All Property Week articles in 08 February 2008 – Page 9
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OnlineBritish Land sees NAV plummet but says worst is now over
British Land revealed a 17% drop in net asset value this morning.
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MWB group announces company reorganisation
Marylebone Warwick Balfour (MWB) has revealed plans to carry out a capital reorganisation of its hotel, serviced offices and retail company.
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Record exodus from commercial property funds
More than £1.6bn was withdrawn from commercial property funds during the last quarter as the severity of the sector’s slump alarmed investors. Financial Times, The Times
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Dubai buys Metropole from Crown
Sovereign wealth funds from the Middle East have bought a landmark West End building from the Crown Estate. Financial Times
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Property outperforms property companies
The performance of listed property companies has failed to match the property they invest in or to do as well as commercial property funds over the past 17 years, says research by the Association of Real Estate Funds and Investment Property Databank. Daily Telegraph
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Darling promises mortgage aid
The housing market is in much better shape than it was before it crashed in the early 1990s, Alistair Darling said last night, promising to back the wholesale martgage market and insisting that similarities with the troubled US market had been exaggerated. Financial Times, The Times
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Critics lambast London 'land grab'
Ken Livingstone is close to beefing up his already substantial powers over London planning in a move that critics say will put too much power in the hands of one man and lead to potential conflicts of interest. Financial Times
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Taxpayers to pick up Metronet tab
Taxpayers are to cover nearly all of the debt owed by Metronet Rail after creditors exercised their right to call in public-sector guarantees for 95% of the value of the debt of the collapsed private underground contractor. Financial Times
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Investors will need to inject more equity says JLL
Jones Lang LaSalle, the property agency, warned that British commercial property investors would face increasing pressure from their bank lenders to inject more equity into their investments over the coming months. The credit crunch will make it difficult to refinance their existing debts just as loan to value covenants come ...
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Emaar cuts IPO price
Emaar MGF Land, the Indian property developer, said that it was set to cut the price of its initial public offering for a second time after covering only about 60% of the £816m issue. The Times
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Move to ease LDA grant row
The London Development Agency is introducing a new monitoring regime as it battles to overcome allegations it inappropriately awarded millions of pounds in grants. Financial Times
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Shareholders back Rock management bid
Investors holding almost a quarter of Northern Rock’s shares have thrown their weight behind a rescue bid by the stricken bank’s management, in a blow to a consortium led by Virgin. Financial Times
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OnlineHKR designed 13-storey City office gets go ahead
Telereal has got the go ahead for a £74m office redevelopment in the City of London.
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OnlineRecord results for CBRE
CB Richard Ellis revealed record results for 2007 today, despite a sharp slowdown in the fourth quarter as the credit crunch took its toll.
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OnlineDubai’s £130m swoop on the Crown’s Metropole
Istithmar, the Dubai state-controlled investment company, has bought a hotel development site near London’s Trafalgar Square for £130m.
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Fund outflows reach trough in fourth quarter
The amount of money flowing out of UK property funds topped £1bn for the first time ever in the fourth quarter of 2007.
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ING and GIC complete Italy’s largest retail investment deal
ING Real Estate and GIC Real Estate have completed a 50:50 joint venture deal to buy the Roma Est Shopping Centre in Italy in the country’s largest single retail asset transaction ever.
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OnlineMulti brings summer to Wolverhampton
Wolverhampton City Council announced the go ahead for Multi Development’s £300m Wolverhampton scheme.
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LaSalle and Centros to create mixed use scheme for York
LaSalle Investment Management has bought the Coppergate shopping centre in York from Land Securities for around £43m.
