Savills warns on mansion taxes November 18, 2014 FEARS of a potential mansion tax if Labour wins the next election is hitting demand for £2m-plus homes, Savills warned yesterday. In a trading update, the property agency said a recovery in the residential markets outside London had helped to ease the impact of a slowdown in the capital caused by growing uncertainty ahead of [...]
B&M European Value Retail in talks to buy stores from six retail chains November 18, 2014 B&M European Value Retail said yesterday it was in talks to buy stores from at least six retailers which are downsizing their portfolios as the bargain chain continues its UK expansion spree that will see it double in size over the next eight years. The retailer, which opened its 400th store last month, said it [...]
Supermarkets Sainsbury’s, Tesco and Morrisons told they must shrink to survive in war against discounters Aldi and Lidl November 17, 2014 Supermarkets need to dramatically scale down their store estates if they want to stop haemorrhaging sales and return to growth, according to analysts at Goldman Sachs who sent a stark warning to the retail industry. In a research note published yesterday, Goldman Sachs said Sainsbury’s, Tesco and Morrisons must cut space by around 20 per [...]
Argentinian Malbec is top tipple as Majestic toasts craft beer and fine wine sales November 17, 2014 Majestic chief executive Steve Lewis said yesterday that the group’s push into craft beers and spirits was helping to fend off competition from supermarkets after sales of brands, including top seller Curious Brew, soared in the first half. The wine specialist is stacking its shelves with a new range of 40 artisanal spirits such as [...]
Hammerson goes on shopping spree in Europe with JV partners November 17, 2014 HAMMERSON has splurged on three shopping centres in Europe through its new joint venture with Value Retail, the owner of Bicester Village, Dutch pension fund asset manager APG and Meyer Bergman. The FTSE 100 property firm is seeking to ramp up its exposure to the Europe’s booming outlet sector and used £70m of proceeds from [...]
UK commercial property debt deals reach seven-year high November 17, 2014 THE COMMERCIAL property debt market bounced back in the past six months, according to research out yesterday, revealing the biggest rise in demand for debt finance in seven years. According to data from Laxfield Capital, the UK commercial mortgage investment firm, total loan requests were 27 per cent higher than in the previous six-month period, [...]
Retailers dealt double blow as shops empty and footfall dips November 16, 2014 Retailers were dealt a double blow in October as fewer people headed for the high street and the number of empty shops increased. The British Retail Consortium (BRC) and Springboard revealed this morning that the vacancy rate in UK town centres rose to 10.3 per cent in October, an increase from July’s rate of 10.1 [...]
Legal & General and Patron Capital set up new UK fund to invest in social real estate projects November 16, 2014 Insurance giant Legal & General (L&G) has teamed up with private equity firm Patron Capital to invest in social real estate projects as the pair seek to tap into long-term opportunities in the UK housing sector. Their new partnership Perpetual Opportunities will initially target projects in the UK and Ireland with a “positive social impact” [...]
Qatar to raise bid for Canary Wharf owner Songbird Estates after £2.2bn offer rejected November 16, 2014 Qatar Investment Authority (QIA) and Brookfield Property Partners are close to tabling a higher takeover bid for Canary Wharf Group’s parent company, Songbird Estates, after their earlier £2.2bn offer was rejected. Songbird’s chairman David Pritchard rejected an initial approach 10 days ago, saying the 295-pence-a-share offer significantly undervalued the group. QIA, the sovereign wealth fund [...]
New Scotland Yard bought by Gulf-backed property developer for over £250m November 16, 2014 New Scotland Yard, the home of the Metropolitan Police, has been sold for over £250m in a deal that could see the site turned into a £1bn residential scheme. The 1.7-acre site in Victoria is thought to have been sold to Northacre, the listed-developer behind the luxury flats near Hyde Park known as The Lancasters [...]
