All Property Week articles in 26 June 2009 – Page 13
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Hermes and PMG’s 1 Finsbury Circus wins heritage award
The redeveloped 1 Finsbury Circus building in the City of London has won the 2009 City Heritage Award for Excellence in Building Conservation.
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Big Hotel planned by Sears Tower
A real estate investment group that owns the Sears Tower said it is pushing forward with plans to build a 500-room environmentally friendly hotel next door to North America's tallest building, but released few details on financing for a project that will cost as much as $225m.
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Oz REITS try to offload Japan assets
Up to A$1.5bn worth of Japanese property owned by trusts listed in Australia is for sale.
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FKP and Goodman seek cash for debt
FKP Property Group yesterday became the latest listed real estate company to tap investors for cash, moving to raise about A$300m -- almost half the money needed to repay the debts it has due in the next two months.
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Canadian home prices down for fifth straight month
Canadian home prices fell on an annual basis for the fifth month in a row in April, the Teranet- National Bank National Composite House Price Index showed.
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Citi unit halts lending after documents go missing
Citigroup Inc. suspended loan applications at a unit that produced half of its $115bn in mortgages last year after a review found that some property appraisals and income-verification documents were missing.
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Manhattan apartment rents drop
Manhattan apartment rents fell as much as 12.3% in June from a year earlier as unemployment curbed demand for new leases, the Real Estate Group of New York said in a report today.
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Tishman Speyer may lose land after default
Tishman Speyer Properties LP may lose a plot of land in California’s Silicon Valley to Bank of America Corp. after defaulting on an $86.2m loan used to buy the site, people familiar with the matter said.
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Land price falls 'drag on recovery'
The cost of development land has plummeted by almost 60% since its 2004 high, research from Savills has revealed.
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DevSec in equity raising
Development Securities plans to raise £94m of equity through a cash call, offering eight shares for 13 at a 9% discount. DevSec said it will use the cash to 'capitalise on opportunities early in the property cycle'.
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Treasury 'failed' on Rock
The Treasury was 'ill-prepared' for the collapse of Northern Rock, failed to assess the scale of the bank’s bad debts even after bailing it out, made over-optimistic projections about a recovery, and gave too much authority to its advisers, Goldman Sachs.
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Forest returns outstrip equities and property
Investors who have bought swathes of the UK’s forests have seen the wood asset class outperform most others, providing a rare positive return in the otherwise beleaguered property and land sector.
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ECB lends £442bn to banks unlock credit markets
The European Central Bank yesterday pumped hundreds of billions of euros in one-year loans into the eurozone’s weakened banking system, making record amounts of emergency finance available in a bid to unlock credit markets and revive the region’s economies.
