London loses out to New York for property investors January 7, 2015 London has lost its top spot to New York in a ranking of the most attractive destinations for foreign commercial property investors. San Francisco -another popular tourist destination – snapped up third place in the ranking compiled by the Association of Foreign Investors in Real Estate (AFIRE). This reflects the United States' position as the [...]
First-time buyer sales up by 22 per cent last year January 6, 2015 HOUSE sales to first-time buyers rose by 22 per cent last year with 326,500 taking their first steps onto the property ladder. The rise in new buyers means sales at this end of the market are back to 2007 levels, at the start of the financial crisis. The figures, published by lender Halifax, show that [...]
Supermarket price wars: Sainsbury’s and Asda kick off new cost-cutting battle January 6, 2015 Asda and J Sainsbury fired the latest salvo yesterday in the supermarket price war, with Tesco also expected to launch a round of price cuts tomorrow as the big four battle it out to win over shoppers’ loyalty. Walmart-owned Asda pledged to spend £300m lowering prices in the first quarter of 2015 as part of [...]
LondonMetric buys Tesco dark store as online demand expands January 6, 2015 LondonMetric has stepped up its exposure to the UK’s fast-growing online retail market by acquiring a Tesco distribution centre in south London for £21m. The property company said yesterday it has bought the Croydon warehouse from CBRE Global Investors in a deal reflecting an initial yield of 5.5 per cent. The 173,000 square feet online [...]
JLL acquires social housing consultancy January 6, 2015 JLL said yesterday it had bolstered its residential business after snapping up for an undisclosed sum a property consultancy specialising in affordable housing. The company said accountancy and advisory firm Mazars had agreed to sell the subsidiary, which was founded in 2001 and provides valuation and surveying services to the social housing sector. Mazars’ five-strong [...]
Meggitt targets expansion with $44m purchase January 6, 2015 ENGINEERING firm Meggitt yesterday bought Precision Engine Controls Corporation (Pecc) from United Technologies Corporation for $44.2m (£29.1m). The deal, funded from existing resources, will see San Diego-based Pecc integrate into Meggitt’s control systems division. Pecc supplies actuation, or motor, systems and fuel metering valves to manufacturers of small-frame gas turbines used predominantly in the oil [...]
DX pounces as City Link starts asset fire sale January 6, 2015 CITY Link administrator Ernst & Young yesterday kick-started a fire sale for the beleaguered parcel delivery service’s assets, as it attempted to recoup some of the investment of private equity owner Better Capital. Rival delivery firm DX completed the purchase of £1.125m worth of assets that included cages, scanners and certain intellectual property. Petar Cvetkovic, [...]
FTSE 100 slips on weak British economic data – London Report January 6, 2015 UK SHARES fell for a third-consecutive session yesterday, and the pound traded lower against the dollar, as weaker-than-expected economic data weighed on British assets. The blue chip FTSE 100 fell 0.8 per cent, or 50.65 points, to 6,366.51, bringing its three-day loss total to three per cent. The index fell two per cent on Monday, its [...]
The 100 City people you need to follow on Twitter this year, day two: Analysts January 6, 2015 Yesterday, you were inspired by our 20 most important entrepreneurs. Today, we’re giving you some food for thought: our favourite City analysts. Whether it’s retail, property or they’re tasked with deciding on the future of the UK’s airports, this lot can move the market with no more than a swish of their pen. Think we’ve [...]
Retired workers should be allowed to sell their pensions to the highest bidder, says minister Steve Webb January 4, 2015 Retirees may soon get the right to sell off their savings for a lump sum, according to pensions minister Steve Webb. Liberal Democrat Webb said that he wanted to go further than the reforms outlined by George Osborne at the last budget, which, from this April, allow workers to trade their pension savings for [...]