Avison Young loses over £100m as it cuts more than 200 jobs October 28, 2024 The UK arm of global commercial real estate services firm Avison Young shed over 200 jobs as its pre-tax loss almost doubled to more than £100m during 2023, it has been revealed. The Birmingham-headquartered division has reported a pre-tax loss of £101.8m for 2023, having previously posted a loss of £55.6m in 2022. Newly-filed accounts [...]
Channel 4 tunes in to Gary Neville’s Manchester landmark October 14, 2024 Channel 4 is to open a major new office in Manchester city centre in the £400m landmark being constructed by Gary Neville‘s firm. The channel has signed up to take 12,293 sq ft of space at No.1 St Michael’s, the £150m element of the development. Led by Neville’s Relentless Developments, the scheme also includes a [...]
Leeds landmark sold for almost £80m in city’s biggest deal for over five years October 8, 2024 A landmark building in the heart of Leeds’ financial district has been sold for almost £80m in the city’s largest office deal for more than five years. Ashtrom Properties UK has acquired Central Square, which is home to the likes of M&S, PwC an Sky, for £78m. Central Square comprises 217,249 sq ft of office [...]
JLL cans dividend as profit slumps but predicts turnover boost October 7, 2024 Profit has been slashed at the UK arm of global real estate services giant JLL as “increased market uncertainty” hit its earnings. The London-headquartered division has reported a pre-tax profit of £21.9m for 2023, down from the £60.9m it achieved in 2022. Newly-filed accounts with Companies House also show that its turnover reduced from £460m [...]
British Land splashes out on portfolio of retail parks October 3, 2024 Property giant British Land announced this morning that it has acquired a portfolio of seven high-quality retail parks for £441m. The company said the deal would be funded from existing resources as well as an equity placing of approximately £300m, by way of an accelerated bookbuild offering. The group acquired the retail parks from Canadian [...]
London’s ‘Can of Ham’ tower is up for sale again but price slashed September 25, 2024 London’s ‘Can of Ham’ skyscraper has been put back on sale for a reduced price two years after the first attempt to sell the distinctive building. The property has hit the market with an asking price of £322m, having previously been valued at around £400m when it was last on sale in 2022. The new [...]
BGO secures Victoria’s largest ever pre-let as firm relocates HQ September 23, 2024 Finance services firm set to relocate HQ from Mayfair to 105 Victoria Street after it signed the largest pre-let in Victoria's history.
Real Estate Investors: Property downturn ‘at or near the bottom’ September 23, 2024 "A normalising market backdrop will contribute to more rapid sales and debt repayment, allowing us to execute our strategy and return capital to shareholders, whilst continuing to pay a covered dividend," he said.
Newriver REIT raises £50m for Capital & Regional bid September 19, 2024 Local shopping centre owner Newriver REIT has successfully raised over £50m via a share issue to fund its bid of peer Capital & Regional. On Wednesday, Newriver REIT announced a possible cash and share offer for Capital & Regional, which would create a shared property portfolio of £890m. At the same time, Newriver announced the [...]
Mike Ashley’s Frasers Group buys city hot spot September 13, 2024 Mike Ashley’s retail empire, Frasers Group, has acquired a major shopping centre in Lancaster. St Nicholas Arcade has been snapped up by the Derbyshire-headquartered listed giant in a move which it has described as “further strengthening the group’s commitment to physical retail in the UK”. Frasers Group added that the 160,000 sq ft shopping centre [...]