Redrow and McCarthy & Stone lifted by housing market jump November 12, 2013 REDROW boss Steve Morgan yesterday hit out at the country’s planning system and said the effort in obtaining detailed consent was holding it back from building more homes. The housebuilder posted a 52 per cent jump in private reservations to 1,400 homes in the first 19 weeks of its financial year since the beginning of [...]
Fund manager Tritax launches £200m float to buy big boxes November 12, 2013 COMMERCIAL property fund manager Tritax yesterday announced a £200m flotation to launch the first listed pure “big box” UK real estate investment trust (REIT). “Big boxes” are massive warehouses – typically bigger than 500,000 square feet – and Tritax said it would let them to “institutional-grade tenants” on long-term leases of up to 25 years. [...]
Finncap shares the spoils of market pick up November 12, 2013 BROKER Finncap paid its staff a quarterly bonus for the first time in six years this spring after enjoying its best start to the year since the financial downturn. The broker, which looks after more junior stock market listed companies than any other firm, enjoyed a 22 per cent rise in revenue for the six [...]
Prime broker veteran to take reins at hedge fund trade body November 12, 2013 EUROPE’S leading hedge fund trade body yesterday named one of investment banking’s top prime brokerage veterans as head of the organisation. The Alternative Investment Management Association, which represents 1,300 hedge funds and investment firms, said former Barclays and Morgan Stanley man Jack Inglis would be made chief executive in the new year. Inglis takes the [...]
French flooring firm Tarkett lays foundations for Parisian float November 12, 2013 PRIVATE equity-backed French flooring maker Tarkett will price a planned stock market listing in Paris in a range of €27.75 to €33.90 a share, the company said yesterday. Last month, Tarkett submitted a registration filing for an initial public offering (IPO) in which it said US private equity firm KKR, which owns half of the [...]
KKR snaps up US landscaper Brickman Group in £1bn deal November 12, 2013 US PRIVATE equity titan KKR yesterday won the race to buy US landscaper The Brickman Group in a deal worth $1.6bn (£1bn). The firm, managed by Wall Street raider Henry Kravis and his cousin George Roberts, beat off a host of rivals – thought to include Blackstone, TPG Capital and UK private equity stalwarts CVC [...]
Lending fund launched for Spain November 12, 2013 Listed private equity firm JZ Capital Partners yesterday launched a lending fund to back small and medium sized businesses in Spain. The company has joined forces with Wall Street firm Avenue Capital Group to launch the business, called Toro Finance, which aims to lend €400m (£335m). JZ has stumped up €26m to take a 50 [...]
John Laing Infrastructure on top November 12, 2013 A strong bout of acquisitions helped John Laing Infrastructure Fund (JLIF) record strong growth in the six months ending September, results showed yesterday. The value of its portfolio rose £164.5m to £701.9m due to a spate of buys by the fund over the period, including boosting its stake in London transport’s radio communications network CityLink. [...]
3i inks Barclays deal November 12, 2013 The UK’s oldest private equity fund 3i yesterday said it had finally completed a deal to buy Barclays infrastructure arm. Barclays Infrastructure Funds Management, which includes 22 staff, will be renamed 3i BIFM and merged into 3i’s existing infrastructure offering. The deal was originally announced in May. The Barclays arm currently has assets under management [...]
Admiral vehicle count rises in its third quarter November 12, 2013 MOTOR insurer Admiral Group said yesterday that the number of vehicles on its books increased three per cent in the third quarter of 2013. In a trading statement, Admiral’s chief executive Henry Engelhardt said the group vehicle count of 3.64m was lifted by expansion outside its core UK market. The international vehicle count rose by [...]