JPMorgan and Merrill Lynch have cut their target prices for Northern Rock.
The US investment banks’ decision follows concern about the impact of credit market turmoil on liquidity, the UK bank’s 2007 profits and mortgage margins.
JPMorgan cut its 2008 sum-of-the-parts price target from 830p to 690p.
Muse Developments, Legal General and Homes England (The English Cities Fund) have signed law firm BLM for 70,000 sq ft of office space at Two New Bailey Square, Manchester.
CBRE has appointed Nick Sewell as an executive director in its retail investment team.
Plentific has secured a €32m (£27.3m) Series B funding round.
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