Student accommodation group Unite sell 99 per cent of beds and makes £71m Stratford acquisition October 10, 2022 Student accommodation group Unite has sold 99 per cent of beds for the academic year, as it makes a major acquisition in Stratford for £71m. The company reported an increase in the number of beds bought up from 94 per cent in 2021/22 to almost 100 per cent this year, as university returns to being [...]
Marshalls’ shares plummet as firm warns of slowdown in sales October 7, 2022 Shares in building materials manufacturer Marshalls fell almost 20 per cent today after the firm warned of a slowdown in sales due to faltering demand. The West Yorkshire firm said its outturn will be “slightly below the bottom end of the current range of market expectations” as its sales start to slow. The warning comes [...]
UK house prices level out as Covid boom subsides October 7, 2022 UK house prices have dropped for the second time over the past three months in a sign the surge experienced over the previous year is starting to level out. Average UK house prices dropped by 0.1 per cent in September from August’s record highs of £293,992. The September drop marks the second marginal decrease over [...]
Sirius Real Estate wraps up £150m debt refinancing one-year early October 6, 2022 Sirius Real Estate has wrapped up a refinancing of a €170m (£148m) debt facility with commercial real estate financier Berlin Hyp AG. The London-listed company, which operates industrial parks and flexible workspaces in Germany and the UK, completed the refinancing around one year in prior to the facility’s due date. Refinancing means a borrower has [...]
UK real estate market particularly vulnerable to value crash, says Moody’s October 5, 2022 The UK real estate market is one of the most vulnerable in Europe to an imminent crash in value, according to a recent note by US investment giant Moody’s. “Markets with greater short-term fixed or variable rate borrowing, like the UK and Sweden, are at greater risk of a more sizeable correction,” the note said [...]
Home owners at risk of house price crash with London properties facing record value drop of £93k October 5, 2022 Should the market decline at the same rate as the 2008 financial crisis, as predicted by some analysts last week, it could wipe almost £54,000 from the value of the average property in Britain, according to new data shared with City A.M. this morning. The research shows that the average house price across Britain fell by [...]
LondonMetric pivot towards city logistics and away from ‘big box’ retail pays off October 5, 2022 LondonMetric Property’s pivot towards city logistics spaces and away from “big box” retail parks has bolstered recent earnings and also netted the investment trust £111.4m in disposals cash. The real estate investment fund has undergone a shift into “well located long income assets” in the six months to 30 September, just as the urban logistics [...]
Wealthy buyers turn to cheaper London homes as sterling shrinks October 4, 2022 Buyers are seemingly turning to cheaper London homes amid a shrinking pound, despite a “rejuvenated level of foreign interest”. Demand for London homes worth more than £10m has fallen consistently in the first half of the year, while London’s prime market, of homes valued between £2m and £10m, has enjoyed an uptick. According to research [...]
Kwarteng’s ‘mini budget’ sends mortgage bills soaring £1,500 October 4, 2022 The government’s mini budget has sent the average mortgage borrower’s bill soaring by £1,500 a year, new figures have shown, in a hike that has been dubbed a ‘Kwarteng premium’ by some brokers.
Great Portland Estates sells London’s 50 Finsbury Square freehold for £190m October 4, 2022 Great Portland Estates (GPE) has sold the freehold of 50 Finsbury Square to German family office Wirtgen Invest Holding for £190m. The deal, in which proceeds will be pumped into GPE’s credit facility, represents a capital value of £1,471 per square feet. The Fosters & Partners designed office block will have its “comprehensive” refurbishment completed [...]