All articles by Madeleine Knight – Page 13
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Autumn Statement: Hunt ‘gives with one hand, takes with another’ with planning and business rates changes
Chancellor Jeremy Hunt’s Autumn Statement provided a mixed bag for the property industry with the announcement of premium planning services and a freeze to the business rates multiplier among the measures likely to have the most significant impact.
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UK Commercial Property REIT drops Picton merger
UK Commercial Property REIT (UKCM) has ended merger discussions with Picton because its largest shareholder, Phoenix Life, which controls around 43% of UKCM’s share capital, does not support the terms proposed.
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Big Yellow eyes opportunities to ‘replenish’ pipeline as land prices drop
Self-storage giant Big Yellow has said it is looking to add to its pipeline now it has managed the “testing” transition to a higher-interest-rate environment. The group made the announcement as it posted results for the six months ended 30 September.
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Schroder mitigates high yields with rental growth as it seeks sustainability focus
Schroder REIT has unveiled plans to formally include sustainability at the centre of its investment proposition for the first time as it asks shareholders to support a proposed sustainability improvement and decarbonisation strategy.
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Sirius seeks £145m to fund UK and German acquisitions
Sirius Real Estate is seeking to raise around £145m in a share placing to fund the acquisition of a pipeline of assets.
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ASK lends £12m to Conygar for Nottingham city regeneration scheme
Real estate funding specialist ASK Partners has provided a 24-month senior loan facility of £12m to AIM-listed property developer Conygar to fund the next stage of its 12-phase masterplan for the Island Quarter in Nottingham.
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Young & Co Brewery to purchase City Pubs in £162m deal
Young & Co Brewery, a managed operator of pubs and rooms to rent across London and the south of England, has reached an agreement to acquire City Pubs for around £162m.
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JLL reports 3.4m sq ft of central London space under negotiation
The latest JLL research shows occupiers continue to commit to new offices in the capital and the firm estimates that around 3.4m sq ft of space is subject to negotiation across the market for Q4, up 13% on the corresponding quarter of 2022 and 24% on the 10-year average.
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Crest Nicholson lowers profit forecast as costs overrun at Farnham scheme
Crest Nicholson has lowered its profit forecast to between £45m and £50m after its Brightwells Yard scheme in Farnham, Surrey incurred extra building costs of £11m, according to the housebuilder’s annual trading update.
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Rise of DC pension funds poses property an investment problem
Pension industry urges chancellor to change rules curbing DC funds’ investment in illiquid assets like property.
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Inflation ease allows for ‘guarded optimism’ in property sector
UK inflation slowed to 4.6% in the 12 months to October 2023, down from 6.7% in September, according to the latest figures from the Office for National Statistics (ONS).
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Moorfield Group partners with Melberry for £42m Lincoln PBSA scheme
UK real estate fund manager Moorfield Group has entered into its second development agreement with Melberry Developments, on behalf of Moorfield Real Estate Fund V, for a £42m student accommodation scheme. It is Moorfield’s second project in its ‘Zennor’ partnership with Funding House
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Landsec looks to prime retail for new opportunities as it reports £193m loss
Landsec is “looking for opportunities to deploy further capital” with a particular focus on prime retail, chief executive Mark Allan said today after the firm posted a £193m loss for the half year ended 30 September.
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Open-ended property fund TIME Freehold temporarily suspends dealing
Time Freehold, an open-ended, daily dealt fund that invests mainly in residential freehold properties, has temporarily suspended dealing over concerns that the government could cap residential ground rents at a low level.
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Dar Global expands into Saudi Arabia
London-listed luxury international real estate developer Dar Global has announced plans to expand into Saudi Arabia, where it said the tourism sector created “compelling opportunities” to develop hospitality assets.
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BNP Paribas appoints Fullard in Birmingham office team
BNP Paribas Real Estate has appointed Charlotte Fullard as senior associate director in its Birmingham office agency team.
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PIC partners with London Square Group for £50m affordable homes investment
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes, has launched its first affordable housing investment, of £50m, to back London Square Group and Square Roots’s development of 125 affordable and shared ownership homes in Kingston upon Thames, west London.
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Regional REIT reports robust Q3 despite office market headwinds
Regional REIT achieved a high tenant retention rate for Q3, with 73.2% of units up for renewal let to the same tenants at an average 6.2% rise in rental income, its trading update for the quarter said.
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Redrow warns profit to come in at lower end of forcecasts
Redrow blamed a dampened autumn housing market as it said annual profit before tax and revenue was expected to come in at the lower end of its forecast range in a trading update for the first 18 weeks of its 2023-24 financial year.
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Home REIT sells 153 ‘poor condition’ properties for 35% of purchased value
Home REIT has exchanged on the sale of 153 properties in “poor condition” for 35% of their purchased value at public auctions held over the past two days. The sales are expected to be completed in around a month’s time.