Commercial property company insolvencies jump as banks call in loans January 4, 2016 The number of insolvent property investment companies has surged over the last year as banks took advantage rising commercial property values to claw back loans they have held onto since the crisis. The number of insolvencies, where a company can no longer pay its debts, rose by eight per cent to 346 in 2015 from 319 [...]
Trendit first firm to list on the London Stock Exchange in 2016 – and closed 10 per cent up despite China rout January 4, 2016 The first firm to list in London this year made a strong debut, shrugging off the China rout that sent stocks plummeting worldwide. Data analytics firm Trendit had the misfortune of listing on the London Stock Exchange on the FTSE’s worst opening day this century, but that didn’t stop it soaring over 10 per cent [...]
Brent and US crude oil prices rise amid escalating political tension between Saudi Arabia and Iran January 4, 2016 Oil prices dipped again after it rose as much as four per cent today, wiping out gains made earlier in the day as rising political tension between two of the biggest powers in the Middle East stoked concern about potential supply disruptions. Brent crude, the global benchmark, fell to $37.06 per barrel, having risen as high [...]
Dow Jones suffers worst start to the year since 2008 – as more than £38bn is wiped off FTSE 100 thanks to China volatility and Middle Eastern uncertainty January 4, 2016 Fears over China sent US stocks tumbling yesterday, with the Dow Jones Industrial Average down 467 points at its low for the day – headed for its worst first-day percentage drop since 1932. The index fell by 1.58 per cent to 17,149. The Nasdaq dropped 2.08 per cent and the S&P 500 lost 2.35 per cent, giving both [...]
Priory Group, famed for celebrity rehab clients, sold to US-based Acadia Healthcare Company January 4, 2016 US-based Acadia Healthcare Company today announced that it had agreed to buy Priory Group. The companies plan for the deal to consist of shares and cash, with Acadia trading £1.3bn in cash, including £925m to be used to repay outstanding debts, and 5.4m shares to acquire the UK healthcare company. Priory, which is known for [...]
Brookfield Property Partners buys Potsdamer Platz in central Berlin January 4, 2016 Canary Wharf and Center Parcs owner Brookfield Property Partners has bought a chunk of central Berlin in partnership with an Asian sovereign wealth fund for an undisclosed sum. The Canadian and US listed property giant announced the pair have completed a deal to buy Postdamer Platz, a busy junction at the heart of the city [...]
US manufacturing contracts for second consecutive month January 4, 2016 The US manufacturing sector contracted for a second consecutive month in December, according to survey figures released today. The Institute for Supply Managemtent's purchasing managers' index (PMI) dropped to a score of 48.2 per cent from 48.6 per cent the previous month. Figures below 50 imply a decline in business activity on the month. It takes [...]
German inflation falls further below Eurozone target January 4, 2016 Inflation in Germany, the biggest economy in the Eurozone, failed to build on previous increases in December. Prices rose 0.3 per cent year-on-year, down from 0.4 per cent the month before, the figures released by German statistical office Destatis show. Annual energy price declines slowed to 6.5 per cent in December from 7.5 per cent. However, food prices [...]
Grainger sells Retirement Solutions business to private equity firms Electra and Patron in £325m deal January 4, 2016 Residential landlord Grainger has sold off its equity release division to two private equity firms in a £325m deal, as it turns its attention to the private rental market. Patron Capital Partners, which owns housebuilder Cala Homes, and Electra Private Equity, have exchanged contracts to buy Grainger Retirement Solutions, a portfolio of over 3,600 homes [...]
Number of property investment companies becoming insolvent doubles since 2011, as banks seek out debt repayments as property prices improve January 4, 2016 The number of property investment companies going through the insolvency process has more than doubled since 2011. Research from commercial law firm EMW discovered that there were 346 insolvencies in the second quarter of 2015, but only 154 in the same period of 2011. “Ironically, the rise in insolvencies is down to the improved property [...]