Bid battle set to hike rents September 29, 2009 A BIDDING war has broken out between Australian bank Macquarie and fund manager Blackrock for new City development Drapers Gardens in a move experts predict will hike prices across the City. Both firms are on the hunt for a 250,000 sq ft office to re-house staff. But following a number of stalled construction projects in the [...]
BROWN FIGHTS FOR HIS POLITICAL LIFE … September 27, 2009 GORDON Brown yesterday pledged to impose the most draconian curbs on bank bonuses of any country in the world, as he launched a last-ditch fightback to save himself from humiliation at next year’s general election. The Prime Minister, who spoke at the Labour Party conference in Brighton yesterday, was under intense pressure to rally the [...]
Prime homes get a lift in the commuter belt zones September 27, 2009 COMMUTER belt properties are continuing to outperform the rest of the UK, with the average price of prime country properties around London rising two per cent in the third quarter of 2009, according to the Knight Frank/City A.M. Prime Commuter Property index. In comparison, similar properties in the rest of the UK only saw their [...]
The time is ripe to take the plunge into the Cotswolds September 24, 2009 FOLLOWING a tough year when the market has been in the doldrums, the Cotswolds – the perennial favourite area for City workers’ second homes – are back in the swing of things. The problem for those who yearn to own a property in those picturesque old wool villages is that they just don’t often come [...]
BBA chief hits back at Turner September 24, 2009 Angela Knight, the chief executive of the British Bankers’ Association, last night launched a barely-disguised broadside against Financial Services Authority chairman Lord Adair Turner, after the watchdog chief aired a series of criticisms of the City. She said regulators should not “demonise” bankers.
Wharf raises 1bn to save it from brink September 24, 2009 SONGBIRD Estates, the majority owner of Canary Wharf, yesterday announced a £1.03bn rescue fundraising – the biggest ever in UK real estate history. The group will use the majority of the cash raised to pay down its £800m senior loan with Citi, which was due to expire next year. Without the fundraising, Songbird would have [...]
CONSERVATION AREAS NEAR THE CITY September 23, 2009 GRAFF HOUSE, RICHMONDGraff House sits within the trust grounds of St Margarets, a mile away from Richmond town centre. St Margarets trust grounds are made up of three secure private gardens making up 12 acres, which naturally lend themselves to family picnics, tennis tournaments and sports days. The Thames, Kew Gardens and the Richmond Deer [...]
Court battle for Deutsche in New York September 23, 2009 DEUTSCHE Bank and a banking unit of Saudi Arabia’s Algosaibi family battled in court yesterday over whether to throw out a $74.2m (£45.3m) claim by the German bank, part of a flurry of lawsuits involving billions of dollars and allegations of fraud. New York State Supreme Court Justice Bernard Fried said he expects to rule [...]
Cadbury and Kraft bosses woo investors September 22, 2009 THE bosses of Kraft and Cadbury are holding a series of meetings in London this week to drum up support from investors in the bid battle for the Dairy Milk maker. Cadbury chief executive Todd Stitzer and Kraft boss Irene Rosenfeld yesterday attended the Bank of America Merrill Lynch global consumer and retail conference and [...]
Office rents will start to rise September 21, 2009 Rent for premium offices in the City and the West End will start to rise in 2010, following the correction seen in 2008 and much of 2009, according to Knight Frank. This reflects less than expected distress in the market in 2009, a significant recovery in demand recorded in the summer, the recent rally seen [...]