Intu seeks to raise boss’s bonus amid financial troubles February 16, 2020 Beleaguered retail landlord Intu could face a showdown with investors over executive pay, as it seeks to hike the potential bonus of new chief executive Matthew Roberts. Intu is seeking to bring the the potential share awards in its long-term incentive plan back up to 250 per cent, after the scheme was cut back to [...]
Want to buy art but don’t know where to start? Try Collect, the more accessible design fair February 14, 2020 Kicking off the calendar of high-end art fairs of 2020, Collect is still London’s only fair of contemporary craft and design presented by gallerists. This year, it’s moved from the Saatchi Gallery to its new home in the softer and more decorative venue of Somerset House, swapping stark white walls for the charm of 18th-century [...]
The high streets paved with gold: Flat prices are skyrocketing on these London roads February 14, 2020 The Great British High Street has a lost a bit of its lustre in recent years. Handfuls of household-name retailers have hit the rocks, thanks to customers gravitating away from big chains in favour of local independents, as well as being seduced by the ease of online shopping. But while shops are floundering, the market [...]
New £27m aparthotel planned for Aldgate February 13, 2020 A new £27m 12-storey aparthotel development in Aldgate has been given the go-ahead, in the latest sign of confidence in London’s hotel market. US asset manager Oaktree Capital Management has backed the development, which will be a new Locke hotel operated by Edyn Group. The 103-unit venue in Buckle Street, near Aldgate East station and [...]
Strong homes performance keep MJ Gleeson on track despite loss February 13, 2020 Urban housing regeneration firm MJ Gleeson has reported strong performance from its homes division for the half-year. The company registered an operating profit of £15.9m in this sector during the first half of the year 2019/20, up from £14m in the comparable six month period, a 13 per cent increase. However, overall profit after tax [...]
Want to encourage downsizing and free up the housing market? Reform stamp duty February 13, 2020 With the first post-Brexit Budget fast approaching, there are huge hopes, expectations, and indeed demands across industries and sectors — but perhaps few areas are more important than solving the housing crisis. As Boris Johnson’s team focuses on delivering their manifesto promises, including building 300,000 homes a year by the mid-2020s, it’s worth remembering that [...]
DEBATE: Should the Treasury consider a ‘mansion tax’ to help fund spending commitments? February 13, 2020 Should the Treasury consider a ‘mansion tax’ to help fund spending commitments? Robert Palmer, director of Tax Justice UK, says YES Do you know who pays more in council tax: me in my two-bedroom flat in Kentish Town, or the owner of the £160m penthouse at the top of 1 Hyde Park? Astonishingly, the answer [...]
London house prices buoyed by general election result February 13, 2020 London house prices jumped in January, buoyed by December’s decisive general election result, according to the latest research. A survey of chartered surveyors found that the London house price net balance rose to 28 per cent in January, the highest reading since 2016 and up from minus eight per cent in December. The number of [...]
Intu deep? Shares plunge after Link pulls out of landlord’s £1bn emergency cash call February 11, 2020 Intu shares lost almost a third of their value on Tuesday after Link Real Estate Investment Trust said it would no longer participate in the troubled retail landlord’s £1bn emergency cash call. It emerged yesterday that Link was in talks with Intu, which owns the Trafford Centre, over potentially becoming a “cornerstone” investor in the [...]
Wework aims to be free cash flow positive by 2022 February 11, 2020 Embattled office space provider Wework has said it will become free cash flow positive a year earlier than expected and will post its first ever $1bn revenue quarter this year. The coworking firm said it will be free cash flow positive by 2022, and hopes to achieve free cash flow of more than $1bn by [...]