The international investment company Invesco has confirmed it is liquidating one of its property funds — effectively wiping out the investments of thousands of its clients. In a London Stock Exchange statement, the independent management company — headquartered in Atlanta, Georgia, and with 20 offices around the world — informed... Read More
National Australia Bank (NAB) is refusing to confirm the price of a portfolio of non-performing UK loans — last valued at £625m — it is selling to an affiliate of private equity firm Cerberus Global Investors, but admits it will “make a small gain” on the deal. The bank, which owns the Clydesdale and Yorkshire Banks in... Read More
The lack of affordable superfast broadband in the Square Mile is a block on growth says a City of London Corporation chief. Writing in City A.M. Mark Boleat, Chairman of the Corporation’s Policy and Resources Committee, warns there is a danger that the attractiveness of the City could be diminished by poor connectivity, and calls for... Read More
An acquisition hungry investment company has continued its acquisition spree by buying nine retail units for £17.4m — bringing its property spending since its March launch to almost £130m. Within days of opening its books Leicestershire-based Custodian REIT — a spin-off of pensions and wealth management company Mattioli Woods —... Read More
As take-up of commercial space continues to grow in regional locations, office space in particular is becoming more difficult to acquire as development remains slow to catch up with the pace of the market. However, Sheffield has this week taken the first steps to increase its Grade A office supply, having started work upon a ten storey... Read More
A new report by the Future High Streets Forum, in association with Southampton University, claims that Britain’s ‘convenience culture’ could prove to be the key to transforming struggling town centres. The report, called “one of the most definitive studies into consumer habits ever conducted in Britain” indicates that the... Read More
IM Properties — owned by Lord Edmiston, Britain’s 22nd richest person — has agreed to buy Solihull’s Fore Business Park for £21m. Developed by BAM as a speculative build in 2009, the West Midlands’ park is adjacent to Junction 4 of the M42 motorway and currently has 66,000sq ft of office accommodation. It is 85 per cent let... Read More
Business space investor and manager, Segro, has demonstrated its commitment to the Midlands’ logistics “golden triangle” by acquiring three distribution warehouses in the region for just under £50m. The portfolio — made up of fully let properties all with leases of at least six years — was bought from Harbert European Real... Read More
Although news from the retail industry has been somewhat gloomy of late following a very strong start to the year, clothing and footwear retailers have enjoyed a resurgence in trade thanks to the warm summer weather and higher optimism amongst consumers regarding their personal finances. This has led to the UK’s second largest... Read More
The announcement that the Gherkin has been placed on the market is expected to ignite interest among overseas investors. 30 St Mary Axe, one of London’s most recognisable landmarks, collapsed into receivership earlier this year after the skyscraper’s owners Evans Randall and IVG failed to negotiate a restructuring deal over... Read More
After a year of planning wrangles a council has finally given its approval for the creation of a £1bn Asian business district on the site of London’s Royal Albert Dock. The scheme, for a 24-hour business complex for Chinese and Asian firms, was first unveiled by the capital’s mayor, Boris Johnson, in July last year. Since then a... Read More
Fortnum & Mason has long been established as a high quality retailer with a tradition of serving well-heeled customers including members of the Royal family. Last year, in a bid to expand on its history, Fortnum & Mason opened its first new store in over 300 years at St Pancras Station. Now it is investing in another... Read More
After 18 months of planning the Dutch budget retailer HEMA — which already has 660 outlets across Europe — has opened its first two stores in the UK, with a promise of a third before the end of the summer. Placed somewhere between Ikea and the now defunct Woolworth, Britain’s first HEMA store opened its doors last month in... Read More
The issue of business rates remains one of the most contentious in the retail industry, with claims that the commercial property levy was a key reason for soaring shop vacancy rates during the recession. However, under a new proposal by Derby City Council, large retailers such as Tesco, Asda and Sainsbury’s could find themselves subject to... Read More
Manchester City Council has asked for a meeting with the new owners of One Piccadilly to discuss the future of the controversial Piccadilly Wall. The landmark is part of the £75m sale of the block of offices and restaurants at the Portland Street end of Piccadilly Gardens, presently being finalised between current owners Europa... Read More
In recent months a wealth of statistics has been used to demonstrate improving conditions on the high street. The fact that much of this evidence appears contradictory only adds to the feeling that the retail recovery remains subject to sharp turns and sudden changes in consumer confidence. The latest figures come from the Office for... Read More
As shopping centre redevelopments continue to grow throughout the UK, local developers and construction firms are increasingly becoming more able to reap the rewards of multi million pound projects. This has been the case for Yorkshire based Caddick Construction, which has this week been awarded the contract for the revamp of Leeds’ The... Read More
Chinese interest in the New Zealand property market been described as “unprecedented”by a real estate agency. Ray White Real Estate’s commercial arm says that over the past 12 months, over 50 per cent of its Auckland business has been generated from Chinese investors. According to managing director, Bruce Whillans, commercial... Read More
Detroit, which is now making positive steps towards economic recovery following last year’s bankruptcy, is being urged to court Chinese investment to bring jobs and prosperity to the city. The call comes from former US Treasury Secretary Henry Paulson, who this week addressed a meeting of Michigan business leaders. He told them... Read More
More than 600 investors and developers have voiced an interest in buying South Africa’s Formula One Kyalami racetrack. The 2.6 mile circuit is being sold at auction with a court imposed reserve of £11m. Johannesburg’s High Court ordered the sale of the track — which last hosted a Grand Prix in 1993 — after the collapse of its... Read More
Spain is set to overtake Ireland as the destination of choice for investors who are prepared to take a risk on the market, according to a report released by international property advisers Cushman & Wakefield (C&W). It estimates that European banks and asset managers are planning to either sell or restructure €584 billion of... Read More
Workington councillors have been urged to give the go-ahead to plans for a £9 million leisure centre in the town – despite objections from a colleague and a number of local businesses. If approved, the new centre will be constructed in The Cloffocks ward of Workington, which is already home to a number of leisure facilities such as... Read More
