Axa Real Estate hunts for cash October 1, 2012 AXA Real Estate Investment Managers yesterday unveiled a fresh round of fundraising that will bring €2bn (£1.6bn) into its war chest for new investments by the end of the year. The French group has already raised €1.4bn in new capital so far this year, and will target investors in Germany, the Netherlands, the Nordics and [...]
Hammerson exits city with £200m sale October 1, 2012 HAMMERSON yesterday announced the £200m sale of its last remaining office building in the City as it moves closer to its goal of focusing solely on retail property in the UK and France. The FTSE-listed firm has sold 10 Gresham Street to KWAP, the Malaysian state pension fund, leaving Hammerson with one remaining office for [...]
British Land sells Cambridge mall October 1, 2012 British Land said yesterday it has sold the Beehive Centre in Cambridge to Orchard Street Investment Management for £109.2m. The 238,000 square feet retail park, bought by British Land in 1998, is anchored by a 70,000 sq ft Asda store and has 15 other tenants including TK Maxx and Next Home. Orchard Street said the [...]
St Modwen annual profits on track October 1, 2012 St Modwen said it continued to perform well in the three months to 30 September and it remained on track to deliver full year profits ahead of last year. The developer said it is close to finalising terms for the regeneration of Elephant & Castle shopping centre with Southwark council and adjacent landowner Lendlease, and [...]
Tortilla fuels expansion plans October 1, 2012 Mexican restaurant chain Tortilla has secured £2.25m in fresh funding from Santander to help pay for its expansion. Tortilla’s private equity investor Quilvest said yesterday the group will open three new outlets in the UK, including one opposite Trafalgar Square, taking its total in the country to 11. It is also in talks to take [...]
Mass upgrade as banks’ cost of equity drops October 1, 2012 BRITISH banks have built up capital levels and cut down leverage more successfully than their European rivals, and should soon reap the benefits in a lower cost of equity, Liberum Capital forecast yesterday. And if the Eurozone stabilises further, risks to the industry outlook will fade and banks will be in an even stronger position, [...]
Lenders should reflect changes by offering 50-year mortgages October 1, 2012 LENDERS should consider offering mortgages for terms of up to 50 years, according to a report released yesterday by City giant Legal & General. The research compares 35-year-olds today with their equivalent in 1977 and alleges that the financial services industry has failed to keep up with demographic changes. Highlighting increases in intergenerational dependency and [...]
Former Chi-X boss plans new venture October 1, 2012 FORMER Chi-X chief executive Alasdair Haynes is preparing to launch a new share trading platform in direct competition with his previous employer, it was revealed yesterday. Haynes registered Aquis Exchange Ltd at Companies House in January and is aiming to launch the business in mid-2013 once it has gained FSA approval.
Cluff Gold rebrands as Amara October 1, 2012 West Africa-focused Cluff Gold has rebranded itself as Amara Mining, and said yesterday three non-executive directors are resigning as part of an overall board review. The resignation of Nicholas Berry, Bobby Danchin and Ronald Winston was effective from 30 September. John McGloin remains as executive chairman, having been appointed when company founder Algy Cluff stepped [...]
Alstom wins £325m power contract October 1, 2012 French transport and power engineering group Alstom said yesterday it had won a £325m contract for a gas-fired power station near Manchester. Alstom will supply service equipment to the new power plant at Carrington, including two gas turbines, and will maintain the equipment for 16 years as part of the deal. The contract has been [...]
