All Property Week articles in 29 August 2008 – Page 2
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Shanghai set for growth like 1980s London
Shanghai’s commercial property sector is in the middle of a massive boom, despite the global economic slowdown and the opening at the weekend of more space in the shape of China’s tallest building, the 101-storey Shanghai World Financial Centre built by Minoru Mori, the Japanese property tycoon.
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McCarthy & Stone refinances
McCarthy & Stone the beleaguered retirement housebuilder, is expected to seal an £800m refinancing deal next month. In June NM Rothschild bankers were called in to help to restructure the company’s debt in the wake of the crisis in the housebuilding sector.
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1,000 DKB City jobs go in merger
More than 1,000 jobs in London are to be axed at the investment bank Dresdner Kleinwort as part of a €9 billion (£7.3 billion) takeover deal expected to be announced later today.
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Chelsea Barracks’ luxury blocks should be scaled down, says Westminster Council
Luxury apartment blocks in the proposed redevelopment of Chelsea Barracks should be scaled down, the first planning report into the scheme has said.
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CBRE leisure man leaves
Leisure specialist Jeremy Simmons is leaving CB Richard Ellis today to set up on his own.
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DevSecs reveals NAV drop and Oriental City still unsold
Development Securities said that its net asset value dropped 6.7% in the first half of the year, but added that the current downturn is reaching an end.
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Cushman makes $67m first-half loss
Cushman & Wakefield made a $67.3m loss in the first half of 2008.
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Miller gets green light for Aberdeen energy HQ
Miller Cromdale, a joint venture between Miller Developments and Aberdeen-based developer Cromdale, has won consent for a 222,000 sq ft office scheme at Aberdeen harbour.
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OnlineLiverpool FC confirms further stadium delays
Liverpool Football Club has mothballed its plans for a new 73,000-seat stadium.
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Birmingham bags first government relocation of the year
The Museums, Libraries and Archives Council has moved its national headquarters to Birmingham in the first government relocation of the year.
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Unite continues to outperform
Unite reported strong rental growth and only a small fall in net asset value in its interim results today, as the student accommodation sector continued to outperform other sectors of commercial property.
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OnlineReal Estate Opportunities reports 4% valuation gain
Real Estate Opportunities’, the Stock Exchange-listed property investor which owns the Battersea Power Station site, saw its valuation hold up due to the strength of the euro against the pound.
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Derwent portfolio outperforms West End property
Derwent London reported a 9.1% drop in net asset value in its half-year results today, but outperformed the West End benchmark.
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Local authorities could buy distressed homes
Gordon Brown is set to usher in a new era of council housing by helping local authorities to buy repossessed and unsold properties. Cash and powers will be made available so that town halls can intervene in the housing market.
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Savills down 41%
Savills, the property consultancy, has reported a 41% drop in underlying profits to £19.2m because of the deterioration of the commercial and residential real estate markets.
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Concern as Spanish mortgage securities are downgraded
Fitch Ratings has downgraded six sets of Spanish mortgage securities issued by Banco Santander, heightening concerns that the damage from Spain’s property crash is spreading to the country’s strongest lenders.
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C&R rescue closers as assets fall 20%
The financial rescue of Capital & Regional moved a step closer as the property fund manager revealed that core group banking agreements had been relaxed.
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Retailers demand rental changes
Many of the country’s biggest retailers are threatening to pay landlords monthly, rather than quarterly, rents without prior agreement in an escalation of tension between companies in the two struggling sectors.
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Price of homes falls for tenth month running
House prices fell for the 10th consecutive month in August to register one of the biggest year-on-year drops in 18 years, a survey showed yesterday.
