Wright resurfaces at Russia-focused developer
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Al-fayeds feud
15 December 2006
Harrods owner Mohamed Al-Fayed is heading for the Lands Tribunal in a multi-million pound dispute about his annual rates bill.
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All points to north London for Lyons and Conway
15 December 2006
Matterhorn Capital follows purchase of British Land HQ with Mill Hill college
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Amec pulls out of property development
13 December 2006
Construction and engineering services group Amec today revealed plans to sell off its built environment businesses in a bid to improve performance
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Arlington launches €1.2bn fund
20 December 2006
Arlington Securities has launched a €1.2bn (£800m) European logistics fund
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Arlington makes it big in UK sheds market
15 December 2006
Developer to buy sites and seal Scotland’s biggest-ever industrial prelet
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BAA: 'evidence of poor quality and high charges'
12 December 2006
BAA could be forced to sell one of its three London airports after the Office of Fair Trading today proposed to refer the airport operator to the Competition Commission.
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Bar room brawl
15 December 2006
In a case that will send shockwaves through the pub industry, JD Wetherspoon is suing its former property adviser for alleged fraud. Laura Chesters investigates
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Barratt joins race for Wilson
15 December 2006
Barratt Developments has joined the bidding race to take over residential and commercial developer Wilson Bowden.
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Bespoke IPD tracker
15 December 2006
Specialist investment boutique Bespoke Financial Consulting this week unveiled its inaugural fund tracking the Investment Property Databank UK Monthly Index.
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Birch exits after £927m LandSecs deal
29 December 2006
Land Securities chief executive Francis Salway paid tribute to chairman Peter Birch after it was confirmed this morning that he would step down from the position
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Bog standard
15 December 2006
Savills’ development director David Williams had a rather unusual – as befits the man – way of ending our meeting last week.
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Book reviews
15 December 2006
Christmas reading
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Bristol City Council
15 December 2006
Bristol City Council and US property company HDG Mansur this week agreed a compromise of 22% of affordable housing from the council’s original demand of 30% for the development of the former Courage Brewery site in Bristol. Planning consent has been granted for the office-led Finzels Reach scheme (left). Construction is expected to begin this month.
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Brixton sells Birmingham estate for £35.75m
19 December 2006
Brixton has sold Vaughan Trading Estate at Tipton, Birmingham, to Kenmore for £35.75m.
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Brixton shareholders back REIT move ...
18 December 2006
Brixton’s shareholders have voted in favour of the company becoming a REIT in the new year
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Brown eliminates key tax avoidance techniques
15 December 2006
Chancellor outlaws three most popular ways to avoid Stamp Duty Land Tax
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Brum bounces back
15 December 2006
Birmingham reclaims status as Britain’s second city
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Capital Shopping Centres gets green light for Westgate scheme
19 December 2006
Capital Shopping Centres has finally got the go ahead for its Westgate shopping centre extension in Oxford after a long planning battle
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Card done-by
15 December 2006
To the BCSC annual dinner last week, where I bumped into Nick Ritblat.
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Case news
15 December 2006
Jonathan Ross reports on a case where an oral agreement was upheld several years after it was made, and Warren Gordon relates how a court dismissed claims of bias in a planning decision
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Celebrate good times
15 December 2006
London’s good fortune looks set to continue into 2007
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Chinese investor buys £243.1m shopping centre
14 December 2006
China Real Estate Opportunities (CREO) has bought one of China’s biggest western-style shopping centres for £243.1m.
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City view: James Whitmore
15 December 2006
It used to be argued that a property services firm should not be listed on a stock exchange because its profits and, consequently, its share price yo-yoed in response to the peaks and troughs of property cycles.
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Colliers CRE buys consultancies for £3.9m
13 December 2006
Colliers CRE has purchased property consultancies Jansons and Paul & Company for a combined £3.9m.
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Compulsory Purchase Order for Olympic site confirmed
19 December 2006
The announcement made this morning by London Development Agency means that plans to hand over the 764 acre (312 ha) site in the Lower Lea Valley next July, are still on course.
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Conran studies Leicester Uni halls
15 December 2006
Terence Conran’s Conran & Partners and Square Foot Properties have submitted plans to convert the University of Leicester’s halls of residence into high-quality flats.
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Creedy to leave L&G Property at end of 2007
15 December 2006
Mark Creedy is to step down as head of Legal & General Property at the end of next year.
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Creedy to step down as L&G Property boss
12 December 2006
Mark Creedy is to step down as head of Legal & General Property at the end of next year
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Deutsche Land shares suspended after Frankfurt buy triggers AIM rule
28 December 2006
Shares in Deutsche Land were suspended from AIM in advanced of a large acquisition in Germany
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Diary of... a rent review surveyor
15 December 2006
Roger Sewell, head of landlord and tenant at Montagu Evans, takes us through his week
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Don’t forget ‘promising’ UK, says Targetfollow founder
15 December 2006
Massive ‘Gherkin’ and Shell-Mex House deals are ‘good value’, believes Nagshineh
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DTZ buys out DTZ North Asia for £23.4m
14 December 2006
DTZ has bought the remaining 70% of DTZ Pacific Holdings (DTZ North Asia), from HK Millenium for HK$356.9m(£23.4m).
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DTZ in JP Morgan coup
15 December 2006
JP Morgan has appointed DTZ to find a new London headquarters.
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DTZ wins JP Morgan pitch
13 December 2006
JP Morgan has appointed DTZ to oversee its search for a new London headquarters.
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East Oxford Street faces CPOs
18 December 2006
The east end of Oxford Street is facing Compulsory Purchase Order action from Westminster City Council
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Eight new year honours for property
2 January 2007
The property industry was well represented in the new year honours list with particular recognition for services to regeneration and sustainable development
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Enter our 2007 salary survey and win £500
15 December 2006
How does your salary and benefits package compare with those of your peers?
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Euro CMBSs to top €60bn
15 December 2006
The current record-breaking pace of European property securitisation will continue next year, according to credit rating agency Fitch Ratings.
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Evans Randall scores £300m Man deal
15 December 2006
Private equity group to forward-fund hedge fund’s City HQ
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Feline attraction
15 December 2006
When HelioSlough decided to celebrate the launch of Nimbus Park at the Lowry Hotel in Manchester a fortnight ago, they didn’t imagine it would be a celebrity-packed affair.
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GE to forward-fund sheds sites
15 December 2006
GE Real Estate is poised to forward-fund more than 700,000 sq ft of warehouse space.
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Germany attracts the UK
15 December 2006
More than a third of the UK’s property professionals plan to increase their exposure to western Europe during the next two years.
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Going places
15 December 2006
This week's movers
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Gormleys SuperValu buy
15 December 2006
Howard Eurocape has bought a ¤100m (£67.7m) Irish shopping centre portfolio from one of the country’s largest private supermarket operators.
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Green doesn’t mean go
15 December 2006
Homebuyers want to save money more than the planet
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Green homes exemption from SDLT ‘a start’
15 December 2006
Developers and tax advisers have given a lukewarm reception to the chancellor’s announcement last week that new carbon-neutral homes will be exempt from Stamp Duty Land Tax from April for three years.
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Green light for St Enoch upgrade
20 December 2006
Glasgow City council has given the go ahead for the upgrade and extension to the St. Enoch centre in Glasgow city centre.
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Green light for UK Coal Waverley plans
13 December 2006
UK Coal has been given planning permission for a large mixed-use commercial scheme at its business park at Waverley, South Yorkshire.
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Hammerson and Great Portland - REIT status imminent
13 December 2006
Hammerson and Great Portland Estates are just weeks away from tax-transparent status after shareholders voted today in favour of the pair converting to REITs
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Hanover square Yueltide special
15 December 2006
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Hermes and L&G’s £530m sheds union
15 December 2006
Institutions set up UK Logistics Fund with aim of reaching £1bn of assets in three years
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Highland Sting
15 December 2006
A bleak outlook for Edinburgh
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Historic covenants
15 December 2006
Questionmarketing a site, which I have learned is subject to a historic covenant restricting residential use. Does this rule out future residential development?
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HMCS signs Rolls Building letting
14 December 2006
Her Majesty’s Court Service has signed one of the biggest London Midtown lettings of the year at the Rolls Building on Fetter Lane.
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I wanna trump
15 December 2006
One of the more interesting Christmas gifts to have landed on my desk is a property version of the card game Trumps.
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ING Lionbrook Property Fund buys IBM disaster recovery centre
27 December 2006
ING Lionbrook Property Fund has purchased an IBM data centre and disaster recovery facility in Greenford, West London for £18.5m from Highcross
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ING makes Warsaw pact to buy €150m retail block stake
15 December 2006
Polish market heats up, as AAIM and Macquarie also chase shops
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Ireland stocks up
15 December 2006
Retail development has gone into overdrive
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Irish to take Telford mall
15 December 2006
A collection of Northern Irish investors was on the verge of sealing the biggest shopping centre deal of the year as Property Week went to press.
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Israeli investor splashes £1bn on Marriott hotels
2 January 2007
Israeli investor Igal Ahouvi has completed the purchase of a £1bn portfolio of Marriott hotels
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JLL central London retail team shuts up shop
15 December 2006
Agent makes two redundant as it exits high-profile market
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Knight Frank to relocate
14 December 2006
Knight Frank is relocating its Hanover Square headquarters to 55 Baker Street, it was confirmed this morning.
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L&G buys £86m Spinningfields lease
13 December 2006
Legal & General has bought the long leasehold interest in an office building in Manchester’s Spinnigfields from Allied London Properties for £86m.
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Lander speed record
15 December 2006
Skeleton bob is one of those ridiculously dangerous sports that you watch during the Winter Olympics from the comfort of your armchair, safe in the knowledge that you will never participate.
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Landlords’ repair responsibilities
15 December 2006
Question: The previous owner of my building did not connect the damp-proof membrane to the damp-proof course in the walls. My tenant says I am responsible for remedying the damp problem and is threatening court proceedings.
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LandSecs gets REITs green light
15 December 2006
Land Securities sealed its planned conversion to REIT status today after 99.1% of shareholders voted in favour of the change.
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LandSecs JV pays first planning tax
15 December 2006
A partnership between Gazeley and Land Securities is to pay the first-ever infrastructure tariff under Milton Keynes’ pioneering planning tax regime.
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LandSecs to sell Newcastle leisure scheme for £72.5m
20 December 2006
Land Securities is to sell its sole leisure asset to focus on retail for REIT conversion next year
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Lifestyle
15 December 2006
Something for the holiday
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Livingstone blocks plans to cut affordable homes in Hammersmith
27 December 2006
Mayor of London Ken Livingstone has today rejected plans by Hammersmith and Fulham Council to cut the number of affordable rented homes at a development in the borough
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London organic farm shops
15 December 2006
Two organic farm shops are set to kick off a rapid expansion with their first stores in the capital.
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Manchester Landmark to kick-start Spinningfields rival
15 December 2006
Manchester & Metropolitan proposals augment redevelopment potential around St Peter’s Square
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McCabe to take Teesland private
21 December 2006
Kevin McCabe, chairman of Scarborough Properties, has made a £200m recommended cash offer to take Teesland private, it was announced this morning
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Mitsui Fudosan rises again in Hanover Square
15 December 2006
Japanese company to team up with Stanhope to redevelop Japan Airlines headquarters building
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New Star sparkles with Chancerygate industrial buy
15 December 2006
Chancerygate is to sell a portfolio of industrial estates in the south to New Star Property.
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NWDA and Ashtenne launch NorwePP
13 December 2006
NorwePP, a public private partnership, has been launched today by the Northwest Regional Development Agency (NWDA) and Ashtenne Industrial Fund (AIF) to manage and develop the agency’s portfolio of commercial premises.
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Offices: back in the red – and green
15 December 2006
Yields and vacancy rates plummet as offices embrace the bigger picture, says Ann Minogue
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Oracle pays record £75m in Docklands
15 December 2006
David Burke’s group buys Millharbour site for £21m/acre
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Pearl Kwik Fit deal off
15 December 2006
Investor David Pearl is no longer the preferred bidder to buy 148 properties in the UK from Kwik Fit
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Planning appeals
15 December 2006
Beyond reasonable
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Planning changes ‘will save £124m’
15 December 2006
The government this week unveiled initiatives aimed at delivering a faster, more efficient planning system, which it claims will save around £124m.
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Planning: just as you thought it was getting easier...
15 December 2006
... Local Government Bill will lead to more planning confusion
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Politics: ‘snake-oil’ Tony survives
15 December 2006
The politics of property, with Steven Norris
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Pop Idol judge sells south London studio
15 December 2006
Pop music impresario Pete Waterman has sold the freehold of a south London property to the Winston Group for £2.15m.
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Primary Health Properties will convert to REIT too
18 December 2006
Primary Health Properties (PHP), the primary healthcare property provider, today confirmed that it would convert to UK REIT status from 2 January 2007
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Professional player
15 December 2006
Liverpool’s refurbishment frenzy attracts law firms
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ProLogis buy €29m French distribution centre
14 December 2006
ProLogis European Properties have bought a 467,157 sq ft (43,400 sq m) distribution centre in France for E29m (£19.5m)
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Prologis to buy in Japan
15 December 2006
Shed developer Prologis is to extend its property portfolio in Japan with the purchase of eight distribution centres.
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Pub companies ‘must say cheers to REITs’
15 December 2006
The big five pub companies must take advantage of REITs, a leading pub analyst said this week.
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PWC to pick More London
15 December 2006
PricewaterhouseCoopers is to agree terms to move to More London on the south bank of the Thames.
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Quintain and Morley secure £200m Bristol science park
20 December 2006
Quintain Estates and Morley Fund Management have secured a development agreement from the South West of England Development Agency (SWRDA) to develop a £200m science and technology park in Bristol.
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Rating appeals
15 December 2006
Question: I have submitted a rating appeal because of building works next to my property but have received notice from the Valuation Office Agency that it is invalid as the rent is incorrect. How can I get my appeal accepted?
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REITs drive FTSE 100 to five-year high
2 January 2007
The FTSE 100 reached its highest level in more than five and half years today as the new era of REITs began
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Retail: John Lewis and M&S star
15 December 2006
The high street is taking on the challenge of foreign retailers and the internet, says John Strachan
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Rivals become partners with £530m big sheds fund
15 December 2006
Hermes and Legal & General mix investment and development in UK Logistics Fund
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Rodamco Europe makes Russian debut
27 December 2006
Rodamco Europe is to enter the Russian property market for the first time with the purchase of a 50% stake in one of Moscow’s biggest planned shopping centres
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Rok invests in £10m Manchester business park site
13 December 2006
Rok Development has acquired a site in Wilmslow, Manchester, from Legal & General to develop a new office park.
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RREEF leads year-end deal frenzy in Square Mile
15 December 2006
RREEF UK Office Property Fund has bought the freehold of 30 Cannon Street in the City of London from Thurleigh Estates for around £45m.
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Sainsbury’s counts cost of London office
15 December 2006
Sainsbury’s is evaluating the cost efficiency of its London headquarters compared with locations outside the capital.
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Savills severs ties with Trammell Crow
21 December 2006
Savills today confirmed that it had severed its ties with former US partner Trammell Crow following its takeover by rival CB Richard Ellis.
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Schroders buys Aareal for €28m
15 December 2006
Schroders has made a €28m (£18.8m) swoop for Aareal Asset Management, it was revealed this morning.
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Scotland ends year with trio of lettings
28 December 2006
The Scottish letting market is to end the year on a high following a hat trick of deals across Edinburgh and Glasgow
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Shaftesbury joins REIT club as countdown begins
15 December 2006
West End specialist is 13th property company to commit to a 2007 conversion
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Shares rise ahead of REIT conversion
29 December 2006
Shares in the UK’s top property companies have significantly risen in value just days before REIT legislation takes effect
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Shelbourne Development
15 December 2006
Irish property company Shelbourne Development has filed a revised plan for a 160-storey residential tower in Chicago, which, if completed, will be the tallest skyscraper in the US. The planned 2,000 ft-high spiral-shaped Chicago Spire scheme comprises 1,300 flats and no longer includes plans for a broadcast antenna, hotel or retail space. Santiago Calatrava is lead architect and engineer for the project.
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Slough gets REIT backing
14 December 2006
Slough Estates has gained shareholder backing for its conversion to a REIT.
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Slough in Euro bonanza
21 December 2006
Ian Coull's Slough Estates is to finish 2006 on a high note following the agreement of more than 758,000 sq ft (70,500 sq m) of pre-lets across its European portfolio.
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Something bold, Something new
15 December 2006
Barratt’s David Pretty was among the big-name winners at last week’s Regeneration Awards
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Southern climbs
15 December 2006
Bristol office take-up lags behind a thriving industrial market
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Summit Germany spends €58.8m across 3 major cities
20 December 2006
The AIM-listed German commercial property investment company, has bought five mixed-use properties for a total E58.8m (£39.4m).
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Supermarkets bag up 2m sq ft of sheds
15 December 2006
Northants, Wiltshire and Hampshire to get vast new depots
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Supermarkets bag up 2m sq ft of sheds
15 December 2006
Northants, Wiltshire and Hampshire to get vast new depots
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Targetfollow
15 December 2006
Private property company Targetfollow faces competition from at least two other parties to buy London’s Earls Court and Olympia exhibition centres, where the annual London International Horse Show is held (pictured).
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Thames rallies
15 December 2006
Rising vacancy rates are not dampening investors’ spirits
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The Cavern shopping centre
15 December 2006
Liverpool footballers wives’ favourite, the Cavern shopping centre, has attracted a 400 sq ft (37 sq m) shop for cat and dog accessories retailer Poochi Couture. The retailer plans to open five more stores in the next two years. Cavern is home to designer stores Vivienne Westwood and Cricket.
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The retailer’s nightmare before Christmas
15 December 2006
It’s not the season to be jolly if you are a shopping centre manager
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Thurrocks designs on Gateway
15 December 2006
Housing association Family Mosaic, the East of England Development Agency (EEDA) and Thurrock Thames Gateway Development Corporation have joined forces to pay £21m for a 22 acre (10 ha) brownfield site in Thurrock, Essex.
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Treasury gets Battersea go-ahead
29 December 2006
Real Estate Opportunities, the property group majority-owned by Dublin-based Treasury Holdings, is to complete the purchase of Battersea Power Station today
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UK retailers outperform last year's footfall figures
28 December 2006
Retailers in the UK are enticing more bargain hunters into their shops than they did last year, according to research announced today.
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Valderrama’s big draw
15 December 2006
Property’s best golfers headed to Valderrama for this year’s Golf Masters challenge.
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Warner buys £18.25m Magna Park unit
19 December 2006
Warner Estate Holdings has today bought the 195,758 sq ft (18,186 sq m) Unipart unit on Magna Park in Lutterworth, Leicestershire from clients of CB Richard Ellis Investors.
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Westfield sells off 50% interest in Merry Hill
20 December 2006
The Australian shopping centre owner has confirmed the sale of a 50% interest in its Merry Hill shopping centre in the West Midlands.
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Woes for Wales
15 December 2006
Disgruntled retailers pile on the pressure over rent hikes
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Worthing Borough Council
15 December 2006
Worthing Borough Council has given outline planning consent for the £120m Teville Gate scheme in the West Sussex town, which includes two residential towers, retail and leisure. Hartnell Taylor Cook and Intrinsic are advising developer Hanson Capital Management.
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X-Leisure Fund
15 December 2006
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Yorkshire forward
15 December 2006
Rents are rising as investors head due north
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You don’t need a lawyer for the Small Claims Court
15 December 2006
Save the legal fees and do it yourself, says Tom Entwistle
