All Property Week articles in 24 July 2009 – Page 3
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Simon Halabi receives hotel consent in City of London
Simon Halabi’s Buckingham Securities has received planning consent to convert the Millenium Bridge House office building to hotel use.
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Max Property appoints PILinvests
PILinvests, the fund specialist, has been appointed as the FSA authorised operator to Nick Leslau and Mike Brown’s AIM-listed Max Property Group.
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Henderson renegotiates Fleet lease with Nokia
HGI Real Estate, a fund managed by Henderson Global Investors, has renegotiated a long-lease on Church Crookham, Fleet with Nokia UK.
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Henderson pushes on at Edinburgh’s St James
Henderson Global Investors has written to the tenants of the St James Quarter, which it is planning to redevelop, to alert them of its intention to ask City of Edinburgh Council to consider and approve a resolution to use compulsory purchase powers.
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Centro assets value slashed
Some of the managed funds in the Centro Properties Group are in danger of breaching their banking covenants after the shopping centre owner yesterday slashed the value of its Australian and US property portfolio by $2.62bn.
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Merged Emaar, Dubai Holding will dominate Dubai
The merger announced in June between Dubai’s two largest master property developers, Emaar Properties and Dubai Holding Commercial Operations Group, will change the shape of the industry in Dubai, says the ratings agency Moody’s Investors Service.
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Aldar profits down 79%
Aldar Properties the Abu Dhabi property developer that reported a 79% drop in second- quarter profit yesterday, will deliver 1,100 homes in the next 12 months, Chief Financial Officer Shafqat Malik said.
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US market set for TALF deals
Commercial property companies may sell about $3bn of mortgage-backed bonds starting in September as part of the government’s program to revive lending for shopping malls, skyscrapers and hotels.
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Slovak market takes a beating
Real estate values have taken as much of a beating in Slovakia as anywhere else since January. After more than 20 % growth in each of the past two years, residential prices have tumbled up to 40% in 2009, especially for luxury housing.
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Deutsche Bank hit by bad loan fears
Shares in Deutsche Bank, Germany’s biggest bank, tumbled 11% yesterday amid renewed fears over its exposure to the economic crisis and increased provisions against bad loans.
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India inflation alert over rising deficit
India’s central bank warned yesterday that inflation would rise to 5% by March and told the newly elected government it must rein in public spending in the years ahead.
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HK price surge triggers bubble alert
A 20% rebound in average property prices in Hong Kong since the beginning of the year has triggered concerns a price bubble may be forming, and similar alarm bells have begun ringing on the mainland, where regulators have started expressing concerns that prices are rising too fast.
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New York deal shows rent falls
In 2007, when the law firm of Orrick, Herrington & Sutcliffe began looking for a new location for its New York office, rents in a prestigious building that suited their tastes ranged from a pricey $120 to $140 a square foot.
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First house price rises for almost 18 months
House prices rose in June for the first time in almost 18 months, according to the most comprehensive gauge of the market, in a sign that housing may be close to bottoming out.
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Savills sees slow retail investment market
Savills said that the retail investment market had slowed considerably in the first half, with total sales reaching €2.6bn (£2.2bn), 61% lower than a year ago. It added that sales in France, Spain, Germany, Italy and the Netherlands had accounted for 85% of all international retail investment.
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Coffee Republic purchase completed
Arab Investments, a private property company best known for plans to build a London skyscraper, has completed the acquisition of Coffee Republic, the coffee shop chain, from administration.
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Segro gets 86% Brixton take-up
Segro has received an 86.53% take-up for its placing and open offer to raise £250m to fund the purchase of Brixton, its rival. The remaining 13.47% will be allocated to investors.
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Skipton says house prices are stabilising
Skipton Building Society, the UK’s fifth-biggest mutual, said there was increasing evidence the housing market was starting to stabilise as it reported house sales jumped 23% in the first six months of 2009 compared with the same period last year.
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Workspace Group rent roll down
Workspace Group said that its quarterly rent roll had declined, even though overall occupancy was marginally up, and added that it had seen signs of stability in occupancy levels.
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Northern Rock shareholder to fight on
SRM Global, the hedge fund that became the largest shareholder in Northern Rock, said yesterday that it would continue its fight for government compensation after losing its second legal challenge.
