Property fund outflows slow as investors seek safe havens March 4, 2020 Property funds had their best performance since September 2018 as net outflows decreased to just £18m last month, down from £80m in January. In the final week of February, when global markets slumped as a result of the coronavirus outbreak, investors bought a net £24.6m of real estate funds according to Calastone’s Fund Flows Index. [...]
Intu shares plunge after it cans £1bn emergency cash call March 4, 2020 Shopping centre-owner Intu has cancelled an emergency fundraising after it was unable to persuade enough shareholders to put money into its business. Its shares crashed 38 per cent this morning to 6p following the announcement, before recovering to 9p – down 15 per cent on last night’s close. The company last month said it was [...]
Travis Perkins returns to profit despite ‘challenging market’ March 3, 2020 Building materials business Travis Perkins said today it had swung to a profit in 2019. It said operating profit was £232m, compared to a £22m loss last year. Adjusted operating profit rose 7.8 per cent to £442m, despite a “challenging market backdrop”. Revenue grew 3.2 per cent to £6.9bn, with like-for-like revenue growth of 3.8 [...]
UK PMI: Construction expands at fastest rate in over a year March 3, 2020 UK construction output rose at its fastest rate in over a year in February, a survey showed today, as new orders picked up at a fast clip. The IHS Markit/Cips construction purchasing managers’ index (PMI) jumped to 52.6 in February, up from 48.4 in January. A score of above 50 indicates expansion and it was [...]
Cairn Homes revenue and profit rises as average selling price jumps March 3, 2020 Cairn Homes has reported a 28 per cent jump in operating profit, with the Irish hosuebuilder benefitting from an increase in the number of homes sold and a rise in their average selling price. Operating profit for the year ending 31 December hit €68m (£59m), according to preliminary results released this morning, while revenue increased [...]
Office Space: Take a look behind the scenes of Amazon’s sprawling, 15-storey London headquarters at Principal Place March 2, 2020 There’s always money in the banana stand. Or at least there would be, were the bananas not being handed out for free. Each morning outside Amazon’s HQ in Shoreditch a fruitmonger dispenses complimentary bananas to Amazon staff, peckish commuters and anybody who cares to take one. The tradition was started by Jeff Bezos himself on [...]
City workers snap up central London homes as Brexit uncertainty fades March 2, 2020 The number of City workers snapping up property in prime central London areas surged last year as the uncertainty surrounding Brexit began to clear, according to the latest research. The percentage of buyers from the financial services sector buying properties worth more than £2m jumped to 34.6 per cent of total sales in 2019, the [...]
Teddy Sagi’s Labtech sells Holborn Links Estate for £245m March 2, 2020 Labtech, the property investment firm owned by billionaire businessman Teddy Sagi, has completed the sale of Holborn Links Estate, which includes the historic Sicilian Avenue, for £245m. Investors Tristan Capital Partners and Cording Real Estate Group have bought the West End office and retail portfolio to capitalise on the opening of Crossrail stations at Tottenham [...]
UK mortgage approvals hit highest in four years March 2, 2020 UK banks approved the highest number of mortgages for four years in January, official statistics have shown, in a sign the housing market is recovering after a rocky 2019. Mortgage approvals for house purchase rose to 70,900 in January, up 4.4 per cent from December’s 67,930 figure, the Bank of England said today. The jump [...]
CMA considers enforcement action against developers over ‘troubling’ leasehold mis-selling claims February 28, 2020 The Competition and Markets Authority (CMA) is set to launch enforcement action against developers after finding “troubling evidence of potential mis-selling and unfair contract terms”. The watchdog launched a probe into the industry last year and confirmed today that it had found evidence of “serious issues” within the housing sector. The issues revolve around the [...]