Retail rents to begin rising after years as property market heats November 7, 2013 AFTER a long period of weakness, surveyors now predict that retail rents will begin to rise again, for the first time since the financial crisis began. Surveyors now predict that rents will increase across the commercial sector, in retail, industrial and office property, but this is the first time that more respondents expect rents to [...]
Housing supply fears as growth hits record low November 7, 2013 OFFICIAL figures yesterday showed that the net supply of housing in England this year rose by the lowest number since records began over a decade ago. Net additions rose by just 124,270 in 2012-2013, a fall of eight per cent since 2011-12 and 44 per cent below the 2007-08 peak, according to the figures from [...]
Great Portland joins forces with Hong Kong Monetary Authority November 7, 2013 GREAT Portland has joined forces with Hong Kong’s central bank to develop a scheme that will sit next to Crossrail’s new Bond Street Station. The West End developer said yesterday it will sell properties that form part of Hanover Square in Mayfair to the joint venture fund, GHS Limited Partnership, for £202m. The Hong Kong [...]
Grainger swings into profit November 7, 2013 Grainger, Britain’s largest listed private landlord posted a nine per cent rise in annual gross net asset value and swung to a profit over the year. The company, which owns and manages properties across the United Kingdom and Germany, yesterday said its gross net asset value rose to 242p per share from 223p over the [...]
Rolls-Royce wins US Navy deal November 7, 2013 Aerospace firm Rolls-Royce yesterday said it has been awarded a $50.7m (£31.6m) contract extension by the US government to support the engines used to power US Navy aircraft. The new agreement will run until March 2014. “The US Navy contract has proven to be one of our most successful partnerships and we take great pride [...]
IAG shakes up board structure November 7, 2013 British Airways boss Keith Williams will also take up the chairman’s seat as part of a board reshuffle at parent firm IAG. Martin Broughton, the current chairman, is leaving the BA board but will keep his role as deputy chairman at IAG, which was formed with BA and Iberia merged in 2011. Meanwhile Luis Gallego [...]
Inside Track: Sparkling flotation returns help to attract new investors November 7, 2013 The favourite retort from fund managers who staged a near full-scale buyers’ strike for a few years on new issues in the UK was that they too often felt short-changed. Andy Brough of Schroders famously said that kids expected party bags when they went to birthday gatherings and that’s what fund managers had in mind [...]
Merlin plumps for 315p price for new shares November 7, 2013 SHARES in the Madame Tussauds owner Merlin Entertainments will start trading today following a sales process that had to be brought forward because it was going so well. Advisers to the float, which include Goldman Sachs, Barclays, Citigroup, Morgan Stanley and Lazard, yesterday agreed a price for the new shares of 315p, valuing the firm [...]
A hundred banks could be sold or broken up in chase for returns November 7, 2013 UP TO a hundred banks could be broken up or taken over as the industry shifts its focus in the wake of the financial crisis, a report out today claims. McKinsey said in its review of the sector that while banks have made progress on boosting capital levels and winding down risky assets, returns are [...]
Premium rises boost Beazley November 7, 2013 BEAZLEY shares jumped more than five per cent yesterday after the insurer posted a bigger-than-expected increase in premiums. The firm said premiums were up five per cent overall, with some speciality lines such as political risk surging even higher. Beazley said it had “moderate exposure” to the recent storms in Europe and that it is on [...]
