Student housing landlord looks to raise £110m from London float May 13, 2014 EMPIRIC Student Property is to become the latest student housing fund to list on the stock market as it seeks to take advantage of a demand for rooms from wealthy overseas students across the UK. The fund plans to list next month as a real estate investment trust (Reit) and is looking to raise £110m [...]
Dubai growth boosts Damac May 13, 2014 Damac Real Estate said yesterday that its net profit for the first quarter rose 79 per cent as the developer benefited from buoyant conditions in its Dubai home market. Net profit for the first three months of 2014 was $210m (£171.43m) compared to $117m in the corresponding period last year, it said in a regulatory [...]
Revenues climb for PPHE’s hotels May 13, 2014 PPHE Hotel Group announced a jump in revenue yesterday, with the amount made per available room in the first quarter up 11.7 per cent when compared to the same period in 2013, rising to €89.8 (£73.12). Total revenue climbed by slightly more, up 12.4 per cent to €54.6m in total. The upmarket firm also reported success [...]
Raven Russia not hit by Ukraine May 13, 2014 Commercial real estate firm Raven Russia said yesterday that the unfolding political crisis in Ukraine was yet to significantly impact its business, with net operating income at $192.7m (£114.6m) since the beginning of the calendar year. The group added that 97 per cent of its completed real estate was occupied. The firm will also soon [...]
Best of the Brokers for 14 May 2014 May 13, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ROYAL MAIL The Royal Mail has become a top stock pick at Berenberg, which has started covering the firm with a “buy” rating and 700p target. The firm is “hugely inefficient in both operational and financial terms”, the broker thinks, leaving plenty of [...]
London Report: FTSE climbs to its highest close since late 1999 May 13, 2014 BRITAIN’S top share index hit its highest closing level since December 1999 yesterday, led by housebuilding stocks, with technical analysts betting the broader market could push on further still. The FTSE 100 ended up 21.33 points, or 0.3 per cent, at 6,873.08 points. Forex.com technical analyst Fawad Razaqzada reckoned there was scope for the index [...]
New York Report: Fresh record peaks for Dow and S&P 500 May 13, 2014 THE DOW and the S&P 500 eked out record closing highs again last night, while the Nasdaq resumed its recent slide, dragged down by Cisco shares. The S&P 500 briefly rose above 1,900 for the first time early in the session, but quickly gave back some of its gains. In contrast, the Russell 2000 index [...]
The FTSE 100 may have closed at a 1999 high – but take in these five things to see how high it’s really climbed May 13, 2014 London's leading index is roaring, and on track to smash some old records. Today, it's closed at 6,873.08 – its highest level since 1999, a symbolic year for FTSE 100 benchmarks. But the comparison with today's FTSE and that of 14 years ago may not be entirely fair. It's true that the FTSE 100 is [...]
Citizens wants to dominate north east US May 13, 2014 RBS is cutting right back in the UK and across the world – it only wants to focus on British retail and business banking. That means slashing its investment bank further, an efficiency drive in branches and selling overseas units. One of those is Citizens its US arm, which could be worth as [...]
MPs quiz Ofgem boss on energy competition and prices May 13, 2014 Ofgem’s chief executive Dermot Nolan faced a grilling from a committee of MPs earlier today, who questioned the timing of – and motivation behind – the regulator’s decision to refer competition in the retail energy market to the Competition and Markets Authority in March. Nolan – who joked that he was “a masochist” for taking [...]