It’s a big couple of days for two of the world’s largest property agency groups and the focus is on New York.
On Tuesday JLL, the NYSE-listed property advisory group, produced a strong set of annual results showing profits had jumped 31% in 2014. The shares reflected the positive news rising a whopping 10.25% to 159.93p. The company is now valued at $7.71bn (£4.73bn).
This evening JLL’s rivals CBRE will issue its annual results. The group’s shares have been on the rise in recent days and closed yesterday up 3.41% to $33.68 on expectations of some spectacular results this evening. It is currently valued at $10.76bn, but we could see a further rise in its worth on the back of tonight’s results.
The consensus is for CBRE’s 2014 revenues to rocket 24% compared to last year to around $8.9bn, with pre-tax profit up 70% to $827.47m, and a whopping 79% growth in earning per share to 170cents.
Meanwhile, back in London, the FTSE 100 is closing in on record highs, not seen since the dotcom bubble 16 years ago.
The index rose or 1.32%, to 6,871.8 on Tuesday, representing a four-month high, and close to the 6,930 reached in December 1999.
However, it was not a good day for all in the property sector. Aberdeen Asset Management led the FTSE 100 fallers, down 3.43% to 425p after it said funds under management fell in the final three months of last year.
Land Securities also saw a slight drop of 0.7% to 1,285p, but remain safely above the £10bn threshold, now valued at £10.15bn.
Elsewhere in the sector, the REITs faired better, but still under-performed the market. British Land nudged up 0.12% to 840p, while Great Portland Estates rose 0.51% to 795p. Derwent London saw shares up 0.64% to 3,315p, while Hammerson was up 0.93% to 705p.