‘Just in case’ logistics mindset boosts LondonMetric as portfolio value grows by £1bn May 26, 2022 LondonMetric’s property portfolio value has grown by £1bn over the past year, as the UK’s hot property market boosts the firm. The FTSE 250 real estate investment trust’s profit has also rocketed in the year to 31 March, increasing an eyewatering £477.2m, in comparison with the same period last year, to a total of £734.5m. [...]
Foxtons throws £10.5m at growing London property market share with two takeovers May 26, 2022 Estate agents Foxtons has thrown £10.5m at two takeovers, in a bid to snap up an even larger share of London’s property market. The London-listed group has bought IMM Properties, which trades under the name Gordon & Co in South London, as well as Stones Residential in North London. The deals are expected to improve [...]
AJ Bell pre-tax profits fall despite swelling customer base May 26, 2022 AJ Bell, one of the UK’s largest investment platforms, has continued to see customer growth following the pandemic-induced boom in retail investing, however pre-tax profits have slipped. The platform’s customer base has grown by more than 35,500 in the six months to 31 March, to a total of 418, 309 – having already increased by [...]
City Moves: Who’s switching jobs in the Square Mile? May 26, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Vue International Cinema operator Vue International has poached its new chief operating officer (COO) from fashion retailer Urban Outfitters. Claire Arksey, who has previously held senior operational roles at Superdry, Reiss and Ted Baker, oversaw nearly 270 stores [...]
UK launches national security probe of Chinese purchase of Welsh chip plant May 25, 2022 The UK has today launched a national security review of a Chinese takeover of a key Welsh semiconductor plant.
Reforms to stamp duty holiday could pin down runaway house prices, say industry chiefs May 25, 2022 A cocktail of record house prices, HM Revenue and Customs HMRC’s record stamp duty earnings and plunging property transactions have left property chiefs calling for reforms. Reworking the stamp duty, the tax put on residential properties over £125,000, could help rebalance the hot property market and runaway valuations, according to onlookers. “Stamp duty has an [...]
British Land unveils £3.6bn green neighbourhood project for Canada Water May 25, 2022 British Land, one of the UK’s largest property developers, has today unveiled a £3.6bn plan to build a 53-acre town centre in Canada Water alongside Aussie pensions giant AustralianSuper. The regeneration project will include up to 3,000 new homes, as well as more office space – which expected to host 20,000 workers amid London’s post-pandemic [...]
Boeing prepares to bring Starliner home, as spaceship helps restore its reputation May 25, 2022 Aerospace giant Boeing is prepping to bring its Starliner capsule back to Earth today, following its successful docking at the International Space Station (ISS) five days ago. It will be the final step in the test flight, which will prove whether Boeing’s unmanned space vehicle will be a viable option for astronauts being ferried to [...]
Property passports: Calls for compliance tracking rise to combat cowboy landlords May 25, 2022 Two property associations have urged for better tracking of safety regulations today, in a bid to clampdown on cowboy landlords and unsafe housing. The Lettings Industry Council (TLIC) has called for Unique Property Reference Numbers (UPRN) to be embedded within the upcoming Renter’s Reform Bill, so that property safety records can be grouped within a portal [...]
Bakkavor chugs ahead with revenue growth despite China curbs May 25, 2022 Fresh prepared food maker Bakkavor has chugged ahead with revenue growth, despite local Covid-19 restrictions in China significantly hitting the business. The London-headquartered producer reported a revenue of £485.4m in the three months to 26 March, up 11 per cent in comparison with the same period last year. China’s so-called ‘zero-Covid’ stance on the virus [...]