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British Land confirms Ropemaker Place letting

Mon, 08 Feb 2010 00:00:00 GMT

Financial services firm Macquarie Group is set to take over commercial property space at British Land's Ropemaker Place development in London.

The real

City of London 'could see quick rent recovery'

Mon, 08 Feb 2010 00:00:00 GMT

The current shortage in grade-A commercial property across London could help fuel a quick recovery in rental prices.

This is according to senior economi

New UK commercial property fund launched by First Property Group

Mon, 08 Feb 2010 00:00:00 GMT

First Property Group Plc, the AIM-listed property fund management group, today announces that its principal subsidiary, First Property Asset Management Limited, has signed a contract to establish a seven year closed ended fund to invest in UK commercial p

St Modwen make £98 million loss due to revaluation and pass FY dividend for 2009

Mon, 08 Feb 2010 00:00:00 GMT

St. Modwen Properties Plc, the property regeneration specialist, today posted a wider fiscal 2009 pretax loss of £97.7 million as property values continued to feel the strain, but said it was confident of returning to profit in 2010 as markets im

Gallagher plans retail park sale

Fri, 05 Feb 2010 00:00:00 GMT

Gallagher Developments has announced plans to sell one of its retail business property sites.

According to Property Week, the firm is to put the Junction

Investors 'moving back into commercial property market'

Fri, 05 Feb 2010 00:00:00 GMT

Demand for commercial property is on the rise across western Europe, one expert claimed.

Speaking following the release of a report from the Urban Land

Commercial property recovery 'has a long way to go'

Fri, 05 Feb 2010 00:00:00 GMT

Business advisory firm BDO has warned that a business property recovery during 2010 is not guaranteed.

According to the company's latest commercial property in Islington.

This is according to Property Week, which reported that the fashion chain

Liberty to split shopping centres off into new REIT

Fri, 05 Feb 2010 00:00:00 GMT

Liberty International, one of the UK's largest listed property companies, is to split its £2.8 billion business in one of the biggest corporate restructurings in the UK real estate sector, the Financial Times reported today.

A spokesman f

British Land purchases Macclesfield business property

Thu, 04 Feb 2010 00:00:00 GMT

British Land has added a commercial property site in Macclesfield to its real estate yield.

The firm has purchased a supermarket in the town for £3

London offices 'to see double-digit rental growth'

Thu, 04 Feb 2010 00:00:00 GMT

Commercial property in central London will see strong growth this year, with rents at some office space rising into double digits.

This is according to

Prime residential prices rising in London, says Knight Frank

Thu, 04 Feb 2010 00:00:00 GMT

Prices of prime residential property in London continued to rise last month, according to new figures from Knight Frank.

Statistics from the firm show

Banco Santander report FY profits of €8.9 billion with strong support from UK operations

Thu, 04 Feb 2010 00:00:00 GMT

As the bank reporting season opens, Santander UK today announced profits up over 30% to £1.536 billion ( €1.726 billion ) as it contributed heavily to parent Banco Santander FY profits of €8.943 billion, which were up only 1%.

E

Blackrock take entire Drapers Gardens development at £49 psf for 25 years in boost to City office market

Thu, 04 Feb 2010 00:00:00 GMT

BlackRock, the New York-based investment manager, has boosted the City office market by taking a lease on the whole of the 300,000 sq ft Drapers Gardens development, for a term of 25 years at a rent of £49 per sq ft on the office accommodat

Commercial property construction begins in Leeds

Wed, 03 Feb 2010 00:00:00 GMT

Work on a new commercial property development in Leeds has begun after Wilton Developments secured planning permission for the site.

It is starting rede

UK commercial property market 'could face tough 2010'

Wed, 03 Feb 2010 00:00:00 GMT

The second half of 2010 could bring challenges to the commercial property sector in the UK, one expert has warned.

Currently, the market is enjoying a r

Midas relocates to Manchester Airport

Wed, 03 Feb 2010 00:00:00 GMT

Manchester's inward investment agency Midas is relocating to new business property near the city's airport.

The body is to take up office space in the Voy

Carpetright continues to gain through Q3

Wed, 03 Feb 2010 00:00:00 GMT

Carpetright, the UK's biggest floor coverings retailer, today said that it's Q3 sales were a third straight quarter of increased sales, boosted by rising activity in the housing market and business gains from troubled rival Allied Carpets.

Commercial property upturn 'to benefit financial sector'

Tue, 02 Feb 2010 00:00:00 GMT

Rising interest in the commercial property sector could help banks become profitable sooner than expected.

This is according to Reuters, which has sugge

New Look announce IPO to fund 40% further floor space expansion in UK in next 5 years

Tue, 02 Feb 2010 00:00:00 GMT

New Look Group Plc, the U.K. women’s budget fashion chain that was taken private in 2004, today launched its long-awaited initial public offering (IPO) to raise £650 million.

The firm says it wants to cut its debts and free it

London commercial property market 'is improving'

Tue, 02 Feb 2010 00:00:00 GMT

London has been identified as one location where investing in commercial property could prove beneficial.

The British capital, along with Munich, Paris

Ernst & Young warns of 'unsustainable' commercial property market

Mon, 01 Feb 2010 00:00:00 GMT

The current upturn in the commercial property market may not be sustainable, it has been warned.

According to the Ernst & Young ITEM Club, the end o

Optimism 'emerging' in London commercial property market

Mon, 01 Feb 2010 00:00:00 GMT

Signs of optimism are beginning to return to the European commercial property market, with London leading the way, a new report has concluded.

Jones Lan

UK 'dominating' European retail commercial property market

Fri, 29 Jan 2010 00:00:00 GMT

The UK was one of four countries to dominate the European retail commercial property investment market in the fourth quarter of 2009, according to a new report.<

Energy use 'to influence commercial property values'

Fri, 29 Jan 2010 00:00:00 GMT

The value of commercial properties is to be increasingly influenced by their energy efficiency and carbon dioxide (CO2) emissions.

This is the view of

Mayor calls for changes to Battersea development plans

Fri, 29 Jan 2010 00:00:00 GMT

Boris Johnson has called for changes to be made to the proposed redevelopment of Battersea Power Station.

The mayor of London said that the current plans for the £5.5 billion scheme do not fit in with the London Plan.

However, he pr

Commercial property "offers a very secure cash flow"

Fri, 29 Jan 2010 00:00:00 GMT

Investing in commercial property will provide a "very secure cash flow" at present.

This is according to head of capital markets for CB Richar

Safestore slips to a loss in a difficult trading year

Fri, 29 Jan 2010 00:00:00 GMT

Safestore Holdings, the UK's largest self storage group, said today that it's FY2009 sales were £84.4 million (2008 £82.9million), but that LFL sales were down by £0.3 million or 0.4%, and reported a pretax loss of £9.42 million co

Hertford Sainsbury's gets government approval

Thu, 28 Jan 2010 00:00:00 GMT

Plans to build new retail commercial property in Hertfordshire have been given the go-ahead.

The government has approved a proposal to build a Sainsbury

London office market leading UK property recovery

Thu, 28 Jan 2010 00:00:00 GMT

The business property recovery in London is being led by increasing interest in office space.

This is according to the Royal Institute of Chartered Survey

NRP to get more commercial property

Thu, 28 Jan 2010 00:00:00 GMT

A £5 million fund is to be used to extend Norwich Research Park (NRP), it has been announced.

The money will go towards develoing business property o

All-property total returns climb

Thu, 28 Jan 2010 00:00:00 GMT

The UK business property market saw total returns hit their second highest level since 1978 during the fourth quarter of 2009.

This is according to Jones

Demand increasing for Wales commercial property

Thu, 28 Jan 2010 00:00:00 GMT

Business property in Wales is increasing in popularity, new figures from the Royal Institution of Chartered Surveyors (Rics) have suggested.

Data from the

Confidence 'rising' in residential property market

Thu, 28 Jan 2010 00:00:00 GMT

Optimism is rising in the UK residential property market, with the forthcoming general election being one potential reason for the increase.

This is ac

Park Plaza Hotels FY REVPAR down 14% as investors look for finance for new apart-hotel

Thu, 28 Jan 2010 00:00:00 GMT

Park Plaza Hotels Limited, the AIM-listed owner, operator and franchisor of hotels in Europe, the Middle East and Africa, in it's FY report today said that revenue for the year was down 14%.

The group gets 40% of it's turnover from the UK and

Miller Developments completes Edinburgh business property sale

Wed, 27 Jan 2010 00:00:00 GMT

A business property development in Edinburgh has been sold to a Luxembourg-based company for £21.1 million.

Quay 2, which is the second phase of the

Approval granted for new South Yorkshire development

Wed, 27 Jan 2010 00:00:00 GMT

Councillors have approved plans for the construction of a new development in South Yorkshire that will include residential and commercial property.

The

Greene King Q3 sales up 4.3% on last year as a further 8 pubs are bought from Punch for £15.9 million

Wed, 27 Jan 2010 00:00:00 GMT

Greene King Plc said today in it's Q3 trading statement that retail comparable sales were up 4.3% and second half margins are expected to be broadly in line year-on-year.

An improving profit trend in Pub Partners, the tennanted pubs, has

Shopping centres 'could default on loans'

Tue, 26 Jan 2010 00:00:00 GMT

A number of shopping centres in the UK are at risk of defaulting on their loans, it has been warned.

In its latest Secondary Centres report, the British Council of Shopping Centres (BCSC) has warned that one in five of such commercial property sector is likely to slow down in the coming months, it has been suggested.

A new survey by property group Reita

Buyers 'can still benefit from central London residential investment'

Mon, 25 Jan 2010 00:00:00 GMT

Investors wanting to make the most of prime central London residential property can still do so, it has been claimed.

There has been a slight fall in p

Network Rail business property gets go-ahead

Mon, 25 Jan 2010 00:00:00 GMT

Planning permission has been granted for a new commercial property in Milton Keynes, which will become the home of Network Rail.

The town's planning aut

Westfield London posts strong sales figures

Mon, 25 Jan 2010 00:00:00 GMT

The Westfield London shopping centre has outperformed the centre of the capital and the UK as a whole with its Christmas sales figures.

In December, like-for-like transactions at the site climbed 18%, while footfall at the 150,000 sq m residential property.

This is according to head of con

Covent Garden sees strong December sales

Fri, 22 Jan 2010 00:00:00 GMT

There was a 24% year-on-year increase in the number of shoppers visiting Covent Garden London during December.

The area, which is home to numerous retailers as well as offices and other commercial property has set a new benchmark for real estate transactions in the area, it has been suggested.

According to Prope

Commercial property recovery sustainable, says BNP Paribas boss

Fri, 22 Jan 2010 00:00:00 GMT

BNP Paribas has moved to allay fears that the current growth seen in the UK's commercial property sector may end soon.

Speaking at the firm's annual pro

Central London business property 'to be limited this year'

Thu, 21 Jan 2010 00:00:00 GMT

The amount of commercial property space in available in London will be limited during 2010, one expert has predicted.

Head of the London investment team

Enterprise Inns report rate of decline in business is slowing but expects an"equally challenging" 2010

Thu, 21 Jan 2010 00:00:00 GMT

Enterprise Inns Plc said today that the rate of profit decline at its pubs was slowing as it reaped the benefits of selling its worst-performing assets, but that trading conditions will be challenging throughout 2010 despite some encouraging trends.

Morrisons wins the Christmas top 4 supermarket shoot-out with a 6.5% sales increase

Thu, 21 Jan 2010 00:00:00 GMT

Wm Morrison Supermarkets posted the biggest rise in Christmas sales among Britain's top four grocers, bolstered by its focus on low prices and fresh foods, but joined rivals in sounding cautious about 2010.

Britain's No.4 grocer, looking for a

ColliersCRE finish 2009 on a brighter note, but will still record a loss overall

Thu, 21 Jan 2010 00:00:00 GMT

Colliers CRE, the AIM-listed commercial real estate consultancy, in a post year end trading update for its financial year ended 31 December 2009, ahead its full year results in late March 2010 said it had a strong Q4, but will nevertheless make an o

Quintain Estates move to the front foot in Q3

Thu, 21 Jan 2010 00:00:00 GMT

Quintain Estates, the London regeneration specialist and owner of Wembley Arena, in it's Q3 trading statement today said that it had sold Commercial House in Jersey, earlier this month for £8.2million, which is 19% above the September 20

Approval given for Inverness business property site

Wed, 20 Jan 2010 00:00:00 GMT

The Highland Council has approved plans for the redevelopment of a 618-acre commercial property site at Inverness Airport Business Park (IABP).

Accordin

JD Wetherspoon outlines pub opening plans

Wed, 20 Jan 2010 00:00:00 GMT

JD Wetherspoon intends to expand its commercial property by opening around 50 new pubs in the current financial year.

The group, which may need to tap i

Bluewater reports strong Q3 sales

Wed, 20 Jan 2010 00:00:00 GMT

The Bluewater shopping centre in Kent has recorded strong sales for December 2009, beating the UK average set out by the British Retail Consortium (BRC) and KPMG by 1.6%.

Bluewater, which features 1.6 million sq ft of commercial property centre after Goodman announced it has formed a joint venture with Severnside Distribution Land.

A dis

Land Securities to lead the next London office development cycle

Tue, 19 Jan 2010 00:00:00 GMT

Land Securities Group Plc, Britain’s largest REIT, may revive a plan to build the London skyscraper known as the Walkie-Talkie as rents start to rebound.

Land Securities, put the project on hold in 2008 because of the slump

Pub commercial property recovery 'a year away'

Tue, 19 Jan 2010 00:00:00 GMT

It will be over a year before commercial property prices in the pub sector begin to recover, it has been suggested.

According to senior partner a

Commercial property returns positive in 2009

Mon, 18 Jan 2010 00:00:00 GMT

There was a record increase in commercial property values during December 2009, according to latest Investment Property Databank (IPD) UK Monthly Index.

Canary Wharf Group acquires 1 Park Place

Mon, 18 Jan 2010 00:00:00 GMT

The Canary Wharf Group (CWG) has invested £17.5 million in a commercial property site in the heart of Canary Wharf.

CWG purchased 1 Park Place

Jeweller takes up London retail location

Mon, 18 Jan 2010 00:00:00 GMT

A high-end jewellery firm has moved into commercial property on London's New Bond Street, taking over the premises from fashion retailer Dolce & Gabbana (D&a

Taylor Wimpey end 2009 on a stronger note

Mon, 18 Jan 2010 00:00:00 GMT

Taylor Wimpey unveiled no surprises today as it said full-year results are expected to be in line, and echoed comments of stabilisation in the market from rivals last week.

The country's second largest housebuilder by market value said market c

London & Stamford buy Focus DIY national distribution shed for £33.3 million

Mon, 18 Jan 2010 00:00:00 GMT

London & Stamford Property Ltd.today said it has exchanged contracts to buy a freehold distribution unit in Tamworth for £33.3 million at an initial yield of 9.5%.

The 584,632 square foot unit, which is being acquired from the Clerica

Aviva plans commercial property investment

Fri, 15 Jan 2010 00:00:00 GMT

Aviva Investors has begun spending a £250 million fund that is being used to take advantage of opportunities in the commercial property market.

Acc

Thames Valley business property market 'to see brighter 2010'

Fri, 15 Jan 2010 00:00:00 GMT

The Thames Valley commercial property market will improve this year after suffering one of its most difficult periods during 2010.

This is according to

RBS to put Grosvenor House Hotel up for sale

Fri, 15 Jan 2010 00:00:00 GMT

Grosvenor House Hotel, the famous five star London venue owned by Royal Bank of Scotland , is reported to be up for sale again. It is expected to raise between £600million and £700million.

CB Richard Ellis is being lined up to

Bovis Homes active in the land market but house sales subdued by mortgage availability

Fri, 15 Jan 2010 00:00:00 GMT

Bovis Homes Group Plc today said it expects 2010 to be another subdued year as mortgage approval volumes slowly rise, but its full-year underlying profit will meet its expectations, echoing comments from peers of a stabilisation in the sector, and supp

2010 'could be good year for commercial property'

Thu, 14 Jan 2010 00:00:00 GMT

This year could be a good one for the commercial property sector in the UK, it has been claimed.

According to Guy Cooke from property consultancy Knight

Big Yellow well positioned for a "patchy year" ahead

Thu, 14 Jan 2010 00:00:00 GMT

Self storage company Big Yellow Group Plc today posted a slight increase in Q3 revenue on the year, but said although the new year has started reasonably well, it still expects 2010 to be a "patchy year."

James Gibson, Chief Executive

Barratt agrees terms on £315 million of land during H1 as market picks up

Thu, 14 Jan 2010 00:00:00 GMT

Barratt Developments Plc, the U.K.'s largest house builder by volume, in it's H1 statement today, said it will focus on improving margins amid a recovery in the markets, but said it remains cautious.

Mark Clare, Group Chief Executive commented,

Paddington Central redesign wins approval

Wed, 13 Jan 2010 00:00:00 GMT
Westminster City Council has approved the final phase of the Paddington Central redevelopment scheme.

The go-ahead means more commercial property can no

Liverpool to get £200million commercial property revamp

Wed, 13 Jan 2010 00:00:00 GMT
Plans have been unveiled for the regeneration of a rundown area of Liverpool that would result in the creation of new commercial property.

The blueprints for the Edge Lane area of the c

Debenhams reveals commercial property development plans

Tue, 12 Jan 2010 00:00:00 GMT
Debenhams has outlined development plans for its portfolio of commercial property.

The retailer, which today issued an interim management statement reve

Approval granted for Lincoln business park

Tue, 12 Jan 2010 00:00:00 GMT
A new business park is set to be built in Lincoln after planning permission was granted by North Kesteven District Council.

The 80-acre Teal Park site is set to feature an array of

Declaring bad debts 'would help mortgage market'

Tue, 12 Jan 2010 00:00:00 GMT
The mortgage market would return to health if banks in the UK were to declare their bad debts.

This is according to technical manager at mortgageforce Katie Tucker, who said that financial institutions should be "forced" to disclose any

MGPA makes commercial investments in Poland

Tue, 12 Jan 2010 00:00:00 GMT
MGPA's Europe Fund III has increased its commercial property portfolio with the acquisition of two sites in Poland.

The private equity real estate inves

Galliford Try H1 housing sales up 15% on last year as stable conditions return

Tue, 12 Jan 2010 00:00:00 GMT
Galliford Try plc, the Uxbridge-based housebuilding and construction Group, said in a H1 trading update today that the housing market has continued to demonstrate the stability that returned during the course of 2009.

At 31 December 2009, tota

Tesco Christmas trading up 4.9% in the UK and 7.5% overall as consumers reject austerity

Tue, 12 Jan 2010 00:00:00 GMT
Tesco Plc today reported Christmas sales ahead of market expectations, helped by customers trading up to premium brands, its non-food ranges and a seasonal loyalty voucher giveaway.

Group finance director Laurie McIlwee told reporters on a conf

Overseas investors stepping up London commercial property purchases

Mon, 11 Jan 2010 00:00:00 GMT
A growing number of foreign investors are moving to purchase commercial property in Britain as building owners have cut their prices in the economic downturn, it

Fitness4less plans commercial property acquisitions

Mon, 11 Jan 2010 00:00:00 GMT
Fitness4less is looking to carry out commercial property acquisition as part of a nationwide expansion plan.

The health and fitness chain, which opened

Commercial property investment 'has long-term advantages'

Mon, 11 Jan 2010 00:00:00 GMT
Commercial property is still a viable long-term investment; however the market is set to experience a number of changes over the coming months.

This is

Blacks Leisure looking for funds to re-enter some towns abandoned in recent closures

Mon, 11 Jan 2010 00:00:00 GMT

Outdoor clothing retailer Blacks Leisure Group Plc today said it is seeking to raise £15 to £20 million to spend on its stores after an unusually cold winter in the U.K. boosted six-month sales.

The company, which shut 87 stores,

Cadena continues retail property investment

Fri, 08 Jan 2010 00:00:00 GMT
Cadena has continued its acquisition of retail parks with the acquisition of a site in Yeovil.

According to Property Week, the firm has purchased Houndstone Retail Park on behalf of an unnamed private investor.

The facility is said to ha

London property price rises 'set to continue'

Fri, 08 Jan 2010 00:00:00 GMT
Recent increases in the price of central London property will continue this year.

This is the opinion of London Central Portfolio chief executive Naomi Heaton, who stated that further rises can be expected in the residential sector due to the fac

Lloyds places 2 more failed developers into administration as pace of restructuring picks up

Fri, 08 Jan 2010 00:00:00 GMT
Two more property firms, backed by Lloyds Banking Group loans, have entered administration or receivership, in a further sign the bank is taking a firmer stance with its struggling commercial real estate clients.

Thornfield Ventures, whic

UK commercial property values up 3.3% in December - greatest monthly increase ever in CBRE Index

Fri, 08 Jan 2010 00:00:00 GMT
UK commercial property values rose 3.3% in December, their largest monthly gain since records began nine years ago and the sixth consecutive monthly hike, the latest CB Richard Ellis Monthly Index found.

Commercial property values have ri

Mayfair Capital invests in three commercial properties

Thu, 07 Jan 2010 00:00:00 GMT
Mayfair Capital Investment Management has added three new commercial properties to its portfolio.

According to Property Week, the fund manager has purchased a warehouse, a retail unit and a retail warehouse for its Property Income Trust for Chari

Commercial property rents 'could dip later this year'

Thu, 07 Jan 2010 00:00:00 GMT
There is a risk that commercial property rents will fall towards the end of 2010 due to overvaluations.

This is according to Kelvin Davidson of Capital

Christmas trading boosts Sainsbury's performance

Thu, 07 Jan 2010 00:00:00 GMT
Strong trading over the Christmas period has helped Sainsbury's to record a 4.2 per cent jump in like-for-like sales during the third quarter of its financial year.

The retailer, which is on track to increase its gross The firm has acquired 1 Threadneedle Street in the City of London from the Wellcome Trust.

SEB Asset Management has completed the acquisition of comm

LSL Property Services predicts higher 2009 results

Wed, 06 Jan 2010 00:00:00 GMT
LSL Property Services has predicted its full-year 2009 results will be be better than expected.

LSL Property Services has said its full-year 2009 results will exceed previous expectations.

The company noted the higher-than-expected v

Dubai developer invests in London real estate

Tue, 05 Jan 2010 00:00:00 GMT
Commercial property developer DP World has announced the acquisition of development land in London.

The firm has purchased the real estate from Royal Du

LSL Property Services predicts higher 2009 results

Tue, 05 Jan 2010 00:00:00 GMT
LSL Property Services has said its full-year 2009 results will exceed previous expectations.

The company noted the higher-than-expected volume of housing transactions that took place in the final six months of 2009 were the main reason for its re

Battersea Power Station redevelopment plans 'has support'

Tue, 05 Jan 2010 00:00:00 GMT
Support for a scheme to redevelop Battersea Power Station is growing, it has emerged.

Owners of the site Treasury Holdings UK and developers Real Estate Opportunities held a public exhibition of their intentions for the area during the first week

Dubai developer invests in London real estate

Tue, 05 Jan 2010 00:00:00 GMT
DP World's purchase means work can begin on the London Gateway logistics park.

Commercial property developer DP World has announced the acquisition of development land in London.

The firm has purchased the real estate from Royal Dutc

Battersea Power Station redevelopment plans 'has support'

Tue, 05 Jan 2010 00:00:00 GMT
A total of 82% of visitors to a recent exhibition highlighting plans to redevelop Battersea Power Station approved of the scheme.

Support for a scheme to redevelop Battersea Power Station is growing, it has emerged.

Owners of the sit

Residential property activity 'set to increase'

Mon, 04 Jan 2010 00:00:00 GMT
Activity in the residential property sector will increase this year as a result of slight house price rises.

This is according to senior technical manager at John Charcol Ray Boulger, who explained that people who wanted to move house last year b

London commercial property 'still has advantages'

Mon, 04 Jan 2010 00:00:00 GMT
Commercial property in London is still beneficial for business in spite of the economic downturn, it has been suggested.

According to Newsweek, holding

Fashion retailer d2 enters administration

Mon, 04 Jan 2010 00:00:00 GMT
Fashion retailer d2 has gone into administration, resulting in the closure of some stores.

Two of its three shops in Dublin have ceased trading, resulting in the loss of 39 jobs, while a further 22 have been made redundant at the firm's base in D

London commercial property 'still has advantages'

Mon, 04 Jan 2010 00:00:00 GMT
Many businesses still need to have a presence in the capital, it has been claimed.

Commercial property in London is still beneficial for business in spite of the economic downturn, it has been suggested.

According to Newsweek, holdin

Residential property activity 'set to increase'

Mon, 04 Jan 2010 00:00:00 GMT
Ray Boulger of mortgage provider John Charcol said that rising prices will bring more existing homeowners into the market.

Activity in the residential property sector will increase this year as a result of slight house price rises.

T

Fashion retailer d2 enters administration

Mon, 04 Jan 2010 00:00:00 GMT
The company has become the first retailer to fail since the Christmas trading period.

Fashion retailer d2 has gone into administration, resulting in the closure of some stores.

Two of its three shops in Dublin have ceased trading, re

US Treasury takes controlling interest in GMAC to inject further capital

Thu, 31 Dec 2009 00:00:00 GMT

The US Treasury said yesterday that it would convert some of its existing preferred stock in GMAC into common equity, a move that will see the government’s ownership increase from 35% to 56.3%. Cerberus, the private equity firm, will be the next

UK commercial property recovery to continue into New Year say forecasters

Wed, 30 Dec 2009 00:00:00 GMT
Leading forecasters are predicting the continued recovery of UK commercial property values in the new year. The IPD index shows a remarkable rebound, and total returns may even become positive after the largest monthly rise ever in the history of the inde

Max Property sells Farnborough Business Park for £16.5million to remove anomaly

Wed, 30 Dec 2009 00:00:00 GMT
Max Property Group Plc today said it has sold one of its business parks for £16.5 million, as it doesn't fit well with the rest of its Industrious portfolio.

Max Property said it has sold Southwood Business Park in Farnborough to Scottish

Segro exits retail with sale of Tesco JV to British Land

Wed, 30 Dec 2009 00:00:00 GMT

Segro has announced the sale of its 50% stake in its shopping centre JV with Tesco to British Land for £26.9million, the consideration based on a gross asset value of approximately £174million. This is the fifth joint venture British Land h

Ciref in new Australian gamble

Tue, 29 Dec 2009 00:00:00 GMT
Ciref Plc, the London-based AIM-listed property investment vehicle, has bought a 13% stake in Cromwell Group, a listed Australian Property Trust, for £42.5million.

Ciref bought the stake after successfully placing 23 million new ordinary

Repossession loophole used by GMAC to be abolished, in further move to keep borrowers in homes.

Tue, 29 Dec 2009 00:00:00 GMT
The Government will announce plans today to close a legal loophole which enables lenders to repossess people's homes without going to court. As the law stands, lenders can repossess and sell a property without the permission of either the homeowner or a c

Balfour Beatty acquire Doncaster-based social housing builder Strata in £10 million deal

Thu, 24 Dec 2009 00:00:00 GMT
Balfour Beatty has acquired Strata Construction, a Doncaster-based company specialising in the construction of affordable housing, for £10.3million.

Strata Construction is primarily a family-owned business and was founded 90 years ago, it

Whitbread agree £36.65 million sale and leaseback deal on 5 Premier Inns

Thu, 24 Dec 2009 00:00:00 GMT
Whitbread, the country's biggest hotel and coffee shop operator, said it had agreed to sell five properties to M&G Investments for £36.65 million and lease them back.

M&G will enter into 25 year leases with Whitbread, who wi

AIB shareholders vote yes to NAMA as bank says more capital is needed

Thu, 24 Dec 2009 00:00:00 GMT
Allied Irish and other banks are examining ways to bolster capital depleted by losses on souring loans to property developers. The bank's shareholders at an EGM yesterday approved a resolution to join the National Asset Management, set up by the Irish gov

November Mortgage approvals more than double last November levels

Wed, 23 Dec 2009 00:00:00 GMT
The number of home purchase loans approved by banks in November more than doubled compared with a year ago, while net mortgage lending rose at its fastest pace since February, data showed today.

The British Bankers' Association said 44,713 mort

Bellway get green light for 526 new homes in Newcastle

Wed, 23 Dec 2009 00:00:00 GMT
Bellway, the Newcastle based housebuilder, has announced that the construction of 526 new homes on Newcastle’s former Calder leadworks site between the River Tyne and the Metro Radio Arena has been approved by the city council.

Bell

Central London office rent spiral has bottomed out say NB Real Estate after falls of 35 - 50%

Wed, 23 Dec 2009 00:00:00 GMT
Office rents in the City of London, West End and Docklands have all finally stopped falling in Q4 2009 reveals research by NB Real Estate the leading commercial property agency.

Average headline rents for office space in the City stabilised at

Five jailed after international commercial property loan scam

Wed, 23 Dec 2009 00:00:00 GMT
Five men have been jailed for running an investment scam through which British expats lost nearly £2million, the Serious Fraud Office (SFO) has said. The men, who operated under the name Prudential Commercial Investments, conned overseas independent

Galliford Try win final Olympic Village Tower block contract

Tue, 22 Dec 2009 00:00:00 GMT
Galliford Try, the Uxbridge-based housebuilder and contractor, has won the final Tier One contract on the £1 billion Athletes Village for the 2012 Olympic Games.

Developer Lend Lease and the Olympic Delivery Authority yesterday confirmed

RICS forecast UK residential market to rise a little then fall a little in 2010

Tue, 22 Dec 2009 00:00:00 GMT
House prices will rise by 1-2% next year, with gains in the first few months of 2010 followed by stagnation and modest falls in the second half of the year, the Royal Institution of Chartered Surveyors said today.

House prices fell to a five-ye

6 charged with £50 million Cheshire Building Society fraud to appear in court in January

Mon, 21 Dec 2009 00:00:00 GMT
A complaint from the Cheshire Building Society (now part of Nationwide) has resulted in six people being charged with offences in relation to commercial mortgage frauds amounting to almost £50 million.

The defendants are due to appear bef

London's uber-residential market makes strong recovery in 2009

Mon, 21 Dec 2009 00:00:00 GMT
London's uber-residential property market has ended the year strongly.

Liam Bailey, head of residential research, Knight Frank, commented: “The top-end of the London residential market saw a remarkable revival during 2009. With a strong 2

Hammerson Joint venture buys Silverburn Shopping Centre Glasgow for £297 million from receivers

Mon, 21 Dec 2009 00:00:00 GMT

Hammerson Plc said today it, and Canada Pension Plan Investment Board, or CPPIB, have entered into a 50:50 joint venture which has acquired Retail Property Holdings Ltd. from the receivers of The Elementary Property Company Ltd. for £297 million

Segro reported to be in talks to buy Airport Property Partnership portfolio from BAA

Mon, 21 Dec 2009 00:00:00 GMT
Segro, the industrial property company, is favourite to buy a £250milion stake in a joint venture that owns a cluster of warehouses and offices around Heathrow from BAA, the Financial Times has reported.

The newspaper says that : "Th

November Mortgage lending down 14% from November 2008 say CML

Fri, 18 Dec 2009 00:00:00 GMT
Gross mortgage lending totalled an estimated £12 billion in November, a 10% drop from £13.3 billion in October and down 14% from £13.9 billion in November of last year, according to new data from the Council of Mortgage Lenders.

Tesco Express - new temporary store for Workington built in hours and opened in a week

Fri, 18 Dec 2009 00:00:00 GMT

A new record has been set for speed construction after a 13,000sqft Tesco store was delivered and installed in just 18 hours.Tesco's new temporary store at Northside, Workington, opened on Monday to the relief of customers living north of the River Der

Bank of England warns of double dip for UK commercial property

Fri, 18 Dec 2009 00:00:00 GMT
Over exposure to the commercial property sector could pose a serious risk to British banks, which will need to shore up their balance sheets substantially over the coming years, the Bank of England warned today in its biannual Financial Stability Report (

JJB Sports battle for survival but sales are 52% down on last year for last 20 weeks

Thu, 17 Dec 2009 00:00:00 GMT
Struggling retailer JJB Sports posted a 29% drop in recent underlying sales and said it remained cautious about Christmas trading as, while stock levels were improved, they remained below normal.

JJB, which saw suppliers hold back stock a

Savills lifted by UK and Asia Pacific for strong finish to 2009

Thu, 17 Dec 2009 00:00:00 GMT

Savills Plc said today that in recent weeks, it has seen continued strength in the transaction markets of the Asia Pacific region at a time when they were anticipating a degree of cooling of the market.

Savills also see an increase in

Travis Perkins report sales dive has bottomed out but no signs of improvement yet

Thu, 17 Dec 2009 00:00:00 GMT
Travis Perkins Plc, in it's trading update today, reiterated its outlook for 2010 and said that 2009 earnings will be at the upper end of market expectations after merchant markets stabilized and retail markets began a steady recovery.

The comp

Global Hotel sales forecast to rise 40% next year say JLL as bottom feeders go for value

Wed, 16 Dec 2009 00:00:00 GMT
Global Hotel tranactions in 2009 will total some $9 billion, a lot less than the $24.8 billion that was made last year, and it does not even compare to the $113 billion that was made in 2007.

But luxury hotels will be among the most traded rea

Comet stores improve H1 profits by 37% as UK swings back to help Kesa to H1 profit of £14.9 million

Wed, 16 Dec 2009 00:00:00 GMT
Kesa Electricals, Europe's No. 3 electricals retailer, today said it was well set for the Christmas period as it beat forecasts with a 37% increase in first-half profit helped by better trading in the UK.

"The outlook for the second-

Punch Taverns Q1 profits hit hardest by falls at leased pubs

Wed, 16 Dec 2009 00:00:00 GMT
The U.K.'s largest pub group, Punch Taverns Plc, today said it expects short-term profitability to be affected by the continued tough trading environment and its smaller pub estate, but it expects continued investment in its estate to benefit performance

Former Norwich Union HQ sold for £134 million on an 8% yield

Tue, 15 Dec 2009 00:00:00 GMT
Two Israeli insurance groups have acquired Norwich Union's former headquarters in the UK city of Norwich from Telereal for about £134 million. Harel Insurance Investments & Financial Services and Menora Mivtachim Holdings said they are each payi

November sees biggest rise in UK commercial property values in 15 years say IPD

Tue, 15 Dec 2009 00:00:00 GMT
UK commercial property values rose by the largest monthly figure in 15 years, according to November's IPD UK Monthly Index. Capital growth was 2.4% last month, bringing the compounded growth since the market began ascending in August to 5.4%. Year-to-date

Peel submits UK's biggest ever planning application for £4.5 billion Wirral Waters

Tue, 15 Dec 2009 00:00:00 GMT
Peel has yesterday submitted the largest planning application in the UK for its proposed £4.5 billion Wirral Waters scheme.

It proposes to develop the East Float docks into "a very sustainable and green high density and part high ris

Fitch considers down rating Euro banks with too much commercial property exposure

Tue, 15 Dec 2009 00:00:00 GMT
European banks, including those in the U.K., Spain and Ireland, have high exposure to the crisis-hit commercial real estate sector, and some of them could face negative rating actions as loan losses peak next year, Fitch Ratings said in a report today.

Carpetright H1 performance at the top end of expectations

Tue, 15 Dec 2009 00:00:00 GMT

Carpetright, the floor coverings retailer, doubled its interim dividend to 8p as it posted an expected 58% rise in H1 profit, boosted by higher house moves and reduced competition.
Lord Harris of Peckham, Chairman and Chief Executive, said:

Great Portland Estates buy 2 Regent Street properties for £35 million

Mon, 14 Dec 2009 00:00:00 GMT
Great Portland Estates plc ("GPE") announced today that through two separate joint ventures it has exchanged contracts, subject to freeholders consent, to acquire two long leasehold properties on Regent Street, London, W1 for £35 million f

Threadneedle buy shopping centres in Aberdeen and Slough for £81.74 million

Mon, 14 Dec 2009 00:00:00 GMT
Capital & Regional plc, the co-investing property asset manager, today announced that the Junction Fund has sold Kittybrewster Retail Park in Aberdeen and Slough Retail Park, Slough to Fund Managers Threadneedle Property Investments Ltd, for a price o

O Twelve Estates swing back to black as values bottom out

Mon, 14 Dec 2009 00:00:00 GMT
O Twelve Estates Limited reported a net profit for the six months ended 30 September 2009 of £2.9 million (30 September 2008: loss of £16.9 million, 31 March 2009: loss of £92.3 million), while consolidated net assets, before adjusting f

Whitbread encouraged by Q3 performance

Mon, 14 Dec 2009 00:00:00 GMT
Whitbread plc said today it expects fiscal 2010 earnings to exceed the top-end of market estimates as it reported Q3 like-for-like sales up 0.3% in the three months to Nov. 26.

The operator of Premier Inn hotels and the Costa Coffee chain said

Minerva offers olive branch to Kirsh

Mon, 14 Dec 2009 00:00:00 GMT

Minerva, the London office developer, said today it would be prepared to work with South African entrepreneur Nathan Kirsh if he shelved his takeover bid for the company, the Daily Telegraph reported.

Minerva has urged its investors to

Ealing Tower scheme thrown out by Communities Secretary

Fri, 11 Dec 2009 00:00:00 GMT
John Denham, the Communities Secretary has rejected plans for a 25-storey tower building in Ealing, west London.

Glenkerrin’s mixed-use Arcadia scheme in Ealing had been the subject of a planning inquiry over the summer, after being calle

Leeds Arena project gets £9.88 million government funding towards it's building cost.

Fri, 11 Dec 2009 00:00:00 GMT
Leeds Arena took a huge step towards being built today after the Government gave the green light for a £9.88million funding package to take the 12,500 seat project forward, though the balance of the £55million needed in total, still has to be

Bicester Village £190 million debt refinanced by German led consortium

Fri, 11 Dec 2009 00:00:00 GMT
A consortium of banks has advanced a £190 million (€210 million) loan to Bicester Village in Oxfordshire. Bicester Village is managed by Value Retail under the Chic Outlet Shopping Villages in Europe brand. It has consistently been rated the le

Cambridge -based developer in Pre-pack administration

Fri, 11 Dec 2009 00:00:00 GMT
Lloyds Banking Group has used the ‘pre-pack’ administration process to restructure one of the largest private property developers in south-east England as it works through the legacy of the former HBOS problem loan book.

Lloyd

East of England hotel businesses go into administration

Thu, 10 Dec 2009 00:00:00 GMT
A chain of hotels and pubs across East Anglia and Humberside are up for sale after the companies behind them went into administration.

The 14 hotels, three of which are leased out to third parties, and 13 pubs were placed into the hands of admi

PBR increases empty rates relief to £18k from £15k as Chancellor proposes holding budget

Wed, 09 Dec 2009 00:00:00 GMT

The UK commercial property sector was given a boost in today's Pre-Budget Report as Chancellor Alistair Darling extended the relief from empty business property rates for another 12 months.
His pre-budget report is largely a non-event as f

UK Residential market prices up over the year on Halifax index, but still 16% below high water mark

Wed, 09 Dec 2009 00:00:00 GMT

Residential property prices rose again in November in the UK but are set to be flat next year, according to the latest index published today.

Property prices rose by 1.4% in November compared to a month earlier, according to the Halifax, bri

Standard Chartered Bank expects record year as likely Dubai losses dubbed "not material"

Wed, 09 Dec 2009 00:00:00 GMT
Standard Chartered, the Asia-focussed bank, said any losses it suffers in Dubai were unlikely to be material and it was on track for a record profit this year.

The London-based bank said today that in the 11 months to the end of November it had

DTZ report deeper H1 losses due to restructuring costs on sales down 9% at £168.2 million

Wed, 09 Dec 2009 00:00:00 GMT
DTZ Holdings plc, the international property advisers and consultants, today posted a wider H1 pretax loss as it was hit with a raft of charges following its major restructuring, and said it expects market conditions to remain challenging in the short ter

Canary Wharf to sell 5 Churchill Place for £208 million for a 6% yield

Wed, 09 Dec 2009 00:00:00 GMT

Songbird Estates plc said today that Canary Wharf Group PLC, its main operating subsidiary, has contracted to sell its long leasehold interests in 5 Churchill Place to 5 Churchill Place LP, a limited partnership owned and controlled by a private invest

Colliers CRE see a further year of UK commercial property negative returns in rentals and capital values

Wed, 09 Dec 2009 00:00:00 GMT
It will take another year before the effect of the property crash has come to an end, as capital and rental growth are both expected to be negative next year, according to Colliers CRE, although total returns from property are still set to rise to 5.7% as

Conygar turn others misfortune to their gain producing a YE pre-tax profit of £13.7 million

Tue, 08 Dec 2009 00:00:00 GMT

The Conygar Investment Company PLC, the property trading and development company with a focus on waterfront property, announced its results for the year ended 30 September 2009. The Group turned what would have been a loss into a pre-tax profit of

Tesco Q3 UK sales up 2.8% while worldwide sales excluding petrol were 8.8% up

Tue, 08 Dec 2009 00:00:00 GMT
Tesco, the world's third-biggest retailer by sales behind Wal-Mart Stores Inc. and Carrefour SA, posted higher quarterly sales as overseas expansion bolstered steady growth in Britain but the performance was weaker than analysts had expected.
<

Biggest monthly rise in UK commercial property values this century say CBRE of November

Tue, 08 Dec 2009 00:00:00 GMT
UK commercial property values in November made their biggest monthly gain since records began nine years ago, rising 2.7% and marking the fifth consecutive monthly increase, the latest report from consultants CB Richard Ellis’ (CBRE) Monthly Index f

New architects for Chelsea Barracks appointed as Candy brothers lose round one of their fight with Qatari's

Mon, 07 Dec 2009 00:00:00 GMT
New architects for the controversial £1 billion Chelsea barracks scheme have been chosen by the site's owners Qatari Diar, from 10 firms shortlisted by a panel set up to include a representative of the Prince's Foundation for Architecture.

Henderson Fund buys Fort Shopping Park for £101million from USS paid by a property and units

Mon, 07 Dec 2009 00:00:00 GMT
Henderson Global Investors’ UK Retail Warehouse Fund has sold two retail warehouse assets in Newcastle for £50million and acquired the Universities Superannuation Scheme’s interest in Manchester Fort Shopping Park for £101million .

Aviva Investors take advantage of market conditions to offload 12 properties to SWIP at a 7% yield

Mon, 07 Dec 2009 00:00:00 GMT
SWIP Property Trust, has bought a portfolio of 12 UK commercial properties from Aviva Investors for circa £260million, reflecting an initial yield in the region of 7%.

The portfolio includes retail warehouse parks in Beckton and Reading

Crossrail acquire Hanover Square building for new Bond Street station

Mon, 07 Dec 2009 00:00:00 GMT
Crossrail have acquired 18/19 Hanover Square, W1 from Great Portland Estates plc (GPE) via a compulsory purchase order (CPO) under the Crossrail Act 2008 to enable the development of the Bond Street Crossrail station.

The initial c

Wichford report FY loss of £75.4 million but H2 saw a marked improvement

Mon, 07 Dec 2009 00:00:00 GMT
Wichford Plc, the public sector landlord, with properties principally in the UK but also France, Germany and The Netherlands, today reported a loss for the year of £75.4 million (2008: loss of £130.4 million), though it made a profit on it's t

Trading in the shares of Pubs 'n' Bars Plc suspended

Fri, 04 Dec 2009 00:00:00 GMT
Trading in shares of AIM-listed Pubs 'n' Bars plc was suspended this morning. This follows the collapse into receivership in September of it's loss making subsidiary Moorgate Taverns.

In contrast to some other pub groups, the business model of

Bellway heads for sales increase of 10% in H1 but takes cautious view on H2

Fri, 04 Dec 2009 00:00:00 GMT
Housebuilder Bellway said in an interim statement today that it was on course for a 10% increase in its half-year sales, but warned that a dearth of mortgage finance continues to hobble the housing market.

Bellway's sales for the four months to

Berkeley Group H1 profits down 35% to £52million and says market will slow up to the election

Fri, 04 Dec 2009 00:00:00 GMT

Housebuilder Berkeley Group posted H1 results down over a third today, impacted by a lower number of transactions and a drop in selling prices.

The London-based developer and builder posted a pretax profit in the six months to end October do

Another report highlights the UK commercial property finance logjam we are heading into.

Fri, 04 Dec 2009 00:00:00 GMT
The value of UK commercial real estate debt in default or in breach of key lending agreements more than doubled to about £30billion in the first six months of the year, posing a growing threat to Britain's banking sector revival,, a survey has revea

Max Property makes maiden interim statement

Thu, 03 Dec 2009 00:00:00 GMT
In it's maiden interim statement today Max Property which raised 211.4m net of expenses raised on 27 May, 2009 upon listing on AIM and CISX reported on it's eventually successful acquisition of the Industrious portfolio.

Max got 7 propert

Local Shopping REIT sink to 2009 loss of £31 million, but propose to pay final dividend

Thu, 03 Dec 2009 00:00:00 GMT
The Local Shopping REIT today reported that during the year the Company made a recurring profit of £2.9 million (3.5 pence per share), but was affected by a devaluation of it's portfolio down £27.9 million (13.2%) to £174.4 million, and

Marstons FY 2009 profit down £55 million on 08 as sales slip 3% but trend is now improving

Thu, 03 Dec 2009 00:00:00 GMT
Marston's, the brewer and pub operator, said it had made an encouraging start to its new financial year as trading continued to improve, after posting a a much-reduced fiscal 2009 pretax profit, following a string of exceptional costs, but said it has mad

CBRE forecast £79 billion of further UK commercial property losses for the banks and a double dip scenario

Thu, 03 Dec 2009 00:00:00 GMT
£79billion of UK commercial property debt could go sour in the next few years, threatening further losses for banks, and pointing to a "W" shaped double-dip recovery scenario with a further dip in 2011 ahead.

Loans on poor quali

Another retail CVA saves 12 out of 15 stores at Flannels Group

Wed, 02 Dec 2009 00:00:00 GMT
A proposed company voluntary arrangement (CVA) at Manchester-based upmarket fashion retailer Flannels Group Ltd has won the support of creditors.

About 89% of creditors, measured by money owed, voted in favour of the proposal, which needed 75%

Telford Homes report that H1 sales more than double last years as East London market bounces back

Wed, 02 Dec 2009 00:00:00 GMT
Telford Homes Plc, the AIM-listed East London residential developer,, today announced its interim results for the six months ended 30 September 2009, and said that it's H1 sales were £85.9 million (H1 2008: £35.6 million) and profit before tax

Galliford Try buy Rosemullion Homes, the award -winning Truro builder

Wed, 02 Dec 2009 00:00:00 GMT
Galliford Try plc, the housebuilding and construction group, announced today the acquisition of Rosemullion Property Company Limited and its subsidiaries, trading as Rosemullion Homes, a well established housebuilder based in Truro, Cornwall. Rosemullion

London investment market dominated by foreign buyers in 2009 for the first time

Tue, 01 Dec 2009 00:00:00 GMT
The recent announcement of the exchange of contracts for the sale of HSBC Headquarters in Canary Wharf to the National Pension Service of Korea continues the key trend of 2009 which has seen overseas buyers dominate the Central London investment market &n

Newriver Retail makes maiden purchase in Wrexham for £5.25 million

Tue, 01 Dec 2009 00:00:00 GMT
AIM-listed NewRiver Retail Limited, the specialist value-creating retail property investment and asset management company whose debut to the marekt proved a damp squib, announced it has completed the acquisition of its first investment from Town Cen

Greene King report H1 sales up 4.3% and the purchase of 7 Scottish pubs from M&B

Tue, 01 Dec 2009 00:00:00 GMT
Greene King plc today reported first-half earnings ahead of expectations, and said the progress made in the first half has continued into the second half of the year.

The brewer, which manages its own pubs and resturants as well as renting out

Shaftesbury report a robust FY performance as West End values swing into the black in H2

Tue, 01 Dec 2009 00:00:00 GMT
Shaftesbury plc, the London West End property investment company, with over 450 properties in that area, said today that for the year ended Sep. 30 its pretax loss narrowed to £58.1 million from a loss of £220.9 million a year earlier.

Irish banks ask shareholders to vote for NAMA deal

Tue, 01 Dec 2009 00:00:00 GMT
Bank of Ireland and Allied Irish Banks have urged their shareholders to back proposals to sell toxic real estate loans to Ireland's new bad bank scheme. The banks estimate they could receive a combined total of € 28 billion if the National Asset Mana

Further closures announced by administrators at First Quench to leave a rump of stores trading at Xmas

Mon, 30 Nov 2009 00:00:00 GMT
A third round of job losses at the First Quench group of off-licences has been announced, taking the total number of staff cuts by the collapsed company to nearly 6,000 in a month.

First Quench, which operates on the high street under the names

Housing market rally running out of steam as more new buyers fail to appear

Mon, 30 Nov 2009 00:00:00 GMT
The housing market in England and Wales strengthened modestly in November, with the smallest year-on-year drop in house prices since May 2008, a survey by property data company Hometrack showed today.

House prices rose 0.2% from last month on a

Top UK residential properties back at peak or close to peak values say Savills

Fri, 27 Nov 2009 00:00:00 GMT
Increased demand amongst discerning cash rich buyers in the UK means that the best properties in the best locations are now typically within 5% to 10% of their peak, according to new research.

Georgian style properties are more likely to attrac

RICS reveals Climate Change Action Plan for the UK

Fri, 27 Nov 2009 00:00:00 GMT

RICS announced its commitment to taking concrete action to respond to the challenges of climate change in the UK. Following the announcement of the Global Climate Change Strategy last week in New York, RICS is launching its plan for the UK.
Afte

Warner Estate still at banks mercy reports further losses for H1

Fri, 27 Nov 2009 00:00:00 GMT

In it's H1 results today, Warner Estate Holdings said that revenues were down at £15.6million (September 2008: £23.5million) and that it had a pre-tax loss of £27.6million (September 2008: -£124.7million) which resulted in a neg

Terrace Hill disposes of Covent Garden Kean House development for £16million

Fri, 27 Nov 2009 00:00:00 GMT
AIM-listed Terrace Hill Group plc, announced today that it has sold the freehold interest in its Kean House development in Covent Garden, London to a major UK institution for a total consideration of £16 million, representing a net initial yield of

Bank of China buys lease on building next to Bank of England to become new London HQ

Fri, 27 Nov 2009 00:00:00 GMT
Bank of China has acquired the One Lothbury development, adjacent to the Bank of England building in the centre of London's financial district, as its new HQ for £100 million.

The new development consists of 10,600 m2 of space in the Squ

Slimmed down Clinton Cards sales up 3.9%

Thu, 26 Nov 2009 00:00:00 GMT
Greetings card retailer Clinton Cards in it's interim statement said today like-for-like sales for the 16 weeks to November 22 rose 3.9% aided by solid performance across all product categories and exceptional Halloween sales.

The company, whic

Borders UK falls into administration

Thu, 26 Nov 2009 00:00:00 GMT
Bookseller Borders UK has entered administration, becoming the latest high street victim of recession.

Late yesterday, the firm owned by Valco Capital Partners, the private equity arm of restructuring specialist Hilco, appointed BDO LLP as admi

M&B FY results swing back to black after resilient 2009 performance

Thu, 26 Nov 2009 00:00:00 GMT
Mitchells & Butlers plc today said it swung to a full-year net profit from a net loss last year, helped by food sales and strong brands, but said the outlook for the second half is uncertain.

Current trading is improving: there has been a r

Bid for Rugby Estates lapses

Thu, 26 Nov 2009 00:00:00 GMT
Laxey backed Terra Catalyst Fund said yesterday that its mandatory offer for UK listed property firm Rugby Estates Investment Trust has lapsed with immediate effect and is 'no longer capable of acceptance'. Terra launched the bid last month through its Te

Ciref gets new investment to restructure from South Africa

Thu, 26 Nov 2009 00:00:00 GMT

Ciref Plc, the London-based AIM-listed property investment vehicle, is seeking to raise £38million with a placing of new share to repair it's balance sheet after reporting full year net losses which rose to £39.71million - up from £28

Mercury Inns goes bust though businesses continue trading

Wed, 25 Nov 2009 00:00:00 GMT
Tamworth-based Mercury Inns has gone into administration. The firm was formed 12 years ago by co-managing directors Mark Butler, Kevin Thornton and operations director Andrew Chapman. It had around 220 employees and a turnover of around £8 mil

Asset bubbles represent the next threat says World Bank president as he warns against rate hikes

Wed, 25 Nov 2009 00:00:00 GMT
Swift interest rate hikes aimed at containing inflation in product and asset prices could cause another downturn in the slowly recovering economies of the United States and Europe, the head of the World Bank said.

"Waiting for bubbles to b

Hansteen makes £57 million offer for KEIF

Wed, 25 Nov 2009 00:00:00 GMT
Hansteen Holdings plc announced today that it had bought 12% of the issued share capital of Kenmore European Industrial Fund Limited ("KEIF") from Knowe Properties Ltd at a price equivalent to 40.6p per share.

Hansteen is issuing some

Enterprise to sell 14 top pubs at auction on leaseback deal

Tue, 24 Nov 2009 00:00:00 GMT
Enterprise Inns is selling the freeholds of 14 pubs at public auctions next month subject to the creation of a cheeky 35-year lease in its favour, where it will skim 15-20% off off the rent it gets. The question is whether it adds any value to the investo

Distressed commercial property sales increase globally in Q3 say RICS

Tue, 24 Nov 2009 00:00:00 GMT

Distressed commercial property sales rose in more countries during Q3, as a greater number of buildings were foreclosed in the wake of the global economic downturn, a survey showed on today.
Out of 25 countries surveyed, 21 reported distressed s

Buy-To-Let lender Paragon rides out the storm at anchor

Tue, 24 Nov 2009 00:00:00 GMT
Paragon Group, which includes the specialist UK Buy-To-Let mortgage lender First Mortgages, which is not presently lending, announced a FY pre-tax adjusted profit of £54.3 million (2008 £53.7 million), though the underlying profit was only &po

The Mall Fund sells Bexleyheath Shopping Centre.

Mon, 23 Nov 2009 00:00:00 GMT
The Mall Fund has sold Bexleyheath shopping center in London for an undisclosed sum. The transaction represents the latest acquisition made by LaSalle Investment Management on behalf of a pension fund client for whom LaSalle manages a pan-European m

Metrovaseca report Q3 loss of €788 million as revenues and values collapse

Mon, 23 Nov 2009 00:00:00 GMT
Metrovacesa, Spain's largest property company which bought the HSBC Tower at the height of the bubble only to sell it back again at a £400million loss, saw its net loss widen to €788 million in Q3 of the year, mostly as a result of heavy devalu

Terrace Hill refinance £39.3 million of debt

Mon, 23 Nov 2009 00:00:00 GMT

Terrace Hill Group plc, the AIM-listed London-based property development and investment group, announced today that it has completed the £39.3 million of refinancings which the Company announced it had agreed in principle within its interim resul

Eurohypo renews £340 million facility for Telereal Trillium

Fri, 20 Nov 2009 00:00:00 GMT
Eurohypo has today entered into a £340 million financing with Telereal Trillium, secured on a portfolio of properties within Telereal Trillium’s outsourcing contracts. The facility, arranged and structured by Eurohypo, is provided by a club of

Daejan swing to H1 profit of £16.2 million

Fri, 20 Nov 2009 00:00:00 GMT
Daejan Holdings Plc swung to a pretax profit in H1, as net valuation losses on investment properties fell sharply, and said it expected property values might have stabilised.

The company posted a pretax profit of £16.2 million

Plans for £5billion regeneration of Brent Cross given go-ahead

Fri, 20 Nov 2009 00:00:00 GMT
Plans for a major regeneration scheme, covering 250 acres in London's Brent Cross have been given the go-ahead by Barnet Council, and will take 20 years to complete at a cost of around £5 billion.

The council’s planning committee gr

Blackrock loses a fund manager and with him 2 funds to Aviva

Fri, 20 Nov 2009 00:00:00 GMT
BlackRock, the global asset manager, will transfer the management of two real estate fund of funds to Aviva Investors following the departure of the funds’ manager for Aviva, both companies said today.

The transfer is to help mainta

Nationwide BS turn in solid H1 performance while picking up the pieces of failed rivals

Fri, 20 Nov 2009 00:00:00 GMT

Nationwide, Britain's largest building society, said its underlying earnings more than halved in the first half, hit by compressed margins and hefty bad debt provisions, and warned of weaker house prices in 2010.

Nationwide said its underlyi

Debt Reduction Management

Thu, 19 Nov 2009 22:00:00 GMT

Many people get into debt due to unexpected events which interfere with their loan repayment plan, these can occur at any time in one's life: getting unemployed, getting sick are serious issues which require money and the consequence is that the perso

Youngs H1 profits up 3.7% as proof that well managed pubs can prosper in these times

Thu, 19 Nov 2009 00:00:00 GMT
Youngs, the London pubco and brewer, reported H1 sales up 1.5% at £67 million and adjusted pre-tax profits of £12.3 million, up 3.7% on last year.

Youngs has a highly cash generative business, supported by a robust balan

Wm Morrison report Q3 sales up 4.3% as it keeps pace with rivals says now looking for new CEO

Thu, 19 Nov 2009 00:00:00 GMT
In it's Q3 statement, Wm Morrison Supermarkets Plc, which has had its chief executive poached by retailer Marks & Spencer, said falling food price inflation knocked sales growth in its third quarter, but it was still winning customers.

Brit

Derwent London Q3 sees further strong progress

Thu, 19 Nov 2009 00:00:00 GMT

Derwent London Plc, a London landlord and developer REIT, said today it's preparing for the next stage of the property cycle, including stepping up schemes in its portfolio, after recent signs of improvement in the central London market.

It

London & Stamford make good progress in H1 but remain cautious

Thu, 19 Nov 2009 00:00:00 GMT
London & Stamford Property Ltd. today in it's H1 statement, said it remains cautious in the face of a difficult occupier market but said there are tentative signs of recovery.

Raymond Mould, the Non-Executive Chairman of London &

New £21.5 nillion Phoenix Square digital arts centre opens in Leicester

Wed, 18 Nov 2009 00:00:00 GMT
A new £21.5 million film and digital media centre, Phoenix Square, was opened officially yesterday in Leicester and opens to the public tomorrow. Phoenix Square is the creation of a partnership project between Blueprint, Phoenix, Leicester City Coun

Allied Irish Banks increase bad debt provisions by a further €1billion

Wed, 18 Nov 2009 00:00:00 GMT
Allied Irish Banks added €1 billion to its forecast for bad debt charges in 2009, with much of the increase on the portfolio expected to be transferred to Ireland's new "bad bank" scheme.

Allied Irish said the bad deb

Land Securities turn a weak H1 profit as valuations decline abates

Wed, 18 Nov 2009 00:00:00 GMT
Land Securities Group Plc, the U.K.’s largest real estate investment trust, reported a profit for the first half as property values fell at a slower pace, but underlined the still difficult market conditions.

Net income for the six months

Bovis Homes on mission to replenish land bank as sales soar

Wed, 18 Nov 2009 00:00:00 GMT
Bovis Homes Group Plc said today that it has sustained its strong current year performance in private home reservations for the year ended Nov. 13, and achieved 1,488 private reservations-83% ahead of the comparative figure for the same period in 2008.

Segro launch £300million worth of new 12 year bonds paying 6.75%

Wed, 18 Nov 2009 00:00:00 GMT
Segro yesterday launched and priced £300 million in unsecured bonds, improving its debt profile as the UK commercial property market stages a comeback.

Segro, Europe's largest listed industrial landlord, said in a statement the 12-y

Minerva rejects cash offer from largest shareholder as "unwelcome"

Tue, 17 Nov 2009 00:00:00 GMT
Minerva Plc, the developer of the two largest office projects in the City of London, rejected a cash bid from its largest shareholder that valued the company at £84.5 million

KiFin Ltd., an investment company controlled by South African i

Enterprise Inns FY results disappoint with further profit decline and more decline forecast

Tue, 17 Nov 2009 00:00:00 GMT
Enterprise Inns' , Britains second largest pubco, announced a FY pretax profit (before exceptional items) 21% down at £208 million, which is below expectations and at the bottom of the market range, says Shore Capital.

Enterprise says cu

Barratt now restored to financial health plans land purchases

Tue, 17 Nov 2009 00:00:00 GMT
Barratt Developments Plc today said it is in a strong position to buy land as opportunities emerge to open new sites, but it warned that activity levels in the housing market will remain constrained until the availability of mortgage finance increases.

British Land H1 reports incomes and capital values starting to lift in Q2

Tue, 17 Nov 2009 00:00:00 GMT
British Land Plc said today that its portfolio valuation rose 1.4% in Q2, the first such increase since the recession hit property markets, but said it's still mindful of the property downturn.

The company said that a positive shift in in

Further decline in Irish commercial property values leads IL&P to increase impairment provisions

Tue, 17 Nov 2009 00:00:00 GMT
Irish Life & Permanent, Ireland's leading Bancassurer, said impairment provisions in its banking arm would be higher this year than previously forecast as commercial property values continued to decline.

Ireland's biggest life a

UK Residential asking prices down 1.6% this month as slow down takes hold

Mon, 16 Nov 2009 00:00:00 GMT
Asking prices for homes in England and Wales were 1.6% higher in November than a year ago, the biggest annual rise since May 2008, property Web site Rightmove said today.

On a month-on-month basis, prices fell by 1.6% in what Rightmove said was

C&W forecast subdued recovery in banks property requirements with London favoured over EU locations

Mon, 16 Nov 2009 00:00:00 GMT
European financial capitals can expect subdued performance in terms of banking office take up, as the wider sector remains on the cusp of significant change. According to Cushman & Wakefield’s new European Banking Briefing, the retail banking se

Land Securities wins Arundel Great Court mixed-use application on appeal

Mon, 16 Nov 2009 00:00:00 GMT

Land Securities confirmed today that full planning consent has been granted at appeal for its 1.04 million ft² (96,450 m²) mixed use development of Arundel Great Court, WC2.
The detailed plans, by award winning architects Horden

Majestic Wine meets expectations with H1 profits up 9%

Mon, 16 Nov 2009 00:00:00 GMT
Majestic Wine, Britain's largest wine warehouse chain, posted a 9% increase in first-half profit and said its new six-bottle purchase model had seen an "encouraging" response from consumers.

Majestic Wine, which trades from 153

Persimmon Q3 continues improving trend in sales and returns to the land market

Mon, 16 Nov 2009 00:00:00 GMT
Housebuilder Persimmon said today that it's Q3 trading has continued ahead of last year and they expect to legally complete 9,000 homes for the year ending 31 December 2009.

Persimmon is fully sold up for 2009 and has a further £500

Land Securities leads the green agenda with display of Energy Certificates

Fri, 13 Nov 2009 00:00:00 GMT
Land Securities is leading the call for action on reducing carbon emissions this week as it begins the introduction of Display Energy Certificates across its London office portfolio and Chief Executive, Francis Salway, delivered his speech ‘Leading

Rugby Estates urge shareholders to reject Laxey -backed offer

Fri, 13 Nov 2009 00:00:00 GMT
Rugby Estates Investment Trust (REIT) has urged shareholders to reject an offer from Terra Investments, saying the 41-pence a share bid fails to reflect the underlying value and growth potential.

Rugby Estates said it was exploring a number of

New Heron west end building "The Peak" launched

Fri, 13 Nov 2009 00:00:00 GMT
Heron International today launched its new London West End office and retail project, The Peak, a sign of rising developer confidence in the UK’s recovering commercial property market.

Heron, which is partnering AXA Real Estate Investment

HBOS funded Kenmore Property Group collapses into administration

Thu, 12 Nov 2009 00:00:00 GMT
Lloyds Banking Group was chasing debts and investments of more than £700 million after the collapse of a property developer that it has been bankrolling.

Administrators at Grant Thornton were appointed to salvage what they could of Kenmor

Henry Boot meets expectations in Q3

Thu, 12 Nov 2009 00:00:00 GMT
Henry Boot, in it's Q3 statement today said that the business is performing as expected and that they have continued to repay debt, reducing it by £20million to around £30 million.

The Sheffield-based builder and developer sai

Bootle bullish on UK commercial investment property - says market is fair value now but in danger of over buying

Wed, 11 Nov 2009 00:00:00 GMT
Roger Bootle outlined his views on the future of the UK economy and the domestic commercial property market during a speech yesterday at retail property organization BCSC’s Conference in Manchester.

In keeping with his reputation as

Allied Irish copying Santander with sales and leaseback of branch network property

Wed, 11 Nov 2009 00:00:00 GMT
Allied Irish Bank is selling one of its flagship central Dublin branches under a sale-and-leaseback plan to raise cash.

The bank gave no details but the Irish Times said the branch in the Grafton Street shopping district was the bank’s mo

Great Portland Estates Q3 results well received

Wed, 11 Nov 2009 00:00:00 GMT
Great Portland Estates’ net gearing will continue to rise as it chases investment and development opportunities in line with improving market sentiment, its chief said today.

Chief Executive Toby Courtauld said the company has undrawn fir

A&J Mucklow actively seeking new properties, though not at any price.

Tue, 10 Nov 2009 00:00:00 GMT
A & J Mucklow Group plc, the Halesowen based REIT, at it's AGM today said it had made good progress since the start of the new financial year.

Rupert Mucklow, 44, Chairman said that industrial property values appear to have improved s

Newly formed PE -backed developer buys Alconbury air base for £27.5million

Tue, 10 Nov 2009 00:00:00 GMT
Nigel Hugill and Robin Butler have established Urban&Civic, a UK real estate firm backed by private equity house GI Partners.

GI Partners recently closed its third fund, GI Partners Fund III, raising US$1.9billion. This fund will provide t

Barclays report Q3 profits of £4.5billion, but little exposure to UK commercial property

Tue, 10 Nov 2009 00:00:00 GMT
Barclays Plc said strong investment banking powered a £1.56 billion pound profit in Q3, helping offset a big bad debt charge, as the bank restarted dividend payments - but at 1p the payout was smaller than the 2p some had been expecting and it sound

Intercontinental Hotels report Q3 profits down 26% as demand stabilises but rates still under pressure

Tue, 10 Nov 2009 00:00:00 GMT
InterContinental Hotels Group plc (IHG) said today that there are signs that occupancy at its hotels is stabilizing, but rates are still under "considerable" pressure and its third quarter profits and revenue fell.

The world's largest

Grade A office building near Heathrow sells for £26 million - a yield of 8.76%

Mon, 09 Nov 2009 00:00:00 GMT
Legal & General Property has acquired the freehold interest of No 4 The Square, Stockley Park, a business park near Heathrow Airport, on behalf of its Linked Pensions Fund from Ropemaker Properties, the property holding company of BP Pension Fund. LGP

Despite the 3.7% rise this year UK house prices will fall 7% in 2010 say Savills

Mon, 09 Nov 2009 00:00:00 GMT
House prices could fall by nearly 7% in 2010, according to a Savills forecast.

The property group predicts that house prices will go into reverse next year after a 3.7% rise in values in 2009.

It predicts a 6.6% decrease next year, f

Limited supply and great demand is forcing UK commercial property prices to rise

Mon, 09 Nov 2009 00:00:00 GMT
Demand among investors for a limited supply of prime UK commercial real estate assets is leading to increasingly higher bidding. Prime yields fell 35 basis points in October to 6.58%, the largest monthly fall since at least 1993, Cushman & Wakefield s

Southern Cross post further £19.8 million loss and pass on dividend payment

Sun, 08 Nov 2009 00:00:00 GMT
U.K. care home operator Southern Cross Healthcare Group PLC said today it plans to bring back dividend payments in 2010 after it cut down its debt, and said it was confident for the fiscal 2010.

However, the operator of 744 homes across t

Central St Giles set to become top nosh food court

Fri, 06 Nov 2009 00:00:00 GMT
Legal & General Property and Mitsubishi Estate Company are set to create a new world-class dining destination at their Central Saint Giles development in Central London. The 500,000 ft² (approx. 46,000 m²) mixed-use scheme designed by intern

JLL say Q3 lending to UK property fell for the first time in 12 years

Fri, 06 Nov 2009 00:00:00 GMT

According to Jones Lang LaSalle, the latest Bank of England lending figures show that bank lending in sterling to real estate over Q3 2009 fell for the first time since December 1997.
Total lending dropped by £2.5 billion. to £244 bil

CBRE Monthly Index shows commercial property values rebounding 2% in October

Fri, 06 Nov 2009 00:00:00 GMT
The recovery in UK commercial property values accelerated in October, rising 2% in what is the sector’s fourth straight month of growth since bottoming in June, the latest CB Richard Ellis (CBRE) Monthly Index shows.

The rise was boosted

Galliford Try report strong housing sales but construction demand dependant on public sector

Fri, 06 Nov 2009 00:00:00 GMT
Galliford Try, the housebuilder and construction company reported improved sales and income levels in its housebuilding operations ahead of it's AGM today, but is more cautious in its outlook for construction.

After recently raising &poun

RBS reveal reduced Q3 loss of £1.5 billion and forecast further losses into 2010

Fri, 06 Nov 2009 00:00:00 GMT
Royal Bank of Scotland Group PLC (RBS), which is about to see its government ownership rise to 84%, today said its Q3 operating loss narrowed from that in Q2, although it remains cautious on the outlook, forecasting further losses.

RBS po

Grainger join list of property companies making cash calls with 40% discounted 2 for 1 offer

Thu, 05 Nov 2009 00:00:00 GMT
Grainger, the UK’s largest listed residential landlord, joined the list of property companies asking investors to back a deeply discounted rights issue, looking to raise £238million to pay down debt and position it for a housing revival.

Quintain announces 3 for 1 rights issue to raise £192 million and H1 results

Thu, 05 Nov 2009 00:00:00 GMT
Quintain Estates today announced it's H1 results and it's much touted cash call of £192 million through a 3 for 1 Rights Issue at 49 pence per New Share.

Quintain said it's Gross Profit for the six months fell by 6.3% to £14.1milli

Segro starting to turn the tide as voids fall and valuations harden thanks to lower rents and incentives

Thu, 05 Nov 2009 00:00:00 GMT
Segro plc Europe's largest industrial landlord, today became the latest to report stabilization in the U.K.'s property market but said occupier markets remain challenging.

Ian Coull, Chief Executive commented:

"We are delighted

Unfinished West Yorkshire shopping centre development rescued by private equity consortium

Thu, 05 Nov 2009 00:00:00 GMT
A consortium has rescued a part-finished shopping centre in West Yorkshire in another sign that confidence has started to return to the commercial property development market.

A joint venture between Sovereign Land, the investor, Area Pro

JD Wetherspoon continues robust performance with LFL sales up 0.3%

Wed, 04 Nov 2009 00:00:00 GMT
JD Wetherspoon in advance of it's AGM today, reported Q1 like-for-like sales increased by 0.3%, which is a reduction in the rate of growth. Total sales in the period increased by 4.5%, operating margins were held unchanged and JDW is confident

Taylor Wimpey presses ahead with building 2010 order book

Wed, 04 Nov 2009 00:00:00 GMT

In it's Q3 statement today, Taylor Wimpey the UK's largest housebuilder, said that UK housing market conditions continue to be significantly better than the equivalent period of 2008. TW are now fully sold for 2009 and the average selling price f

M&S beat expectations with £293 million H1 pre-tax profit as UK sales fall 0.9%

Wed, 04 Nov 2009 00:00:00 GMT
Marks & Spencer posted flat H1 profit, towards the top end of expectations as tight management of costs and stocks cushioned weak sales, and said it was cautious about the trading outlook.

The 125-year-old firm, which sells clothes, f

Liberty International report continued pressure to keep occupancy up and earning

Wed, 04 Nov 2009 00:00:00 GMT
Liberty International, the retail landlord, said today that, while conditions in the property investment and debt markets have improved, short-term pressures on the group's earnings continue.

The company said that, notwithstanding the welcome s

Blacks Leisure enters a CVA to shed liabilities to landlords for 89 closed shops

Tue, 03 Nov 2009 00:00:00 GMT
Blacks Leisure today announced it's Lloyds Banking Group approved turnaround plan, which puts the whole company into a CVA and its wholly owned subsidiary, The Outdoor Group Limited, to compromise claims of approximately 101 landlords of retail stores whi

Dunelm H1 sales and profits exceed expectations - revises H2 up 25%

Tue, 03 Nov 2009 00:00:00 GMT
Dunelm, the Leicester-based retailer of homewares, today said it's trading is ahead of expectations in the Q1 of it's 2010 year, so that it is now forecasting a FY 2010 outcome 25.5% up on 2009 at £154.7million, which is a LFL increase of 15.1%.

Hammerson turns development pipeline back on but says market outloook is uncertain

Tue, 03 Nov 2009 00:00:00 GMT
Hammerson plc, now a real estate investment trust, said in it's interim statement today that it will advance its development pipeline and actively consider property acquisitions and investment after a degree of confidence returned to pro

RICS blames low transactional volume for deterioration in valuation accuracy

Tue, 03 Nov 2009 00:00:00 GMT
The slide in commercial property prices was responsible for a decline in the accuracy of surveyors’ valuations last year, according to a report published today.

The Royal Institution of Chartered Surveyors (RICS) said that there was an im

Boat Race pub sold for £3.4 million as auction rooms see surge of interest

Tue, 03 Nov 2009 00:00:00 GMT
The pub which marks the starting point of the University Boat Race has been sold at auction for £3.4million.

The freehold of the Star and Garter in Putney, were bought by an unkown investor at the auction, held by Jones Lang L

Planning process in full swing for New Covent Garden Market site in Nine Elms as consultation begins

Mon, 02 Nov 2009 00:00:00 GMT
Norman Foster is drawing up plans for a cluster of tall buildings on the 10 acre part of the site of the New Covent Garden Market in Nine Elms.

Details of the redevelopment of the 23ha (57acre) site in Vauxhall were revealed today at a public c

Bradford Council funds Irish developer £6 million after prestige city centre project runs out of cash

Mon, 02 Nov 2009 00:00:00 GMT
Bradford City Council and Yorkshire Forward have agreed a £6million loan to Irish developers McAleer & Rushe to enable a flagship mixed-use development in Bradford city centre to be completed.

Construction had already started on

IPD confirm Q3 UK commercial property values rose 1.5% as investors return

Mon, 02 Nov 2009 00:00:00 GMT
UK commercial property capital values rose over Q3 of this year by 1.5%, a 5.6% improvement on the previous three-month period, according to the IPD UK Quarterly Property Index Q3 2009 published today.

The total return to investors, including i

Quintain confirms cash call plans

Mon, 02 Nov 2009 00:00:00 GMT
Quintain Estates, the property group that is redeveloping a large part of the Greenwich peninsula in London, confirmed this morning that it is considering plans to raise up to £180million of fresh funds, after press reports over the weekend.

Rangers boss selling trophy Glasgow office development for £66.8 million

Mon, 02 Nov 2009 00:00:00 GMT
Premier Property Group, owned by Rangers boss David Murray, has put its biggest commercial development up for sale a year ahead of schedule.

The 141 Bothwell Street office complex in Glasgow, among the most attractive and expensive in the city,

John Lewis report 6th consecutive week of rising sales with a 9.1% year on year increase last week

Fri, 30 Oct 2009 00:00:00 GMT
John Lewis, the employee-owned group seen as a barometer of British retailing, posted a sixth consecutive week of rising department store sales, but said it was still too early to talk of a sustained consumer recovery.

The firm said today sales

First Quench Retailing calls administrators in to it's 1300 off-licence shops

Fri, 30 Oct 2009 00:00:00 GMT
First Quench Retailing, which owns Threshers, Wine Rack and The Local chains, brought in KPMG as administrators last night. KPMG is seeking to sell the company as a going concern. The 6,500 staff at its 1,300 shops will be informed of the situation this m

UK house builders get £388 million of government cash to restart work on building sites

Fri, 30 Oct 2009 00:00:00 GMT
Some U.K. house builders have received a share of £388 million of government funding to kick-start work on stalled developments, The Times reported today, citing Housing Minister John Healey.

Barratt Developments Plc will take £31.5

Global property heavyweights disappoint the markets with Q3 results based on cost cutting

Thu, 29 Oct 2009 00:00:00 GMT
CB Richard Ellis joined its main rival Jones Lang LaSalle in returning to profitability in the third quarter of the year with a net income of $12.4million or 4c a share, but both property advisers disappointed the markets.

The world's largest p

Santander subsidiary to sell repossessed Spanish property at 40% discount to trigger correction

Thu, 29 Oct 2009 00:00:00 GMT
Santander subsidiary Banesto, said yesterday it would sell off 1,200 homes it has repossessed or taken in lieu of debt payments at discounts of up to 40%.

The move came just days after it emerged that the Bank of Spain was planning to make bank

Prupim sells B&Q warehouse in Redditch for £16.3 million to The Charities Property Fund

Thu, 29 Oct 2009 00:00:00 GMT
Prupim has sold a B&Q warehouse in Redditch, Worcestershire for £16.3 million. The buyer was The Charities Property Fund, advised by Cordea Savills, their "in house" adviser.

The Fund, which targets a total retur

Opus Land sells Warwickshire office building for £14.4 million

Thu, 29 Oct 2009 00:00:00 GMT
Opus Land, has agreed a sale worth £14.4 million for its ‘Point 3’ building on Warwickshire’s flagship Opus 40 business park to Hildane Properties.

Opus managing director Richard Smith said the timing of the sale c

Boris shows real comittment to his Nine Elms masterplan with innovative tube funding

Wed, 28 Oct 2009 00:00:00 GMT
Boris Johnson has revealed plans for for the regeneration of Nine Elms involve the conversion of almost 200 hectares of derelict and underused land into new communities with green open spaces and new transport links, in the Nine Elms area between Vauxhall

Waitrose looking to tap Scottish premium food market with new store plans

Wed, 28 Oct 2009 00:00:00 GMT
Waitrose, part of the John Lewis group, has applied to create its first new-build store, which will be it's Scottish flagship, in Newton Mearns with a scheduled opening in February 2011.

The store, in one of Glasgow's wealthiest suburbs, marks

Rugby Estates reveal weak H1 results

Wed, 28 Oct 2009 00:00:00 GMT
Rugby Estates reported it's H1 results today, showing a small pre-tax loss of £116,000.

It is engaged with disposing of it's own Rugby Capital property portfolio and because it has announced no time period for this it does not feel

Carpetright opening more stores in the UK as sales improve both in UK and Europe.

Wed, 28 Oct 2009 00:00:00 GMT
Carpetright, Europe's biggest floorcovering retailer, has been taking advantage of market conditions to open new stores in the UK and Ireland it now has 592, a net increase of 11. Like for like sales in the UK & Ireland are up 5.6% with sales fo

More First Time buyers in the residential market now say RICS

Tue, 27 Oct 2009 00:00:00 GMT
Falling house prices and lower interest rates in the UK property market is encouraging first time buyers, but at the same time high deposits and limited mortgage availability are still having an effect.

New research from the Royal Institution o

Land Securities sells Welwyn Garden City retail centre for £48million at yield of 7.65%

Tue, 27 Oct 2009 00:00:00 GMT
Land Securities confirmed today that it has exchanged contracts for the sale of its long leasehold interest in The Howard Centre, Welwyn Garden City, Hertfordshire to LaSalle Investment Management on behalf of Coal Pension Properties Ltd for approximately

Birmingham City Council receive plans for one 200 metre high tower with another to follow

Tue, 27 Oct 2009 00:00:00 GMT
Birmingham City Council is expecting to receive planning applications for 2 200metre high structures in the city, having just received an application for the 200.5-metre tall Regal Tower, on the corner of Broad Street and Sheepcote Street, it

Capmark files for Chapter 11 bankruptcy as US commercial property deteriorates further

Tue, 27 Oct 2009 00:00:00 GMT
Capmark, which was owned by a consortium of investors including KKR and Goldman Sachs' principal investments arm, collapsed under the weight of $21billion (£12.8billion) of debt and $20.1billion of assets.

Bankruptcy filings in Wilmington

UK Residential property investors growing their portfolios despite the market difficulties

Mon, 26 Oct 2009 00:00:00 GMT
Buy to let property investors in the UK have increased their portfolios by 11% in 2009 despite the recession and thanks to record low interest rates and falling real estate prices, new research shows.

Landlords have increased the number of prop

Housing industry experts forecast 3 tough years ahead

Mon, 26 Oct 2009 00:00:00 GMT
The housing industry can expect another tough three years, despite whisperings of green shoots, according to industry experts.

Speaking at the Property Networking Organisation " Movers & Shakers" breakfast on Friday, housebuilding

Terrace Hill to sell new Sainsbury's Bishop Auckland development to Aviva Investors for £27.67 million

Mon, 26 Oct 2009 00:00:00 GMT
Terrace Hill Group plc, the AIM-listed UK property development and investment group, announced that it has completed a forward funding agreement with Aviva Investors Pensions Limited for the development and sale of the 92,333 sq ft Sainsbury's food

British Coal continues to invest in coal and property

Mon, 26 Oct 2009 00:00:00 GMT
In it's Q3 management statement British Coal reported revenues of approximately £95 million for the third quarter, and approximately £255 million for the year-to-date (Q3 2008: £119 million ; 2008 YTD: £292 million).

Bri

Residential mortgage approvals up again in September on August levels

Fri, 23 Oct 2009 22:00:00 GMT
The number of home purchase loans approved by British banks in September jumped 76.8% on the same month a year ago, a survey showed today.

The British Bankers’ Association said 42,088 mortgage applications were approved last month. That w

Former Silken Hotel development on the Strand draws wave of interest at £110million

Fri, 23 Oct 2009 22:00:00 GMT
Cushman & Wakefield has been instructed by receivers for Spanish developer Grupo Urvasco at PricewaterhouseCoopers to market the Silken Hotel and residential development on London's Stand. The minimum sale price has been fixed at £110 million, b

Lloyds Banking Group orders sale of Paul Kemsley's empire starting with the former Burberry HQ

Fri, 23 Oct 2009 22:00:00 GMT

Lloyds Banking Group has given the green light for PricewaterhouseCoopers to sell the former headquarters of Burberry in London for around £20million and, when appropriate, the other UK assets of Paul Kemsley, the failed tycoon. Mr Kemsley owed L

Debenhams meets expectations with FY profits up to £125 million

Thu, 22 Oct 2009 22:00:00 GMT
Debenhams, the country's second-biggest department stores group, posted full-year profit towards the top end of expectations and said underlying sales had turned positive at the start of its new financial year.

The firm, with over 150 stores in

Worst over for commercial property around the world say JLL

Thu, 22 Oct 2009 22:00:00 GMT

The worst of the global commercial property meltdown is over, although the recovery will be uneven as rebounding markets in Asia and Europe contrast with more subdued U.S. conditions, a report said yesterday. The rally is supported by the improving glo

Regent Inns goes through pre-pack administration as banks do debt for equity swap

Wed, 21 Oct 2009 22:00:00 GMT
Regent Inns has gone through a pre-pack administration with 60 sites emerging in a new company, Intertain, led by previous management, which will be controlled by the banks under a debt-for-equity swap. Its banks — Royal Bank of Scotland, Barclays,

Mervyn King calls for structural change and new regulation for UK banking sector

Wed, 21 Oct 2009 22:00:00 GMT
A fundamental rethink of how the banking sector is structured and regulated is needed to prevent a recurrence of the financial crisis, Bank of England Governor Mervyn King said last night in Edinburgh.

King called for governments to tackl

New business to buy distressed Irish loan portfolios from banks not covered by NAMA launched

Wed, 21 Oct 2009 22:00:00 GMT
The former chief executive of Bank of Scotland’s Irish arm has launched a company to buy distressed debt from foreign banks not covered by the Dublin’s government bank rescue plan.

Mark Duffy, who stepped down as Bank of Scotland (I

High Court appoints E&Y administrator for 6 Simon Halabi properties

Wed, 21 Oct 2009 22:00:00 GMT
The UK property empire built by Simon Halabi will be dismantled following The High Court appointment of Ernst & Young, as administrator for six properties worth £500 million in a move that will trigger a sell-off of the assets. The o

Bootle says UK commercial property total returns will not be a bonanza but returns will increase

Tue, 20 Oct 2009 22:00:00 GMT
Economist Roger Bootle forecast a modest recovery for the economy and the property industry over the next couple of years, but warned that the pain was not over yet.

Speaking at the Offices 09 conference in central London today, Bootle, t

Funding approved for the UK's first carbon capture and storage power plant to be built in Yorkshire

Tue, 20 Oct 2009 22:00:00 GMT
The first coal-fired power station with incorporated carbon capture and storage (CCS) technology is scheduled to be constructed at a site in Yorkshire. The plant will be a demonstration plant at Hatfield in Yorkshire which has been scheduled after winning

Rogers threatening legal action to recover £2 million of unpaid fees for Chelsea Barracks work.

Tue, 20 Oct 2009 22:00:00 GMT
Rogers Stirk Harbour & Partners are threatening to sue the owners of the controversial London’s Chelsea barracks for £2million over unpaid fees. Rogers spent over two years working on designs for the site, only to be sacked by the client Q

Greggs the baker report continued sales growth and plans for 60 more stores next year

Tue, 20 Oct 2009 22:00:00 GMT

Greggs, the bakers, in their Q3 statement, report LFL sales up 1% and total sales up 3.8% . The Newcastle-based firm, which sells sausage rolls, pasties, sandwiches, cakes and bread to over six million customers a week from about 1,400 outlets, said sa

British Land makes first major purchase with £40 million West End office deal since market turned

Mon, 19 Oct 2009 22:00:00 GMT
British Land, the UK’s second largest property firm by market value, said today it has made its first major office purchase in London since the UK commercial property market slump ended in July.

The company paid Aviva Investors £40.

William Hill look set to meet expectations for 2009

Mon, 19 Oct 2009 22:00:00 GMT
William Hill in it's Q3 interim management statement, said profit expectations at its retail business had been unaffected by a run of punter-friendly football results.

William Hill, which has 2,300 betting shops in Britain and Ireland, said tod

A ban on self-cert mortgages and regulation of BTL mortgages among proposals from the FSA for reform

Mon, 19 Oct 2009 22:00:00 GMT
The FSA called today for a ban on self-certification home loans as part of a crackdown on risky credit in the UK’s £1.2 trillion mortgage market.

The Financial Services Authority also called for mandatory affordability tests f

UK residential property shows an annual increase for first time in 16 months

Mon, 19 Oct 2009 22:00:00 GMT
UK residential property prices rose on an annual basis for the first time in 16 months fuelled by a lack of supply, according to figures released today by Rightmove.

Asking prices increased year on year by 0.2% and by 2.8% this month, the bigge

Lenders agree breathing space for O Twelve Estates

Thu, 15 Oct 2009 22:00:00 GMT
O Twelve Estates, a closed-ended investment company registered in Guernsey, announced today that it had renegotiated it's debt facilities with Nationwide Building Society and it's other lenders after breaching it's loan to value covenants.

The

Lloyds to get no government help to escape APS corset.

Thu, 15 Oct 2009 22:00:00 GMT
The government will not underwrite a planned rights issue by Lloyds Banking Group, the Financial Times said today.

The newspaper quoted people involved in the process as saying that the government would definitely not make a commitment to mop u

Marstons sales now 38% food as the brewer becomes chef

Thu, 15 Oct 2009 22:00:00 GMT
Marston's Plc said today in it's year end trading statement that it is on track to open 15 new pubs in 2010 as part of a £140 million investment in new premises, as it reported a 1.4% decline in fiscal year sales.

Marston's raised £

AIB to sell £900 million portfolio to Stephen Vernon

Thu, 15 Oct 2009 22:00:00 GMT
Anglo Irish Bank is reportedly in discussions to sell a £925 million real estate portfolio to Green Properties, a Dublin based company controlled by UK property entrepreneur Stephen Vernon.

The Financial Times cited sources close to the t

IPD index shows UK commercial market capital growth accelerating with Q3 growth of 1.2%

Wed, 14 Oct 2009 22:00:00 GMT
The UK's commercial property markets delivered the largest monthly capital growth since June 2006, at 1.1%, according to the IPD UK Monthly Index. This increased pace of market acceleration brings third quarter growth to 1.2%.

While the monthly

UK House prices unlikely to sustain recovery until 2012 - Knight Frank

Wed, 14 Oct 2009 22:00:00 GMT
A concerted recovery in the UK residential property market is unlikely before 2012 but house prices will end the year 2% higher than at the start, according to analysts.

The real estate recovery will be lead by London and southern England but t

Punch Taverns wipe £663 million off book value of estate as profits slump 39%

Wed, 14 Oct 2009 22:00:00 GMT

Punch Taverns Plc today wrote down the value of its pubs estate by £663 million as it reported a 39% decline in full-year pretax profit. but said it was confident about its longer-term prospects despite a lack of visibility on near-term tra

Laxey concert party makes £24 million bid for Rugby Estates and it's £57 million assets

Wed, 14 Oct 2009 22:00:00 GMT
Laxey Partners, in concert with Terra Catalyst Fund, has made a £24.166 million offer to take over one of the UK’s smallest REITs, Rugby Estates Investment Trust.

The company said that the offer had been made following a purchase o

Central London office property rising on shortage of supply of grade 'A' space.

Tue, 13 Oct 2009 22:00:00 GMT
NB Real Estate, the central |London office specialist agency, say that the huge interest witnessed from investors in the London market over the past two quarters shows no signs of abating. Many funds have been set up to take advantage of what was often c

UK House prices rising due to poor supply of property for sale say RICS

Tue, 13 Oct 2009 22:00:00 GMT
A lack of supply is still underpinning the house price recovery says RICS UK housing market survey published today. Significantly, the headline RICS house price balance recorded the highest figure since the onset of the credit crunch.

The net b

Bellway report FY profits down 82% but is only housebuilder to pay a dividend

Tue, 13 Oct 2009 22:00:00 GMT
Housebuilder Bellway posted an 82% fall in pretax profit, beating market expectations, and said reduced debt left it well positioned should the housing market mount a robust recovery.

The company, which sold 4,380 homes in the year to end

Whitbread high on coffee as 20% increase at Costa props up H1 profits which fall 2.7%

Tue, 13 Oct 2009 22:00:00 GMT
Whitbread, the country's biggest hotel and restaurant operator, reported a better-than-expected first-half pretax profit today after sales at its Costa Coffee chain rose by over 20%.

The growth at Costa Coffee helped partially offset falling re

Irish bad bank scheme will strangle SME's in construction industry

Tue, 13 Oct 2009 22:00:00 GMT
Ireland's "bad bank" scheme risks stifling the already struggling construction industry if implemented according to the government's current plans, Irish trade body the Construction Industry Federation said yesterday.

The government p

Simon Morris goes from Rich List to bankruptcy

Mon, 12 Oct 2009 22:00:00 GMT
Simon Morris, the Leeds based property tycoon who once appeared on the Sunday Time Rich List, whose property group collapsed last year with reported debts of more than £50m, has been declared bankrupt.

Bob Maxwell, partner at Begbies Tray

Pramerica target UK commercial property for high income and capital growth

Mon, 12 Oct 2009 22:00:00 GMT
Pramerica, the European arm of Prudential Financial, Inc.’s real estate investment management and advisory business, say a liability-driven investment (LDI) strategy built on the UK property markets could provide institutional investors with t

European commercial property lures investors again as UK market runs out of stock

Mon, 12 Oct 2009 22:00:00 GMT
Buyer interest in prime commercial property in Europe is increasing as many investors act on expectations of improving capital values as the region recovers from the global economic downturn.

According to a briefing paper from international con

UK interest rates to remain low for next 5 years

Mon, 12 Oct 2009 22:00:00 GMT
Bank of England Base rate will stay at 0.5% until 2011 and will not rise to 2% until 2014, the Centre for Economics and Business Research (CEBR) said today, as they forecast a weak recovery for the UK economy.

The consultancy said in a report o

3 Sisters will not blot the London landscape - Denham rejects £1 billion plans

Fri, 09 Oct 2009 22:00:00 GMT
Secretary of state John Denham has rejected P&O and Morgan Stanley Real Estate's £1billion redevelopment plans for Elizabeth House on London's South Bank.

The Allies & Morrison-designed ‘Three Sisters’ scheme proposes

CBREI sell west end mixed use investment for £30million

Fri, 09 Oct 2009 22:00:00 GMT
CB Richard Ellis Investors, the global real estate investment management firm, has announced the sale of Mutual House, 193-201 Regent Street, London for £30 million.

The building comprises three prime retail units on the ground floor, whi

LxB preparing for £100million IPO to buy old retail parks for redevelopment

Fri, 09 Oct 2009 22:00:00 GMT
LXB Retail Properties Plc a newly formed closed-ended real estate investment company, is preparing to raise around £100million on the public market to buy and develop retail assets in the UK.

LxB, the retail property company run by well-k

Halfords ahead of last year with sales and margin growth

Thu, 08 Oct 2009 22:00:00 GMT
Halfords Group plc the auto, leisure and cycling products retailer which operates from 440 UK stores, including today issues the following trading update for the half-year ended 2 October 2009.

During Q2 sales have increased by 3.8% over the e

Peel Hotels pass interim dividend as H1 trading struggles.

Thu, 08 Oct 2009 22:00:00 GMT
Peel Hotels plc, said today that it made a pretax profit of £76,720 for the 28 weeks ended Aug. 23, compared with £437,832 for the same period in 2008.

Peel reported turnover up 5.5% to £7,192,103 (2008 £6,819,298), whil

A tale of two property shows - Munich and Dubai

Thu, 08 Oct 2009 22:00:00 GMT
International property shows Expo Real in Munich and Cityscape in Dubai are both reflecting a more sombre mood in property, but at Cityscape the outlook is much less hopeful.

At the four day Dubai show, the glitz has gone and only around half o

UK House price gains only temporary warns Fitch Ratings

Wed, 07 Oct 2009 22:00:00 GMT
Fitch Ratings says today that it expects the recent gains in the main UK house price indices to be a temporary respite. The agency continues to expect that UK house prices will fall approximately 30% overall from the October 2007 peak. Prices are currentl

CBRE Index shows a quarter of UK commercial property capital growth and positive returns

Wed, 07 Oct 2009 22:00:00 GMT
The latest CB Richard Ellis (CBRE) Monthly Index reveals that commercial property has for the third consecutive month recorded positive returns and capital growth in September.

Momentum gathered across all sub-markets, with All Property return

Sainsbury's Q2 results meet expectations

Wed, 07 Oct 2009 22:00:00 GMT
J Sainsbury, the country's third-biggest grocer, met forecasts with a slight slowdown in quarterly sales growth and said industry growth would moderate further as food price inflation eases, but analysts were happy with the progress.

Sainsbury,

Commerz Real say "it's difficult to find good yields in London"

Wed, 07 Oct 2009 22:00:00 GMT

Commerz Real, one of the three major German open-ended fund managers which is actively buying in the current market, expects to complete commercial property deals totalling around €1 billion by the end of this year.

Supply constraints

Grainger report FY sales up 21%, portfolio values down only 2.5% and a new banking facility

Tue, 06 Oct 2009 22:00:00 GMT
Grainger plc, the UK's largest quoted residential property owner, today in a trading update in advance of its preliminary results announcement for the year to 30 September 2009 expect total group sales to be approximately £220million, an incre

Tesco beat expectations with H1 profits up 8.6% to £1.57 billion as sales rise 9.3%

Tue, 06 Oct 2009 22:00:00 GMT
Tesco, now the world's third-biggest retailer, posted a better-than-expected 8.6% rise in H1 profit today and said it was "well-placed" for the global recovery.

The supermarket group, which runs over 4,300 shops in 14 countries, said

Lenders return to the big ticket commercial investment market

Tue, 06 Oct 2009 22:00:00 GMT
According to a report from Savills the number of banks in the big ticket commercial investment market has almost doubled in the past 6 months as the downside risk in the property market has receded.

There are now 23 lenders prepared to lend mor

Take Spanish figures showing residential prices down 7.7% over 12 months with "pinch of salt"

Mon, 05 Oct 2009 22:00:00 GMT

Overall Spanish residential property prices are continuing to fall. Data from the National Institute of Statistics (INE) show that prices for new properties fell by 3.9% in the second quarter of the year and are now down 7.7% over 12 months.

Tesco completes 3rd bond backed lease refinance of £514 million worth of UK portfolio

Mon, 05 Oct 2009 22:00:00 GMT
Tesco said today it has completed a £514 million sale and leaseback deal involving 15 stores and two distribution units, as part of its continuing program to extract more value from its vast property portfolio in the U.K.

The deal is bein

Bath's new Southgate shopping centre Phase 1 now 80% let

Mon, 05 Oct 2009 22:00:00 GMT
Bath's SouthGate shopping centre has seen a surge in retailers signing up for units in the last fortnight, lured by the Christmas trade potential. That phase of SouthGate is now 80% let with 72% of those stores due to open on November 4.

Design

Minerva posts a £289 million loss but says outlook is improving

Mon, 05 Oct 2009 22:00:00 GMT
Minerva Plc today reported a wider fiscal year pretax loss, weighed on by write-downs on its properties, but said the real estate market is showing signs of improvement.

Minerva said it expects rents for properties in London's City financial di

Colliers CRE announce major equity investment and refinancing

Fri, 02 Oct 2009 22:00:00 GMT
Last night the Board of Colliers CRE announced that they had received an offer of a substantial equity investment, thought to be 30%, and had agreed in principle as part of a wider institutional placing. It had further agreed a three year bank

The Competition Commission recommends a competition test for supermarkets wanting new developments

Fri, 02 Oct 2009 22:00:00 GMT
The Competition Commission (CC) today formally recommended to government that they introduce a competition test in planning decisions on larger grocery stores.

The recommendation follows a decision from the CC that the move “will bring si

UK house prices rise for 5th month running say Nationwide

Fri, 02 Oct 2009 22:00:00 GMT
UK house prices rose for a fifth month running to turn flat on the year in September, the Nationwide Building Society said today, in a further sign the housing market is stabilising.

The mortgage lender said house prices rose 0.9% in September,

Savills say cash buyers and low supply forcing central and south-west London residential prices up

Thu, 01 Oct 2009 22:00:00 GMT
An unexpected and continued bounce in the residential prime central London property markets has turned first quarter falls into positive year to date growth, according to the latest research index.

A decline of 4% in the first quarter of 2009 b

Credit Suisse buy Leeds offices for £17.17 million

Thu, 01 Oct 2009 22:00:00 GMT
CB Richard Ellis Investors announced that its Strategic Partners UK team has sold One Leeds City Office Park to Credit Suisse for £17.17million representing a net initial yield of 8% per annum. The property comprises of 60,000 ft² (5,555 m²

Domino's Pizza reports strong Q3 trading

Thu, 01 Oct 2009 22:00:00 GMT
The country's biggest pizza delivery chain Domino's Pizza UK & IRL said today it was on track to beat market expectations for the full year following strong trading in the third quarter.

The company, which operates the British and Irish fra

Quintain getting back to business as finances improve

Thu, 01 Oct 2009 22:00:00 GMT
Quintain Estates and Development plc in a trading update for the six months to 30 September 2009,said that it had received outline consent for a major 16 acre brownfield regeneration Flemingate scheme at Beverley Yorks, which is 19% owned by Quintai

Colliers CRE suspends shares

Wed, 30 Sep 2009 22:00:00 GMT
AIM listed Colliers CRE, which claims to be one of the top 10 property companies in the UK in terms of turnover and market share and 294 offices in 61 countries, suspended trading in it's shares this morning.

In a statement, it said: &quo

Blacks Leisure announces closure of 89 stores

Wed, 30 Sep 2009 22:00:00 GMT
Blacks Leisure has announced plans to close 89 of its loss-making stores.

The company, which operates 256 Millets shops and 116 Blacks Outdoor outlets, also warned that 50 jobs or 20% of the workforce, at its Northampton head office were

M & S reveal further fall in sales of 0.5%, but the best quarter for 2 years raising YE profit hopes

Wed, 30 Sep 2009 22:00:00 GMT
Marks & Spencer raised full-year profit hopes when posting an improved quarterly sales trend, but said costs were rising and it would be 2011 before the economy fully recovered.

Executive chairman Stuart Rose said there was more visibility

Ireland to start phasing out state guarantee of bank liabilities next year

Wed, 30 Sep 2009 22:00:00 GMT
Ireland plans to phase out its state guarantee covering some €400 billion (£365 billion) of bank liabilities and it can do so fast if funding conditions remain good, Finance Minister Brian Lenihan said today.

Ireland was one of the f

Public sector construction work props the economy up in Q2

Tue, 29 Sep 2009 22:00:00 GMT
The economy shrank less than previously estimated in Q2 2009, due to a better-than-expected performance by the construction industry, official data showed today.

The Office for National Statistics said gross domestic product contracted by 0.6%

Park Plaza Hotels H1 RevPAR down 18%

Tue, 29 Sep 2009 22:00:00 GMT
Park Plaza Hotels Limited reported in it H1 results that RevPAR, the measure of hotel performance had dropped 18% to €75.4 and that average room rate had dropped 17% to €98.1 as occupancy has slipped from 78% in H1 2008 to 76.8% .

The

Close Brothers FY profits down 25% but a resilient performance nontheless

Tue, 29 Sep 2009 22:00:00 GMT
Close Brothers posted a 25% drop in full year pretax operating profit, as weaker income from its banking and asset management arms offset a strong performance by brokerage Winterflood.

Close, which had warned in July of stiff headwinds faced by

Davenham swing to FY loss as many small property devlopment loans go bad

Tue, 29 Sep 2009 22:00:00 GMT
Davenham Group, the Manchester based lender to the UK SME sector and small property developers in particular, today announced its results for the year ended 30 June 2009. Revenue was down from £53 million to £49 million, but the business repor

Knight Frank see rosier picture in London office market in Q3

Mon, 28 Sep 2009 22:00:00 GMT
The central London office market has experienced rising take-up in Q3 09 suggesting the rally recorded in Q2 has extended and gained momentum, according to Knight Frank which today released its Q3 09 provisional figures for the City and West End office ma

London & Stamford buy Arsenal apartments for £41.4 million

Mon, 28 Sep 2009 22:00:00 GMT
London & Stamford Property Ltd. today said it has bought an apartment block in north London for £41.4 million cash from Highbury Holdings Ltd., and plans to raise debt against it in due course

The acquisition of the apartments, which

Wolseley report £606 million FY loss, continued cost cutting and no dividend

Mon, 28 Sep 2009 22:00:00 GMT
Wolseley plc, the world's largest specialist trade distributor of plumbing and heating products and a leading supplier of building materials in North America, the UK and Continental Europereported it's FY Group revenue for the year ended 31 July 2009 was

Receivers appointed to 7 of Simon Halabi's trophy London buildings

Fri, 25 Sep 2009 22:00:00 GMT

Receivers have been appointed to manage seven trophy London office buildings owned by billionaire Simon Halabi, CB Richard Ellis said today.
The buildings are part of the London Protractor portfolio of assets that back a £1.15 billion

Punch Taverns give Christies 300 worst pubs for sale as shareholder urges sell the lot

Fri, 25 Sep 2009 22:00:00 GMT
The country's biggest pubs group, Punch Taverns today said it had put more than 300 of its worst performing pubs up for sale, most are available with vacant possession, which in trade terms means they are boarded up.

Punch, which set up a turna

Pub operator London Town report further H1 loss of £2.6 million

Fri, 25 Sep 2009 22:00:00 GMT
London Town, the national pub operator whose name relates to it's former business in London property development, reported a loss of £2.6 million for H1 2009 (2008 - Loss of £5.2 million) after paying finance costs of £4.0 million.

Madejski gets revised £400 million Reading Station Hill plans approved

Thu, 24 Sep 2009 22:00:00 GMT

Revised plans have been approved in outline for the £400million Station Hill 2 development in Reading.
Sackville Properties, owned by Reading Football Club chairman Sir John Madejski, unveiled the revised plans in May after objections from

Songbird Estates issue more equity to repay Citi loan

Thu, 24 Sep 2009 22:00:00 GMT
Songbird Estates Plc, owner of much of Canary Wharf, is looking to repay an £880 million loan through the sale of shares totalling £895 million.

The company today announced a £620 million placing and open offer of

Great Portland Estates buy City building below replacement cost

Thu, 24 Sep 2009 22:00:00 GMT
Great Portland Estates Plc today announced that it has exchanged contracts to purchase 90 Queen Street, London EC4 for £45.8 million, the figure they say is below the land value and building cost of the property on the site.

The prime off

M & B report better Q4 trading but has a cautious outlook

Thu, 24 Sep 2009 22:00:00 GMT
Mitchells & Butlers Plc said today in it's pre-close trading announcement, that its full-year profit would beat expectations after an acceleration in sales in Q4

The operator of 2,000 pubs said in a trading update that sales from pubs open

Housebuilders tap the market for £875 million to repair damage to balance sheets

Thu, 24 Sep 2009 22:00:00 GMT
Barratt Developments raised £175million yesterday through a placing with institutional investors, which was oversubscribed. The housebuilder is looking to raise a total of £720.5million from its shareholders, with the remaining £545.5mil

Residential mortgage approvals by banks stabilised in August

Wed, 23 Sep 2009 22:00:00 GMT
Banks approved 81.4% more home purchase loans in August than the same month a year ago but consumer credit and demand for re-mortgaging remained subdued, a survey showed today.

The British Bankers' Association said 38,095 mortgage applications

Liberty International to place 56.1 million new shares to raise £316 million

Wed, 23 Sep 2009 22:00:00 GMT
Liberty International PLC, the country's largest shopping mall owner, today announces it is placing up to 56.1 million new ordinary shares through an accelerated book-building process to be carried out by Merrill Lynch International representing up

Blacks Leisure in the last chance saloon

Tue, 22 Sep 2009 22:00:00 GMT
Blacks Leisure, the outdoor goods retailer, has until Oct. 30 to come up with a turnaround plan acceptable to its banks, it said today, after it predicted a breach of its lending arrangements.

Blacks Leisure, whose head office is in

Cluttons advise all central London businesses to consider an appeal on their 2010 rates bills

Tue, 22 Sep 2009 22:00:00 GMT
Earlier this year the Department for Communities and Local Government (DCLG) published its estimate for the change in rates bills (before accounting for inflation) for 2010/11 compared with 2009. The London region will experience the greatest increase, es

Over half of global top shopping addresses see rent falls in 2009

Tue, 22 Sep 2009 22:00:00 GMT
More than half of the world’s most prestigious shopping streets have been affected by the global economic downturn with 54% of the 274 streets monitored by real estate adviser Cushman & Wakefield, seeing their prime rents fall.

The fi

Paul Reichmann loses his ties to Canary Wharf for a second time

Tue, 22 Sep 2009 22:00:00 GMT
Paul Reichmann has given up his stake in the London Docklands development, surely marking the end of his 22-year involvement with the project.

We reported earlier that Songbird Estates had bought shares owned by Commerzbank for £112.5mill

OFT fines 103 contractors for anti-competitve practices

Tue, 22 Sep 2009 22:00:00 GMT

The Office of Trading had slapped 103 firms with average fines of £1.26million, or 1.14% of their annual global turnover.

Galliford Try admitted to the market this morning that it is one such firm, and that it has been fined £8.3

Real Estate Opportunities get largest mixed use planning permission ever in Ireland- what timing!

Mon, 21 Sep 2009 22:00:00 GMT

Real Estate Opportunities plc, listed in London, Dublin and The Channel Islands, better known here as the debt-laden owner of Battersea Power Station, announced today that it had received full planning consent, through it 's Treasury Holdings subsidiar

Land Securities sell stake in the Bullring for £210 million

Mon, 21 Sep 2009 22:00:00 GMT
In one of the biggest retail transactions of the year, Land Securities Group Plc said today that it has sold its one third ownership of the Bullring, Birmingham to the Future Fund, an investment fund for the Australian Government, for £210 million,

Lloyds looking at alternatives to asset protection scheme to avoid regulators threats

Fri, 18 Sep 2009 22:00:00 GMT
As a result of speculation Lloyds Banking Group today announced, in light of improving economic conditions, and the results of Lloyds' detailed reviews of its loan portfolios and their expected performance, that is discussing possible changes to the

Blackstone get a deal out of a British Land desperate to profit from bottom of cycle opportunities

Fri, 18 Sep 2009 22:00:00 GMT
British Land Co Plc today sold half of its £2.13 billion Broadgate development in the City of London to Blackstone Group LLP for just £77 million, in a move aimed at lessening its exposure to the financial services industry and giving it firep

Songbird Estates issue more equity to it's 4 stalwarts to buy out Commerzbank

Fri, 18 Sep 2009 22:00:00 GMT
Songbird Estates Plc said today it has bought 54.01 million shares in Canary Wharf from Commerzbank AG, Germany's second-biggest bank, for £112.5 million, taking its shareholding to 69.3%.

Commerzbank — which is 25% owned by t

DTZ say they are trading as expected at AGM

Fri, 18 Sep 2009 22:00:00 GMT
Commercial property consultant DTZ told shareholders at the AGM it was trading “in line with expectations”, two months after reporting an annual pre-tax loss of £35.1million yesterday.

Chairman Tim Melville-Ross sa

AREA Property Partners and RREEF in talks to buy €1 billion of BBVA Spanish branch property assets

Thu, 17 Sep 2009 22:00:00 GMT
In a bid to bolster it's balance sheet, spanish bank BBVA has followed Santander in exploiting the property assets in it's branch network across Spain. To that end BBVA instructed CB Richard Ellis last year to market its property assets to raise around &e

Irish minority Government reveals "bad bank" proposal to parliament

Thu, 17 Sep 2009 22:00:00 GMT
Ireland's government proposed buying property loans with a book value of €77 billion ($113 billion) from five struggling Irish banks yesterday, but the country's finance minister said some may still need additional capital.

The plan, aimed

John Lewis H1 profits down 20% to £86.3million

Thu, 17 Sep 2009 22:00:00 GMT
John Lewis, the employee-owned group viewed as a barometer of British retailing, today posted a 20% fall in first-half profit and forecast a tough 2010. "We believe that trading conditions this year will continue to be better than expected. However,

Kingfisher confirm 35% increase in H1 profits to £288million on 7% sales increase

Thu, 17 Sep 2009 22:00:00 GMT
Kingfisher, Europe's biggest home improvements retailer, posted a 35% rise in first-half profit, meeting recently increased forecasts, but said it was planning for difficult trading conditions ahead.

The group, which runs market leaders B&Q

Your Space plc in CVA talks.

Thu, 17 Sep 2009 22:00:00 GMT
Your Space Plc, the Liverpool -based AIM -listed provider of serviced office space and developer of property both for sales and its own use, said today it is currently in talks with insolvency practitioners regarding the implementation of a Company

Rochdale puts £500million masterplan forward for consultation

Wed, 16 Sep 2009 22:00:00 GMT
Plans to create the largest public square in England have been set out as part of a £500million town centre masterplan unveiled by the local authority, for Rochdale's town centre.

The plan also includes proposals for a learning and

Next beats expectations with 6.9% increase in pre-tax profits

Wed, 16 Sep 2009 22:00:00 GMT
Next PLC today beat market expectations with a 6.9% rise in H1 pretax profit, bolstered by recent warm weather and margin improvement, but cautioned that its second-half profit will be flat.

The company, said its outlook for the second half rem

Conygar raises £60 million from share placing.

Wed, 16 Sep 2009 22:00:00 GMT

Conygar Investment Co. Plc said today that it has raised at least £60 million before expenses through a share placing at 105 pence per share.
Robert Ware, Chief Executive

Council Pension Fund looks to double exposure to UK commercial property.

Tue, 15 Sep 2009 22:00:00 GMT
Hampshire County Council is looking to almost double its pension fund's exposure to UK commercial property over the next year to meet the 8% target allocation agreed before the market downturn.

Hampshire told Investment Pensions Europe magazine

Debenhams up by any measure in 2009

Tue, 15 Sep 2009 22:00:00 GMT

The country's second-largest department stores chain, Debenhams, said today in a trading update, that it expected its year profit to be ahead of last year and in line with its previous expectations.

The group, which in June raised £323

Dunelm continue to look for big box retail as profits increase 7% to £53.5million

Tue, 15 Sep 2009 22:00:00 GMT

Dunelm Group, the Leicester based specialist out-of-town homewares retailer today revealed sales down on a LFL basis 0.5%, but in total up at £423.8million ( £391.8 million 2008) and pre-tax profit was up 7% to £53.5million, (&p

UK commercial property prices turn after 26 months of falls IPD report a rise of 0.2% in August

Tue, 15 Sep 2009 22:00:00 GMT
Commercial property values rose 0.2% in August, ending the market's 44%-plus plunge since its peak in June 2007, although rents and occupancy continued to decline, data showed on Monday.

August's rise in average values, as measured by the Inves

Knight Frank partners reap bonuses down 78% to £169,000 as market takes it's toll

Tue, 15 Sep 2009 22:00:00 GMT
Knight Frank has reported a pre-tax profit of just under £21million for the year to end-April 2009. Allthough the result was well down on the pre-tax profit of almost £60million the year before, Knight Frank performed better than several

House prices to fall again next year - this has been a false dawn

Mon, 14 Sep 2009 22:00:00 GMT
House prices are likely to fall again in the first half of next year, according to a forecasting group.

The Ernst and Young Item Club branded the recent rise in UK house prices as a "false dawn" and predicted that they will not return

Four new on-Airport Premier Inns planned at Heathrow, Gatwick and Stansted

Mon, 14 Sep 2009 22:00:00 GMT
Whitbread and entrepreneur - hotelier Surinder Arora have announced plans to build four new Premier Inn airport hotels around London, worth £125million in total.

The deal will create 1,570 rooms at Heathrow, Gatwick and Stansted.

TFL funding crisis forces delay on £695 million Victoria station upgrade

Mon, 14 Sep 2009 22:00:00 GMT
When Transport for London secured a £1billion loan from the European Investment Bank (EIB) to help it finance Crossrail, it has not previously admitted that funding for the £16billion scheme was in difficulty. Now there is fear tha

Kent Science Park gets green light for £20million expansion

Mon, 14 Sep 2009 22:00:00 GMT
Plans for a four hectare extension to Kent Science Park have been approved by Swale Borough Council's planning committee at a meeting last thursday evening.

The decision also gives LaSalle Investment Management, the park's managers, the green l

BTL mortgage market hit by new Lloyds restrictions on total lending to one client

Mon, 14 Sep 2009 22:00:00 GMT
Britain's biggest mortgage lender has pulled the rug from under the buy-to-let market by imposing strict new controls on the number of properties it will lend against.

The Lloyds Banking Group, which is majority owned by the taxpayer, says that

Irish bad bank scheme will strangle SME's in construction industry

Sun, 13 Sep 2009 22:00:00 GMT
Ireland's "bad bank" scheme risks stifling the already struggling construction industry if implemented according to the government's current plans, Irish trade body the Construction Industry Federation said yesterday.

The government p

JD Wetherspoon FY sales up 5% and cashflow strong, but passes on dividend to repay US debt

Fri, 11 Sep 2009 22:00:00 GMT
J.D. Wetherspoon Plc today reported a 17% decline in fiscal year pretax profit, hurt by write-downs on the value of its pubs, and said it will pay down its borrowings rather than pay a dividend.

Wetherspoon's added sales at pubs open more than

Quintain Estates sell assets below book value to raise cash

Fri, 11 Sep 2009 22:00:00 GMT
Quintain Estates & Development Plc today said it has sold some units in its largest fund, The Quercus Healthcare Property Partnership, to a number of U.K. pension funds for £31.3 million, which it will use to reduce its gearing.

The u

Liam Caroll appeal lost as Irish High Court orders receivership

Fri, 11 Sep 2009 22:00:00 GMT
Ireland's High Court yesterday dismissed a last-ditch petition by Liam Carroll to get creditor protection for his property empire, complicating government efforts to deal with the legacy of a spectacular property crash.

Justice Frank Clarke's d

Galliford Try make cash call "to recommence growth strategy in house building"

Fri, 11 Sep 2009 22:00:00 GMT
Galliford Try yesterday announced plans for a £125.6million rights issue to raise funds for new developments and take advantage of the property sector upturn, which commentators thought well timed, as land values are currently half what they were 2

Town Centre Securities report pre-tax loss of £112 million after £108 million devaluation in portfolio.

Thu, 10 Sep 2009 22:00:00 GMT
Leeds-based property firm, Town Centre Securities, has reported a pre-tax loss of £112 million for last year.

However, the group said that despite seeing £107.7 million wiped off the value of its portfolio, it remained hopeful of s

New £5 billion Brent Cross development plan coming to decision time

Thu, 10 Sep 2009 22:00:00 GMT

A £5 billion new town centre in the north London borough of Barnet is planned. The Brent Cross Cricklewood Development’s partners comprise the owners of Brent Cross Shopping Centre, Hammerson and Standard Life Investments UK Shopping

Wm Morrison H1 profits meet expectations with a 22% increase

Thu, 10 Sep 2009 22:00:00 GMT
Wm Morrison Supermarkets met forecasts with a 22% rise in first-half profit and boosted its dividend, even as it forecast second-half growth would slow as food price inflation eases.

Britain's fourth-biggest grocer, which had raised earnings ex

Redrow report FY loss of £140.8 million but steps up building to meet demand

Thu, 10 Sep 2009 22:00:00 GMT
House builder Redrow Plc today said its full-year pretax loss narrowed and that it started the new fiscal year positively with sales comfortably ahead of the same period a year ago.

But Steve Morgan, chairman and founder of the company, s

Improving sales from UK High Street retailers DSG and Kesa

Thu, 10 Sep 2009 22:00:00 GMT
Home Retail Group Plc, the owner of U.K. retail chains Argos and Homebase, today reported better-expected Q2 sales and said its full-year profit would now be in line with last year's.

Sales at rival retailer Kesa Electricals Plc, which trades&n

Berkeley Group say housing in London area has stabilised

Wed, 09 Sep 2009 22:00:00 GMT
House builder Berkeley Group said today in an interim statement, that its main markets in London and the south east of England remained stable and that it had bought a number of new sites in recent months.

The developer, which in June poi

Thorntons disappoint with a 4.5% fall in profits on sales up 3.2%.

Wed, 09 Sep 2009 22:00:00 GMT
Chocolate retailer and maker Thorntons posted a 4.5% fall in full-year profit, hit by the downturn on the high street and the closure of stores it supplies, but said it remains optimistic about the future.

The 98-year-old chocolate maker, which

A.J. Mucklow FY report NAV down 30% and a pre-tax loss of £52 million but are in good shape

Wed, 09 Sep 2009 22:00:00 GMT
A & J Mucklow Group plc, the Midlands based REIT, has announced it's results for the year ended 30th June and has not surprisingly made a pre-tax loss of £52million (2008 -£26.7million), which is attributed to a £64.2million write do

Dragon teams with ING to join list of new funds ready to invest in UK commercial property

Wed, 09 Sep 2009 22:00:00 GMT
Dragon's Den Star James Caan is teaming up with ING for a new UK commercial property fund.

Caan is launching the Hamilton Bradshaw Diversified Property fund through his UK-based private equity firm, Hamilton Bradshaw. Subject to regulatory appr

TFL get £1 billion EIB loan to help fund Crossrail

Tue, 08 Sep 2009 22:00:00 GMT
Transport for London has secured a £1billion loan with the European Investment Bank to help finance its contribution to Crossrail, currently the largest construction scheme in Europe.

TfL is responsible for £7.7billion of Crossrail&

Dark Star businesses to be sold by Christie & Co

Tue, 08 Sep 2009 22:00:00 GMT
Christie & Co has been appointed to sell the assets of Dark Star, the leisure management business part-owned by the entrepreneur behind the collapsed McKever Group of hotels, which went into administration in June.

Dark Star’s adminis

Greene King Q1 sales up 4.6% on LFL basis but see fragile market ahead

Tue, 08 Sep 2009 22:00:00 GMT
Pubs group Greene King said today that a strong appetite for food in its pubs had enabled like-for-like sales to grow but remained cautious over the outlook for the industry and wider economy.

Greene King, which has around 2,500 pubs in England

Kingfisher confirm reports of H1 per-tax profits of £285 million

Tue, 08 Sep 2009 22:00:00 GMT
Europe's biggest home improvement retailer, Kingfisher, said today it expected to report an underlying pretax profit of £285 million to £290 million for the six months to August 1.

The group, which trades as B&Q in the UK and Ca

Hansteen switching focus to UK for "unprecedented value" signals switch to main market and REIT conversion

Tue, 08 Sep 2009 22:00:00 GMT
European property investor Hansteen is targeting corporate takeovers and direct industrial property buys in the UK, where it now sees "unprecedented" value, its chief executive said yesterday.

The industrial property specialist

UK commercial property market stabilised by £4.3 billion new equity raised by listed property companies

Mon, 07 Sep 2009 22:00:00 GMT
The estimated £4.3 billion in new equity that has been pumped into the UK listed property sector via rights issues and share placings in the past 10 months appears to be having a strong stabilizing influence on the market, new Net Asset Value (NAV)

Real Estate Investors report H1 profits up

Mon, 07 Sep 2009 22:00:00 GMT
Real Estate Investors Plc, the AIM listed Midlands-based property group run by Paul Bassi, announced its H1 results that it's rental income was up 55% to £1.7 million (2008 £1.1 million) and that profit before tax £1.3 million (200

Whitbread H1 LFL sales off but expectations for the FY will be met.

Mon, 07 Sep 2009 22:00:00 GMT

Whitbread Plc, the UK's largest hotel and restaurant group, today reported that it's H1 sales were 2.4% up on last year, but on a LFL basis were off 2.6%, and the company said: "In the absence of any deterioration in trading, we expect the outturn

Opal Property Group mulling investment fund to replace bank debt in future funding

Fri, 04 Sep 2009 22:00:00 GMT
Stuart Wall, the founder and owner of student accommodation specialist Opal Property Group, is looking to set up its own fund to buy land and assets as bank lending continues to remain challenging.

He said that Opal had been approached by one I

RBS and Lloyds Banking Group send €2.5 billion capital to prop up Irish subsidiaries

Fri, 04 Sep 2009 22:00:00 GMT

Lloyds Banking Group has shored up its Bank of Scotland Ireland (BoSI) division with £1.4billion, while Royal Bank of Scotland said it has injected about €1.1 billion into its Ulster Bank unit, which it said was part of its normal capital ma

Banks reported to be arranging joint ventures with property companies for their repossessed property

Fri, 04 Sep 2009 22:00:00 GMT

Royal Bank of Scotland and Lloyds Banking Group, are planning to take equity stakes worth millions of pounds in joint ventures with property companies on repossessed development projects and buildings in need of refurbishment.
Lloyds in particul

Liam Caroll second application for creditor protection adjourned

Thu, 03 Sep 2009 22:00:00 GMT
The Irish High Court hearing yesterday into the application for examinership by property developer Liam Carroll's Zoe Group has been adjourned until Monday 7th September. Judge Frank Clarke said a ruling could take seven days after that to deliver.
<

Blackrock International fails to revalue portfolio in presenting H1 results.

Thu, 03 Sep 2009 22:00:00 GMT
Blackrock International Land plc, the Dublin based developer and investor which has around 25% of it's portfolio in the UK, a further 25% in Europe and the balance in the Irish Republic, has released its interim results for the six months to 30 June 2009.

Bovis Homes issue new shares to raise £60 million for land purchase

Thu, 03 Sep 2009 22:00:00 GMT
Bovis Homes Group Plc said today that it was raising £60 million through a placement of new shares to raise cash to buy land for development, in the latest sign the U.K.'s troubled housing market may have turned a corner.

The house builde

Skandia Property Fund acquire Umbro's Manchester HQ for £8.7million

Thu, 03 Sep 2009 22:00:00 GMT
ING Real Estate Investment Management, acting on behalf of Skandia Property Fund has bought Lakeside 5000, Umbro's global HQ in Stockport, for £8.7million from Phoenix Life Ltd.

DTZ, which acted for Phoenix, said the deal reflected an ini

Former maths teachers to sell massive BTL portfolio

Thu, 03 Sep 2009 22:00:00 GMT
Fergus and Judith Wilson have decided to call it a day after almost 20 years of property investing and are putting their 700 homes up for sale as one lot, which could easily fetch £70million.

They are former maths teachers who became land

Helical Bar sells Regent Street office lease to Crown Estate for £34million

Wed, 02 Sep 2009 22:00:00 GMT
Helical Bar plc has sold its short leasehold interest in Rex House, 4 - 12 Regent Street, London SW1 to the freeholders, The Crown Estate, for a cash consideration of £34 million.

Rex House provides approximately 91,000 sq ft of office a

Hawtin more confident about 2009 out turn as values stabilise

Wed, 02 Sep 2009 22:00:00 GMT
Cardiff based property devlopment and investment firm Hawtin Plc has reported it's H1 results for 2009.

Over the six months to 30th June Hawtin has achieved an operating profit of some £1.95million (2008 - £1.15m) and the accounting

McInerney hit by H1 loss of £150 million

Wed, 02 Sep 2009 22:00:00 GMT
Irish/UK housing developer McInerney Holdings Group suffered a pre-tax loss of €170.9million (£150million) in the first six months of 2009, the firm revealed today.

This was more than triple the loss of €53.6million (&poun

Cattles announce closure plans for 30 Welcome Financial Services branches

Wed, 02 Sep 2009 22:00:00 GMT
Sub-prime lender Cattles Plc plans cuts at it's subsidiary Welcome Financial Services Limited, having closed it's doors to new borrowers in January to conserve cash.

Cattles proposes the closure of 30 branches where leases have expired or are d

DSG Q1 sales down less than expected overall but double digit percentage falls in the UK High Street

Wed, 02 Sep 2009 22:00:00 GMT
News from the UK High Street today with the Q1 results for DSG International Plc, which owns Currys and PC World in Britain, Elkjop in the Nordic region and UniEuro in Italy, shows UK & Ireland electrical goods down 14% and computing products down 17%

Sam Zell the US "Grave Dancer" launches new $625 million fund

Tue, 01 Sep 2009 22:00:00 GMT
Sam Zell, a legendary distressed asset investor who recently failed to keep Chicago-based publisher Tribune Co. out of bankruptcy, has put together a $625 million fund to buy distressed securities backed by assets including US commercial real estate.

Songbird Estates gains market value after vote of confidence by investors

Tue, 01 Sep 2009 22:00:00 GMT
Songbird Estates Plc, Canary Wharf’s largest landlord, climbed 3.7% in London trading after Qatar Holding LLC said last week it plans to become the U.K. company’s biggest shareholder.

Qatar Holding, part of the Persian Gulf country&

Safestore Holdings 1.7% up on LFL basis on last year

Tue, 01 Sep 2009 22:00:00 GMT
Safestore Holdings, the UK's largest self storage group with 94 stores throughout the UK, today reported it's Q3 revenue to be ahead of this time last year by 1.7%, having increased it's average rental rate by 5.3% to £25.07.

Safestore ca

Iceland votes on Icesave Bill

Fri, 28 Aug 2009 22:00:00 GMT
Iceland's parliament will vote today on a bill to authorise paying back Britain and the Netherlands more than $5 billion lost in Icelandic deposit accounts last year, its speaker said yesterday.

Lawmakers are expected to approve the government-

Boris calls in Columbus Tower scheme to overrule Tower Hamlets

Fri, 28 Aug 2009 22:00:00 GMT
London Mayor, Boris Johnson, is expected to overrule councillors and give the go-ahead for a skyscraper in order to secure “thousands” of jobs and £6.5million for Crossrail, using new planning powers for the first time to have the

The Restaurant Group prospers despite adverse market in H1 2009

Fri, 28 Aug 2009 22:00:00 GMT

The Restaurant Group plc, which operates 358 restaurants and pub restaurants predominantly in leisure locations and airports, reported today that in H1 2009 it increased revenue by 3% to £210million, though on an LFL basis revenue was off j

Further confirmation of the Admiral Taverns debacle

Thu, 27 Aug 2009 22:00:00 GMT
Lloyds Banking Group is likely to swap its debt in Admiral Taverns for equity, according to Companies House documents filed several months late by the tenanted pub company.

Documents state that Admiral Taverns has been in discussions since last

Nationwide report further house price increase of 1.6% in August

Thu, 27 Aug 2009 22:00:00 GMT
House prices rose for the fourth month running and at their fastest monthly rate in 2-1/2 years in August, the Nationwide Building Society said today, in a further sign the housing market is picking up.

The mortgage lender said house prices ros

Rugby Estates make further reduced loss of £2.2 million in H1 2009

Thu, 27 Aug 2009 22:00:00 GMT
Rugby Estates Investment Trust Plc, reported today in it's H1 results that capital values of commercial properties generally continued to fall. However, as the Group's properties performed strongly on a relative basis and the underlying property rental bu

Savills just in profit in H1 2009 as cost cutting matches volume decline

Thu, 27 Aug 2009 22:00:00 GMT
Savills results for the six months to 30 June 2009 show revenue down 11% to £247.6million (H1 2008: £278.1million), and underlying and statutory profit before tax of £2.5million (H1 2008: £19.2million) and £0.1million (H1 200

News International confirm move from Fortress Wapping to Land Securities Thomas More Square

Thu, 27 Aug 2009 22:00:00 GMT

Land Securities, the UK's largest listed property firm, said today it has leased 11 floors of a London office block to Rupert Murdoch's British newspaper arm, News International, for up to 10 years.

The News Corp unit will occupy the ground

Paddy Power profits hit by punters but plans to increase UK high street presence

Wed, 26 Aug 2009 22:00:00 GMT
Paddy Power plc today reported that it's business in H1 2009 had grown strongly, mostly based on a 32% increase in it's online business which attracted 20% more customers, thiugh it failed to convert this to as much profit as last year resulting in an ope

Derwent London planning to restart it's development pipeline

Wed, 26 Aug 2009 22:00:00 GMT
Derwent London, the central London real-estate investment trust, is preparing to return to the development market, planning the construction of projects that will complete in 2011-12, when it envisages property markets will be back on track.

Lloyds may have to write off £500 million on Admiral Taverns

Tue, 25 Aug 2009 22:00:00 GMT
Lloyds may have to write off as much as £500 million on loans it made to pubs group Admiral Taverns, the Financial Times reported today.

Citing accounts filed, the FT said, the debt-laden pubs group was in talks with its lenders ove

CBRE restructure $994 million of debt to buy more time and lower payments

Tue, 25 Aug 2009 22:00:00 GMT
CB Richard Ellis Group, Inc, the Los Angles based world leader in real estate services, .today announced that it has reached agreement to modify $994 million of debt by offering lenders the ability to swap certain existing tranches of debt for new tranche

CLS Holdings swings to H1 profit of £13.2 million

Tue, 25 Aug 2009 22:00:00 GMT
Property investor CLS Holdings swung to a first-half pretax profit, helped by higher revaluation of some UK properties, and said that it expected stable cash flow from its London properties.In the UK it's portfolio comprises 27 properties worth &pou

Punch Taverns on track to meet year end forecasts

Tue, 25 Aug 2009 22:00:00 GMT
Britain's biggest pub group, Punch Taverns, said price cuts, promotions and new food menus would help it to meet its full-year expectations despite the recession, but saw little sign of demand improving soon.

Punch, which has over 8,000 mostly

Persimmon report 73% drop in H1 pretax profits but say prices have stabilised

Tue, 25 Aug 2009 22:00:00 GMT
House builder Persimmon reported a drop in first-half pretax profit but said selling prices had stabilised and it is trading ahead of expectations in the historically quieter summer period.

The York-based housebuilder, one of the largest

Threadneedle gets backing from Eurohypo and RBS

Mon, 24 Aug 2009 22:00:00 GMT
Eurohypo, Europe's largest commercial real estate bank, has acted as agent and co-underwriter, on a 50 / 50 basis with Royal Bank of Scotland, to provide Threadneedle Strategic Property Fund IV - the latest open-ended property fund to be launched by Threa

Zenith Estates, a new bottom fisher, is launched by Martin Barber

Mon, 24 Aug 2009 22:00:00 GMT
Martin Barber, the co-founder and former chief executive of Capital & Regional, has returned with a new business aiming to buy distressed UK retail and leisure property assets.

Mr Barber, who left Capital & Regional a year b

The Liam Carroll saga enters new legal territory as 2nd hearing to appoint examiner is approved

Mon, 24 Aug 2009 22:00:00 GMT
On Friday in the Irish High Court, Mr Justice John Cooke opened up the possibility of an unprecedented successful second attempt at court protection for a group of seven Liam Carroll companies, when he granted the go-ahead for a full hearing into the case

Bovis Homes report small H1 profit and gears up to buy land.

Mon, 24 Aug 2009 22:00:00 GMT
Housebuilder Bovis Homes posted a slump in underlying pretax profit but confirmed a growing trend of stabilisation in the housing market.

Bovis, one of the smaller housebuilders by market value, reported an adjusted pretax profit of £1.2

NAMA banks line up behind Liam Carroll to oppose appointment of an examiner

Fri, 21 Aug 2009 22:00:00 GMT
A High Court application by Liam Carroll’s Zoe property development group seeking the consideration of new evidence ahead of the appointment of an examiner was adjourned until today.

Seven companies in Liam Carroll’s beleaguered Zoe

Chelsea BS hit by £41 million Buy-toLet Mortgage fraud reports £26 million loss in H1

Fri, 21 Aug 2009 22:00:00 GMT
Chelsea Building Society, which despite it's name is headquartered in Cheltenham, has fallen victim to a £41 million buy-to-let mortgage fraud, it emerged today.

The fraudulent cases occurred between 2006 and 2008, the building society sa

Rightmove reports half year profits of £19.9 million as traffic increases

Fri, 21 Aug 2009 22:00:00 GMT
Rightmove, the country's most visited property website, said today it was confident about its prospects for the year after seeing a stabilisation in the size of its estate-agent customer base in the first half.

The company said it would not qui

Capital & Regional secures new capital at a 75% discount after further H1 losses of £135 million

Fri, 21 Aug 2009 22:00:00 GMT

Shares in Capital & Regional the shopping and leisure centre owner and self-styled "co-investing property asset manager" hit a 20-year low yesterday, closing down 56% at 43.25p, giving the business a market value of about £31million

Lend Lease writes down almost $1billion in a slow market, reduces dividend but optimistic over prospects

Thu, 20 Aug 2009 22:00:00 GMT
Lend Lease, Australia’s largest property developer, posted a second-half loss after writing down the value of its holdings in the UK and USA especially and said a slow market limited the company’s ability to sell properties.

The com

Residential mortgage volume and money supply up in July but business lending weaker

Thu, 20 Aug 2009 22:00:00 GMT
Gross mortgage lending was down 36% to an estimated £16 billion in July from £24.9 billion a year earlier, the Council of Mortgage Lenders said today.

The July lending figure represented a 26% increase on the upwardly revised June f

Hammerson say £275 million Union Square to open on October 29

Thu, 20 Aug 2009 22:00:00 GMT
Union Square Aberdeen, Hammerson’s latest £275 million retail regeneration scheme will open to the public on the October 29, 2009, the firm announced today, after a public open day on Sunday October 23rd when the public can get at look behind

Tesco Personal Finance leases new Customer Service building in Glasgow to create 800 jobs

Thu, 20 Aug 2009 22:00:00 GMT
Tesco Personal Finance (TPF) has today announced that it is set to create over 800 jobs in Scotland with the opening of a new customer service centre.

The new customer service centre will be based at Broadway One in central Glasgow and will ma

Lloyds announce intention to possibly U turn on C&G closure plan

Wed, 19 Aug 2009 22:00:00 GMT
Lloyds Banking Group said today it was reviewing a decision to close all branches of its Cheltenham & Gloucester unit, surprising employees and investors.

Britain's largest retail bank, 43% owned by the government, had said in June that the

KPMG forecast losses for UK retail banks in Q2 and express concern for commercial property refinance

Wed, 19 Aug 2009 22:00:00 GMT
Britain's banks are likely to see their battered retail arms slide to a loss in the second half of 2009, as the cost of bad loans, tough competition and wholesale funding continues to weigh, a survey by accountants KPMG found.

"Retail bank

Jessops report further losses in Q3

Wed, 19 Aug 2009 22:00:00 GMT
Jessops plc, the struggling photographic retailer which trades from 212 stores across the UK reports LFL sales in Q3 down 4.7% and is expecting to report a trading loss this year, similar to last year.

The firm is in discussion with it's banker

Citi Bank stalls Max Property's Industrious deal

Tue, 18 Aug 2009 22:00:00 GMT

Citi Bank has been revealed as the party which opposed AIM-listed Max Property’s £232.1million deal to buy the industrious portfolio from Ernst & Young.

Citi, which provided part of the £38million mezzanine debt through

Wichford report Q1 UK valuation decline of just 1.2%

Tue, 18 Aug 2009 22:00:00 GMT
Wichford plc, the Isle of Man registered property investment company which owns around 75 properties let to government bodies, reported a Q1 valuation decline of 1.2% in it's UK portfolio compared to a decline of 1% in it's continental European port

British Land Q1 NAV down 9% but pace of decline has abated and new investments now considered

Tue, 18 Aug 2009 22:00:00 GMT

British Land Co. plc , the U.K.'s second largest real estate investment trust, today became the latest landlord to report an improvement in commercial property markets with declines in portfolio valuations slowing markedly in the first quarter. As a re

Standard Life SIPP reaches 1000 property milestone

Tue, 18 Aug 2009 22:00:00 GMT
The latest commercial property Standard Life has added to its Sipp platform brings the total number of properties under management to 1,000 in less than five years.

Alistair Hardie, head of Sipp, Standard Life, says: 'Our Sipp has been a fantas

IPD UK Monthly Index of total returns for commercial property records first yield compression for over 2 years

Mon, 17 Aug 2009 22:00:00 GMT

All property yield compression coupled with an easing in rental pressure has produced the shallowest negative capital growth decline in British commercial property markets for two years, according to July’s IPD UK Monthly Index.

IPD i

Hansteen buys 18.5% stake in Warner Estates from Trefick

Mon, 17 Aug 2009 22:00:00 GMT
Hansteen, the light industrial investor, is issuing 3.29million new shares at 10p each to fund the purchase of an 18.5% stake in Warner Estae Holdings, which it bought on Friday from Trefick subject to the admission of shares, in what must be seen as a vo

Shaftesbury report West End busy for retail, leisure and residential but offices are under pressure

Mon, 17 Aug 2009 22:00:00 GMT
Shaftesbury PLC said today in it's interim statement for the 4 months from April to July, that London's West End remains buoyant with tourists and visitors and it continues to experience healthy demand for retail, restaurant and residential accommodation

Peel gets first permissions in the Wirral Waters development

Fri, 14 Aug 2009 22:00:00 GMT
Wirral Council has approved Peel Holding's Northbank East proposal that will see some £200million investment and create around 1,000 jobs, in construction and proposed office and retail uses in Birkenhead and Wallasey's docks, as the first stage in

Warner Estate Holdings still in talks with banks as NAV falls further due to investment revaluations

Fri, 14 Aug 2009 22:00:00 GMT
Warner Estate said on Friday it will convene an extraordinary general meeting to discuss ramping up its recovery plans, after its net asset value fell below half of its called-up share capital.

The meeting will follow the annual general m

Housing Associations write down assets by £174 million

Fri, 14 Aug 2009 22:00:00 GMT
Housing associations have had £174million written off their assets in 2008/9 as land and house prices tumbled.

During the year, 92 housing associations reported the impairment charges, driving the figure up 40% on last year.

Bu

142 Allied Carpets stores closed by administrators

Fri, 14 Aug 2009 22:00:00 GMT
The administrators of Allied Carpets have closed 142 shops after failing to offload the portfolio as a going concern.

BDO Stoy Hayward – which was appointed administrator on July 17 – said it remains in negotiations with “a nu

57 Local Councils to share £3million to reduce impact of empty shops in town centres

Thu, 13 Aug 2009 22:00:00 GMT
Fifty-seven local authorities covering England's most deprived areas will share £3 million in funding to help them find ways to reduce the impact empty shops are having on their high streets, the Government has announced.

Temporarily conv

Gerald Eve forecasts more pain ahead for office investments especially those in Central London

Thu, 13 Aug 2009 22:00:00 GMT
Gerald Eve’s gloomy Summer Property Investment Brief sees its forecasts revised downwards shaped by an economic outlook that remains negative and highly uncertain, despite recent anecdotal evidence.

It has downgraded the all property tota

Asda Q2 results show LFL sales up 7.2% and market share up as well in a strong Walmart result

Thu, 13 Aug 2009 22:00:00 GMT
Wal-Mart Stores posted a 13.3% rise in second-quarter operating profit at its international businesses at constant exchange rates, helped by a strong performance from Asda in Britain.

The world's biggest retailer, which serves over 100 million

Carroll saga reveals banker - developer alliance in Ireland to disguise property values

Thu, 13 Aug 2009 22:00:00 GMT
A court has appointed a provisional liquidator to two companies owned by one of the Republic's biggest's property developers, Liam Carroll.

The Dublin High Court order was made in response to an application by ACC Bank, which is owed €130m

Clydesdale hit by ratings downgrade as agencies worry about property development exposure

Thu, 13 Aug 2009 22:00:00 GMT
Clydesdale Bank was yesterday slapped with its second credit rating downgrade in two weeks - the latest sparked by its exposure to the down valued commercial property market and the beleaguered small business sector.

The Glasgow-based bank, a s

First GPT, now Stockland announce withdrawal from UK and return to Oz

Thu, 13 Aug 2009 22:00:00 GMT
Stockland, the Sydney-based property trust, has announced it is to sell its UK holdings after the group posted a statutory loss of A$1.8 billion in the 12 months to end-June as a result of the global slump in property values, after a A$705 million p

CABE finds low end new build housing too small

Wed, 12 Aug 2009 22:00:00 GMT
Design watchdog CABE has discovered that new-build private-sector homes in and around London have inadequate space for normal activity.

Privately developed homes in and around London are not being designed or built to provide enough space for r

Grainger continues to conserve cash despite cutting debt by £100million in last 4 months

Wed, 12 Aug 2009 22:00:00 GMT
Grainger plc, the UK's largest residential landlord, said today it has cut its debt by around £100 million in the last four months as it sold more properties, boosted by improving sentiment in the residential market, but said it was cautious as the

Charles Wells sells 11 pubs

Wed, 12 Aug 2009 22:00:00 GMT
Charles Wells Pub Company has sold eleven of its pubs, nine of which were closed. Of the nine, four have been bought for an alternative use.

Chartered surveyors and property consultants Gerald Eve said that it had been appointed to sell 24 pubs

Cost of fixed rate mortgages creeps up in July

Tue, 11 Aug 2009 22:00:00 GMT
The cost of taking out a new fixed-rate mortgage rose to its highest level this year in July, on top of a jump of around half a percentage point in June, figures from the Bank of England showed today. Last month according to CML figures 78% of all new nor

UK housing market still constrained by tough lending criteria and poor supply of property for sale

Tue, 11 Aug 2009 22:00:00 GMT
New data from the Council of Mortgage Lenders shows further signs of stabilisation in the mortgage market, but volumes are still weak on a historic basis and the latest RICS UK housing market survey shows the market constrained by lack of supply.

Greggs the baker reports H1 sales up 4% plans to open 40 new shops in H2

Tue, 11 Aug 2009 22:00:00 GMT
Newcastle based bakery retailer Greggs plc, which employs 19,000 in the UK, today increased its dividend 6.1% as H1 sales increased, and said it would go ahead with its expansion plans.

Greggs said that while high-street trading is difficult, a

Intercontinental Hotels report H1 profits down 38% as demand stabilises

Tue, 11 Aug 2009 22:00:00 GMT
InterContinental Hotels Group plc, owner of 7 major hotel brands including Holiday Inn, today posted a 38% decline in H1 profit but said it has seen no further deterioration in demand as it continues to outperform the troubled hotel market.

Int

Property Funds jumping back into UK commercial property market

Mon, 10 Aug 2009 22:00:00 GMT
Commercial property fund managers are jumping back into the UK market, believing the correction has now ended and that bricks and mortar assets are looking cheap.

Managers believe the collapse of the property bubble has created a wealth of inve

Daejan chalk up a half century in as much style as times permit.

Mon, 10 Aug 2009 22:00:00 GMT
Daejan Holdings, a UK / USA property investment and development business now in it's 50th year as a public business, has reported a pre-tax loss of £248 million (from a profit of £47 million in 2008), but despite that has elected to pay

Dylan Hartley Residential collapses with debts of £100 million

Mon, 10 Aug 2009 22:00:00 GMT
Dylan Harvey Residential Ltd, announced it was going into administration owing up to £100million. The new-build developments affected included Clippers Quay in Salford Quays, and Zararchie Tower and Bengal Mill, both in Ancoats, Manchester, and phas

Cattles sell Invoice Finance division for £70 million to AnaCap to stave off foreclosure

Sun, 09 Aug 2009 22:00:00 GMT

Cattles, the stricken sub-prime lender, today secured a deal to sell its Cattles Invoice Finance subsidiary for £70million.

The Leeds-based group is selling the business to AnaCap Financial Partners for £10.4million in cash and &

Lloyds Banking Group reported to be considering multi-billion share offer as cheaper alternative to APS

Sun, 09 Aug 2009 22:00:00 GMT

Lloyds Banking Group may consider a multi-billion pound share issue as part of a partial withdrawal from the government's asset protection scheme according to a report in the Sunday Times.

CEO Eric Daniels is reported to think that the fees

Hypo Real Estate make Q2 loss of £568 million and predict 3 years of further losses on sour loans

Fri, 07 Aug 2009 22:00:00 GMT
Hypo Real Estate, the troubled German real estate bank, increased provisions for problem loans as it plunged in to the red in Q2 and said it continued to rely on support from the German government.

Germany's highest profile credit crunch casual

Local Shopping REIT keeps above water

Fri, 07 Aug 2009 22:00:00 GMT

The Local Shopping REIT which is focused on investments in local shopping assets, reported in it's interim statement for 4 months to 31st July.

It said it had let 37 properties in the period, though at 2.7% below market rent initially but d

RBS disappoint with small H1 profit after making £3.8 billion on it's own debt

Fri, 07 Aug 2009 22:00:00 GMT
Royal Bank of Scotland Group today said it eked out a slight pretax profit in the first half, lower than expected and helped by gains from bond buybacks.

UK banks have signalled this week the worst was over for bad loans and hinted a recovery c

First monthly rise in UK commercial property prices for 2 years as signs of recovery emerge

Thu, 06 Aug 2009 22:00:00 GMT
UK commercial property prices rose 0.2% in July, their first positive reading since the market peaked in June 2007, data from CB Richard Ellis, showed today.

Retail warehouses saw the largest hike in values in July, up 1.2%, with re

Bank of England maintain base rate but raise QE input to £175 billion as system runs out of liquidity

Thu, 06 Aug 2009 22:00:00 GMT
The Bank of England took a far bigger step than expected to boost the recession-hit economy today, expanding its quantitative easing programme to £175 billion from £125 billion.

The central bank also decided at its monthly mee

Ladbokes cut dividend as profits decline and moves online operations to Gibraltar

Thu, 06 Aug 2009 22:00:00 GMT
Ladbrokes, the bookmaker, reported a decline in H1 pretax profit and cut its dividend today as it warned the economic and trading environment remained challenging.

Ladbrokes, which has 2,100 betting shops in Britain, reported an underlyin

Bellway give strong trading update and issue new shares to buy land and inrease output

Thu, 06 Aug 2009 22:00:00 GMT
Bellway PLC, the housebuilder, today said that during the course of the year the group legally completed the sale of 4,380 homes compared with 6,556 the year before at an average selling price of £154,000 (£169729).

Market con

AIB attacks it's problem with a £2billion H1 write-off which encourages investors

Thu, 06 Aug 2009 22:00:00 GMT
Allied Irish Bank, Ireland's largest, plunged into the red yesterday thanks to soaring bad loans and its home market's ailing economy.

Ireland's GDP is expected to fall by 9% this year thanks to the bursting of the property bubble and the inter

Jones Lang La Salle recover to Q2 loss of $14 million, making a H1 loss of $76 million

Wed, 05 Aug 2009 22:00:00 GMT
Jones Lang LaSalle Inc, one of the world's largest property service companies, posted a Q2 net loss from a year-earlier profit, after restructuring and impairment charges.

The company on Tuesday posted a net loss of $14 million, or 40 cents per

LSL report growth in H1 profit to £9.4 million thanks to cost control

Wed, 05 Aug 2009 22:00:00 GMT
York-based estate agency group LSL Property Services, which owns the Your Move and Reeds Rains brands, today said its "flexible business model" was helping it defy the downturn as it reported a growth in half-year profits.

The

Max Property bag Industrious portfolio for £232.1 million representing half it's replacement cost.

Wed, 05 Aug 2009 22:00:00 GMT
Max Property Group PLC announced today that it has exchanged contracts to acquire the Industrious Group portfolio of principally light industrial property from Ernst & Young for £232.1million or £245.4million including stamp duty and

Taylor Wimpey H1 report pretax loss of £682 million and the return of stability

Wed, 05 Aug 2009 22:00:00 GMT
Taylor Wimpey, the housebuilder, today posted a wider pretax loss, carried out further writedowns, but said stability seems to be returning to housing markets in both the UK and United States.

The company kicked off first-half results from Brit

Lloyds set aside £13.4 billion for bad loans and report H1 loss of £4 billion

Wed, 05 Aug 2009 22:00:00 GMT
Lloyds Banking Group sank to a £4 billion loss in H1 of the year hit by a surge in bad debts from the HBOS business it bought earlier this year.

Lloyds' loss compared to a proforma profit of £2.8 billion in the first half of 2

Failed Kemsley empire Rock Investments may cost HBOS around £450 million

Tue, 04 Aug 2009 22:00:00 GMT
It has been reported that the failed property empire of businessman Paul Kemsley, who was known for appearing on television show The Apprentice as one of Sir Alan Sugar’s guest interrogators, could cost HBOS nearly £450 million.

Mr

Insufficient money supply looks like delaying recovery as QE appears to be failing

Tue, 04 Aug 2009 22:00:00 GMT
Lending from private banks and other institutions is likely to prove a key driver of economic recovery from the current downturn, Capital Economics said today.

Vicky Redwood, economist at the organisation, suggested that GDP growth would remain

Northern Rock new lending 20% below target as H1 losses rise to £724 million on rising arrears

Tue, 04 Aug 2009 22:00:00 GMT
Northern Rock said its statutory H1 loss rose to £724.2 million, hit by an accounting charge and funding costs, and it warned the outlook for UK home loans remained uncertain.

The loss for the mortgage lender, the first major casualty of

William Hill H1 performance driven by online gambling as net revenue rises 5%

Tue, 04 Aug 2009 22:00:00 GMT
William Hill PLC said today that it will move its online betting operations to Gibraltar to cut its tax bill as it posted a 7% fall in first-half earnings due to retail costs and investments in its betting shops and online operations.

The

Marstons sales on a rising plane in Q3

Tue, 04 Aug 2009 22:00:00 GMT
Marston's PLC in it's Q3 interim statement today said group sales have improved since April, helped by rising food sales, and it remains on track to open 15 new pubs in the next financial year.

The firm said in the 43 weeks to Aug. 1, group sal

West End Offices first sector to see yields fall as overseas investors pile in say IPD

Mon, 03 Aug 2009 22:00:00 GMT

West End office yields fell in Q2 2009, according to the IPD UK Quarterly Property Index, marking the first property segment to return to yield compression for more than two years.

Yield impact, which measures the influence of yield movement

HSBC writes off goodwill in US business in H1 2009 but still reports pre-tax profits of £2.98 billion

Mon, 03 Aug 2009 22:00:00 GMT
HSBC said today in it's 2009 Interim results that profits had fallen by more than half during the first six months of the year. But the 51% drop in pre-tax profits to £2.98 billion came after its bad debt charges soared 39% to £8.3 billion.

Barclays reports H1 profits up 8% at £2.98 billion - would have been much more but for rising impairments

Mon, 03 Aug 2009 22:00:00 GMT
Barclays fell short of expectations with an 8% rise in half-year profit as bad debts at the country's second biggest bank almost doubled to offset buoyant earnings from its enlarged investment bank.

Barclays today reported a H1 pretax pro

Hammerson report H1 loss of £818 million and change of CEO but says yields are stabilising

Mon, 03 Aug 2009 22:00:00 GMT
Hammerson PLC said today after it's H1 report that Chief Executive John Richards will retire Sept. 30, as it reported a wider first-half pre-tax loss of £818.5 million.

Hammerson said that David Atkins, 43 years old, will succeed Ri

Dome talks reported to be with Trinity College

Mon, 03 Aug 2009 22:00:00 GMT
A Cambridge college is in talks to buy the O2 entertainment complex for more than £20million, it was reported yesterday. Trinity, the university's wealthiest college, has been in negotiations for the former Millennium Dome with property firms Quinta

Hermes sell St James office building for £70 million

Mon, 03 Aug 2009 22:00:00 GMT
Investec Property Investments, a division of specialist bank Investec Bank Plc and Credo Property Group have announced the acquisition of 20-24 Carlton House Terrace, London SW1 for approximately £70 million from Hermes Real Estate, one of the

Liberty International report H1 NAV down 40%

Fri, 31 Jul 2009 22:00:00 GMT
Britain's biggest shopping mall owner, Liberty International, posted a 40% fall in interim net asset value per share today but raised hopes the worst of the commercial property market maelstrom may be over.

"After a two year period of exce

Thwaites the brewers face shareholder revolt over Mayfair hotel disposal

Fri, 31 Jul 2009 22:00:00 GMT
Daniel Thwaites plc, the Blackburn based brewery business, faces a shareholder revolt over the proposed sale of its most valuable hotel. At the Annual General Meeting of the Company held on 30 July 2009, the Chairman informed shareholders that the g

Warner Estate Holdings at the mercy of it's banks

Fri, 31 Jul 2009 22:00:00 GMT
Warner Estate Holdings, the property fund and asset manager, posted a March-year pretax loss of £297.1 million today and said talks with lenders were progressing after its worst ever year. Its adjusted net asset value per share was reduc

JLL report slowing rate of decline in Q2 2009 total returns for UK commercial property

Thu, 30 Jul 2009 22:00:00 GMT
The decline in property returns slowed in Q2 of 2009 according to the Jones Lang LaSalle Quarterly Property Index.

Real estate returns fell by 1.8% in Q2 of 2009, compared with 6.4% in Q1, recording the smallest negative quarterly returns since

Oak Holdings report H1 swing to profit

Thu, 30 Jul 2009 22:00:00 GMT
Oak Holdings plc, the AIM-listed property development and consultancy group, in it's H1 interim report for the 6 months ended April 30th said it had executed a 7 year operational lease of the existing Rother Valley Country Park, which makes provision for

Mortgage approvals up but not enough to make house prices rise

Thu, 30 Jul 2009 22:00:00 GMT
Mortgage approvals for house purchase rose to their highest level in more than a year in June at 48,000 but total consumer lending rose by the smallest amount on record, official data showed on Wednesday. Vicky Redwood at Capital Economics said: "But

Travis Perkins weather the storm intact though H1 pre-tax profits down 27.4% at £90 million

Thu, 30 Jul 2009 22:00:00 GMT
Travis Perkins, the builders merchant and DIY retailer said today that for H1 to 30 June 2009 revenue at £1,454million was down by 13% compared with the same period last year. Group operating profits were down by 24.5% to £118million with thei

Quintain Estates Q1 statement reports steady progress

Wed, 29 Jul 2009 22:00:00 GMT
In it's Q1 management statement today, urban regeneration specialist Quintain Estates said that despite the Collapse into Administration of MFI 6 of the affected properties have been re-let, and that steady progress at Wembley and Greenwich is being made.

S&P downgrade Clydesdale Bank & Yorkshire Building Society on bad loan fears

Tue, 28 Jul 2009 22:00:00 GMT
Standard & Poor's yesterday downgraded Clydesdale Bank and Yorkshire Building Society and turned more cautious on Nationwide's junior debt as it now believes the total value of bad loans in the UK could soar to £86 billion over the next two year

Workspace Group rent roll under pressure as voids force lower rents

Tue, 28 Jul 2009 22:00:00 GMT
Small business landlord Workspace Group Plc said its quarterly rent roll declined even as overall occupancy was marginally up, and added that it had seen signs of stability in occupancy levels.

Workspace Group, in it's interim management

BTL lender Paragon sees no imminent change in rates or credit availability for the BTL market

Tue, 28 Jul 2009 22:00:00 GMT
The Paragon Group of Companies in its Interim Management Statement today said it had made an operating profit for the nine months to 30 June 2009 of £30.2 million. Pre-tax profits, inclusive of an exceptional profit of £4.6 million on th

ING UK REIT loses a further 4.5% NAV in quarter to June 30th

Tue, 28 Jul 2009 22:00:00 GMT
The unaudited Net Asset Value per share of ING UK Real Estate Income Trust Limited as at 30 June 2009 was £162.0 million, reflecting approximately 49 pence per share.

The NAV reflects a decrease of approximately 3 pence

Irish "bad" bank may threaten UK owners in technical default

Tue, 28 Jul 2009 22:00:00 GMT
UK property investors who took advantage of a recent lending boom by Irish banks may face a fight to avoid repossession of their assets if their mortgages are transferred to Ireland's "bad bank", lawyers have warned.

Property speciali

Major cultural projects in jeopardy as funding dries up

Mon, 27 Jul 2009 22:00:00 GMT
Major cultural development projects in the UK are under threat because of lack of cash. An extension to the world famous British Museum in London, a new film centre in London and the visitor centre at Stonehenge may all be affected.

The Departm

Wolseley sees tough trading conditions for 12 months at least

Mon, 27 Jul 2009 22:00:00 GMT
Wolseley, the building supplies company said today in it's trading statement that it sees no pick-up in market conditions for the rest of 2009, while pretax profits were down 60% for the 11 months to end-June.

The company, which has shed

Investec report Q1 profits down and uncertain global environment

Fri, 24 Jul 2009 22:00:00 GMT
Anglo-South African banking group Investec PLC said today that earnings fell in the fiscal Q1 as loan defaults continued to increase, and it cautioned that the global environment remains uncertain.

The company in its interim management st

Davenham report significant losses for 2009

Fri, 24 Jul 2009 22:00:00 GMT
In a year end trading update today, Davenham Group the specialist lender, said it has continued to incur significant operating losses principally due to the impairment of its property loan book arising from further deterioration in the property sect

Leeds Bradford Airport gets green light for £28 million expansion

Fri, 24 Jul 2009 22:00:00 GMT
Leeds City Council's planning committee gave the green light to plans for a £28 million expansion of Leeds Bradford International Airport (LBIA). Plans include a new two storey building extension and internal improvements to the existing terminal, p

UK residential mortgage approvals up again in June as credit starts to "free up"

Thu, 23 Jul 2009 22:00:00 GMT
U.K. mortgage approvals rose in June to the highest level since March 2008 as the property slump showed sign of easing and banks became more willing to lend.

Loan approvals for home purchases increased to 35,235 from 31,919 in May, the British

Kingfisher report stronger than expected H1 results from B&Q in UK

Thu, 23 Jul 2009 22:00:00 GMT
Kingfisher plc reported total sales ahead 1% in constant currencies, down 2% on a like-for-like basis, for the 10 weeks to 11 July 2009 from it's worldide operations.

B&Q total sales, from it's 322 UK stores, grew 1.5% (+0.7% LFL) with sale

Colliers CRE post H1 loss but reports significant improvement in activity from June onwards

Thu, 23 Jul 2009 22:00:00 GMT
Colliers CRE, the AIM-listed real estate consultancy group, in it's trading update for the six months ended 30 June 2009, said it had cut it's cost base by £25million per annum compared to 15 months ago.

Market conditions remained challen

Great Portland Estates report Q1 NAV down 11.8% but reducing vacancy rate

Thu, 23 Jul 2009 22:00:00 GMT
Great Portland Estates today reported a 5.1% decline in its portfolio value in the first quarter, the smallest quarterly decline since mid-2008, and said it is encouraged by the current deal flow.

It added that the property market environment c

UK Interest rates to remain low for at least 18 months say Ernst & Young

Wed, 22 Jul 2009 22:00:00 GMT
Whilst many property investors worry what might happen to interest rates when the money the government has pumped into the economy starts to cause inflation, a leading economic forecasting group is predicting that interest rates will remain low for the ne

Slade says Helical Bar "is now on the front foot" he sees "much improved signs"

Wed, 22 Jul 2009 22:00:00 GMT
Helical Bar PLC today said in it's interim management statement, it is looking at a number of potential acquisitions to take advantage of overall falling property prices, but it added the value of some properties is starting to level out.

In a

Land Securities follow Tesco lead to raise £360 million selling lease backed bonds

Wed, 22 Jul 2009 22:00:00 GMT
Land Securities Group Plc is raising about £360 million through a sale of bonds backed by a lease held by the U.K. government, the second public issue of commercial property notes since 2007.

Land Securities, the U.K.’s larges

St Modwen benefit from Pension Fund investement to start £11.8 million Deeside retail redevelopment

Tue, 21 Jul 2009 22:00:00 GMT
The South Yorkshire Pension Fund has agreed to fund a shopping centre redevelopment in North Wales for £11.8million.

Developer St Modwen has obtained planning consent for the redevelopment of the Deeside district centre in Connaghs Quay,

Business lending falls for 2nd month as firms lack confidence ahead of government belt tightening

Tue, 21 Jul 2009 22:00:00 GMT
Outside of the housing market and the high street, there is little evidence of green shoots yet in the business sector, where lending to businesses fell in June. In it's Trends in Lending report the Bank of England paints an altogether gloomier pict

WG Mitchell Northern Ireland portfolio up for sale

Tue, 21 Jul 2009 22:00:00 GMT
The entire Northern Irish property portfolio of WG Mitchell, including a major shopping centre, has been put up for sale by administrator Ernst & Young.

Ernst & Young has appointed Belfast-based property services firm BTWShiells to sell

Morrisons delight the market with strong Q2 trading update

Tue, 21 Jul 2009 22:00:00 GMT
William Morrison Supermarkets PLC said today that it's full-year results would be beat its earlier guidance after it gained market share and exceeded cost saving targets during the second quarter. The market responded warmly with the shares jumping

Next reveals better than expected trading in H1

Tue, 21 Jul 2009 22:00:00 GMT
Next said today it has raised its profit guidance after better than expected recent trading.

"As a result of better full price Next Retail sales and improved clearance rates we have added a further £15 million to our inte

DTZ scrap dividend for 2009 as it swings to pre-tax loss of £80 million

Tue, 21 Jul 2009 22:00:00 GMT
DTZ Holdings today scrapped its dividend for the year to save cash after it swung to a fiscal-year loss on lower revenues from it's global property consultancy business, impairment charges and restructuring costs.

DTZ Research has calculated th

UK House prices rise again for the 5th month say Rightmove

Mon, 20 Jul 2009 22:00:00 GMT
Property prices in the UK have risen again in July, fuelling speculation that the residential real estate market is well on the way to recovery.

The latest figures published today by property website Rightmove show prices rising by 0.6% in July

Banks take the brakes off residential mortgage lending as volume increases in June

Mon, 20 Jul 2009 22:00:00 GMT
Signs of stabilisation in the housing market encouraged lenders to approve more mortgages in June, while the flow of lending to firms fell at a slower pace in May, Bank of England data showed today.

There was also upbeat news from property webs

10 housing PFI schemes receive £1.7 billion to kick start provision of 6100 homes

Mon, 20 Jul 2009 22:00:00 GMT
The government has confirmed funding of £1.7billion for 10 housing PFI schemes, in move that it says will provide 6,100 homes and create thousands of construction industry jobs.

The funding came as housing minister John Healey also announ

Domino's Pizza increases deliveries in H1 2009 with a 7.1% hike in sales and profits up 25%

Mon, 20 Jul 2009 22:00:00 GMT
In it's H1 results today, Domino's Pizza UK & IRL said sales through it's 531 UK stores and 45 outlets in the Irish Republic have increased by 7.1% on a LFL basis, and whilst this is down compared to the 11.4% LFL increase last year it is still a stro

Derwent London sell west end office to Arup for £60 million

Mon, 20 Jul 2009 22:00:00 GMT
Derwent London said today that it has exchanged contracts on the sale of its eight storey office building totalling 90,420 sq ft (8,400 sq meters). at 13-17 Fitzroy Street, London W1 to a member of the Arup group of companies for £60 million,

Peel Group get green light for £400million container ship port near Eccles

Fri, 17 Jul 2009 22:00:00 GMT
Peel Group’s plans for a £400million port for container ships to be built at Barton, near Eccles, have been approved by Salford City Council .

The scheme was initially propose five years ago but has been mired in bureauc

UK Coal losses for H1 exceed £80 million as property losses combine with coal losses

Fri, 17 Jul 2009 22:00:00 GMT
UK Coal, which operates 4 deep mines at Daw Mill, Kellingley, Thoresby and Welbeck, said it expected to lose more than £80million in the first six months of 2009.

The pre-tax losses, revealed in it's Q2 trading statement, mark a huge incr

Max Property in exclusive talks to buy remaining Industrious properties

Fri, 17 Jul 2009 22:00:00 GMT
Max Property Group PLC today said it is in talks to buy a portfolio of industrial properties, which if successful would be its first purchase since joining the AIM market.

The Jersey-incorporated company said it has entered into exclusive negot

Spain follows UK lead in repricing commercial property

Fri, 17 Jul 2009 22:00:00 GMT
Big discounts in Spain's office and retail property markets served to attract private investors rather than institutions, which are wary of falling rents, as the rental market remained weak, consultants have said.

The price of prime Madrid offi

IPD report smallest fall in capital values in 2 years for UK commercial property

Thu, 16 Jul 2009 22:00:00 GMT
Uk commercial property markets have marked the second anniversary of consecutive monthly declines in capital values with the shallowest fall since August 2007, at -0.9%, according to June’s IPD UK Monthly Index. The all property peak-to-trough now s

Sports Direct FY earnings down 9% and dividend scrapped to conserve cash

Thu, 16 Jul 2009 22:00:00 GMT

Sports Direct International, the sporting goods retailer which operates from 375 UK stores, today posted a 9% fall in full-year core earnings and scrapped its final dividend to reduce its debt.

The firm, 71% owned by billionaire Mike Ashley

M&B Q3 results benefit from hot weather with sales up 1.7%

Thu, 16 Jul 2009 22:00:00 GMT
In it's Q3 management statement today Mitchells & Butlers said that it's LFL sales are up 1.7% this quarter.

Much of the trading improvement stems from the good weather, because the residential estate which is 77% of total sales saw drink s

Enterprise Inns Q3 report YTD sales down less than 3% but 25 pubs a month are failing

Thu, 16 Jul 2009 22:00:00 GMT

In it's Q3 Interim Statement today, Enterprise Inns, which owns around 7500 UK pubs, says it's net income year on year is down by less than 3%. It reports that 81% of it's pubs are let on substantial tenancies and trading normally, though 13% of

Preston's £700million Tithebarn plans sent to Secretary of State for final decision

Wed, 15 Jul 2009 22:00:00 GMT
The £700 million regeneration of Preston city centre can go ahead, local planners have declared, at the end a two-day meeting lasting in total around 14 hours, members of the council's planning committee voted in favour of the large-scal

JD Wetherspoon get market approval for a robust 2009 perfomance

Wed, 15 Jul 2009 22:00:00 GMT
JD Wetherspoon today reported a drop in fourth-quarter comparable sales of 0.8%, but the pre-close update highlights a stronger margin performance than expected- up at least 10% due to cost reductions.

During the financial year so far has seen

Land Securities call the bottom of the market - now seeking acquisitions

Wed, 15 Jul 2009 22:00:00 GMT

Land Securities, the U.K.'s largest real-estate investment trust, said today in it's Q1 statement, that it has started to assess acquisition opportunities and is planning to start two major London West End developments in 2010 amid evidence of growing

Co-op submits plans for £100million HQ building in Manchester

Tue, 14 Jul 2009 22:00:00 GMT
The Co-operative Group has submitted plans to build its new 16-storey £100million headquarters in the heart of Manchester.

The office interior plans have been previously put forward for council approval. Now the group has submitted a full

Orega bring their serviced offices to Birmingham and Manchester in deal with Carlyle Group

Tue, 14 Jul 2009 22:00:00 GMT
Orega, the serviced office provider founded in 2000 by Paul Finch and Zachary Douglas, has announced that it has agreed a deal with global private equity firm, The Carlyle Group, to take more than 37,000 ft² (approx. 3,500 m²) of space for new s

RICS say UK house prices are firming up while PWC maintain there are further falls to come.

Tue, 14 Jul 2009 22:00:00 GMT
Price expectations rose for the first time since May 2007, according to RICS' UK housing market survey published today.

This is supported by low levels of stocks on surveyors' books and increasing buyer enquiries, according to RICS.

Will insurance companies return as competitors to banks for big ticket commercial property deals?

Tue, 14 Jul 2009 22:00:00 GMT
Insurance companies are returning to a previous role as lenders to soothe Britain's property debt famine and turn dealmaking hopes to reality, in moves that may break the banks' stranglehold on big-ticket property deals. Banks took the market during

Terrace Hill fall to H1 loss after 24% fall in NAV and passes interim dividend

Tue, 14 Jul 2009 22:00:00 GMT

Terrace Hill Group said today that it wouldn't be paying an interim dividend after posting a first-half pretax loss because of falling property values and limited trading activity.

For the six months ended April 30 Terrace Hill,

US commercial property in continued decline as UK starts recovery

Mon, 13 Jul 2009 22:00:00 GMT
The UK commercial property market is in the best position to recover compared with other key European sectors but the US is still on a downward spiral, according to reports from analysts.

Hammerson, one of the leading European property companie

London office marekt shows signs of revival as IVG sell £45million Finsbury office building

Mon, 13 Jul 2009 22:00:00 GMT
For the first time in almost two years, the London office investment market for commercial property is showing signs of improvement.

Jones Lang LaSalle reported a roughly 50% increase in demand from the first to the second quarter of 200

Mears Group win £200 million housing contract

Mon, 13 Jul 2009 22:00:00 GMT
Mears Group, the social housing repairs and maintenance firm, today said it has been awarded a £200 million, 10-year contract by Brighton & Hove City Council to provide housing stock upgrades, repairs and maintenance services.

M

Kier to start up some mothballed housing sites

Mon, 13 Jul 2009 22:00:00 GMT
Kier Group today said it is going to recommence work on some of its housing sites and start some new developments, saying the downward pressure on housing prices has started to ease, and in some areas prices have stabilized.

In a trading update

Lloyds set to report £13billion of write-offs in H1 2009

Mon, 13 Jul 2009 22:00:00 GMT
Lloyds Banking Group is set to reveal £13 billion worth of write-offs on bad debts when it releases results for the first six months of 2009, it was reported yesterday.
When group chief executive Eric Daniels unveils the interim results in Augu

Food and Fuel buy 4 freeholds from Enterprise Inns

Fri, 10 Jul 2009 22:00:00 GMT
Food and Fuel, a growing food and beverage business run by former Spirit Group boss Karen Jones along with Jo Cumming and Peter Myers, has acquired the freeholds of four of it's gastropubs in London, from present landlords Enterprise Inns.

The

Bovis report housing market stifled by shortage of mortgage finance

Fri, 10 Jul 2009 22:00:00 GMT
Bovis Homes Group said reservations had risen in the first half but echoed comments from peers that house buying activity remained capped by a tight mortgage market, dashing hopes of a near-term sector recovery.

"Activity has to increase b

London & Stamford make oversubscribed cash call to boost warchest

Fri, 10 Jul 2009 22:00:00 GMT
London & Stamford Properties is raising £226 million via a share sale it hopes will provide a competitive edge over bargain-hunting rivals.

The AIM-listed company, set up to exploit heavy discounts in the falling commercial property m

Massive rates hike next April will hit the City hardest as new ratable values kick in.

Thu, 09 Jul 2009 22:00:00 GMT
Central London office occupiers already battered by the credit crunch face further financial blows with potentially massive hikes in business rates bills, government figures revealed today. London's rateable values presently make up 25% of the total of th

Segro agrees takeover of Brixton for £110 million

Thu, 09 Jul 2009 22:00:00 GMT
Segro has agreed an offer for rival Brixton that includes a £250 million capital hike and a possible £325 million buyback of Brixton bonds.

Segro also said that after acquiring Brixton in an all-share deal it expected to gener

Redrow also report better trading and resume building houses to meet demand

Thu, 09 Jul 2009 22:00:00 GMT
Redrow plc in it's pre-close trading statement today said it had completed 2,113 new homes in the 12 months ended 30 June 2009 (2008: 3,925), in line with their expectations following the housing market adjustment of the last eighteen months.

Galliford Try encouraged by positive signs from the housing market

Thu, 09 Jul 2009 22:00:00 GMT
Construction company Galliford Try PLC today said a pick up in activity in the housing market that began in January has continued, and it has now sold 30% of the homes it intends to build this fiscal year.

Galliford Try said it built 1,769 home

Barratt reports early signs of stability in the UK housing market

Thu, 09 Jul 2009 22:00:00 GMT
Housebuilder Barratt Developments said today it has continued to see early signs of market stability as prices begin to level.

Britain's largest housebuilder by volume said its total completed sales fell 29% to 13,202 in the year to end-J

Banks get off the hook as Darling proposes tighter regulation of existing structures

Wed, 08 Jul 2009 22:00:00 GMT
The government will tighten up how it supervises banks, scrutinise bonuses paid to their employees and punish misconduct harder as it tries to prevent a re-run of the credit crunch, the government said today. Crucially the Chancellor ignored calls to brea

Boris sets new higher standards for publicly funded London housing

Wed, 08 Jul 2009 22:00:00 GMT
All publicly funded homes built in London after 2011 will have to meet minimum standards on space and comfort under plans set out by the mayor today.

Boris Johnson has published his London Housing Design Guide for consultation, setting out the

UK house prices fell just 0.5% in June as market sends mixed signals

Wed, 08 Jul 2009 22:00:00 GMT
House prices fell a smaller-than-expected 0.5% in June, taking the annual rate of decline to an 11-month low of 12.5%, figures from mortgage lender Halifax showed on Wednesday.

June's monthly fall came after a 2.6% rise in May and contrast with

Crown Estate loses value for the first time since 1993

Wed, 08 Jul 2009 22:00:00 GMT
The Crown Estate commercial real estate lost value for the first time since 1993 as office and retail rents fell, property manager the Crown Estate said.

Values declined 18% to £6 billion in the year ended March 31, the London-based

Booker reports an improving sales trend

Wed, 08 Jul 2009 22:00:00 GMT
Cash-and-carry retailer Booker posted a 7.8% increase in underlying first-quarter sales, stronger than it anticipated less than two months ago, and said profit was in line with its expectations. The firm moved from the AIM to main London market on July 1s

Landbank pull £250 million IPO as NewRiver Retail did last month also

Wed, 08 Jul 2009 22:00:00 GMT
UK property company Landbank ditched a £250 million initial public offering (IPO) in favour of a private share placement, a source familiar with the matter told Reuters yesterday.

The newly-formed company, which aims to acquire land for r

CBRE report that commercial property market maybe at turning point as prices fall just 0.8% in June

Tue, 07 Jul 2009 22:00:00 GMT
UK commercial property prices fell 0.8% in June, taking the market's total drop to 44% since its mid-2007 peak and suggesting a turning point may be near, CB Richard Ellis data showed today.

In its monthly index, CBRE, the world's largest

Coffee Republic goes bust leaving 153 jobs at risk

Tue, 07 Jul 2009 22:00:00 GMT
Coffee Republic has gone into administration, becoming the latest victim of the economic downturn.

Twenty of its 187 UK outlets are directly-owned and affected by the administration. The rest are franchises or concessions in cinemas or hotels.<

Persimmon H1 results show improving sales trend

Tue, 07 Jul 2009 22:00:00 GMT
Housebuilder Persimmon said today it does not expect any further land writedowns as volumes and sales in the first half were better than 2008, but it remains cautious in its outlook.

Persimmon, the largest UK housebuilder by market value, said

St Modwen report 20% fall in H1 NAV and pre-tax loss of £98.3million - scraps interim dividend

Tue, 07 Jul 2009 22:00:00 GMT
St Modwen, the regeneration specialist that owns London's Elephant & Castle shopping centre, scrapped it's interim dividend and today in it's H1 interim report and warned it has seen no pick-up in the London retail market as its losses more than quadr

New Vulture Fund for London residential market to have IPO on AIM

Tue, 07 Jul 2009 22:00:00 GMT
The former CEO's of housebuilders Redrow and Centex UK have teamed up with Steve Norris, ex-London mayoral candidate, to take advantage of lower property prices by buying discounted flats in Areas like Highgate and Camden in the capital.

The gr

Mears Group win a further £64million in new social housing contracts

Mon, 06 Jul 2009 22:00:00 GMT
Mears Group, the listed social housing and care homes firm, said today it received a further £70 million of new contracts to carry out social housing repairs and maintenance services.

The contracts to its social housing and do

Nomura to shun Canary Wharf in favour of the City

Mon, 06 Jul 2009 22:00:00 GMT
Japanese investment bank Nomura is in exclusive talks to move its UK arm, including staff acquired from Lehman Brothers, from Canary Wharf to new offices in the City of London, the Financial Times newspaper reported today.

Without citing source

Knights re-ignite commercial property venture with Gulf funds.

Mon, 06 Jul 2009 22:00:00 GMT

Sir Alex Ferguson and Sir David Frost are setting up a £1 billion property business that aims to buy up property at knock-down prices with the support of Middle Eastern investors.
The football manager and the television personality intend t

Mothballed office developments will not be viable again until 2011

Fri, 03 Jul 2009 22:00:00 GMT
The UK office market is likely to reach bottom at the end of this year but mothballed sites probably won't be viable until 2011, it is claimed.

'You can't see people putting spades in the ground again until they can achieve a pre-let. When migh

RBS moderate bonus element of Chief Executive's package after public outrage

Fri, 03 Jul 2009 22:00:00 GMT
Royal Bank of Scotland (RBS) CEO, Stephen Hester, has agreed to moderate his £9.6 million remuneration package, set up in the past fortnight.

Mr Hester will delay taking part of his bonus in RBS shares until 2014, an extension of two year

UK Commercial Property Investment Funds see positive flow for first time since April 2008

Thu, 02 Jul 2009 22:00:00 GMT
UK Commercial property investment experts have welcomed news that UK property funds saw their first net investment inflows into the sector since April last year.
The figures from the Investment Management Association showed £2 million. of inflo

Prologis sell 5 UK sheds for £64.4 million

Thu, 02 Jul 2009 22:00:00 GMT
ProLogis European Properties have sold five modern distribution facilities for £64.4 million to affiliates of Harbert European Real Estate Fund II, L.P. and Harbert European Real Estate Fund II (Parallel).

The facilities total 79,69

Land Securities get green light for mixed-use City Forum scheme in Islington with 720 new homes

Thu, 02 Jul 2009 22:00:00 GMT
Land Securities has received planning permission for a 1.1 million sq ft mixed-use development in Islington.

Islington Council passed the City Forum scheme, submitted jointly with Frogmore and Galliard Homes, which will develop 1.9 ha in the bo

Greene King meet expectations with pre-tax profit down only 15% at £118.5million

Thu, 02 Jul 2009 22:00:00 GMT
Greene King posted a smaller-than-expected fall in full-year profit and said it had benefited from an upturn in trading in recent weeks, driven by a sharp increase in sales of food.

Greene King, which has around 2,500 pubs in England and Scotla

Max Property in talks to buy the Industrious portfolio out of receivership

Thu, 02 Jul 2009 22:00:00 GMT
Max Property Group, set up to invest in bargain UK property assets, is in talks to make its first acquisition since floating in May, the Financial Times reported today.

The paper said Max Property has entered talks to buy a £270mill

M&S Q1 sales fall less than expected but pressure on Rose to continue

Wed, 01 Jul 2009 22:00:00 GMT
Marks & Spencer reported a smaller-than-expected drop in first-quarter underlying sales today and said consumer spending seemed to be stabilising, though it remained cautious on the outlook.

The 125-year-old M&S, which sells clothes, ho

Valad forms joint venture with Bank of Scotland called DUKE

Wed, 01 Jul 2009 22:00:00 GMT
Sydney-based Valad Property Group said today that the company will contribute the majority of its European and U.K. assets and associated debt to form a joint venture with Bank of Scotland plc, a unit of Lloyds TSB Group Plc.

Valad will contrib

Scottish & Newcastle selling 20 freeholds in £10million disposal

Wed, 01 Jul 2009 22:00:00 GMT

Scottish & Newcastle Pub Enterprises has placed 20 freehold pubs on the market through property agent Fleurets.

The pubs, located across the UK, include nine with a food business and six with letting rooms.

The sites are d

London commercial property deals up in Q2 2009 for the first time in 2 years

Wed, 01 Jul 2009 22:00:00 GMT
Investment in London commercial property has risen for the first time in two years, raising hopes that the troubled market may be recovering.

Deals worth £1.43billion were completed in central London in the second quarter of 2009, accordi

Will this recession be a "V" or a "W" ?

Tue, 30 Jun 2009 22:00:00 GMT
Are we seeing the green shoots of a durable recovery, or are we seeing a temporary recovery, induced by the cash governments around the world have pumped into the system, which will when exhausted, allow the system to revert to a recessionary trend?

Treasury gives EMDA £172 million to completely cleanup former Coking Works site in Chesterfield

Tue, 30 Jun 2009 22:00:00 GMT
East Midlands Development Agency and the Homes and Communities Agency (HCA) have announced that work will start on site in August at the former Avenue Coking Works, one of the most contaminated sites in Europe.

The move follows Treasury confirm

Carpetright FY pre-tax profit falls 72% but meets expectations in difficult market

Tue, 30 Jun 2009 22:00:00 GMT

Britain's biggest carpet retailer Carpetright posted a 72% slump in full-year profit and slashed its dividend, reflecting the impact of recession on sales of discretionary items.

"We remain cautious about short-term prospects but are co

House prices edge up again in June - the third increase in 4 months

Tue, 30 Jun 2009 22:00:00 GMT
House prices rose for the second month running in June, leaving them less than 10% down on a year ago, the Nationwide building society said today, in another sign the market may be stabilising.

The mortgage lender said house prices rose 0.9% th

UK commercial property under water by £50 billion say Savills

Tue, 30 Jun 2009 22:00:00 GMT
The commercial property sector in the UK is reported to be in negative equity of up to £50billion, says Savills.

William Newson, head of valuations at Savills commented that the amount of negative equity was estimated at around 22% of the

Terrace Hill secures major pre-let for Teeside Manhattan Gate office project

Mon, 29 Jun 2009 22:00:00 GMT
Terrace Hill Group , said today that it has secured a pre-let to the Middlesbrough Primary Care Trust for the entire 38,500 sq ft of its Hudson Quay 2 office building in its Manhattan Gate development project on Teesside.

The tenant will take a

€99 billion bank rescue scheme launched by Bank of Spain as non-performing loans soar

Mon, 29 Jun 2009 22:00:00 GMT
On friday the Spanish government announced details of a rescue fund of up to €99 billion (£85 billion), though starting with just €9 billion, Fund for Ordered Bank Restructuring (FROB) to ward off possible systemic risk and help restructur

Tony Pidgeley moves to Chairman at Berkeley Group as trading meets expectations with FY profit of £120million

Fri, 26 Jun 2009 22:00:00 GMT
Berkeley Group, the property developer and housebuilder, said full-year profit fell 38% in challenging market conditions, but it had bucked the sector by generating cash and avoiding writedowns.

Berkeley also said today co-founder Tony Pi

John Lewis sales point to retail revival

Fri, 26 Jun 2009 22:00:00 GMT
John Lewis Partnership, the employee-owned group seen as a barometer of retail spending, said today its 27 department stores recorded their best performance of the first-half so far.

The group said sales at its department stores increased 2.2%

Government drop plan to force homeowner energy conservation dropped again

Fri, 26 Jun 2009 22:00:00 GMT
A plan to force homeowners to include eco measures in home improvements has been dropped again at the last minute.

Industry figures have expressed shock at the decision of the new housing minister to drop plans to force homeowners to make energ

Allied Carpets property company heading for administration

Fri, 26 Jun 2009 22:00:00 GMT
Allied Carpets Properties, a subsidiary of the carpets retailer, has filed notice of intention to appoint an administrator. BDO Stoy Hayward is understood to have been lined up for the role.

Any implications for Allied’s core retailing bu

BoE identify commercial property as the area of greatest concern for the health of UK banks

Fri, 26 Jun 2009 22:00:00 GMT
UK Banks look in better shape than six months ago but are still vulnerable to economic shocks, the Bank of England said today as it set out a raft of proposals to toughen up financial regulation.

Banks are finding it slightly easier to raise mo

Lancaster Council throw in the towel on Canal Corridor enquiry

Thu, 25 Jun 2009 22:00:00 GMT
The public inquiry into the £140 million Canal Corridor scheme in Lancaster has been adjoured suddenly.

The development, which would have included retail, office, cultural and open space, was given the go-ahead by city councillors i

China's ICBC Bank world's most profitable and RBS world's most unprofitable Bank - industry rankings

Thu, 25 Jun 2009 22:00:00 GMT
JPMorgan tops a list of the world's strongest banks, while Royal Bank of Scotland suffered the biggest loss of any lender last year, according to new industry rankings published by The Banker magazine- a US publication.

RBS's $59.3 billio

Clintons buy back 196 Birthdays stores from administrators saving 1450 of 2100 jobs

Thu, 25 Jun 2009 22:00:00 GMT
Clinton Cards said today that it has bought back 196 Birthdays stores from the administrators for £3.5 million.

Clintons had put its Birthdays chain of 332 stores employing 2100 people into administration on 20th. May, saying they c

Irish Banks losses may run to €35billion say IMF

Thu, 25 Jun 2009 22:00:00 GMT
The International Monetary Fund yesterday estimated bank losses could total €35 billion by the end of next year and called for decisive efforts to repair Ireland's damaged financial sector.

In its annual review of the Ireland's economy, IM

Midlands startup makes maiden purchase

Thu, 25 Jun 2009 22:00:00 GMT
Evenacre, a Midlands-based property start-up, has made its first acquisition.

The new company, headed by former Maximus MD Paul Jones, has bought Victoria House in Birmingham’s Colmore Row, for a sum of £1.5million.

A bra

City Legacy consortium given go ahead for £245 million Games village by Glasgow Council

Wed, 24 Jun 2009 22:00:00 GMT
A consortium called City Legacy has beaten a team led by Charles Price to the £245million prize to build the £245m athletes' village for the 2014 Commonwealth Games.

The City Legacy consortium, which includes architect R

AIM - listed Hansteen makes £200million cash call for UK commercial property warchest

Wed, 24 Jun 2009 22:00:00 GMT
Hansteen, the European industrial property specialist, yesterday tapped the market for £194.6million to fund a re-entry into the UK market and take advantage of bargain commercial property investments in the recession.

Hansteen’s p

Firm demand from tenants keep BTL rents from falling much further say RICS

Tue, 23 Jun 2009 22:00:00 GMT
Rents dropped across the residential lettings sector but rental expectations suggest the trend is set to moderate, says the RICS Lettings Survey published yesterday.

The net balance of Chartered Surveyors reporting falls rather than rises in re

Fitch say 15% of prime mortgages are now in negative equity

Tue, 23 Jun 2009 22:00:00 GMT
Prime mortgages amounting to more than £39 billion, or 15% of total loan values in master trust programmes, are now in negative equity, Fitch Ratings said today.

The term "negative equity" means that the value of the house is le

Residential mortgage approvals rise 15.8% in May as market turns

Tue, 23 Jun 2009 22:00:00 GMT
Mortgage approvals rose 15.8% on a year ago in May, ending months of declines in another sign the housing market is stabilising albeit at very low levels, a survey showed today.

The British Bankers' Association said that approvals for house pur

River Island to build 2 big sheds at Magna Park Milton Keynes

Tue, 23 Jun 2009 22:00:00 GMT
River Island, the fashion retailer owned and led by industry veteran Bernard Lewis, has confirmed it will proceed with developing a new national distribution building at the Gazeley Property development at Magna Park, Milton Keynes.

The f

Village Pubs and Shops closing at unprecedented rate as countryside becomes "gentrified"

Mon, 22 Jun 2009 22:00:00 GMT
A chronic shortage of affordable rural housing is helping to fuel the closure of hundreds of of country pubs and village shops.

The National Housing Federation (NHF) claims that 650 rural pubs and 400 village shops will be lost over the next 12

CKL revises down it's 2009 home repossession forecast

Mon, 22 Jun 2009 22:00:00 GMT
Fewer UK homes will be repossessed this year than first thought because of record low interest rates and government measures to help with arrears, the Council of Mortgage Lenders said today. The CML revised down its forecast for repossessions in 200

Tesco announce a further £458million sale of UK property assets.

Mon, 22 Jun 2009 22:00:00 GMT
Tesco have announced a new sale & leaseback transaction involving £458 million of Tesco’s property assets in the latest phase of its ongoing programme to release value from its UK property portfolio. The degree of financial structuring is

Brixton agrees to discount Segro offer proposal

Mon, 22 Jun 2009 22:00:00 GMT
Brixton has agreed to accept an offer from Segro that values the industrial property group at £170million, or nearly 40% less than its market capitalisation last Friday.

Segro indicated it would offer 1.75 of its own shares for ever

Realpubs buy 5 Punch pubs in London

Fri, 19 Jun 2009 22:00:00 GMT
Realpubs, the company led by ex -Whitbread managers Nick Pring and Malcolm Heap, has acquired five freehold London pubs from Punch Taverns in a deal estimated to be worth in the region of £10million.

Realpubs, founded in 2002, now owns th

Further blow for Simon Halabi as default on £1.4billion loan is imminent

Fri, 19 Jun 2009 22:00:00 GMT
One the UK’s largest property tycoons, Simon Halabi appears to be in the position of being unable to refinance over £1.4 billion ($2.07 billion) of outstanding loans on his property portfolio this year. He may be a little over a week away from

Care Home sector on the brink as Four Seasons and NHP face sale if debt restructuring fails

Fri, 19 Jun 2009 22:00:00 GMT
Lenders to Four Seasons Healthcare, the heavily indebted care homes group, are considering a last-ditch plan for a restructuring that would about halve its £1.5billion debt. If there is no agreement, the company will be sold.

Four Seasons

Taylor Wimpey benefit from increased UK housing demand - H1 order book up 73%

Fri, 19 Jun 2009 22:00:00 GMT
House builder Taylor Wimpey said it had seen continued stability in the housing market in the past six weeks, and it might increase the number of new sites during the second half. It is currently operating from 337 sites, down from 386 on Jan 1. It is con

British Land in talks to sell stakes in or the whole of Broadgate

Thu, 18 Jun 2009 22:00:00 GMT

Israeli billionaire Nochi Danker, through his holding company IDB Holding Corp is in early talks to buy a minority stake in the Broadgate office complex in London from British Land for up to £100million , the Tel Aviv Stock Exchange learned

Cable backs King - the banks must be split up

Thu, 18 Jun 2009 22:00:00 GMT
Vince Cable, deputy leader of the Liberal Democrats has echoed Mervyn King’s call for banks that are "too big to fail" to be cut down to size.

Yesterday the Governor of the Bank of England spoke at the annual Mansion House

Westfield in talks to refinance $1.25billion of bank debt

Thu, 18 Jun 2009 22:00:00 GMT
Westfield Group, the world’s biggest shopping center owner by market value, is in talks with banks to raise about $1.25 billion in a so-called forward start loan, according to a source familiar with the talks. A forward start loan is a facility wher

Wetherspoon get Van de Berg wound up after multi -million award

Thu, 18 Jun 2009 22:00:00 GMT
JD Wetherspoon's former property finder, Van de Berg, was yesterday formally wound up by the High Court following a petition brought by the pub operator.

The move comes two months after Wetherspoon triumphed in a multi-million High Court damage

Holidaybreak make £31million cash call to buy former private schools

Thu, 18 Jun 2009 22:00:00 GMT
Holidaybreak, the specialist travel operator, has become the latest company in the leisure sector to tap shareholders for cash, by launching a £31million rights issue.

Two years ago Holidaybreak paid £100million for PGL to get into

Marstons make rights call to accelerate new build programme and forecast FY profit of over £69 million

Thu, 18 Jun 2009 22:00:00 GMT
Marston's, the independent brewing and pub retailing company, announced today a fully underwritten 11 for 10 Rights Issue to raise gross proceeds of £176 million, through the issue of 298,865,230 New Shares at 59.0 pence per New Share, a 39.6% disco

London & Scotland leading housing market recovery as gap between asking and selling prices narrows

Wed, 17 Jun 2009 22:00:00 GMT
The gap between asking and selling prices in the UK residential property market is narrowing according to new research.

Almost 60% of surveyors are now reporting that the difference is declining, says the report published by the Royal Institute

Glasgow Council agrees to fund £83million new building and repairs programme for city homes

Wed, 17 Jun 2009 22:00:00 GMT
Glasgow City Council’s Executive Committee last week approved an £83million funding package that will see more than 900 new and improved homes across the city.

The boost to the city’s socially rented and affordable housing mar

J Sainsbury posts Q1 results ahead of expectations & plans £445 million cash call for faster growth

Wed, 17 Jun 2009 22:00:00 GMT
J Sainsbury plans to raise £445 million by selling shares and convertible bonds to accelerate its expansion, it said today, as it posted first-quarter sales at the top end of expectations.

The 140-year-old firm, which runs over 500

Travelodge to set up £100 million vulture fund to pick up struggling hotels

Wed, 17 Jun 2009 22:00:00 GMT
Budget hotel chain Travelodge says it has investor backing for a £100 million fund to be called Tamesis Capital to buy property for new hotels, one of its executives said in The Times today.

"We have tested the water and believ

£3.5 billion Barking Riverside scheme gets green light

Tue, 16 Jun 2009 22:00:00 GMT
Plans have been approved for the first two stages of the £3.5billion Barking Riverside scheme in East London. Barking Riverside, is a joint venture between the Homes and Communities Agency (HCA) and housebuilder Bellway.

The approval for

Tesco Q1 UK sales up 4.3% and international sales up 20.1% as solid performance continues

Tue, 16 Jun 2009 22:00:00 GMT
Tesco said today that it has made a solid start to the new financial year as the world's third-largest retailer reported a 4.3% rise in fiscal first-quarter same-store-sales in the U.K.

"We are also keeping a strong focus through the

Whitbread meets expectations with Q1 results

Tue, 16 Jun 2009 22:00:00 GMT
Whitbread plc today posted a further decline in Q1 comparable sales, driven by a sharp drop in demand at its budget hotel chain, and said the outlook for the rest of the year remained challenging.

The operator of Premier Inn hotels and the Cost

NewRiver Retail finding good response as IPO market declares itself open for business

Tue, 16 Jun 2009 22:00:00 GMT
Newriver Retail's £250 million London flotation is attracting good investor response, thanks to its distressed assets strategy, fund managers said.

The initial public offering on the London Stock Exchange's Alternative Investm

Only 19% of UK commercial properties for sale or to let have an EPC

Tue, 16 Jun 2009 22:00:00 GMT
The UK commercial property sector is failing to comply with energy regulations says a survey conducted by accreditation body National Energy Services (NES). NES is the trading subsidiary of the National Energy Foundation, a charity set up in 1988 to promo

Majestic Wine post pre-tax profit of £7.4million - down 56%

Mon, 15 Jun 2009 22:00:00 GMT
Britain's largest wine warehouse chain Majestic Wine today posted an expected 22% fall in full-year profit but said underlying sales had picked-up in its new financial year. "Encouragingly UK like-for-like sales for the 10 weeks ... to June 8 were up

Punch Taverns offer £350 million equity for debt

Mon, 15 Jun 2009 22:00:00 GMT
Troubled pub group Punch Taverns PLC Monday said it plans to issue shares to raise £350 million and make an offer to buy all of its outstanding convertible bonds. The company said it had decided to finance their repurchase through a share issu

Martin St Quinton loses a coach and a property company in one week.

Mon, 15 Jun 2009 22:00:00 GMT
Capital City Developments, a London-focused developer part-owned by Martin St Quinton, the technology millionaire and race horse owner, turned Gloucester Rugby Club part-owner and deputy chairman.

Capital City went into administration earlier t

UBS sell Milton Gate for £127million to Evans Randall joint venture with Al Salam Bank for over 10% yield

Mon, 15 Jun 2009 22:00:00 GMT

Private equity group Evans Randall has teamed up with Bahrain’s Al Salam Bank to buy the seven-storey 200,000 plus square feet Milton Gate office building in the City for £127million.

UBS Triton Fund, the seller, comprehensively

Fall in UK Commercial property capital values further eases in May as yields rise 0.8% say IPD

Fri, 12 Jun 2009 22:00:00 GMT
The fall in UK commercial property capital values continued to decelerate in monthly depreciation, falling by 1.6% over May, and bringing the total peak-to-trough to -43.7% since June 2007, according to the IPD UK Monthly Index.

Income return w

Government to clarify EU guidelines on competitive tendering welcomed by property industry

Fri, 12 Jun 2009 22:00:00 GMT
The UK Property Industry has welcomed news that the government will this month publish guidelines on a 2007 EU ruling that caused more than 70 UK schemes to be put on hold.

After a year of lobbying from the British Property Federation, the Offi

Plans for Chelsea Barracks withdrawn in favour of an international competition to find a better solution

Fri, 12 Jun 2009 22:00:00 GMT
Qatari Diar, the developer behind the redevelopment of Chelsea Barracks, has withdrawn its plans twenty four hours after an upbeat planning committee report.

Yesterday a report from planning officers at Westminster City Council was broadly comp

Barclays find acceptable deal for BGI from Blackrock which will boost Core Tier 1 capital

Fri, 12 Jun 2009 22:00:00 GMT
BlackRock said yesterday it will buy Barclays' investment arm BGI for $13.5 billion (£8.16 billion) in a blockbuster deal that will create the world's biggest asset manager.

For BlackRock, a 21-year old company which has relied heavily on

West Bromwich Building Society achieves DIY rescue

Fri, 12 Jun 2009 22:00:00 GMT

West Bromwich Building Society has agreed with holders of the Society’s subordinated debt to exchange the full outstanding principal amount of the Society’s subordinated debt, totalling £182.5 million, for a new instrument which will

UKFI said to be mulling bond issue to raise £5 billion or more

Thu, 11 Jun 2009 22:00:00 GMT
UKFI, the company managing the taxpayers stakes in Royal Bank of Scotland and Lloyds Banking Group could sell an "exchangeable bond" in the two banks, according to the Daily Telegraph today.

The plan would effectively allow UK F

Home Retail Group report Homebase Q1 sales up 3.8% while Argos sales fell 2.8%

Thu, 11 Jun 2009 22:00:00 GMT
Home Retail Group plc, the owner of Argos and Homebase, today reported better-than-expected first-quarter same-store sales, as home improvement business Homebase followed rival B&Q in reporting a boost in sales due to the warm spring weather.

London & Stamford plans further cash call

Thu, 11 Jun 2009 22:00:00 GMT
London & Stamford Property Ltd. said today that it intends to raise further equity as it looks to take advantage of the value available in the U.K. commercial property market.

The property investor also said it would keep under review

Newriver Retail - another bottom feeder plans a £250million IPO on AIM suggesting the bottom approaches

Thu, 11 Jun 2009 22:00:00 GMT
NewRiver Retail Limited has become the latest venture to target distressed commercial property assets and strengthens the argument that the battered UK commercial property market is reaching the bottom.

It aims to raise up to £250million

JLL and CBRE both come to the market for equity capital

Wed, 10 Jun 2009 22:00:00 GMT
It must be just coincidence that both CB Richard Ellis and Jones Lang LaSalle have come to the market on the same day with share offers, though albeit slightly different proposals.

CBRE, the world’s largest property services f

Tonsate to invest £120million inside the M25 with emphasis on Central London

Wed, 10 Jun 2009 22:00:00 GMT
Tonstate, Dr Edward Wojakovski’s controlled commercial property investment group, has finalised its investment strategy for the year 2009 / 2010.

The policy of the Group and its related companies (which includes amongst its holdings the L

London & Stamford pick up 2 new properties at yields of 8.9% and 9.1%

Wed, 10 Jun 2009 22:00:00 GMT

London & Stamford Property has exchanged contracts to buy Raceourse Retail Park at Aintree for £60.928million from Land Securities.

The 291,471 sq ft dominant, part Open A1 retail park is let to thirteen tenants including B&Q,

Buy to Let landlords struggle as in Q1 2009 appointments of Receiver of Rent rise to 2400 - 8x previous year

Wed, 10 Jun 2009 22:00:00 GMT
Buy-to-let landlords are losing their properties at over three times the rate of other homeowners, research shows.

Council of Mortgage Lenders figures show 1,700 buy-to-let properties were repossessed by lenders in the first three months of thi

Halfords meet expectations with FY profits up 2.4%

Wed, 10 Jun 2009 22:00:00 GMT

Car maintenance and cycles retailer Halfords today posted an expected 2.4% rise in full-year profit and said it was on track to deliver earnings growth in the current year.

The group, which runs about 460 stores, said profit before tax and o

More confidence in prospects for UK commercial property as yields harden in some sectors

Wed, 10 Jun 2009 22:00:00 GMT
Recent evidence from commercial property markets suggests the downturn may be nearing an end.

Confidence is returning to the commercial property market, with the UK furthest advanced in the cycle, according to Anne Breen, head of property resea

Junared Property Group goes bust leaving many questions unanswered

Tue, 09 Jun 2009 22:00:00 GMT
The High Wycombe -based Junared Property Group has fallen into administration. Deloitte was appointed as the administrator of Junared One, Junared Two, Junared Three, Burridge Land and Warnock Estates on 8 June.

Junared Property had been serve

Lloyds to close all 164 C&G branches on the High Street

Tue, 09 Jun 2009 22:00:00 GMT
Lloyds Banking Group is to close all branches of its Cheltenham & Gloucester mortgage unit and cut some 1,500 jobs, media reported today.

Sky News cited industry sources as saying up to 1,500 jobs could go, while the BBC also reported Lloyd

RICS report further positive signs from the housing market with 10 year high in enquiries

Tue, 09 Jun 2009 22:00:00 GMT
House prices in England and Wales fell at their slowest annual pace in 1-1/2 years in the three months to May and completed sales hit a 9-month high in a sign the market may be over the worst, a survey showed today.

The Royal Institution of Cha

Greene King buy 11 Punch pubs for £30.4million

Tue, 09 Jun 2009 22:00:00 GMT

Greene King plc today used its new-found financial strength to snap up 11 high quality pubs from beleaguered rival Punch Taverns for £30.4 million - below their book value.

The Suffolk-based pub operator said the consideration fo

Orchard Street acquire Bournemouth retail park for £25.5million

Tue, 09 Jun 2009 22:00:00 GMT
Orchard Street Properties has acquired Mallard Road Retail Park, opposite Castlepoint in Bournemouth for £25.5 million.

CB Richard Ellis’s retail capital markets team acted on behalf of Aviva Investors Property Trust (previously Nor

Cushman & Wakefield report European commercial property investment volume down 74%

Mon, 08 Jun 2009 22:00:00 GMT
Cushman & Wakefield has presented its European commercial real estate investment update. The highlights are:

    * Trading volumes fall to €11.4bn in quarter one, 74% down on the same period of 2008.
  &nb

DTZ Rockwood goes bust

Mon, 08 Jun 2009 22:00:00 GMT
Less than a month after selling it's interests in the US firm DTZ Rockwood for a nominal amount, the firm has gone bust. DTZ Rockwood filed for Chapter 11 bankruptcy protection on June 1st. DTZ bought its 50% interest in the firm in May 2006 for an initia

Better news from the High Street as JD Sports Fashion report sales improving

Mon, 08 Jun 2009 22:00:00 GMT
Clothing and footwear retailer JD Sports Fashion said today its sales growth improved in its latest trading period.

The group said its underlying sales increased 1.7% over the 17 weeks to May 30, with growth in its sports fascias of 1.2%

London is first global city where office investment property has reached fair value say DTZ

Mon, 08 Jun 2009 22:00:00 GMT
The slump in the value of City of London offices has been so severe that it is now the only real estate hub that offers a good deal for international investors.

Elsewhere in the world, no other office market has seen as swift an adjustment in p

Further collapse of Modus empire as Modus Corovest slips under administration

Fri, 05 Jun 2009 22:00:00 GMT
Salford-based Modus Corovest (Blackpool) Ltd, which owns the freehold of the Houndshill Shopping Centre in Blackpool, has gone into administration, marking the further collapse of the Modus empire.

Mark Firmin and Myles Halley from KPMG Restruc

Bellway report improving market in the south but first-time buyers still stymied by mortgage deposits

Fri, 05 Jun 2009 22:00:00 GMT

Bellway plc , 4th largest house builder in the UK, said today that it hoped to secure 50% of fiscal 2010 sales before its new financial year starts, but it cautioned that target may be tough because of the traditionally slow summer selling period.

Hammerson delight City by further reducing debt with sale of 75% stake in Bishops Square.

Fri, 05 Jun 2009 22:00:00 GMT

Hammerson sold a 75% stake in London office landmark Bishops Square, Spitalfields, London E1 to the Oman Investment Fund, an investment arm of the Government of Oman, in a transaction that cut the British property company's net debt by £386

Helical boss sees no immediate upturn for commercial property

Fri, 05 Jun 2009 22:00:00 GMT
Property veteran Mike Slade, has warned that the commercial property market is unlikely to see a significant improvement within the next two years.

Mr Slade, the boss of property company Helical Bar, is known for his astute judgment of p

Helical Bar report FY loss £71.9million but plans more student accomodation and supermarkets

Thu, 04 Jun 2009 22:00:00 GMT
Helical Bar is planning new development projects such as student homes and retail sites, betting that current low values and anticipated price recovery over the next two years will bring big profits.

Helical has raised about £500 mi

WH Smith Q3 retail sales down 4%

Thu, 04 Jun 2009 22:00:00 GMT
WH Smith plc, the book and magazine retailer, said today that sales at its stores open more than a year have fallen 4% in the first 13 weeks of its second half, but remains confident about its full-year results.

In a brief trading statement cov

Morrisons delight market with Q1 sales up 8.2%

Thu, 04 Jun 2009 22:00:00 GMT

William Morrison Supermarkets today beat market expectations with an 8.2% rise in Q1 same-store sales as it continued to gain market share, but said its full-year financial outlook remained unchanged.

Sales at stores open at least a year, ex

Government policy on commercial property energy efficiency set to fail say BPF

Thu, 04 Jun 2009 22:00:00 GMT
Government policies to reduce carbon emissions from commercial property by 2050 are set to fail, according to some of the country’s biggest property companies, because they are mis-aligned with incentives. They focus on landlords, whilst the tenants

Savills report 18% of property investment loans "under water" and 75% breach LTV covenant

Thu, 04 Jun 2009 22:00:00 GMT
Most lenders to Britain's investment property market will be unable to shrink troublesome loan books for the foreseeable future, despite much of this debt being under water, property services firm Savills said.

At its annual property financing

Green shoots are emerging but the Germans say we may be worsening the economic crisis.

Wed, 03 Jun 2009 22:00:00 GMT

German Chancellor, Angela Merkel, has publicly criticised the Government’s quantitative easing policy, warning that flooding the UK economy with new money could worsen the economic crisis.

The programme actually involves the Treasury s

Pierse Group fails to save UK subsidary from administration.

Wed, 03 Jun 2009 22:00:00 GMT
The British subsidiary of Irish property development and construction firm Pierse Group has gone into administration and is in the process of being wound up.

Administrators Zolfo Cooper took the decision to liquidate Northwich, Cheshire-based P

F & C Reit get green light to quadruple size of the existing Network 46 distribution hub

Wed, 03 Jun 2009 22:00:00 GMT
F&C REIT Asset Management has been given the planning green light to expand Network 46 Distribution Park near Lincoln by 960,000 sq ft.

The expansion will make the park Lincolnshire’s largest distribution facility by increasing it to

Will Brixton become the first UK REIT to fail?

Wed, 03 Jun 2009 22:00:00 GMT
Drinking in the Last Chance Saloon, Brixton has less than a month to sober up after a heady cocktail of aggressive acquisitions and high borrowings buried it under a £862.2 million debt pile.

Brixton's loan covenants for its bank de

Laura Ashley comparable UK sales grow 6.9% in Q1 boosted by online sales up 41.6%

Tue, 02 Jun 2009 22:00:00 GMT
Womenswear and furniture retailer Laura Ashley Holdings plc said today that comparable U.K. retail sales rose 6.9% in the 17 weeks to May 30, but it is slowing its store expansion program due to the tough economic conditions.

The company

Kingfisher report Q1 UK sales up 0.9% and profits doubled as B&Q cost cutting pays off.

Tue, 02 Jun 2009 22:00:00 GMT
Kingfisher PLC today posted a slight fall in first-quarter same-store sales, as a better-than-expected performance at its core U.K. division B&Q helped offset falls in other markets, and said it was cautious about the remainder of the year.

Discount retailers prosper in the downturn - Poundland profits up 47% plans 40% more stores this year

Tue, 02 Jun 2009 22:00:00 GMT

Discount retailer Poundland posted a 47% rise in annual profit today and said it was adding brands like Maxwell House, Kellogg's, Heinz, Pampers and Mr Muscle to its stable of goods that are all sold for £1.

The firm, which curre

British house prices level out in May as sales pick up but supply remains tight.

Mon, 01 Jun 2009 22:00:00 GMT
House prices in England and Wales were unchanged in May, the first time in 20 months that there has been no month-on-month decline, property data company Hometrack said today.

House prices are still down 9.6% on a year ago, but the end of the r

Cluttons and Aitchison Raffety announce mergers with smaller firms

Mon, 01 Jun 2009 22:00:00 GMT
Some consolidation in the commercial property services sector has taken place this past week with Cluttons merging with Oxford based James Styles & Whitlock, which was established in 1885, and Aitchison Raffety taking over the West Midlands spec

Savills say there will be a shortage of new -build apartments in London

Mon, 01 Jun 2009 22:00:00 GMT

There is no oversupply of new-built apartments in the capital according to Savills, who consider there is likely to be a shortage of new housing in London.
Its latest study found only 916 units were empty and available in the capital in the

Plans for £200million development at Pinewood Studios to be submitted today

Mon, 01 Jun 2009 22:00:00 GMT
Pinewood Shepperton PLC , a provider of studio and related services to the film and television industries said today that following extensive public consultation, it will be submitting the planning application today to South Bucks District Council for Pro

LSH & RICS urge government to abolish Empty Property Rates as demolitions increase.

Mon, 01 Jun 2009 22:00:00 GMT
Lambert Smith Hampton and the Royal Institution of Chartered Surveyors' Empty Property Rates Survey points to empty rates liability as the biggest single factor in the demolition of industrial buildings at present.

The survey found that the eco

KPMG predict wave of commercial property business failures as they take Modus Ventures into administration

Fri, 29 May 2009 22:00:00 GMT

Administrators have been called into Brendan Flood's Manchester-based commercial property and development group Modus Ventures.
Modus Ventures owns over 40 companies across the UK , the majority of which are in the retail property development secto

Greene King sells 11 Scottish pubs.

Fri, 29 May 2009 22:00:00 GMT
Greene King's Scottish brewery Belhaven has put 11 freehold pubs on the market.

Most of the pubs, which range from the Waterline in Greenock in the west of Scotland to the most northern unit, the Crown in Keith, are currently tenanted although

Anglo Irish reveal €4.1billion pre-tax loss as government seeks EU approval for €4billion taxpayer injection

Fri, 29 May 2009 22:00:00 GMT
Anglo Irish Bank has announced massive pre-tax losses of €4.1billion for the six months to the end of March this year, compared to a profit of €667million in the same period last year.

The bank - which is owned by the Irish taxpayer a

US fears that re-rating of AAA securities will remove TALF safety net hit commercial debt refinancing hopes

Fri, 29 May 2009 22:00:00 GMT
Fears among credit investors have risen that threatened ratings downgrades of commercial property debt might thwart US government efforts to revive the markets that help fund office blocks, shopping centres and other commercial real estate.

Sta

Wichford considers cash call as swap losses and revaluation decimate balance sheet

Fri, 29 May 2009 22:00:00 GMT
Wichford plc, the Isle of Man based property investment company which owns 72 UK and 7 European properties let to government bodies, said today that for the first half ended Mar. 31 it's pre-tax loss stood at £75.7 million versus a previous loss of

Brixton selling more of it's portfolio to prop up balance sheet

Fri, 29 May 2009 22:00:00 GMT
Brixton, the London industrial landlord, which is facing a potential breach in its banking and bond covenants next month when they are next tested has found that the only firm takeover approach has come from Segro. Such a takeover will require aroun

Upmarket Scottish housebuilder Applecross goes bust, provoking fury that banks are hitting small builders

Thu, 28 May 2009 22:00:00 GMT
Scotland could lose all its small building firms over the next six months, the chairman of collapsed construction company Applecross has warned.

Graham Aggett, whose company fell into the hands of receivers last week, claimed that other small f

Wolseley report Q3 profits down 80% at £72million and cuts 4 UK distribution centres and 270 jobs

Thu, 28 May 2009 22:00:00 GMT
Wolseley, the building supplies company, said on today that nine-month profits slumped 80%, as most of its markets weakened in March and April.

The company, which recently squeezed shareholders for £1 billion to prop up its debt-lad

Booker FY profits up 30% to £47.2million as sales increase 3.3%

Thu, 28 May 2009 22:00:00 GMT
Cash and carry company Booker Group PLC today reported a 30% rise in full-year pretax profit, driven by higher sales, and said it will move from the Alternative Investment Market to London's official list in July.

Booker, the UK's largest cash

Commercial property transactions increase to highest level for 6 months

Thu, 28 May 2009 22:00:00 GMT
Signs of a commercial property revival have been revealed in a report by accountancy BDO Stoy Hayward.

The firm’s Commercial Real Estate Review showed that 9,000 commercial transactions valued above £40,000 were completed in March &

Henderson launch £200million London Office Fund to snap up bargains

Wed, 27 May 2009 22:00:00 GMT
Henderson Global Investors, has launched the Henderson Central London Office Fund II (“CLOF II”), a seven year absolute return, closed ended fund designed to capitalise on the cyclicality of the central London office market, and the emergence

Student Accomodation market holding up well

Wed, 27 May 2009 22:00:00 GMT
Buy to let for the student accommodation sector is one section of the UK property investment market that is holding up well in the global downturn, according to new research by Savills.

High demand, low supply growth, rising rents and high occu

Nationwide produce a solid result, albeit down 50% on last year, with profits of £393million for FY 2008

Wed, 27 May 2009 22:00:00 GMT
Nationwide Building Society reported a 50% drop in its full-year profits and warned on its outlook as impairments rise and competition for retail funds increases.

Britain's largest building society reported an underlying pretax profit of £

East London housebuilder Telford Homes bucks the trend with profits up on last year

Wed, 27 May 2009 22:00:00 GMT

Telford Homes Plc, a residential developer in East London, announced today its preliminary final results for the year ended Mar. 31, an adjusted pretax profit of £7.3 million, but it will not be paying a dividend to conserve cash.

X-Leisure Fund tries last ditch fund raising with 10p rights issue a discount of 72.5%

Tue, 26 May 2009 22:00:00 GMT
Capital & Regional PLC, the co-investing property asset manager, announced today that the X-Leisure Unit Trust (in which it owns a 19.4% stake and is the property asset manager) has announced its intention to raise around £50 million throu

Marstons H1 profits down 49% to £15.7million but trading now improving

Fri, 22 May 2009 22:00:00 GMT
Marston's plc today reported a 49% fall in first-half pretax profit following a hefty non-cash charge, but said trading had improved slightly since mid-February.

For the 26 weeks to April 4, Marston's posted pretax profit of £15.7 million

Brixton holding takeover talks in the last chance saloon

Fri, 22 May 2009 22:00:00 GMT

Brixton plc , the London industrial real estate investment trust, said today it was in talks with a small number of parties that could lead to possible offers for the company.

It cautioned that discussions were at a very early st

Hawtin reveal £18 million loss and breaches LTV covenants

Thu, 21 May 2009 22:00:00 GMT
Cardiff-based Hawtin revealed an annual pre-tax loss for 2008 of £17.8 million and warned that there is no sign of recovery in the market this year, despite being upbeat on its acquisition of industrial space at Nantgarw and the Holywell Group

CML say too early to call housing market recovery as mortgage lending in April dropped further 9% from March

Thu, 21 May 2009 22:00:00 GMT
Gross mortgage lending declined to an estimated £10.4billion in April, down 9% from £11.4billion in March and 60% down from £26.1billion in April 2008, according to the latest lending figures from the Council of Mortgage Lenders (CML).

British Land worry market with 64% fall in NAV causing a FY loss of £3.92billion

Thu, 21 May 2009 22:00:00 GMT
British Land posted £3.2 billion of markdowns in property values on today, triggering new worries for banks yet to defuse risks on their huge exposure to the battered real estate market.

The company, which owns most of the Broadgate

Clinton Cards gives up Birthdays to administration

Thu, 21 May 2009 22:00:00 GMT
Clinton Cards plc, the greeting cards retailer, has placed its loss-making Birthdays subsidiary into administration as it doesn't expect it to make a profit in the near future, the company said today.

In a statement, Clinton Cards said it can n

M&B H1 profits down 48% as CEO resigns after telling market of £69million swap rate loss

Thu, 21 May 2009 22:00:00 GMT
Mitchells & Butlers plc Chief Executive Tim Clarke resigned today, after the U.K. pub operator lost £69 million on an interest rate swap.

The operator of 2,000 pubs, which is being squeezed by a slump in consumer spending, said

Spencer Michael's get-rich-quick property empire wound up

Thu, 21 May 2009 22:00:00 GMT
It's the end of the road for Spencer Michael, the sham property guru who once declared "I love capitalism".

He also boasted of making "10 million bucks" in 19 months, but the 43-year-old Londoner is now a bankrupt and his gr

Grainger slump to H1 loss of £143million but confident of meeting covenant test

Wed, 20 May 2009 22:00:00 GMT
Grainger Plc , the UK's largest listed residential landlord, today reported a first-half loss before tax of £143 million on falling property values and early debt conversion costs.

Grainger, which owns about £2.3 billion in as

Shaftesbury post £160million loss and NAV down 39% yet announce £149million cash call

Wed, 20 May 2009 22:00:00 GMT
Shaftesbury PLC said today that it has fully underwritten rights issue to raise net proceeds of £149.1 million, through the issue of up to 90,329,134 new ordinary shares.,despite announcing as pre tax loss of almost £160 million and a NA

BTL lender Paragon Mortgages profits down 40% but lending down 98% as boss calls for state aid

Tue, 19 May 2009 22:00:00 GMT

In it's H1 2009 interim management statement Paragon Mortgages, one of the few remaining Buy to Let lenders, revealed that profits fell 40% to £15.9million pre-tax. However, the group raised its interim dividend from 1p to 1.1p, payable on July 3

Marks & Spencer FY profits down 40% as expected to £604million forces cut in dividend of 33%

Tue, 19 May 2009 22:00:00 GMT
Marks & Spencer Group plc today cut its dividend by a third to preserve its balance sheet after it reported a slump in annual profit and same-store sales and said it remained cautious about its outlook.

The U.K. retailer said trading in the

Regus plc sales up 16% to £387million as globalisation continues

Tue, 19 May 2009 22:00:00 GMT
Global provider of offices and workspace solutions, Regus plc, today said it's confident in its outlook despite the tough market conditions, which continue to adversely impact its income.

The company warned that the trading environment is putti

Great Portland make expected cash call for £166million

Tue, 19 May 2009 22:00:00 GMT
Central London landlord Great Portland Estates plc as expected, today launched a rights issue to raise £166 million after posting a 43.5% fall in full-year adjusted net assets per share.

The company proposed an underwritten 8 for 11

Fall in UK Commercial property capital values eases in April as rental values continue to plummet

Mon, 18 May 2009 22:00:00 GMT
UK commercial property rental values have been trending downwards for 14 consecutive months on a rolling three-month basis, according to April’s IPD UK Monthly Index, ending April 2009 at -3.21% – the lowest rental value equivalent figure sinc

Big Yellow report £71million FY loss and issue 11.6million new shares to fund 7 new developments

Mon, 18 May 2009 22:00:00 GMT
Self storage company Big Yellow Group PLC   said today it is seeking to raise cash to pay for new developments in London, as it reported a a full-year loss following steep writedowns on the value of its properties.

Big Yellow said it

Great Portland Estates to make £150million cash call to raise war chest despite 43% fall in NAV last year

Mon, 18 May 2009 22:00:00 GMT
Great Portland Estates, the London office developer, will this week launch a surprise rights issue to raise about £150million just to fund acquisitions in a deal advised by JPMorgan Cazenove and Credit Suisse.

Chief executive Toby

Another property veteran forms a vulture fund for commercial property and London residential property

Mon, 18 May 2009 22:00:00 GMT
Paul Orchard-Lisle, the former chairman of Slough Estates and senior partner at Healey & Baker (now Cushman & Wakefield), is the latest property veteran to launch new opportunity funds.

Mr Orchard-Lisle's move means that £700mill

West Bromwich Building Society denies press claims that it is being forced to merge

Mon, 18 May 2009 22:00:00 GMT
The West Bromwich Building Society last night hit back at suggestions that fears about its balance sheet had led the Financial Services Authority to hold talks with a larger rival about rescuing it via a merger.

The building society, the countr

House repossessions rise in Q1

Fri, 15 May 2009 22:00:00 GMT
Nearly 13,000 Britons lost their homes to repossession in the first three months of this year as the recession deepened, but there are tentative signs things could get better as the year wears on.

The Council of Mortgage Lenders said on Friday

Derwent London make progress despite market conditions by minimising voids

Fri, 15 May 2009 22:00:00 GMT
In its interim management statement for the six months to 31 March Derwent London said its ‘strong balance sheet, low vacancy rate, affordable passing rents, and diverse tenant base, gives us confidence that we are well placed to take advantage of t

2008 De Montfort Commercial Property lending survey shows bank margins doubled and LTV's fell 10%

Fri, 15 May 2009 22:00:00 GMT
The latest De Montfort University survey into commercial property bank lending shows the level of loans in breach of covenants and in default has accelerated sharply, but they remain a low proportion of overall debt.

Most banks talk of tu

Kier Group trading well despite subdued housing and development markets

Thu, 14 May 2009 22:00:00 GMT
Kier Group plc, the construction and support services company, said today in it's Interim Management statement that it is on track to deliver underlying results in line with expectations this year.

The construction businesses are performing wel

End of mass market Buy To Let as small landlords to be squeezed out - Report says

Thu, 14 May 2009 22:00:00 GMT
The recession will likely signal the end for many of Britain’s smaller buy-to-let landlords, and poses a grim threat to city-centre new build properties, warn experts at The University of Nottingham.

New research suggests that while the b

Barratt pleases City with expectation to keep within loan covenants as sales pick up

Wed, 13 May 2009 22:00:00 GMT

Barratt Developments plc in its Interim Management Statement covering the 19 week period from 1 January 2009 to 10 May 2009 said visitor levels per site for the 19 week period were down 6% compared to the prior year comparable period. However, since 1

A&J Mucklow directors & Management take at least 10% pay cut in anticipation of a tough year to come

Wed, 13 May 2009 22:00:00 GMT
A&J Mucklow Group plc, the Midlands based Real Estate Investment Trust, issued its Interim Management Statement today, covering the period from 1 January 2009 to 30 April 2009.

Executive directors and management have collectively volunteere

Greggs the baker report sales up 2% and growing

Wed, 13 May 2009 22:00:00 GMT
Bakery firm Greggs said today that like-for-like sales growth picked up in March and April boosted by hot cross bun sales over Easter amid signs of greater stability in customer numbers at its shops.

The company, which sells sandwiches, savouri

Land Securities disappoint with a FY fall of 66.4% in NAV and a £4.77 billion loss.

Wed, 13 May 2009 22:00:00 GMT
Land Securities plc , the UK's biggest property company, today warned that vacancy rates are continuing to rise and rental values are weakening after it posted a 66.4% fall in full-year net asset value (NAV).

Chief Executive Francis

J Sainsbury delight the market with 11% rise in FY profits to £543million

Wed, 13 May 2009 22:00:00 GMT
J Sainsbury plc today posted an 11% rise in annual profit as the U.K. supermarket chain attracted price-conscious shoppers with its vast range of own-label products, and said it is well positioned to continue its good progress.

Sainsbury, the n

New property star is born - Max Property finds overwhelming support.

Wed, 13 May 2009 22:00:00 GMT

Max Property Group, a newly-formed Jersey-incorporated closed-ended property investment company, says it intends to float on the Alternative Investment Market of the London Stock Exchange and the Channel Islands Stock Exchange (CIX) next week aft

Croydon scraps Park Place development agreement with Minerva

Tue, 12 May 2009 22:00:00 GMT
The London Borough of Croydon has scrapped a development agreement with developer Minerva for the Park Place retail scheme.

The council has given ten-days notice of the termination after the developer failed to bring forward a scheme in line wi

RICS report most buyer interest for a decade

Tue, 12 May 2009 22:00:00 GMT
Sales in April improved further, while the net balance of surveyors reporting a rise in new buyer enquires climbed to the highest figure for almost a decade, according to the latest Royal Institution of Chartered Surveyors (RICS) UK housing market survey.

Galliford Try to meet forecasts as housing shows signs of revival

Tue, 12 May 2009 22:00:00 GMT

Construction and housebuilding group Galliford Try in it's interims today said it expects fiscal-year results to meet management's expectations given resilient trading from its building and infrastructure services for public and regulated sectors.

Intercontinental Hotels report Q1 profits down 44% as hospitality industry struggles worldwide

Tue, 12 May 2009 22:00:00 GMT

InterContinental Hotels Group, the world's biggest hotelier, met forecasts with a 44% drop in Q1 profit to $69 million on sales down 24% to $342 million and said today it was outperforming rivals in a tough market.

The operator of InterConti

Enterprise Inns report H1 profits down 10% per pub which underwhelms the City

Tue, 12 May 2009 22:00:00 GMT
Enterprise Inns' interim first half results, announced today show Ebitda of £225 million, which on a per pub basis is down 10% with net income per pub down 8%.

Enterprise are carrying struggling tenants to the tune of £1.4million pe

British Land sale of 50% stake in Broadgate falls through

Mon, 11 May 2009 22:00:00 GMT
MGPA, the Macquarie Group-backed Australian fund, is understood to have abandoned plans to purchase Broadgate, the City office scheme owned by British Land, according to the Independant on Sunday..

The paper said British Land was looking

Travis Perkins raises £300 million in cash call as sales in 2009 fall 14.4%

Mon, 11 May 2009 22:00:00 GMT
Travis Perkins PLC , the builders' merchant and home improvement retailers, said today it's business had continued the slowdown seen throughout 2008, as LFL sales were down 14.4% and that revenue in the first 4 months ended April 30th was down by 13

Land Securities get green light at Selborne House Victoria

Fri, 08 May 2009 22:00:00 GMT
Land Securities has received planning approval from Westminster Council for its Selborne House development on Victoria Street, London.

The current Selborne House, an outdated 1960's office building, is located at the junction of Victoria Street

KW Linfoot insolvency to be investigated as creditors suspect foul play

Fri, 08 May 2009 22:00:00 GMT
Peel Holdings has called in insolvency expert and partner at Begbies Traynor, Paul Stanley to investigate the collpase of Yorkshire property group KW Linfoot.

Manchester-based Peel, which is already on the record about its "ser

Shepherd Neame buy 13 Punch pubs for £14.86 million cash

Fri, 08 May 2009 22:00:00 GMT
Shepherd Neame, the Faversham-based brewer, announced today that it has agreed to buy 13 freehold pubs and associated pub-specific assets from Punch Taverns for £14.86 million in cash. The transaction is expected to complete on May 26.

RBS report a Q1 loss of £857 million though total income was up 26% as impairments hit.

Fri, 08 May 2009 22:00:00 GMT
Royal Bank of Scotland Group plc said today it has posted a net loss in the first quarter and said both 2009 and 2010 will be tough years for the bank.

In the first quarter, the bank swung to a net loss of £857 million, after a profit of

Taylor Wimpey raise £510million with new share placing and offer.

Fri, 08 May 2009 22:00:00 GMT
Taylor Wimpey plc announced today a fully underwritten share placing and open offer of 2,131,132,548 new ordinary shares at 25 pence each to raise net proceeds of £510 million.

TW will use the proceeds to reduce debt and will pass on a fi

CBRE report commercial property down a further 2.1% in April as market signals bottoming out

Thu, 07 May 2009 22:00:00 GMT
UK commercial property values fell a further 2.1% in April, taking the market's total drop since its June 2007 peak to 42.7%, the latest CB Richard Ellis Monthly Index showed today.

The weakening in capital value eased from March's fall o

Lloyds shocks City with profit warning as bad HBOS commercial property loans take their toll

Thu, 07 May 2009 22:00:00 GMT
Lloyds Banking Group shocked the City with an interim statement today. The bank says it has continued to increase its estimated market share of net new mortgage lending in Q1, while it warned of a 50% increase in bad corporate debts and that it's particip

Barclays Q1 profit up 15% on last year to £1.37billion

Thu, 07 May 2009 22:00:00 GMT
Barclays said its first quarter profit rose 15% from a year ago as strong growth at its investment bank arm made up for a big jump in bad debts.

Trading in April had been "generally consistent with the overall trend for February and March

Hiranandani wins fight with Laxey over Hirco

Thu, 07 May 2009 22:00:00 GMT
Niranjan Hiranandani, chairman of Hirco Plc, yesterday emerged winner in his long-drawn fight with Laxey Partners, the activist shareholder in the company which had been campaigning to remove the board of directors, including Hiranandani.

Laxey

Commerzbank to shed Eurohypo to qualify for aid

Thu, 07 May 2009 22:00:00 GMT
Commerzbank is to divest its Eurohypo property finance subsidiary as part of a deal with European competition authorities to compensate for state aid, the Financial Times reported today.

The European Commission is set to approve the aid today w

Savills see no upturn yet for commercial property

Wed, 06 May 2009 22:00:00 GMT
Savills said today in it's AGM statement, that the market for commercial property across Europe, Asia and the U.S. remained weak so far this year, as a lack of capital forced buyers to remain on the sidelines.

"During the period to d

UK commercial property loans threaten Deutsche Postbank recovery

Wed, 06 May 2009 22:00:00 GMT
Deutsche Postbank said it had stabilised its capital position but warned that it was still not free of the effects of the financial crisis after it fell to another quarter of pre-tax losses.

Marc Hess, chief financial officer of Germany’s

Next beat Q1 expectations as group sales rise 1.2%

Wed, 06 May 2009 22:00:00 GMT
Next plc., the fashion retailer with more thn 480 stores in the UK and Ireland, today reported better-than-expected first-quarter sales and upgraded its internal profit forecast by £15 million, but said it expects a weaker second quarter.

Resilient JD Wetherspoon Q3 sales up 4.7%

Wed, 06 May 2009 22:00:00 GMT

J.D. Wetherspoon PLC said today that third-quarter sales increased 4.7%, helped by strong cost control, and it remains "slightly more positive" for the company's prospects in the current financial year.

In the six weeks to Ma

BTL yields continue to rise in Q1 2009

Wed, 06 May 2009 22:00:00 GMT
The most recent Paragon Mortgages’ Private Rented Sector Trends report shows that buy-to-let landlords experienced strengthening yields in the first quarter of 2009.

The quarterly survey tracks developments in the UK’s buy-to-

Frogmore Real Estate buy residential retirement park operator Britannia Parks for £17million

Tue, 05 May 2009 22:00:00 GMT
Frogmore Real Estate Partners has made its first acquisition in a new venture with The Britannia Parks Group, with the purchase of one of the foremost retirement home companies of its type, Britannia Parks, for approximately £17million. The portfoli

Half of top 20 US banks need a total of $150 billion extra capital to ride property's continued fall

Tue, 05 May 2009 22:00:00 GMT
About 10 of the 19 largest U.S. banks being stress tested will be instructed by regulators to raise more capital, according to a source familiar with official talks.

The banks have been negotiating with their regulators about the depth of their

Around the world commercial property values and sales are falling and finance defaults rising

Tue, 05 May 2009 22:00:00 GMT
Global sales of investment grade commercial property plunged 73% to $47 billion in the first quarter from a year ago, or just one-sixth of the level two years ago, according to real estate research firm Real Capital Analytics.

A total of 1,014

London & Stamford scoop a bargain in Leeds

Fri, 01 May 2009 22:00:00 GMT
No.1 Whitehall Riverside in Leeds has been sold to AIM-listed London & Stamford Property for £37.62 million, by New Star Asset Management.

New Star lost £22.38million on the 130,000 sq ft property, which has tenants

Taylor Wimpey reveal £1.84billion loss but shares surge on news of refinancing agreement

Fri, 01 May 2009 22:00:00 GMT
Shares in housebuilder Taylor Wimpey rose 9% yesterday on news it had completed its refinancing, despite simultaneously reporting a disastrous £1.84billion loss for 2008.

The loss, hugely exacerbated by £1.9billion in write-downs of

Temporary shops will become a phenomenon to re-energise flagging retail experience

Fri, 01 May 2009 22:00:00 GMT
Temporary shops, once the preserve of fireworks retailers have gone upmarket, temporary big brand outlets are sneaking up on European streets, filling vacancies opened by the credit crunch and building a buzz that's relatively cheap.

One exampl

CBI and GVA Grimley survey shows 52% of companies have surplus property they plan to cut

Fri, 01 May 2009 22:00:00 GMT

Over half of all British companies are saddled with more property than they need, and many plan to pare surplus space in the coming months as recession threatens to cut their workforce even further, a survey showed today.
The report by the Confe

Rugby Estates swing to FY loss of £15.8million as Directors take pay cut

Thu, 30 Apr 2009 22:00:00 GMT
Property and asset management group Rugby Estates plc said today it swung to a fiscal-year pretax loss of £15.8 million due to falling property valuations, and will focus on its asset management division, which has resulted in a reduction of h

CB Richard Ellis Q1 results disappoint as credit crunch hits revenue a further 28%

Thu, 30 Apr 2009 22:00:00 GMT
CB Richard Ellis Group Inc., which has recently been named in the Fortune 500 list of the largest US-based companies for the second straight year – the only commercial real estate services firm in the list, has swung to a Q1 loss due to a 28%&

Boris to decide fate of P&O £1billion Waterloo scheme after Lambeth give green light

Thu, 30 Apr 2009 22:00:00 GMT
Lambeth Council has said it is minded to grant planning consent for a £1billion scheme at London’s Waterloo station.

On Tuesday night its planning committee approved plans by P&O Estates and Morgan Stanley Real Estate to r

Hammerson report continued market weakness in Q1

Thu, 30 Apr 2009 22:00:00 GMT
Real-estate investment trust Hammerson PLC   said today that conditions remained challenging during Q1, with weaker occupier demand for both offices and retail, but that it continues to generate a robust income stream.

Chairman John N

William Hill Q1 performance up 6.5% thanks to online gambling

Thu, 30 Apr 2009 22:00:00 GMT
William Hill, the betting operator with 2300 UK and Ireland betting shops, said today it made good progress during the 17 weeks ended Apr. 28, with net revenue up 6.5% against a strong comparator period in 2008.

It said overall performance duri

Aviva Investors to sell off £800 million worth of properties from it's commercial property portfolio

Thu, 30 Apr 2009 22:00:00 GMT
Aviva Investors, the fund manager, is to sell £800million of commercial property from its with-profits funds after the decline in value of other investments caused an overweight to commercial property.

The company needs to realign allocat

Segro report cautious first quarter

Wed, 29 Apr 2009 22:00:00 GMT

Segro report in their Q1 interim statement that, they continue to receive a reasonable number of enquiries for new space, but the overall quantity and quality of such enquiries has reduced in Q1 09 and the time taken to convert enquiries to new letting

Birmingham Council threaten compulsory purchase for Broad Street Tower site

Wed, 29 Apr 2009 22:00:00 GMT
Birmingham City Council has threatened to issue a Compulsory Purchase Order on land earmarked for the 40-storey Broad Street Tower.

Plans for the scheme include a hotel, up to 190 apartments, car parking, restaurants and cafes.

But t

Fullers buy 7th Punch Pub

Wed, 29 Apr 2009 22:00:00 GMT
Punch has sold another jewel from it's London crown to Fullers.

This 7th sale is the Round House in Garrick Street, London on which a cash sale has been agreed at £3.3million which is £100,000 less than book value. In it's last fin

Santander report Q1 profits down 5% but Abbey has performed strongly with profits up over 25%

Tue, 28 Apr 2009 22:00:00 GMT
Abbey has reported today that it's Q1 profit before tax from continuing operations and trading profit before tax are up over 25% to £372million versus Q1 2008. Alliance & Leicester and Bradford & Bingley have both contributed pos

Carpetright H2 report UK & Ireland sales down 12%

Tue, 28 Apr 2009 22:00:00 GMT

Carpet and floor coverings retailer Carpetright today said group sales over the last 25 weeks decreased 6.7% year-on-year as house moves remain at low levels, and said its margins have been hit by the euro's appreciation against the pound.

I

Brixton Q1 results indicate little change from course that is heading on to rocks

Tue, 28 Apr 2009 22:00:00 GMT
Brixton said in it's Q1 interim statement today that 160,000 sq ft of space was let in the first quarter of 2009 generating £1.5 million of annualised new rental income.

The group added that this represents a slower rate of lettings compa

Whitbread beat expectations with 9.3% increase in FY 2008 profits to £230 million

Tue, 28 Apr 2009 22:00:00 GMT
Whitbread PLC today posted a 9.3% rise in full-year profit despite a slowdown in its fourth quarter, but warned that trading at its budget hotels had softened further in the new year.

The operator of Premier Inn hotels and the Costa Coffee chai

Knight Frank equity partner quits to row his own boat

Tue, 28 Apr 2009 22:00:00 GMT
The man who established the north of England offices of estate agency Knight Frank has quit.

Julian D'Arcy, an equity partner with the firm, says his decision to leave after 15 years and pursue other property interests reflects his belief that

JJB landlords accept CVA proposals

Mon, 27 Apr 2009 22:00:00 GMT
Shares in JJB Sports jumped this lunchtime by 5.75pence after the firms creditors agreed a rescue plan to ease the rent burden and get access to more funds.

JJB said its creditors, many of whom are the landlords of its network of stores, backe

Mortgages approvals do not support house market revival claims

Mon, 27 Apr 2009 22:00:00 GMT
The number of mortgages approved for house purchase fell by a quarter year-on-year in March, the British Bankers' Association said today, casting doubt on a sustained pick-up in home sales.

The number of mortgages approved slipped to 26,097 las

Liberty expected to announce £500million rights issue this week

Mon, 27 Apr 2009 22:00:00 GMT
The weekend press contained several reports that Liberty International is intending to raise up to £500 million through a placing that is expected to come as early as this week, as it seeks to bolster its ailing balance sheet.

UK Coal property operations have neutral effect in pretax FY loss of £15.7million

Mon, 27 Apr 2009 22:00:00 GMT
UK Coal today reported an operating profit before exceptional items of £1.8 million, compared to £72.1 million in 2007, a loss before (and after) tax of £15.7 million, compared to a profit before tax of £69.0 million the year befor

Signals from the High Street unclear as John Lewis report weekly sales down 11.6%

Fri, 24 Apr 2009 22:00:00 GMT
John Lewis, the employee-owned group seen as a barometer of retail spending, reported a plunge in weekly sales at its department stores today, hit by warm weather and the timing of Easter.

The group said sales fell 11.6% on the same week last y

Capital & Regional report pre-tax loss of £516million for FY2008 and NAV down 73%

Fri, 24 Apr 2009 22:00:00 GMT
Capital & Regional, the co-investing asset manager, has reported a pre-tax loss of £516 million for the year ending December 2008 and will pass it's final dividend to shareholders, to retain cash, as it struggles to restructure it's financing to

Failures continue in US commercial property and banking

Fri, 24 Apr 2009 22:00:00 GMT
General Growth Properties (GGP), America’s second-largest mall owner, shut it's doors because it could not refinance it's short term debt. Many other property owners are in negative equity or have insufficient positive equity to meet ban

St Modwen get green light for £75million Queens Market Newham redevelopment

Thu, 23 Apr 2009 22:00:00 GMT
St Modwen has got the green light for the £75 million redevelopment of Queens Market in East London from Newham Council after five years of consultation.

The scheme includes a new Market Hall, including 164 market stalls, as well as more

Barclays to lend additional £11billion to UK households and businesses

Thu, 23 Apr 2009 22:00:00 GMT

Barclays announced today its intention to increase lending to its UK customers and clients in 2009 by £11billion, an increase of 6% on UK loan balances at the end of 2008. Loan balances in the UK increased to record levels in 2008, up 12% on the

Debenhams announce H1 profits up 11% to £104.2 million

Thu, 23 Apr 2009 22:00:00 GMT
Debt laden department stores group Debenhams posted an 11% rise in first-half profit and said that, while it remained cautious about the trading outlook, the second half had started well.

The country's second-biggest department stores cha

Persimmon still cautious but Q1 sales ahead of budget despite margin pressure

Thu, 23 Apr 2009 22:00:00 GMT
Ahead of it's AGM today, Persimmon, Britain's biggest housebuilder by market value, announced in an interim statement, that sales volumes for the first sixteen weeks of the year have continued to be ahead of expectations. Pricing and margins however

Greene King announce 3 for 5 rights to raise warchest and pay down debt

Thu, 23 Apr 2009 22:00:00 GMT
Greene King today announced a fully underwritten 3 for 5 rights issue to raise £207.5 million, through the issue of 80,749,647 New Shares. The Rights Issue has been fully underwritten by Deutsche Bank AG.

The purpose is to make sele

Little help for UK commercial property in the Budget, but wider help for the construction of new efficient property

Wed, 22 Apr 2009 22:00:00 GMT

The Chancellor failed to give the commercial property industry the break it was asking for on empty property rates relief in his Budget today. He said that the changes announced in the pre-budget report – a one year holiday for properties with a

LSL remain cautious about short term outlook for UK housing market

Wed, 22 Apr 2009 22:00:00 GMT
LSL, the estate agency group which owns the Your Move and Reeds Rains chains, said today that it has been trading "slightly better" than expectations.

Roger Matthews, chairman of the York-based group, which also operates financial ser

Taylor Wimpey takes informal soundings from investors about £350million rights issue.

Wed, 22 Apr 2009 22:00:00 GMT
Taylor Wimpey has begun talks with its largest investors about the possibility of a rights issue, now that it's banks have signed off it's refinancing.

Although discussions are at an early stage, City sources have confirmed the housebuilder&rsq

St Modwen sign up with Taunton Council to develop a £270million mixed use town centre plan

Tue, 21 Apr 2009 22:00:00 GMT
St Modwen Properties Plc said today it signed a partnership agreement with Taunton Deane Borough Council to develop a £270 million regeneration of Firepool a 6.7ha brownfield town centre regeneration scheme in Taunton, Somerset.

The

Darling expected to announce £1billion stimulus to housing market in the Budget

Tue, 21 Apr 2009 22:00:00 GMT
Chancellor Alistair Darling is expected to spend an extra £1 billion to support the construction industry in Wednesday's Budget, a government sources said.

The new money will include a fund to restart development at stalled construction s

Tesco beat expectations with 10% increase in profit to £3.128billion for year to February on sales up 15%

Tue, 21 Apr 2009 22:00:00 GMT
Tesco, now the world's No.3 retailer, showed its resilience to the economic downturn, posting a 10% rise in underlying annual profit to £3.128 billion, a British retail record.

The supermarket group, which employs 440,000 people in

Homeowners Mortgage Support scheme finally launched

Mon, 20 Apr 2009 22:00:00 GMT

A long-awaited taxpayer-backed scheme to help recession-hit families avoid having their homes repossessed will come into force today, on the eve of the Budget. As a result some hard-pressed homeowners will be able to reduce monthly mortgage payments fo

Telford Homes gets further bank support

Mon, 20 Apr 2009 22:00:00 GMT
Telford Homes, the London residential property developer, said today it had concluded talks with all of its banks to renew loans and extend all banking facilities with amended covenants.

Telford also said it had agreed for a £57 mil

Banks selling assets to strengthen balance sheets and reduce government dependence

Mon, 20 Apr 2009 22:00:00 GMT
Two European banks today stepped up efforts to reduce their reliance on state funding, but Bank of America showed that the sector's troubles continue by reporting a big increase in bad loans.

Switzerland's UBS AG agreed to sell its Brazilian bu

Citigroup quarterly results show upward blip as increasing consumer defaults signal more bad news to come

Fri, 17 Apr 2009 22:00:00 GMT
Citigroup reported better-than-expected results as an accounting benefit for distressed companies, cost-cutting and improved trading results helped offset losses from consumer lending and credit cards.

The third-largest U.S. bank, first b

Birmingham office sale expected to raise £110 million

Fri, 17 Apr 2009 22:00:00 GMT
King Sturge are to sell three prime Birmingham office buildings to help the owners repay debt and reinvest in the estate.

The Brindleyplace Limited Partnership (TBLP), which is made up of developer Argent, itself owned by the BT pension f

Second dip phase as commercial property rents falling are now driving capital values further down

Thu, 16 Apr 2009 22:00:00 GMT

Capital depreciation in UK commercial property ended the first quarter at a pace consistent with declines seen in the first two months of 2009, at -3.1% in March, according to the IPD UK Monthly Index.
The compounded capital movement over the fir

Moody's downgrades Building Societies and former societies on fears of further house price falls

Thu, 16 Apr 2009 22:00:00 GMT
Moody’s has downgraded the credit ratings of Alliance & Leicester (A&L) and leading mortgage lender, Abbey.

The firm has reassessed the Santander-owned banks, plus a number of UK building societies, on the basis that the UK proper

Shaid Luqman to be jailed again for failing to comply with court orders

Thu, 16 Apr 2009 22:00:00 GMT
Businessman Shaid Luqman is to be jailed again, on the orders of a High Court judge presiding over a case brought by KPMG, administrator of his collapsed property finance company Lexi Holdings.

Luqman, a Manchester entrepreneur, has been senten

Marstons strike the right note with the City

Wed, 15 Apr 2009 22:00:00 GMT
Marston's, the brewer of Pedigree and owner of pubs, reported that demand for cask ales and "value for money" food offers have helped it report a sales turnaround for the past eight weeks today.

The company's managed pubs divisi

Persimmon board make further sacrifices as payroll is cut following bonus cull

Wed, 15 Apr 2009 22:00:00 GMT
Boardroom pay at Persimmon more than halved last year as a result of the housing slump, though the 23% recovery in it's share price may raise a cheer.

The housebuilder, which announced in February that no director would receive a bonus for 2008

Eatonfield get green light for £200million regeneration scheme at Moss Bay Cumbria

Wed, 15 Apr 2009 22:00:00 GMT
Eatonfield Developments, part of the AIM listed Eatonfield Group, has received the green light to redevelop a steelworks site at Workington, in Cumbria, and has started work to clear the site.

Eatonfield purchased the 87 acre former Corus Rail

Government announces 11 sites for next generation nuclear stations including 2 debutants near Sellafield

Tue, 14 Apr 2009 22:00:00 GMT
Two sites in Cumbria never previously used for nuclear power generation are included a list of eleven potential locations for new reactors in England and Wales.

The two sites, located at Braystones and Kirsanton in Cumbria, are near the existin

Hammerson gets green light for £100million Southampton WestQuay scheme

Tue, 14 Apr 2009 22:00:00 GMT
Hammerson's plans for a £100million extension to Southampton’s WestQuay shopping centre, including what could become the city’s tallest building, were approved by councillors this morning.

Six of the seven councillors voting o

HSBC looking to repeat it's property sale and leaseback trick.

Tue, 14 Apr 2009 22:00:00 GMT
HSBC is reported to be considering a further sale of its Canary Wharf headquarters, although relocation is unlikely as the bank is expected to raise cash from the site through the same type of sale-and-lease back arrangement that it made a £200milli

BRC seek permanent rates reduction to help retailers survive

Mon, 13 Apr 2009 22:00:00 GMT

The BRC say the way to prevent ‘high streets becoming ghost towns' is to remove burdens and help retailers survive in them, continuing to provide jobs and services.

Reacting to an announcement by Communities Secretary Hazel Blears toda

British Land looking to raise £1.25 billion selling a half stake in Broadgate office

Fri, 10 Apr 2009 22:00:00 GMT
British Land is in talks to sell half of its £2.5billion Broadgate office estate in the City of London to private equity investors as part of efforts to raise cash and rebalance its property portfolio.

It is understood that Australian fun

Quantitative easing accelerated as Bank tries to undo effects of Governor King's recent remarks

Fri, 10 Apr 2009 22:00:00 GMT
The Bank's Monetary Policy Committee decision to leave interest rates on hold at 0.5% and reaffirmation of its commitment to spend £75billion on bonds caused gilt prices to rally as traders dismissed previous fears that the Bank's commitment towards

Canary Wharf take advantage of depressed bond markets to buy back debt at 70% discount.

Thu, 09 Apr 2009 22:00:00 GMT
Canary Wharf Group, the operator and developer of the London financial hub, has cut its long-term debt by buying back £120million of mortgage bonds at an average 70% discount, in a move that demonstrates the lack of liquidity in the debt marke

Berlin set to nationalise Hypo Real Estate with €1.39 per share offer to shareholders

Thu, 09 Apr 2009 22:00:00 GMT
The German government offered €1.39 (£1.25) per share today to take over Hypo Real Estate, the stricken Munich-based property lender it plans to seize control of and restructure.

The offer represents a 15.8% premium over HRE's closin

John Lewis week on week sales down 6.7% again led by electricals

Thu, 09 Apr 2009 22:00:00 GMT
John Lewis, the employee-owned group seen as a barometer of retail spending, said weekly sales at its department stores fell 6.7% from the same week last year, hit by the timing of Easter.

The group said today that sales at its 27 department st

Opus land let 2 Birmingham former office buildings to Whitbread for Premier Inns

Thu, 09 Apr 2009 22:00:00 GMT
Opus Land, which owns two adjoining eight-storey buildings in Waterloo Street Birmingham, originally intended to refurbish them for commercial use. But the property market downturn made the Warwickshire-based company rethink its plans and in a “late

Grainger meet covenant tests

Wed, 08 Apr 2009 22:00:00 GMT
Grainger plc, the UK's largest quoted residential property owner, today provided an update to the market in advance of its interim results announcement for the half year to 31 March 2009, which will be issued on 20 May 2009.

For the six month

JD Wetherspoon win £5.5million case against their former commercial property agents

Wed, 08 Apr 2009 22:00:00 GMT
Commercial property agents face uncomfortable scrutiny following yesterday's High Court victory by pub group JD Wetherspoon over its former property advisor Van de Berg.

After a three-year-long legal battle, and in a judgment running to 1

CBRE monthly UK Commercial Property index still heading south

Tue, 07 Apr 2009 22:00:00 GMT
The CB Richard Ellis Monthly Index of UK commercial property for March 2009 shows that retail is still leading the way down with a total return in the month of a further -2.6%, so that the index which on retail stood at 219.6 a year ago is now 161,

Colliers CRE back in equilibrium after £4.9million loss and 150 jobs gone thanks to bank support

Tue, 07 Apr 2009 22:00:00 GMT
Colliers CRE, the AIM-listed commercial property consultants, announced a loss of £4.9million for the year to 31 December 2008 following a drop in turnover of 34% to £78million. Post tax the loss was £10million and this has been financed

Tchenguiz's Globe pub chain defaults on mortgage payments

Tue, 07 Apr 2009 22:00:00 GMT
Globe Pub Company was reported last night to have defaulted on a £257million asset-backed loan, leaving property tycoon Robert Tchenguiz facing hefty losses.

Last month bondholders of the company, which owns more than 400 pubs, were said

JJB sports outlines CVA proposals to landlords having extracted a deal from it's banks

Mon, 06 Apr 2009 22:00:00 GMT
JJB Sports has put a gun to the heads of the landlords of the 140 stores the sportswear retailer is proposing to close. They will be able to claim against an aggregate fund of £10 million if they approve the proposed Company Voluntary Ag

Further tightening of HIPs regime brings call from NAEA to scrap them

Mon, 06 Apr 2009 22:00:00 GMT
Calls for Home Information Packs for property in the UK to be scrapped are mounting as new changes that come into force today are widely criticised.

The controversial packs are stopping people from putting their property up for sale, a survey o

Many UK commercial property investors still waiting to see where the market is going.

Mon, 06 Apr 2009 22:00:00 GMT
European property stocks are rallying but some leading property investors are wary of storming back into the crisis-hit market for bricks and mortar, because they fear prices may still have further to fall.

"It is foolhardy to go into deal

Allied Irish not only lender to be targetted by fraudsters say SFO

Fri, 03 Apr 2009 22:00:00 GMT
Following last weeks Serious Fraud Office announcement that it was investigating an alleged fraud on the corporate banking department of Allied Irish Banks Plc in co-operation with the City of London police.

The SFO said between 2003 and 2007 A

John Lewis report sales last week less down at -2% compared to last year

Fri, 03 Apr 2009 22:00:00 GMT
John Lewis Partnership, the employee-owned group seen as a barometer of retail spending, today reported a 2.0% fall in weekly sales at its department stores. The group, which runs 27 department stores in the UK, said week to March 28 sales in the division

Warner Estate sell St John's Wood High Street estate for £39 million

Fri, 03 Apr 2009 22:00:00 GMT

Warner Estate Holdings today announced it has simultaneously exchanged and completed contracts for the sale of its St Johns Wood High Street estate to NW8 Holdings Limited for £39 million.
The sale of the property, which had a book value o

Bechtel win £400million Crossrail contract

Thu, 02 Apr 2009 22:00:00 GMT
Crossrail has selected Bechtel to be the project delivery partner, a £400million contract, on the £16 billion Cross-London rail link.

Bechtel, a US engineering consultancy, will be responsible for overseeing the construction of the

Natwest / RBS sign up to working capital scheme which will release funds for SME lending

Thu, 02 Apr 2009 22:00:00 GMT
The government said today it had signed a deal with Royal Bank of Scotland and its subsidiary Natwest to increase loans to business under its working capital scheme.

Business Minister Ian Pearson said in a statement that the government was also

Co-op Financial Services report FY 2008 banking profits up 70%

Thu, 02 Apr 2009 22:00:00 GMT
Co-operative Financial Services has reported a pre-tax profit for 2008 of £147million compared to £155.4million last year. The difference was that last years performance featured some one-off profits from the insurance business while this year

Quintain shares recover on news of bank support

Wed, 01 Apr 2009 22:00:00 GMT
Quintain Estates has recovered some of yesterday's 35% share price loss after admitting it is not in any position to announce an equity fundraising, but has renegotiated its banking facilities.

"Notwithstanding a very encouraging level of

Discounted property loan bonanza for debt buyers as lenders look to offload problem loans

Wed, 01 Apr 2009 22:00:00 GMT
Commercial Property Funds see rich pickings from the carnage in commercial real estate, stockpiling cash to buy discounted loans that may cost banks billions of pounds in the coming years.

Mortgages supporting high-profile office or shopping ma

Recession knocks Aldi as sales growth dips below 20% but new store openings continue

Wed, 01 Apr 2009 22:00:00 GMT
Aldi is feeling the effects of the recession in Britain, with sales growth dipping below 20% because of weaker demand for non-food goods, Paul Foley, its Managing Director said, but food sales remained strong and were comfortably outperforming rivals -- e

Last minute U turn on business rates produces bureaucratic nightmare for firms

Wed, 01 Apr 2009 22:00:00 GMT
Chancellor Alistair Darling bowed to pressure last night and cut the planned 5% rise in business rates that was threatening to cripple many small firms.

In a last-minute reprieve, Darling said that the rate rise, which applies only in England a

Ronson almost calls the bottom of the market

Wed, 01 Apr 2009 22:00:00 GMT
Speaking at his annual lunch at the Dorchester – one of the best-attended events in the property world – Gerald Ronson warned that it was impossible to predict when the market would improve, because there was still not enough transparenc

Another blow for Simon Halabi as Stockport Shopping Centre goes bust.

Tue, 31 Mar 2009 22:00:00 GMT
On 16th February 2009 Directors of GVA Grimley were appointed Receivers under the Law of Property Act over Merseyway Shopping Centre, Stockport. The Centre will continue to be managed by DTZ .

Merseyway was owned by Stockport Holdings, a subsi

Clinton Cards report H1 profit of £15million and keep support of banks

Tue, 31 Mar 2009 22:00:00 GMT
Clinton Cards, the troubled greetings cards retailer, today posted a reduced first-half operating profit and said although visibility for the second half of the year remains uncertain, it's prospects have been boosted by the renegotiation of its banking f

Bellway report H1 loss of £48.6 million but market is pleased

Tue, 31 Mar 2009 22:00:00 GMT
Bellway, the housebuilder, said today that it made a pretax loss of £48.6 million for the half year ended Jan 31, 2009, compared with a profit of £96.9 million in the previous year H1.

The Chairman H C Dawe said "we will contin

Marks & Spencer Q4 UK sales down 4.2% compared to 7.1% in Q3

Tue, 31 Mar 2009 22:00:00 GMT
Marks & Spencer today reported a smaller-than-expected 4.2% fall in fiscal fourth-quarter U.K. comparable sales as cash-strapped consumers bought the group's less expensive food during the economic downturn.

In line with its guidance, Marks

February residential mortgage approvals up 19%

Mon, 30 Mar 2009 22:00:00 GMT
The number of mortgages approved for house purchase jumped by 19% during February in a sign that buyers are returning to the market, figures showed today.

A total of 37,937 loans were approved for people buying a home during the month, the high

Nationwide takeover the non-toxic assets of Dunfermline Building Society

Mon, 30 Mar 2009 22:00:00 GMT

The Nationwide Building Society, the UK's largest building society, has bought the Dunfermline Building Society's branches, good loans and deposits the outgoing chairman Jim Faulds confirmed this morning.
Under a statutory instrument made under t

Marconi House re-development to 5 star Silken Hotel goes bust

Fri, 27 Mar 2009 00:00:00 GMT
The unfinished Silken project, one of the most ambitious luxury hotel and residential developments in central London, is heading for fire sale after administrators were called in by the developer's banks,

Grupo Urvasco, a Spanish developer and

John Lewis report sales last week down 12.6% led by electricals

Fri, 27 Mar 2009 00:00:00 GMT
John Lewis Partnership, the employee-owned group seen as a barometer of retail spending, today blamed the earlier fall of Easter last year and sunny weather for a sharp fall in comparable sales.

The group, which runs 27 department stores in the

Christies falls to £2 million loss for 2008 and passes final dividend

Fri, 27 Mar 2009 00:00:00 GMT
Christie Group, which comprises Christie & Co, the licenced and hotel trade valuation and agency business, Pinders the specialist business valuation business, Orridge which provides retail stocktaking services and Venners which does a similar service

AIB and other lenders believed to be victim of commercial property fraud

Fri, 27 Mar 2009 00:00:00 GMT
The Serious Fraud Office and the City police are spearheading an investigation into claims by Ireland's biggest bank that it was tricked into providing loans to companies formed by an unnamed individual. The loans were allegedly used to buy properties in

Kingfisher report profits up 3.1% to £368million and plans to retrench in China

Thu, 26 Mar 2009 00:00:00 GMT
Kingfisher , Europe's top home improvements retailer, unveiled plans to close a third of its loss-making Chinese stores and said it expected a "very challenging" year as it met forecasts with a small profit rise.

The firm, which runs

Rugby Estates NAV down 35% in 2008

Thu, 26 Mar 2009 00:00:00 GMT
Rugby Estates, the REIT announced a 35% fall in NAV per share in 2008 to 64p as it's £81 million portfolio fell in value to £60.3million by the year end, which forced a loss after tax of £20.1million.

The portfolio

Songbird Estates report £1.36 billion loss for 2008 and risk of covenant breach

Thu, 26 Mar 2009 00:00:00 GMT

Songbird Estates plc, owner of Canary Wharf today released it's FY 2008 results which show a total operating loss for 2008 was £1,358.8million compared with an operating profit of £469.9million in 2007. Underlying operating profit&nbs

Sellar Property mothball the £600million Portsmouth FC stadium replacement

Wed, 25 Mar 2009 00:00:00 GMT
Work on the £600 million football stadium development by Irvine Sellar's Sellar Property Group has been stopped because of the economic climate.

The 45,000 seat stadium for Portsmouth Football Club and its associated development which inc

Henry Boot turn in a strong FY 2008 performance

Wed, 25 Mar 2009 00:00:00 GMT
Henry Boot, the Sheffield-based property developer, investor, contractor and plant hire business announced that it's 2008 trading profits have increased by 53% to £44million compared to £28.8million the year before, but that pre-tax prof

Land Securities rights taken up

Wed, 25 Mar 2009 00:00:00 GMT
Land Securities announced to the market today that it had received acceptances representing approximately 94.81% of the total number of New Ordinary Shares offered to Shareholders in the 5 for 8 Rights Issue announced by the Company on 19 February.

Sainsbury's Q4 trading beats expectations with strongest rise for over 2 years

Wed, 25 Mar 2009 00:00:00 GMT
J Sainsbury, Britain's third-biggest grocer, beat forecasts with its biggest quarterly underlying sales rise for 2-1/2 years, helped by its participation in the Comic Relief charity day on March 13.

The 140-year-old firm, with more than 500 sup

Davenham pulls the plug on property lending as price of new lifeline as losses mount.

Wed, 25 Mar 2009 00:00:00 GMT
Davenham, the Manchester based lender who financed many small property developers, has announced the conclusion of a strategic review and a £215 million refinancing of its banking facilities to support a new strategy focused on its asset and trade f

Knight Frank say building land market has collapsed as banks decide fate of developers.

Tue, 24 Mar 2009 00:00:00 GMT
Jon Neale, Head of Development Research at Knight Frank has said when interviewed recently about the market for UK building land:

"The land market has collapsed over the past year or so, to a greater extent then the mainstream housin

DGRE unveils FY loss of £135.7million for 2008 as founder bids £132 million in attempt to delist from AIM

Tue, 24 Mar 2009 00:00:00 GMT
Delek Global Real Estate Ltd., the Delek Group Ltd. subsidiary, published its financial report for the full year of 2008 on Friday. The company posted a loss of ₤135.7 million in 2008 compared with a net profit of ₤96 million in 2007, despite a

RICS forced to freeze pay and cut 18 jobs

Tue, 24 Mar 2009 00:00:00 GMT
The Royal Institute of Chartered Surveyors has suspended pay for staff at every level and announced its intention to make 18 redundancies.

RICS said that while its income from membership fees had remained relatively steady, commercial activity

Commercial property loans weigh heavily on Dunfermine Building Society

Tue, 24 Mar 2009 00:00:00 GMT
The Dunfermline Building Society, which responded to margin pressure in the residential mortgage market by entering the world of commercial property lending around five years ago, is in trouble because the value of that collateral on it's balance sheet ha

Bradford retail development bought at auction for £4.74 million

Mon, 23 Mar 2009 00:00:00 GMT
The Rushbond Group, a Leeds based property company, has acquired the crescent shaped leisure and retail Centenary Square development in the city centre at auction for £4.74million..

The 57,400 sq ft building was completed in 2004, a

Mountgrange goes into administration putting 2 major Scottish schemes in jeopardy

Mon, 23 Mar 2009 00:00:00 GMT
Veteran property developers Martin Myers and Manish Chande are considering their options after Bank of Scotland withdrew its support for two major development projects in Scotland.

As a result of the decision, their Mountgrange Capital and a nu

The biggest skyscraper development in each of 5 continents stalled by recession

Mon, 23 Mar 2009 00:00:00 GMT
Globally, work has been halted on 142, or 11%, of 1,324 skyscraper projects, including 29 of 301 U.S. projects, according to Emporis GmbH, a German company that tracks development. Work is stalled on the five tallest buildings on five continents, includin

The Mall Fund loses 4.4% value in February as values continue to plummet

Mon, 23 Mar 2009 00:00:00 GMT
Capital & Regional announced today that the value of the Mall fund at the end of February had fallen to £1.544 billion, down 4.4% in the month, and follows a 4.6% reduction in value in January.

This rate of value destruction is unprec

Stanhope to buy Noho Square from Kaupthing who will lose around £200million on the deal

Mon, 23 Mar 2009 00:00:00 GMT
The Financial Times has reported that control of the Noho Square scheme in London's West End is to be acquired by Stanhope, the property company run by David Camp and backed by entrepreneur Ian Laing.

Noho Square is one of the most high-profile

Blow to 2012 Olympic Sailing event as new Pavillion developer is wound up.

Fri, 20 Mar 2009 00:00:00 GMT

The future of a development intended to augment the hosting of sailing events for the 2012 Olympics is in doubt after the firm developing the project was wound up in the High Court.

A winding up order was issued for Howard Holdings Weymouth

Terrace Hill gets green light for Helston and Bishop Auckland Sainsbury's store developments

Fri, 20 Mar 2009 00:00:00 GMT
Terrace Hill has announced today that it has had the planning consents for its retail and leisure scheme at Bishop Auckland and its Sainsbury's foodstore development in Helston, Cornwall, confirmed by the Government Offices for the North East

DTZ appoints new CFO to see it out of the last chance saloon

Fri, 20 Mar 2009 00:00:00 GMT

DTZ has announced the appointment of Bob Rickert as CFO and the immediate departure of Colin Child from that role. It also announced that it's losses this year would be much greater than previously anticipated.

DTZ is therefore looking to ma

US commercial property prices in free fall leading to a "black hole" in banks balance sheets

Fri, 20 Mar 2009 00:00:00 GMT
U.S. commercial real estate prices tumbled in January, Moody's said yesterday, suggesting problems that began in housing have spread well beyond that sector.

Commercial property values fell 5.5%, the biggest drop in since the ratings agency beg

BTL investors in London and other cities hit by excess supply and falling rents

Fri, 20 Mar 2009 00:00:00 GMT
Buy-to-let investors in London are reeling the most from a sharp fall in rental income owing to a flood of properties put up to let by unsuccessful sellers.

So-called ‘accidental’ landlords – people who reluctantly rent their

Wakefield's £200million Trinity Walk scheme goes bust as Anglo Irish pull the plug

Thu, 19 Mar 2009 00:00:00 GMT

The £200million Trinity Walk scheme in Wakefield has seen joint administrators from KPMG appointed today at the request of the directors.

Construction of the project by York-based Shepherd Construction has stopped as joint administrato

Germany moving towards nationalisation of Hypo Real Estate possibly by share expropriation

Thu, 19 Mar 2009 00:00:00 GMT
The German parliament’s finance committee backed a bill allowing the government to seize control of Hypo Real Estate Holding AG, signaling that Chancellor Angela Merkel has the votes to pass the proposal in the lower house.

Today’s

BAA ordered to sell Stansted and either Edinburgh or Glasgow as well as Gatwick

Thu, 19 Mar 2009 00:00:00 GMT
Spain's Ferrovial has been ordered by the competition regulator to sell three of its seven British airports within two years.

The company, which bought British airports monopoly BAA for more than £10 billion at the top of the market in 20

Quintain Estates confirms it is considering a further shares issue.

Thu, 19 Mar 2009 00:00:00 GMT
Shares in property firm Quintain Estates fell back after it confirmed rumours that it was considering an equity raising, joining the recent cash-call trend amongst property firms. Its share price has fallen 95% in 12 months.

Earlier, the FT rep

Pidgley puts Cadenza into administration

Wed, 18 Mar 2009 00:00:00 GMT
The son of Berkeley Group founder Tony Pidgley has put his housebuilding firm, Cadenza, into liquidation.

The firm, which was set up by Tony Pidgley Jr in 2001 after he left the Berkeley board in a family feud, went into voluntary liquidation f

FSA Proposes stiff new capital ratios and lower LTV mortgage lending for UK banks

Wed, 18 Mar 2009 00:00:00 GMT
Banks will have to retain more capital than currently required, making them less profitable but safer, under landmark proposals set out today by the Financial Services Authority, and may not be allowed to lend as much as they have in the past per transact

French Connection swing to loss and pass final dividend

Wed, 18 Mar 2009 00:00:00 GMT
Fashion group French Connection swung to a full-year loss, scrapped its final dividend and said it was preparing for another difficult year.

The retailer and wholesaler, which trades in the United States and Asia as well as the UK, said today i

Birmingham to get 2 new landmark tower buildings worth £275 million

Wed, 18 Mar 2009 00:00:00 GMT
Developer firms of two new towers worth £275million which will transform the Birmingham skyline, unveiled their plans at MIPIM last week for the £125million Regal Tower and the £150million Beorma Building.

Birmingham-bas

Travelodge to add a further 12 hotels making use of office conversions in some cases

Wed, 18 Mar 2009 00:00:00 GMT
Travelodge, the budget hotel chain owned by Dubai International Capital, has announced it will add 12 new hotels throughout the UK, including a 279-room property in London’s Waterloo area.

The announcement includes three other hotels in L

Warner Estates sell 2 shopping centres to Orchard Street for £44.4 million

Wed, 18 Mar 2009 00:00:00 GMT
Orchard Street Investment Management, a specialist UK commercial property investment manager, says its Special Situations Fund has agreed to acquire two shopping centres for £44.4million, representing an investment of approximately 15% of its

FSA report repossessions up 68% last year on 2007

Tue, 17 Mar 2009 00:00:00 GMT
Repossessions climbed by 68% last year, while the number of loan accounts in arrears steadily increased since early 2007, according to the latest mortgage lending data from the FSA.

The regulator said a total of 46,750 properties were repossess

Spanish Banks open up in property business

Tue, 17 Mar 2009 00:00:00 GMT
Over half of Spain's savings banks are joining together to create an 'estate agent' to sell defaulted property and developments worth €3 billion.

A new company, Ahorro Corporación Soluciones Inmobiliarias (ASCI), will be managed by

Quintain report asset sales approaching £100million target with new £9.3million Cardiff disposal

Tue, 17 Mar 2009 00:00:00 GMT
Quintain Estates & Development PLC announced to the market this morning, the sale of St David's House, Cardiff, for a total consideration of £9.3 million, reflecting a profit over cost of £4.0 million and a 2.8% premium to the September 20

Medium term outlook for UK commercial property now considered positve say IPD

Tue, 17 Mar 2009 00:00:00 GMT
The full IPD Index covering over £130billion worth of real estate in the UK, came in at minus 22.2% for 2008. Malcolm Hunt, Head of UK Client Services at IPD said when asked about the outlook for commercial property for 2009 :

"

Debenhams reports gains in market share and H1 profits ahead of last year.

Tue, 17 Mar 2009 00:00:00 GMT
Debt-laden department stores group Debenhams said H1 profit would be ahead of the previous year as it reported a fall in underlying sales but gains in market share.

Britain's second-biggest department store chain, which returned to the stock ma

Derwent London reveal 2008 NAV down 32% and pre-tax loss of £606.5million

Tue, 17 Mar 2009 00:00:00 GMT
Derwent London, the West End and City focussed REIT, today announced a full year pre-tax loss of £606.5million after a loss the previous year of £99.8million. The 2008 loss was driven by a valuation deficit of £602.1million, but the grou

Wrekin Construction creditors looking for £11million ruby - if it exists.

Mon, 16 Mar 2009 00:00:00 GMT
Collapsed engineering firm Wrekin Construction issued £11 million worth of shares a year before it collapsed in exchange for what the company’s accounts describe as probably the world’s most expensive ruby.

Shropshire-based Wr

HSBC says no further capital raising will be needed, in attempt to soothe investors

Mon, 16 Mar 2009 00:00:00 GMT
HSBC, Europe's biggest bank, said it had no need to raise further cash, removing some of the uncertainty over possible further fund-raising by the lender after it launched Britain's biggest rights issue, raising £12.85 billion to help it

Brixton report full year loss of £768.8million for 2008

Mon, 16 Mar 2009 00:00:00 GMT
Brixton plc, the industrial property REIT which specialises in the London market, today reported a pre-tax loss of £768.8 million for 2008. It passed on paying a final dividend and did not announce a rights issue as expected.

Having dumpe

MIPIM ends on a quieter note

Fri, 13 Mar 2009 00:00:00 GMT
In spite of a sharp drop in numbers attending this year's MIPIM, those who did show up in Cannes did their best to display unfailing optimism about making money again soon.

In the past, some of the UK’s most significant property dea

Santander buys Abbey London HQ from British Land

Fri, 13 Mar 2009 00:00:00 GMT
Santander is buying the Abbey HQ building, 2-3 Triton Square in Euston, from British Land for £115million in a deal reflecting a net initial yield of around 7%.

British Land put the building on the market for £120million last

JLL report high levels of investor interest in UK commercial property

Fri, 13 Mar 2009 00:00:00 GMT
Jones Lang LaSalle’s latest report on direct commercial real estate investment in Europe predicts investors will primarily focus on core Western markets in 2009.

According to JLL’s European Capital Markets Bulletin, investors are li

Evans Property starts it's acquisition drive at it's roots in Leeds

Fri, 13 Mar 2009 00:00:00 GMT
Evans Property Group has acquired the freehold interest in No. 1 Park Row, Leeds, from Aviva Investors for an undisclosed sum.

The property was originally developed in 1999 and provides 80,000 sq ft of Grade A office accommodation over nine flo

JD Wetherspoon profits up on 1.9% sales increase

Fri, 13 Mar 2009 00:00:00 GMT

JD Wetherspoon, the pub group, posted slightly higher interim results for H1 2009 and sales today and said it continues to trade well.

Pre-tax profit before exceptional items rose to £30.8 million from £30.2 million,

Norway to start spending oil profits on UK commercial property in H2 2009

Fri, 13 Mar 2009 00:00:00 GMT
Norway's sovereign fund plans to start buying UK commercial property in the second half of this year and remains a long-term buyer in the country's government bonds, the Daily Telegraph reported today.

It said the fund had set aside $20 billion

Baugur Group finally submits to bankruptcy

Thu, 12 Mar 2009 00:00:00 GMT
The representatives of Icelandic investment company Baugur Group requested it to be taken into bankruptcy proceedings yesterday after losing their case for extended moratorium on its payments at the Reykjavík District Court. The group's British arm

Leeds to get new £31 million 4 star hotel

Thu, 12 Mar 2009 00:00:00 GMT
Plans for a £31million new four-star hotel in Leeds city centre which will be one of the largest of its type in the city, have been unveiled at MIPIM .

The 14-storey, 244 bedroom Portland Crescent Hotel is being developed by Oxford GB on

Rok benefits from commercial property exit with sales up 14% to £1 billion

Thu, 12 Mar 2009 00:00:00 GMT

Rok plc, the property repair and maintenance specialist, has announced a sales increase of 14% for 2008 to £1.011billion but a pre-tax profit of only £5.9million after charges and restructuring costs.

Rok have re-positione

Wm Morrison profits up 7% to £655million with dividends up 21%

Thu, 12 Mar 2009 00:00:00 GMT
Wm Morrison, the Bradford-based supermarket group, saw pre-tax profits rise 7% to £655million, as its strategy of expansion pushed revenue higher and improved margins with dividend up 21%.

Morrisons has, under it's new management continue

MIPIM attendance much reduced as Boris launches "London Now" campaign

Thu, 12 Mar 2009 00:00:00 GMT
Boris Johnson, the London Mayor, unveiled plans to attract foreign businesses to the UK capital by offering them a year of free office space.

Mr Johnson, speaking at Mipim in Cannes, said companies moving to London will also be provided w

Coventry regeneration plans launched at MIPIM

Thu, 12 Mar 2009 00:00:00 GMT
Proposals for a 120-bedroom hotel for Coventry city centre are being launched MIPIM this week.

Architects have drawn up plans for the £12 million proposal as part of the Far Gosford Street regeneration area, which is set to be

Savills post £7.7million loss for 2008 but still pay £60million in bonuses.

Wed, 11 Mar 2009 00:00:00 GMT
Savills, the global property consultant, posted annual losses of £7.7million and cut its dividend as it braced itself for another challenging year.

Savills has adopted a `very cautious outlook' on 2009 trading, but said its balance sheet

Major regeneration developments going ahead in Bradford

Wed, 11 Mar 2009 00:00:00 GMT
Provident Financial, the Bradford-based financial services business, have announced it is to move its headquarters to the new £50million Southgate development in the centre of Bradford, which is a major office, hotel and leisure scheme by Northern I

Hundreds of millions of the "toxic debt" may be due to mortgage frauds.

Wed, 11 Mar 2009 00:00:00 GMT
Hundreds of millions of pounds of the "toxic debt" that forced the Government to bail out British banks is suspected to have been generated by massive mortgage frauds during the boom years, which are now coming to light.

Detectives ha

SME's awaiting urgent relaxation of the credit supply to avoid failure

Tue, 10 Mar 2009 00:00:00 GMT
Small UK businesses are failing for want of sums that in terms of national economies -- or even some bankers' pensions -- amount to small change. Relaxation of the credit supply is urgently needed.

Suzanne and Marwan Hemchaoui in Newbury

Quarterly valuations for property funds now seen part of the problem.

Tue, 10 Mar 2009 00:00:00 GMT
Quarterly valuations may now be harming property funds’ performance, according to experts speaking at the Investment Property Databank’s UK 2008 Benchmark launch yesterday.

Property experts debated whether monthly and quarterly prop

Spotlight now falls on Barclays with 3 weeks to decide on APS strategy

Tue, 10 Mar 2009 00:00:00 GMT
Barclays' shares fell 5% yesterday on speculation that it would need to raise more funds to meet the Government's requirements for insuring assets.

The bank has turned down government support to retain full control over lending, pay and strateg

Private buyers leading the bidding at commercial property auctions

Tue, 10 Mar 2009 00:00:00 GMT
Private investors are beginning to snap up commercial property via auctions, according to property firm Jones Lang LaSalle, with many properties at recent sales selling at well above the guide price.

It said there was an emerging "wealth o

Land Securities shareholders approve £755 million rights issue

Mon, 09 Mar 2009 00:00:00 GMT
Land Securities Group PLC announced today that at its General Meeting held today in relation to its 5 for 8 Rights Issue, both of the resolutions set out in the circular to Shareholders dated 19 February 2009 were duly passed by the shareholders of the Co

Warner Estates sell shopping centre for £30million to reduce debt

Mon, 09 Mar 2009 00:00:00 GMT

Warner Estate Holdings PLC , the property REIT, today announced that it has exchanged contracts for

Bovis Homes report loss of £78.7million as sales and margins are battered

Mon, 09 Mar 2009 00:00:00 GMT
Bovis Homes has reported a pre-tax loss for the year ended 31st December 2008 of £78.7 million (2007: profit of £123.6 million), but has renegotiated it's banking covenants with a new syndicated facility until 201

Lloyds accept public ownership as the price for digesting HBOS in "severe economic downturn"

Mon, 09 Mar 2009 00:00:00 GMT
Lloyds Banking Group plc today announced its intention to participate in the Government's Asset Protection Scheme to the tune of £260billion, which will cost a fee of £15.6billion to insure or 20.9% of risk va

O2 Arena sale speculation

Mon, 09 Mar 2009 00:00:00 GMT

There is rising speculation that Norwich-based property investor Ardeshir Naghshineh has entered talks over a potential purchase of The O2 Arena in Greenwich through his Targetfollo

F&C Reit buy former Dawnay Day portfolio for over £600million

Mon, 09 Mar 2009 00:00:00 GMT

The portfolio of 221 properties formerly owned by Dawnay, Day, the collapsed investment company, has been sold for over £600 million in one of the biggest property deals since

UK commercial property values to continue falling say IPF 17.9% overall in 2009

Fri, 06 Mar 2009 00:00:00 GMT

The outlook for UK commercial property has worsened as fund managers and analysts predict a steeper drop in capital values this year, with a recovery not due until 2011, consensus data showed today.

In its quarterly survey, Investment Proper

Wolseley announce £965million H1 loss and £1billion cash call

Fri, 06 Mar 2009 00:00:00 GMT
Wolseley, the UK building supplies group, has announced a fully underwritten placing and rights issue to raise £1billion, as well as announcing that it made a pre-tax loss of £965million in H1 2009 as profits slumped, notably at it's US buildi

Ask Developments looking to sell a stake in it's £2billion pipeline to Infinity

Fri, 06 Mar 2009 00:00:00 GMT
Infinity Asset Management, the Manchester based private equity firm, is in talks with regeneration specialist Ask Developments over taking a stake in the business, it emerged yesterday.

Both parties confirmed they were holding discussions

Bank cuts Base Rate to 0.5% and pumps £75billion into the money supply

Thu, 05 Mar 2009 00:00:00 GMT
The Bank of England cut interest rates by 50 basis points today to a record low of 0.5% and said it would buy assets worth £75 billion to help the economy by expanding the money supply.

Announcing the start of "quantitative eas

Begbies Traynor warn about commercial property sector with 30% jump in Q1 2009 of firms in trouble

Thu, 05 Mar 2009 00:00:00 GMT
As leading UK property firms queue to raise new cash through large rights issues, the whole sector is seeing rapidly increasing pressure from falling asset values, potential tenant defaults and the lack of liquidity in the banking sector, warns Begbies Tr

Accountants qualify R20 accounts with liabilities exceeding assets

Thu, 05 Mar 2009 00:00:00 GMT
Baker Tilly in signing off the accounts last month of R20 have cast doubt on the ability of Robert Tchenguiz's UK investment vehicle to continue as a going concern.

According to its accounts published this week, his company R20 has suffer

Cluttons report that industrial property will give best total return in commercial property this year - a 4% loss

Wed, 04 Mar 2009 00:00:00 GMT
Cluttons say that of all commercial property sectors Industrial property will give the best total return in 2009 and that will be -4%. That contrasts with -8% for retail and -12% for office property. Residential property prices are expected to fall 9% in

After takeover of Somerfield Coop sells 24 stores to Sainsbury's to satisfy OFT

Wed, 04 Mar 2009 00:00:00 GMT
Sainsbury's said today it was buying 24 stores from The Co-operative Group in a deal worth £83 million.

Of the stores, 22 belonged to the Somerfield grocery chain, which was taken over by The Co-operative Group earlier this week, an

Irish Life & Permanent profits down 91% to €41million taking a €15million hit for UK BTL lender CHL

Wed, 04 Mar 2009 00:00:00 GMT
Irish Life & Permanent today announced it's 2008 results showing a pre tax profit of €41million down 91% from the previous year, reflecting the impact of weak investment markets on it's life business and provisions for losses in it's banking busi

Segro announce fully underwritten 12 for 1 rights issue to raise £500million

Wed, 04 Mar 2009 00:00:00 GMT
Segro today made it's much trailed cash call, asking shareholders for £500.6 million via a fully underwritten 12 for 1 rights issue.

They propose to issue 5.241 million new shares at 10p each, and the net proceeds will reduce Segro's net

Brixton board ditch the pilot after shares drop 80% in 2 months and place at rear of rights queue beckons

Wed, 04 Mar 2009 00:00:00 GMT
Brixton, the London industrial property specialist, yesterday fired Tim Wheeler it's CEO and promoted Peter Dawson, the company’s investment director, who has been with Brixton since 1997.

Falling rents, insolvent tenants and vacant prope

10,000 house development inquiry at Daventry put on hold

Tue, 03 Mar 2009 00:00:00 GMT
The inquiry into three major housing proposals around Daventry in Northamptonshire is being adjourned to give the Highways Agency more time to test traffic impacts.

The move agreed by inspector last week means that a decision on the 10,000 home

PFI now means Public Finance Initiative as Treasury directly supports stalled projects with £2 billion .

Tue, 03 Mar 2009 00:00:00 GMT
The government said today it would support public building projects worth billions of pounds at risk of being stalled by the credit crisis.

"The action will ensure that crucial and valuable public investment will not be disrupted by proble

Northern Rock report FY loss of £1.4billion

Tue, 03 Mar 2009 00:00:00 GMT
Northern Rock has confirmed it made a loss of £1.4billion in 2008, mainly due to impairments of £894million on personal loans and losses on treasury assets of £321million.

The bank also said it was ahead of target in repaying

Most of Mosaic becomes Aurora in MBO after pre-pack administration saving 8700 jobs

Tue, 03 Mar 2009 00:00:00 GMT
After a long period of speculation about the fate of Mosaic Fashion, Deloitte said that it had been appointed administrator to indebted Mosaic yesterday afternoon. It immediately sold the group's four main chains to the retailer's management team, led by

Shaid Luqman's sisters found liable for some of the missing Lexi funds

Mon, 02 Mar 2009 00:00:00 GMT
Shaid Luqman, who was jailed in 2007 for contempt of court for his failure to assist in the investigation of Lexi’s administrator KPMG into the collapse of Lexi Holdings, also involved his sisters as board members of Lexi, and the court has now foun

Allied Irish bank warns exposure to property could further increase provisions after taking €1.8 billion hit

Mon, 02 Mar 2009 00:00:00 GMT

Allied Irish Bank Net profit dropped 61% to €767million from €1.95billion a year earlier, the Dublin-based bank said in a statement today after setting aside €1.8billion to cover loan losses. That missed the €879million median estim

Persimmon gets new £322 million lifeline from it's banks

Mon, 02 Mar 2009 00:00:00 GMT
Persimmon, the York-based housebuilder, has successfully agreed new credit facilities proving that its cash saving efforts have paid off.

The firm said today that it had agreed terms for a new forward start banking facility of £322million

HSBC reports £6 billion profits for 2008 and makes £12.5 billion cash call

Mon, 02 Mar 2009 00:00:00 GMT
HSBC today unveiled it's annual results and called for a record £12.5 billion rights issue to strengthen it's balance sheet so that it can continue to compete aggressively in growth markets, rather than rely on organic growth to repair the damage.

Whitbread please the market with Q4 results showing sales up 4.9%

Mon, 02 Mar 2009 00:00:00 GMT
Whitbread, the country's biggest hotel operator, reported 4.9% increase in like-for-like sales for the 50 weeks to Feb 12, benefiting from strong sales growth at its budget Premier Inn hotel chain.

The group, which also owns Costa Coffee and th

St Modwen results fail to please as investors sell on covenant fears

Fri, 27 Feb 2009 00:00:00 GMT
Shares in regeneration specialist St Modwen fell almost 7% after full year results failed to assuage concerns the company will struggle to stay within its bank covenants if property valuations continue to fall.

"We believe that the g

William Hill scrap final dividend and make 1 for 1 rights call to raise £350million

Fri, 27 Feb 2009 00:00:00 GMT
Bookmaker William Hill said today it planned to raise £350 million through a rights issue and had scrapped its final dividend as it looked to reduce debt.

William Hill, which has around 2,300 betting shops across the UK and Ireland,

Lloyds announce HBOS loss of £10.8billion but no deal on asset insurance scheme yet

Fri, 27 Feb 2009 00:00:00 GMT

Lloyds Banking Group has said that HBOS, which it merged with in January, made a pre-tax loss of £10.8billion in 2008,as it was hit by £9.9 billion of losses on bad loans.

Lloyds Banking Group said it had not yet finalised

Castlemore Securities goes into administration.

Fri, 27 Feb 2009 00:00:00 GMT

Castlemore Securities, which had a national development pipeline worth £1billion and was valued at more than £250million just a year ago, has gone into administration after a desperate rescue bid failed.
Castlemore, which was founded

RBS report 2008 loss of £24.1billion - largest ever in UK corporate history

Thu, 26 Feb 2009 00:00:00 GMT
Royal Bank of Scotland (RBS) has announced the largest annual loss in UK corporate history, reporting that its 2008 loss totalled £24.1billion.

It also said it would put £325billion of toxic assets into a scheme that offers insuranc

Liberty International Report FY loss of £2.662billion and NAV down 41% with cash call imminent

Thu, 26 Feb 2009 00:00:00 GMT
Liberty International, the UK's third biggest listed property company, today reported a full year pre-tax loss of £2.662billion with a diluted and adjusted NAV down 41% from 1264p to 745p.

It's underlying trading profit of £127.7mil

AJ Mucklow H1 revaluation losses increase to £44.5 million and NAV falls 20% with solid underpinnings

Wed, 25 Feb 2009 00:00:00 GMT
A&J Mucklow , the Midlands based REIT, booked a headline loss of £38.8million for the half-year, against one of £11.4million in the same months of 2007, it stated in it's interim report.

“It is not an income loss,&rd

Prologis announce Royal Mail as client for 200, 000sq ft mail hub at Northampton

Wed, 25 Feb 2009 00:00:00 GMT
ProLogis, a leading global provider of distribution facilities, announced today that it will construct a 200,000-square-foot distribution center in Northampton, for Royal Mail, under a development management agreement.

Royal Mail's new fa

MJ Gleeson books further losses in H1 2008

Wed, 25 Feb 2009 00:00:00 GMT
Property company Gleeson saw profits and sales tumble in the first half but said today that it was well placed to withstand a prolonged downturn.

For the six months ended Dec 31, the Hampshire based urban regeneration specialist company b

Treasury edging closer to £500billion asset protection scheme boosts bank shares

Wed, 25 Feb 2009 00:00:00 GMT
The Treasury and top banks were hammering out final details of a plan to limit lenders' losses on about £500 billion of risky assets, which the government said should help prevent full nationalisation.

The government has pledged to unveil

Leeds city centre developer KW Linfoot goes into administration

Wed, 25 Feb 2009 00:00:00 GMT
KW Linfoot, the Leeds-based company which was founded by entrepreneur Kevin Linfoot in 1981 has been put into administration with the group blaming banks for "strangling" the business.

The firm, which pioneered city living development

Terrace Hill falls to full year loss of £31.6 million on revaluation losses.

Wed, 25 Feb 2009 00:00:00 GMT
Terrace Hill, the AIM listed national property developer, reported a pre-tax loss of £31.6million for the full year ended October 2008 having swung from a profit of £18.1 million the year before.

The adjusted NAV per share fe

Segro negotiates increased loan covenant limits on £1.7 billion of debt

Wed, 25 Feb 2009 00:00:00 GMT
Further to it's announcement on the 18 February that SEGRO was assessing its financing options, the firm has today announced a successful covenant renegotiation as an important element of the Group's overall financing strategy to increase the headroom in

Builder Morgan Sindall posts 2008 profit of £71.4million

Tue, 24 Feb 2009 00:00:00 GMT
Construction and regeneration group Morgan Sindall plc beat expectations with a 15% rise in annual profit thanks to a raft of government-funded projects, but warned 2009 profit would be lower due to the weak property sector.

The company, whose

Redrow reports H1 loss £46.2 million

Tue, 24 Feb 2009 00:00:00 GMT
Redrow reports it's Interim results for the six months ended December 2008 today, which show a pre-tax loss of £46.2million (H1 07/08: £35.8million profit) after charging exceptional items. The exceptional items, which total £25.0million

Laxey Partners call for EGM at Hirco to remove Hirandani family from the board

Mon, 23 Feb 2009 00:00:00 GMT
Laxey Partners has called an emergency meeting of the AIM-listed Indian property developer for a vote on removing Niranjan Hirandani and 3 others from the board. Laxey, which holds an 11% stake in Hirco, has put forward 2 Laxey men including co-founder An

Irish governent publishes abridged report on scandalous affairs of Anglo Irish Bank

Sat, 21 Feb 2009 00:00:00 GMT

Anglo Irish Bank's fortunes are tied to the fate of a small number of property developers, some of whom likely face major losses as the Irish property market keeps unravelling, auditors PricewaterhouseCoopers warned.
In extracts of a report publi

Home Repossessions at highest since 1996 but still below peak of 1991

Fri, 20 Feb 2009 00:00:00 GMT
The latest statistics from the Council of Mortgage Lenders (CML) show the number of people losing their homes rose by 54% last year, slightly less than the 45,000 previously forecast by the industry body.

Lenders repossessed around 40,000 homes

Blears calls in £1billion Ram Brewery scheme to Council fury

Fri, 20 Feb 2009 00:00:00 GMT
Wandsworth Council has reacted furiously to the call-in of Minerva's Ram Brewery scheme, the main part of £1billion worth of regeneration projects in the borough's town centre.

Communities and local government secretary Hazel Blears inter

H1 Housebuilding losses knock Galliford Try to £37.5 million loss

Fri, 20 Feb 2009 00:00:00 GMT

Contractor and housebuilder Galliford Try has posted a loss of £37.5million after “exceptional costs” of £48.7million in the six months to 31 December 2008, without which there would have been a pre-tax profit of £11millio

Ziff family buy back core of Stylo business from administrators keeping 3000 jobs

Fri, 20 Feb 2009 00:00:00 GMT
The Ziff family have rescued 160 of the 380 Barratts and Priceless shops, part of the Stylo group, from administration.

Stylo chairman and chief executive Michael Ziff said the family had bought the Stylo, Barratts and Priceless names from admi

The Mall Fund loses 4.6% value in one month

Thu, 19 Feb 2009 00:00:00 GMT

Capital & Regional today released to the stock market it's valuation of the Mall Fund as at 30th January which show that at £1.614 billion it has declined by 4.6% in one month.
Units are now valued at 59p, having fallen 14.1% in a

Growing use of legal short-cut to by-pass repossession hearings by commercial Mortgage lenders

Thu, 19 Feb 2009 00:00:00 GMT
A growing number of mortgage lenders are responding to the credit crisis by using a legal short cut to by-pass the time-consuming court system that entitles them to repossess property without a court order, according to Jonathan Wright, a commercial real

Land Securities announce £755 million rights issue and Liberty also confirm a cash call.

Thu, 19 Feb 2009 00:00:00 GMT
Land Securities, the UK's largest Real Estate Investment Trust, has today announced a fully underwritten 5 for 8 Rights Issue at a price of 270 pence per share to raise net proceeds of approximately £755.7 million to bolster the balance sheet.

Dunlop Haywards to pay Cheshire Building Society £15.5 million in fraud case

Wed, 18 Feb 2009 00:00:00 GMT
A High Court judge has ruled that Cheshire Building Society is entitled to more than £20million in damages from collapsed property consultancy firm Dunlop Haywards.

The London-based firm had a winding-up order made against it on 12 May, 2

Irish banking scandal claims another scalp - Chairman of Irish Nationwide resigns

Wed, 18 Feb 2009 00:00:00 GMT
As light is shone into the once dark corners of the Irish financial institutions elite cabals behaviour, the Irish Nationwide Building Society, announced that Dr Michael Walsh, it's chairman had unexpectedly resigned, a spokesman said yesterday with

Santander suffers further blows to it's image in Spain as it's property fund locks investors in

Wed, 18 Feb 2009 00:00:00 GMT
Now that Spain's three largest real estate companies - Martina-Fadesa, Colonial, and Metrovacesa - have all been taken over by banks, and at the latest count the Spanish banking system is now sitting on more than €45billion (£39.77billion) of p

Head of JLL Capital Markets calls bottom of UK commercial property market "in late summer" this year

Tue, 17 Feb 2009 00:00:00 GMT
As weaker commercial landlords now come under increased pressure the commercial property investment market is showing renewed life as bottom feeders move in, sensing that more bargains are coming to market.

Julian Stocks, Head of UK Capital Ma

Farmland prices falling now that City money and foreign buyers have vanished

Tue, 17 Feb 2009 00:00:00 GMT
Demand for residential farmland plummeted in the second half of 2008, as lifestyle buyers all but disappeared, says RICS Rural Market Survey.

The net balance of Chartered Surveyors reporting a decrease in demand for residential farmland fell fr

Conservatives roll out green paper to decentralise powers on planning, housing and more

Tue, 17 Feb 2009 00:00:00 GMT
The Conservative Party has set out plans to dismantle regional planning, scrap the housing and planning delivery grant and create twelve new elected mayors in a major decentralisation of power.

A new paper, Control Shift, says the regional stru

Moody's downgrades Lloyds and HBoS raising concern over Alt 'A' mortgages

Tue, 17 Feb 2009 00:00:00 GMT
Moody's Investors Service yesterday downgraded the long-term bank deposit and senior debt ratings of Lloyds TSB Bank (LTSB) to Aa3 from Aaa and the senior debt rating of Lloyds Banking Group (Lloyds) to A1 from Aa1. This will negatively affect what the ba

Grosvenor Property Fund in talks with it's bankers

Mon, 16 Feb 2009 00:00:00 GMT
Grosvenor, the property empire run by the Duke of Westminster, is in talks with its lenders over the possibility of breaching banking covenants on its retail fund.

The Grosvenor Shopping Centre Fund, which owns several retail centres around the

Landlords and City nervous about Clinton Cards talks with banks

Mon, 16 Feb 2009 00:00:00 GMT
Clinton Cards is holding refinancing talks with its banks, amid growing fears that Britain’s biggest greeting-card chain could become the latest high-street casualty of the credit crunch.

The card retailer cut its dividend in October and

Galliford Try to undertake £103million restoration of St Pancras Chambers

Mon, 16 Feb 2009 00:00:00 GMT
Galliford Try plc has won a £103 million contract to undertake the restoration of London's St Pancras Chambers to create 67 residential apartments, a £10 million penthouse and a 244-bedroom Five Star Marriott Renaissance Hotel for St Pancras C

Steve Dodd's upmarket homes business goes bust

Mon, 16 Feb 2009 00:00:00 GMT
LandMarque Custom Homes, based in Droitwich, was part of the empire of well-known developer Steve Dodd, and had properties across the Midlands.

But the homes, including some high-tech properties in Warwickshire valued at more than £1.5 mi

Hawtin buys Holywell Group

Mon, 16 Feb 2009 00:00:00 GMT
Hawtin, the Cardiff based property investment company, has acquired the Holywell Group's three companies which hold an investment property portfolio valued at £9.6m.

The net assets of the three companies - Holywell Property (Holdings), Ho

IPD January index shows rate of fall in commercial property values is slowing

Fri, 13 Feb 2009 00:00:00 GMT

The pace of UK commercial property capital value falls eased in January with a -3.01% decline, according to the IPD UK Monthly Index.
After three successive record monthly capital value declines over the final quarter of ast year, peaking at -5.8

HBoS reveal losses double what they announced last quarter - shares tumble 35%

Fri, 13 Feb 2009 00:00:00 GMT

Lloyds Banking Group said its HBOS unit made a hefty loss last year due to a bigger-than-expected rise in bad loans, a stunned city responded by wiping a third off the lender's stock market value.

HBOS had a pretax loss of £8.5 billion

Stylo goes bust after Hammerson led landlords refuse novel CVA deal

Fri, 13 Feb 2009 00:00:00 GMT
Shoe group Stylo will appoint administrators today after creditors rejected its rescue plan.

The move means a bleak future for the Bradford group's 5,450 employees with many of its 500 shops set to be closed.

The struggling company,

Directors of Irish Life & Permanent resign following covert €7.45 billion support to Anglo Irish Bank

Fri, 13 Feb 2009 00:00:00 GMT

Another Irish banking scandal has erupted following the admission by Irish Life & Permanent, life assurance group that it chipped in with assistance for the struggling Anglo Irish Bank, which distorted it's half year and annual accounts by in

St Modwen get approval for £750 million Longbridge regeneration plans

Thu, 12 Feb 2009 00:00:00 GMT
Plans which will lead to at least 1450 homes and will also deliver a new learning quarter, 25 hectare regional investment site for high tech businesses, new urban parks, shopping centres and a car museum, a total of £750 million of development, have

British Land announces 2 for 3 rights issue as Q3 NAV falls 13.3%

Thu, 12 Feb 2009 00:00:00 GMT

British Land, the UK’s second largest real estate investment trust, this morning annouced it's much trailed fully underwritten 2 for 3 rights issue, designed to raise £740million.

Having announced the sale of Meadowhall on Monday

No buyer for Land of Leather as going concern - last 650 jobs in peril

Wed, 11 Feb 2009 00:00:00 GMT
Further redundancies are looking likely at Land of Leather as administrator Deloitte has so far failed to find a buyer for the business as a going concern.
Deloitte told staff today that there is a risk of redundancies and store closures should a

Bankers advise property investors to fix interest rates now

Wed, 11 Feb 2009 00:00:00 GMT
Innes England, the Nottingham based East Midlands property consultants, have hosted Insite, their annual look at the commercial property market in the region today, at the Walkers Stadium Leicester.

Rosie Smith from the Bank of England and Jame

Hull's £100million Fruit Market scheme cancelled

Wed, 11 Feb 2009 00:00:00 GMT
The £100 million redevelopment of Hull's Fruit Market has suffered a setback with the announcement that the developer's proposal for the scheme which included 265 new homes, a hotel, and 64 shop and office units, is no longer "commercially viab

CBRE reports Q4 2008 earnings down 95%

Wed, 11 Feb 2009 00:00:00 GMT
CB Richard Ellis Group Inc., the New York listed global real estate services business, said Q4 2008 net income was down 95% as weak sales and leasing activity suffered amid the credit crunch and global economic downturn. The full year net income was down

UBS reveals biggest loss in Swiss corporate history SFr 20 billion as it refocusses on core business

Tue, 10 Feb 2009 00:00:00 GMT
UBS, the biggest Swiss bank, today announced the highest loss in Swiss corporate history as Europe’s biggest casualty of the credit crisis said it lost nearly SFr20billion (£11.36 billion) in 2008.

The loss, which was above market e

Grainger continues within banking covenants in Q1 2008-9

Tue, 10 Feb 2009 00:00:00 GMT
Grainger plc, the UK's largest listed residential landlord, said in a Q1 interim statement, that in the four months to 31 January 2009 it sold a total of 173 units for a gross consideration of £25.8million, at an estimated trading margin of 36.2%. T

British Land sells 50% of Meadowhall to London & Stamford joint venture for up to £587 million

Mon, 09 Feb 2009 00:00:00 GMT
London & Stamford Property Limited has announced that together with its joint venture partner it has exchanged contracts to acquire a 50% interest in the freehold of Meadowhall Shopping Centre from The British Land Company PLC.

The pu

Hammerson announces a FY 2008 £1.6 billion loss and halts work on 3 of it's 4 major retail developments

Mon, 09 Feb 2009 00:00:00 GMT
Construction on 3 major retail-led renewal schemes in Leeds and Southampton will not go ahead this year as planned, alongside work on a scheme in Sheffield, the developer Hammerson has announced.

In announcing its results for the year ending De

Antony Worral Thompson's restaurant chain goes bust

Mon, 09 Feb 2009 00:00:00 GMT

AWT Resaurants Ltd, the business owned by celebrity chef Antony Worrall Thompson and David Wilby has gone into administration, closing 6 London restaurants and throwing 60 staff out of work.

This comes after Lloyds refused to extend further

Barclays made £6.1 billion profit in 2008 and makes profits it's "magnetic north" for 2009

Mon, 09 Feb 2009 00:00:00 GMT

Barclays reported a 2008 profit of £6.1 billion, ahead of analysts' forecasts but down 14% on the year before after £5 billion of writedowns.

Barclays said it expected 2009 to be "another challenging year" with cr

Hammerson first major to market with £584 million cash call

Mon, 09 Feb 2009 00:00:00 GMT

Two of the UK's biggest property companies are this week expected to announce plans to raise more than £1 billion from investors.

Hammerson announced a £584.2 million rights issue today, while British Land is expected to unveil a

RICS report all commercial property indicators fell in Q4 2008

Mon, 09 Feb 2009 00:00:00 GMT
All aspects of commercial property activity declined in the fourth quarter 2008 with most headline indicators falling to new lows, says RICS’ Commercial Property Survey published today.

71% more Chartered Surveyors reported a fall t

Peel Holdings submit planning application for phase 1 of £4.5billion Wirral Waters scheme

Fri, 06 Feb 2009 00:00:00 GMT
The first phase of plans to transform Wirral's docklands into a multi-billion pound residential and business district have been revealed.

Developers Peel Holdings - the people behind Manchester's Trafford Centre and Liverpool John Lennon Airpor

F&C Commercial Property Trust share values have triggered another EGM

Fri, 06 Feb 2009 00:00:00 GMT
F&C Commercial Property Trust, the £681million property investment company, has been forced to call an extraordinary shareholder meeting to consider the future of the company after failing to meet its share price target.

As part of it

Baugur close to administration as Landsbanki call in £1billion of debt - fear of "British Vultures"

Thu, 05 Feb 2009 00:00:00 GMT

THE boss of Icelandic investment firm Baugur said he feared "British vultures" would swoop for the group's UK assets – as House of Fraser insisted that the troubles at its biggest investor would not impact it.
Baugur Group, which

UK Base Rate cut to 1% while ECB holds at 2%

Thu, 05 Feb 2009 00:00:00 GMT

The Bank of England’s Monetary Policy Committee has cut Bank base rate to 1%, its lowest ever level.

BBR has now been cut in each of the last five months

Santander report profits at the top of the world league for banks in 2008

Thu, 05 Feb 2009 00:00:00 GMT
Banco Santander has reported a profit up 9% to €8.876 billion for 2008, excluding capital gains. The bank which acquired Banco Real in Latin America and Alliance & Leicester and Bradford & Bingley in the UK saw revenue up 10% but costs up onl

RBS make additional £3billion available to support small businesses

Thu, 05 Feb 2009 00:00:00 GMT
Royal Bank of Scotland (RBS) will supply £3 billion of funds to smaller businesses, to help them weather a credit drought and the United Kingdom's first recession since the early 1990s.

The funding is half of the extra £6 bill

Jones Lang La Salle 2008 FY net profit down 68% to $84million

Wed, 04 Feb 2009 00:00:00 GMT
Jones Lang LaSalle, the Chicago based global property services firm, today reported net income on a U.S. GAAP basis of $84 million, or $2.44 per diluted share of common stock, for the year ended December 31, 2008, compared with net income of $256 million,

Quintain Estates refinances £100million of debt at 3%.

Wed, 04 Feb 2009 00:00:00 GMT
Quintain Estates, the urban regeneration specialist, said in it's Q3 interim statement today, that it had taken advantage of low interest rates to fix £100million of it's £539million debt at 3%. During the quarter it had reduced debt by £

Bank of England lent £185billion under it's now closed Special Liquidity Scheme

Wed, 04 Feb 2009 00:00:00 GMT
The Bank of England has announced that it has lent £185billion to financial institutions since April under its special liquidity scheme (SLS). It was originally intended to last for six months, but it was extended during the financial turbulence of

Investors cut losses and take out £200million from property fnds in Q4 2008

Wed, 04 Feb 2009 00:00:00 GMT
Investors withdrew a net £200 million from unlisted UK property funds in the final quarter of 2008, data from the funds showed yesterday. Total return for the funds was minus 32% last year, the Association of Real Estate Funds said, citing informati

CBRE success at exploiting new capital allowances helps HansaInvest and Rockspring

Tue, 03 Feb 2009 00:00:00 GMT
CB Richard Ellis has announced that it has recently completed capital allowances claims for Rockspring TransEuropean Property Limited Partnership IV, a fund managed by Rockspring Property Investment Managers LLP, identifying an additional £2.2 milli

Westfield shares suspended while outcome of A$2.9billion placement is known

Tue, 03 Feb 2009 00:00:00 GMT

Westfield the Australian property group, controlled by Frank Lowy, one of the country’s richest men, is seeking to raise A$2.9 billion through a share placement.

The group's shares

Carpetright UK and Ireland Q1 like -for-like sales down 15.9%

Tue, 03 Feb 2009 00:00:00 GMT
Carpetright plc the specialist carpet and floor coverings retailer, today published its Interim Management Statement for the 13 weeks to 31 January 2009.

The UK and Republic of Ireland recorded a total sales decrease of 13.2%, which included a

Widows locks commercial property investors in again

Tue, 03 Feb 2009 00:00:00 GMT
UK commercial property investors were dealt a further blow yesterday as Scottish Widows became the latest company to block fund withdrawals.
It announced that it was reintroducing a six-month delay on switches and withdrawals out of its £596 mi

IPD index for Q4 2008 shows more than 6 years of commercial property boom gains now wiped out

Mon, 02 Feb 2009 00:00:00 GMT
All UK commercial property capital values fell by a record -14.4% over the fourth quarter of last year, giving an annual decline of -26.4%, according to the IPD UK Quarterly Property Index Q4 2008 published today.
The Bank of England's Monetary Policy Committee (MPC) has cut Bank base rate (BBR) by 1.5% to 3%.
The move follows a surprise cut of 0.5% a day early las

REI purchase shopping parade for £4.15million cash

Thu, 06 Nov 2008 00:00:00 GMT
Real Estate Investors, the Birmingham based AIM-listed investment company headed by Paul Bassi, has added to its portfolio with the purchase of a retail parade in Kings Heath, Birmingham from Rockspring Property Investment Managers for £4.15 million

Banks continue to provide lending to construction and development sectors.

Thu, 06 Nov 2008 00:00:00 GMT

Banks are still lending to companies in riskier areas such as property development and construction, though there are signs of far greater caution.
The CBI employers organisation has appealed to banks to step up lending this winter when large

Liberty posts Q3 pre tax loss of £1.059billion as NAV falls 23%

Wed, 05 Nov 2008 00:00:00 GMT
Liberty International, the retail REIT, reported it's total return for the nine month period ended 30 September 2008 at -20.5% with Net Asset Value per share down 23% from 1264p to 975p. This reflects the valuation down on the period by 12.1%

Punch Taverns FY sales down 7% while Wetherspoon Q1 sales up 1.5%

Tue, 04 Nov 2008 00:00:00 GMT
Punch Taverns, Britain's biggest pub operator, reported a decline in full year earnings today reflecting a 7% reduction in the size of its estate following the disposal of less profitable pubs.

Punch, which has 8,424 pubs, reported a pretax pro

Battersea Power Station owners get more debt to proceed with their plans

Tue, 04 Nov 2008 00:00:00 GMT
Real Estate Opportunities (REO) has secured a further £40m of debt to finance the development of Battersea Power Station in London, it said in a statement to the market.

Bank of Scotland Corporate has increased an existing £18

Collapse in Irish market prices hits U2 Tower as £160 million project is shelved

Mon, 03 Nov 2008 00:00:00 GMT
U2 Tower – a massive development planned for the Dublin docklands – was shelved on Friday, as Ireland slumps further into recession after a decade-long property boom when prices quadrupled.The IPD/SCS Quarterly Property Index of Total Returns

Trump gets OPP for £1billion golf resort in Aberdeenshire

Mon, 03 Nov 2008 00:00:00 GMT
Donald Trump's £1bn golf resort plans for the Aberdeenshire coast have been approved.

Trump can now develop the 1,400 acre beachside site into two championship golf resorts, a five star hotel, 950 time share properties and 450 houses..

IPD index for Q3 commercial property returns pushes annual losses to 17.2%

Mon, 03 Nov 2008 00:00:00 GMT
The IPD UK Quarterly Property Index fell -4.8% for the fifth consecutive quarter, however IPD said that the quarterly losses, during the three months to 30th September 2008, are still less than the index’s most significant fall of -7.5% which was re

Liverpool property business "The Venmore Partnership" in trouble

Mon, 03 Nov 2008 00:00:00 GMT
Liverpool's old established property business The Venmore Partnership was last night on the verge of being sold to a Wirral-based estate agency chain,Bradshaw Farnham & Lea.

Venmore partner Phil Cassidy admitted on Friday that Venmore was a

HBOS to write off £5.2 billion and Lloyds £300 million as residential property weakens

Mon, 03 Nov 2008 00:00:00 GMT
HBOS Plc raised its hit from the value of risky assets and bad loans to over £5 billion today and its takeover partner Lloyds TSB warned of a sharp fall in profits.

The banks said the takeover of HBOS by Lloyds TSB remained on track

Demand for commercial property falling fastest in retail say RICS

Mon, 03 Nov 2008 00:00:00 GMT
Demand for commercial property is falling at the fastest pace in a decade, according to the Royal Institution of Chartered Surveyors (RICS)as across the UK, 52% more chartered surveyors reported a fall than a rise in demand compared to 50% in Quarter 2 20

Barclays raise £7.3 billion from private investors, market says premium for avoiding government too great

Fri, 31 Oct 2008 00:00:00 GMT
Middle East investors will own up to one third of Barclays after Abu Dhabi and Qatar provided most of £7.3 billion raised by the bank today to repair damage from the global financial crisis and avoid taking government rescue funds.

Barcla

Four Seasons avoids bankruptcy as creditors extend time to complete agreement on debt for equity swap.

Fri, 31 Oct 2008 00:00:00 GMT
Four Seasons Health Care Group, the third largest care homes operator in the UK, and Europe’s first large failed buyout since the credit crunch started, has missed bankruptcy by agreeing with its lenders to postpone debt repayments until late Januar

John Lewis report sales last week down 9.8% on last year

Fri, 31 Oct 2008 00:00:00 GMT
John Lewis Partnership, retail sector bellweather, said today that last week's sales at its 27 department stores fell 9.8% year on last year.

The group said the fall of half-term school holidays led to an easing of trade in many areas during th

Surrey housebuilder goes bust

Fri, 31 Oct 2008 00:00:00 GMT
Premier Properties, which is based in Camberley, Surrey, and was involved in the construction and development of high end residential property in the South-east,
has gone out of business.

KPMG has been appointed joint administrators to the

Norris calls for SIPP's to be allowed to own residential property

Fri, 31 Oct 2008 00:00:00 GMT
Steven Norris, adviser to Boris Johnson on transport and development, has called upon the government to stimulate the residential housing market by taking the step they almost took on A Day 2006 and allowing SIPP's to own residential property.

Spurs announce plans to build new 60,000 seat stadium near Whit Hart Lane in mixed use development

Thu, 30 Oct 2008 00:00:00 GMT
Tottenham Hotspur have announced plans to build a new 60,000-capacity stadium near their current White Hart Lane ground.

Called the Northumberland Development Project,it is a large-scale development incorporating leisure facilities, public spa

Nationwide report biggest monthly house price fall since 1991 at 1.4%

Thu, 30 Oct 2008 00:00:00 GMT
British house prices fell 1.4% in the month of October to post their biggest annual drop since comparable records began in 1991, the Nationwide building society said today.

The 12th consecutive monthly drop highlights the reversal of fortune fo

Further momentum to BPF "Empty Rates" protest as Birmingham City Council joins

Thu, 30 Oct 2008 00:00:00 GMT
Birmingham City Council has thrown its weight behind a national campiagn calling on the Government to rethink a property tax stifling commercial development in the city.

Council leader Mike Whitby has put his name to an open letter to the Prime

Scotland's commercial property business propped up by Aberdeen say Ryden

Thu, 30 Oct 2008 00:00:00 GMT
Ryden's 63rd biannual Scottish Property Review says the Scottish commercial property market is managing to ride out the economic storm thanks to strong office activity in Aberdeen and a buoyant industrial sector.
But office lettings in Edinburgh and

House of Lords helps landlords with "a dose of common sense"

Wed, 29 Oct 2008 00:00:00 GMT
Landlords have been spared an expensive and exacting administrative process to recover rent from former tenants and guarantors in a landmark House of Lords judgement today.

The Scottish & Newcastle vs Raguz case centres on how rent is recov

Jones Lang La Salle Q3 profits down 68% as one off expenses take their toll

Wed, 29 Oct 2008 00:00:00 GMT
Jones Lang LaSalle, the US based global property consultancy, this morning revealed that its profits in the third quarter fell 68% due in part to acquisition and restructuring charges, which is similar to the drop in Q2 profits.

Third-quarter n

JD Wetherspoon High Court damages case against former property agent gets going

Wed, 29 Oct 2008 00:00:00 GMT
JD Wetherspoon's law suit for damages against former property advisor, Pinner based Van de Berg & Co, for breaching its fiduciary duty to the company has begun in the High Court.

Tim Martin, Founder and Chairman of JDW, claims Van de

Regulated mortgages become scarcer as arrears rise 16% and repossessions rise 71% on last year

Tue, 28 Oct 2008 00:00:00 GMT

The Financial Services Authority (FSA) has published today its latest mortgage lending data covering the period from Q1 2007 to the end of Q2 2008.

The total value of outstanding loans is £1,178billion, an increase of 7.5% compared to

Goodman looks to Asia for growth and recapitalises with a A$1.3 billion share issue and asset sale plan

Tue, 28 Oct 2008 00:00:00 GMT

The Goodman Group, formerly known as Macquarie Goodman, today announced four initiatives to strengthen its balance sheet and increase its exposure to the growth markets of Asia. The initiatives are: a $755 million fully underwritten equity raising; com

Bank of England expects the banking system to stabilise following global intervention

Tue, 28 Oct 2008 00:00:00 GMT

Global intervention should steady the banking system but it will also put big constraints on banks, the Bank of England said today, six months after it said it expected confidence to return to financial markets.

In its twice-yearly Financial

Santander and Abbey post strong Q3 results

Tue, 28 Oct 2008 00:00:00 GMT
Spain's biggest bank, Banco Santander, posted a 5.5% rise in net profit for the first nine months to September today, underpinned by robust recurrent earnings from its core retail banking business.

In a statement, Santander said net profit came

Bassi concert party poised to take control of REI.

Tue, 28 Oct 2008 00:00:00 GMT
Paul Bassi and Marcus Daly are on the verge of taking control of Birmingham-based Real Estate Investors plc (REI). At the time of their appointment as directors of REI, the Panel on Takeovers and Mergers deemed Bassi and Daly to be members of a concert pa

LSH report UK commercial property transactions in Q3 the lowest since 2001

Mon, 27 Oct 2008 00:00:00 GMT
The Lambert Smith Hampton UK Investment Transactions (UKIT) Report for Q3 shows £4.5billion of deals recorded in the third quarter which is the lowest quarterly total since the same period 2001.

Q4 is expected to see further reduced level

Housebuilder David McClean goes bust

Mon, 27 Oct 2008 00:00:00 GMT
Housebuilder David McLean Group, which includes its trading subsidiaries David McLean Contractors, David McLean Developments and David McLean Homes, today went into administration as Deloittes has confirmed it has been appointed as administrators for the

Persimmon Homes will meet expectations for FY 2008 but fear for 2009 as sales evaporate

Mon, 27 Oct 2008 00:00:00 GMT
The U.K.'s biggest homebuilder by market value said it will book £600 million in land writedowns after house prices fell during the U.K.'s worst housing slump in 25 years. The provision represents about 19% of the company's land stock value as

Stoford win £10million BoS Property Entrepreneur prize

Mon, 27 Oct 2008 00:00:00 GMT
The regional winner of the Bank of Scotland Search for Property Entrepreurs has been announced for the Midlands and East Anglia. The result is one landmark project has been given a financial boost after its developer won the £10 million regional fin

Beer sales in Q3 down 8.1% as UK pubs come under greater pressure

Mon, 27 Oct 2008 00:00:00 GMT

UK publicans are pulling almost a fifth fewer pints than they were three years ago as the trade struggles with the toughest trading environment in working memory. Five pubs a day have been closing and there are fears that rate will rise further.<

Stock market falls raise fears of solvency rather than just liquidity in UK plc

Fri, 24 Oct 2008 22:00:00 GMT
The top share index tumbled 7%, touching its lowest in 5-1/2 years by midday today, headed by energy stocks as weak growth data further deepened the gloom surrounding the economy, which for many will raise a fear of solvency in the economy rather than jus

UK housing market to fall much further - another 2.5% this year and 10% next year say experts

Fri, 24 Oct 2008 22:00:00 GMT
UK residential property prices will fall 15% this year, another 10% in 2009 and will take up to two years to stabilise despite the prospect of several more interest rate cuts, a Reuters poll showed today.

The poll of 38 analysts at banks, inves

Commercial property contractors feel the pinch - Bovis Lend Lease looks to axe 200 jobs

Fri, 24 Oct 2008 22:00:00 GMT
Bovis Lend Lease is understood to have put up to 200 staff on notice of redundancy as the impact of the drop in commercial work bites the construction firm.

Sources close to the firm stressed that the move was part of a legal process and did no

LloydsTSB on charm offensive to sell HBOS deal to it's shareholders

Fri, 24 Oct 2008 22:00:00 GMT
Many LloydsTSB investors begrudge the deal the government forced them into because they feel they could be invested in a strong, dividend paying, independent bank, still.

They regret that the £37 billion recapitalisation plan was offered

Rightmove cuts 20% of workforce

Thu, 23 Oct 2008 22:00:00 GMT
Rightmove Group Plc announced a wave of redundancies today, with about 20% of employees to leave the company in response to the slump in the UK housing market.

The UK property search website said it will reduce its cost base for 2009 by a

Major landlords collaborate to put small tenants on monthly rent roll

Thu, 23 Oct 2008 22:00:00 GMT

Leading UK landlords, including Land Securities Prudential's PruPIM and Hammerson, are working on a raft of measures to aid small businesses facing a hard struggle against recession.
Falling consumer spending means that the old practice of indep

Argent uses it's own banking facilities to keep Kings Cross project on track

Thu, 23 Oct 2008 22:00:00 GMT
Developer Argent has injected more of its own cash, using in part an existing mezzanine facility, into the £2bn regeneration of King’s Cross in central London after funding talks with banks collapsed.

According to a report in today&

Construction & property companies bear the brunt of credit crunch

Thu, 23 Oct 2008 22:00:00 GMT
Construction and property companies suffered more than a third of the UK’s insolvencies in the autumn, highlighting their exposure to the credit crunch and resultant property slump.

Research by Wilkins Kennedy, the top 30 accountancy firm

Green light for Walsall "Gigaport" £400million development

Wed, 22 Oct 2008 22:00:00 GMT

A green light has been given to Walsall Gigaport’, a fibre optic cabled development that will offer huge bandwidth as bait to attract new industries to the region and help deliver a strategically important Office Corridor to Walsall.
An out

Further rate cuts forecast

Wed, 22 Oct 2008 22:00:00 GMT
Economists at Capital Economics are forecasting another big rate cut by the MPC when they announce their decision on interest rates this week.

This follows on from last month's half point cut in a move that was co-ordinated with both the US Fed

Buy to Let investors return to the market for bargains

Wed, 22 Oct 2008 22:00:00 GMT
What have savvy investors realised? That Buy-to-let investment yields are rising, and despite the bad press which seems to have confused BTL with sub-prime taking advantage of properties with good letting potential at the right price is sensible. Add to t

Bloor Homes sell 335 unsold homes to Sanctuary Housing in £13million deal

Wed, 22 Oct 2008 22:00:00 GMT
Bloor Homes, the Derbyshire based privately owned housebuilder, has become the first housebuilder to take advantage of the government's offer of £200million to help buy up unsold private homes and turn them in to affordable housing.

The g

Simon Morris arrested by West Yorkshire Police Organised Crime officiers.

Tue, 21 Oct 2008 22:00:00 GMT
Simon Morris, the property developer who was sacked by the administrators of his former company last week, has been arrested during a series of raids by police investigating fraud and money laundering allegations.

The former Leeds United direct

Ashwell gets the green light for the £800million mixed use CB1 scheme

Tue, 21 Oct 2008 22:00:00 GMT

Cambridge planners have approved a £800million plan submitted by local firm Ashwell plc, to redevelop the city's railway station and its surrounds.

The CB1 project was rejected by Cambridge City Council two years ago over density conce

NAB reports Yorkshire & Clydesdale Banks performing strongly expecting to benefit from banking shakeout

Tue, 21 Oct 2008 22:00:00 GMT
National Australia Bank (NAB), which owns Yorkshire Bank and Clydesdale Bank, said today that its British businesses had continued to deliver a "strong trading performance relative to local peers" in what it described as a "challengin

Debenhams FY profits down 16% as margins come under pressure

Tue, 21 Oct 2008 22:00:00 GMT
Department store chain Debenhams has reported a 16% fall in profits and halved its share dividend as trading conditions deteriorate.

Pre-tax profit before one-off items fell to £110.1million for the year to 30 August, against £

Young shoppers support a sagging Arcadia as profits fall to £275million

Tue, 21 Oct 2008 22:00:00 GMT
Sir Philip Green's Arcadia Group has reported a 6.1% drop in operating profits, but its young fashion brands including Topshop enjoyed a record year.

Green said that Arcadia's young fashion brands Topshop, Topman and Miss Selfridge all had reco

Specialist lender Davenham in trouble

Tue, 21 Oct 2008 22:00:00 GMT

Davenham, a specialist lender to small property developers, saw its share price drop 73% yesterday after it warned that market conditions would eliminate profits and force it into talks with its banks.
The company said that its portfolio of loans

Barratt Developments looking to sell land bank stake for £200million

Mon, 20 Oct 2008 22:00:00 GMT
Barratt Developments, the housebuilder, is seeking partners for a joint venture to invest in its strategic land bank.

The move is one of a series of possible measures to help reduce its £1.65billion debt burden. A source said the company

Aldi to generate better site returns from stores with Travelodge upstairs

Mon, 20 Oct 2008 22:00:00 GMT
German discounter Aldi has joined with budget hotel operator Travelodge to develop joint hotel and store sites in the UK. The first site, due to open in Autumn 2009, will see Aldi and Travelodge develop a 74-room hotel above Aldi's existing Newquay store,

Europes banks need a further €94billion capital injection to match UK banks Tier1 ratios

Mon, 20 Oct 2008 22:00:00 GMT
ING grabbed a €10 billion Dutch cash injection and Sweden joined countries offering lifelines to their banks, as scrutiny of capital health switched to Societe Generale and its French peers.

Shares in ING Group NV leapt 23% after the finan

Further Bank of England support measures introduced today for UK banks

Mon, 20 Oct 2008 22:00:00 GMT
The Bank of England acted today to make it easier for commercial banks to get short-term funding today, introducing new facilities promised last week to allow banks to borrow overnight and for up to a month. This action is against a backdrop of funding fo

Wilson Bowden push ahead with plans at Kingsway

Mon, 20 Oct 2008 22:00:00 GMT
Wilson Bowden Developments and the North West Development Agency, in partnership with the Rochdale Development Agency and Rochdale Council, have submitted a planning application for 600,000 sq ft of Industrial space at the 420 acre Kingsway business park.

Propinvest porfolio close to administration

Mon, 20 Oct 2008 22:00:00 GMT

Glenn Maud, the former Sheffield lawyer turned property tycoon, has been working on an urgent £2.5bn refinancing plan after one of his funds breached banking covenants, and it appears that his efforts may have failed, with administration the like

Travis Perkins passes on final dividend and cuts costs as downturn bites

Thu, 16 Oct 2008 22:00:00 GMT
Travis Perkins, the builders merchant and home improvements group, said it expected underlying profit for 2008 to be at the low end of analysts' expectations, reflecting the downturn in construction markets.

The group said it is also unlikely t

Centros gets planning approval for £150 million Lancaster Canal Corridor scheme

Thu, 16 Oct 2008 22:00:00 GMT
Centros has received planning permission for its £150m mixed-use regeneration scheme for Lancaster city centre. At a marathon meeting of Lancaster City Council's planning committee has approved developer Centros' redevelopment of a brownfield city c

IPD say Commercial property returns at -18% for year and double dip trend now evident

Wed, 15 Oct 2008 22:00:00 GMT
IPD today released the results for its UK Monthly Property Index for September 2008.

The Index showed all property total returns falling to -2.4%, compared with -1.1% in August, making September the weakest single month since the low points of

Marstons continues to meet expectations

Wed, 15 Oct 2008 22:00:00 GMT
Marstons is expected to turn in a respectable FY performance with turnover approximately 2% ahead of last year in a difficult market. The firms results will be announced on December 5th, but in a year end trading statement the firm said that in the

UK must take enabling measures to tenfold increase offshore wind power to meet 2020 renewables target

Tue, 14 Oct 2008 22:00:00 GMT
In March 2007, the European Union set a target that 20% of energy consumed across Europe would need to come from renewable sources by 2020. Different countries took on different targets, based on both their existing renewable capacity and relative GDP per

Whitbread delight investors with H1 pre-tax profits up 24% thanks to Premier Inns

Tue, 14 Oct 2008 22:00:00 GMT
Whitbread, the country's biggest hotel and restaurants operator, reported a 24% increase in first-half pretax profit, helped by strong growth at its Premier Inn and Costa Coffee chains, driven by expanding capacity.

Pretax profit before excepti

Housebuilder Bellway profits down 30%

Tue, 14 Oct 2008 22:00:00 GMT

Bellway plc, the nations 4th biggest housebuilder, has reported pre-tax profits down to £165.7million a 30% reduction on last year on a turnover 15% down to £1.149billion. which underlines the margin reduction the firm has accepted to move

Irish property prices collapse to 35% of recent levels intensifying the banking crisis

Tue, 14 Oct 2008 22:00:00 GMT
The value of property assets held by prominent Irish developers has collapsed to ruinous levels.

So dire has the situation become that Allied Irish Bank (AIB) has written down by almost two-thirds the value of property held by some major develo

Knight Frank reduces head count in hotels division by closing Birmingham department

Tue, 14 Oct 2008 22:00:00 GMT
Knight Frank, has decided to consolidate its Midlands hotel business from Birmingham to London as a result of a “service line review”.

The agency, which has a significant presence across all sectors including residential, commercial

Plans for £250million Stoke -on -Trent shopping centre regeneration submitted

Mon, 13 Oct 2008 22:00:00 GMT
Plans have been submitted for the £250 million regeneration of the East West Centre in Hanley, Stoke-on-Trent City Centre. The plans were the vision of internationally
renowned architects Benoy, who also designed the Birmingham Bullring.
<

Latest news of big bank capital increases, and mergers

Mon, 13 Oct 2008 22:00:00 GMT
The government is to inject up to £37billion of new capital into Royal Bank of Scotland, Lloyds TSB and HBOS.

Royal Bank of Scotland (RBS) is to raise £20billion - with the government buying £5billion of preference shares and

DTZ replaces CEO from November

Mon, 13 Oct 2008 22:00:00 GMT
DTZ, the global commercial property consultant, has hired the American Paul Idzik, former chief operating officer of Barclays, as its new chief executive.

Mark Struckett signalled in June he was leaving DTZ after 14 years in the post. The acqui

Rugby Estates looking for £100 million warchest from shareholders

Mon, 13 Oct 2008 22:00:00 GMT
Rugby Estates chairman David Tye and Andrew Wilson, the chief executive, are courting leading shareholders over a plan to raise £100million in fresh equity.

The pair met Laxey Partners, the biggest shareholder, on Friday to seek app

Woolworth sell 9 leases to Tesco and Sir Alan takes a 4% stake

Fri, 10 Oct 2008 22:00:00 GMT
Woolworths Group has agreed to sell leases on up to nine stores to supermarket giant Tesco Plc for up to £9 million. It said proceeds from the disposals, which are expected to take up to six months, will be used to reduce group borrowings. Assuming

Scotland's new 400,000sq ft logistics park opens

Fri, 10 Oct 2008 22:00:00 GMT
Scotland's latest logistics park Centralpoint - the Elite Logistics Park - is the latest development at Eurocentral and provides over 423,660 sq ft of new industrial space across six buildings.

Completed in September, the new logistics park whi

Candys pick up Kaupthing stakes in property developments

Fri, 10 Oct 2008 22:00:00 GMT
Nick and Christian Candy, the property entrepreneurs, have acquired full control from Kaupthing of a scheme in London, at the former Middlesex hospital near Oxford Street, and also a development at 9900 Wilshire in Beverly Hills in the US after the

Grainger keeping within banking covenants

Thu, 09 Oct 2008 22:00:00 GMT
Grainger, the UK's largest residential landlord, said a boost in sales and reduced level of acquisitions meant it would stay within the terms of its banking agreements.

Full-year profits at the Newcastle based company to the end of September ar

The current state of the banking nations -Iceland, Ireland and UK

Thu, 09 Oct 2008 22:00:00 GMT
Yesterday, the UK authorities seized control of Kaupthing Singer & Friedlander, the UK arm of Kaupthing, which employs almost 700 people in the City. Control of the business of Kaupthing Edge, its Internet bank,was transferred to ING Direct and&

The safest banks are Canadian say the World Economic Forum

Thu, 09 Oct 2008 22:00:00 GMT
Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.

But Britain, which once ranked in th

Joe Lewis recoups some Bear Stearns losses picking up Tchenguiz's M&B stake cheaply

Wed, 08 Oct 2008 22:00:00 GMT
Joe Lewis, the Cockney Bahamas-based tax exile with investments in companies including Ladbrokes and Tottenham Hotspur Football Club, is understood to have bought a 25% stake in Mitchells & Butlers (M&B), the pub operator, from Robert Tchenguiz. L

Bank of England cuts Base rates to 4.5%

Wed, 08 Oct 2008 22:00:00 GMT
In a shock move the Bank of England has cut Bank base rate to 4.5% from 5%.

A decision on rates was not expected until noon tomorrow.
The Bank of England held an

Government bailout of UK banks - £50 billion of risk capital made available

Wed, 08 Oct 2008 22:00:00 GMT
The UK government has announced details of a rescue package for the banking system worth at least £50billion.

It will make extra capital available to eight of the UK's largest banks and building societies.

In return for the fun

HBOS sells Bank West to Commonwealth Bank of Australia as OZ banking consolidates

Wed, 08 Oct 2008 22:00:00 GMT
Commonwealth Bank of Australia agreed to buy HBOS's Australian unit BankWest and other assets for a cheap A$2.1 billion ($1.5 billion), to boost its market share in fast-growing Western Australia.

The cash deal by Australia's second-large

Tchenguiz 25% stake in M&B sold

Wed, 08 Oct 2008 22:00:00 GMT
Robert Tchenguiz, Mitchells & Butlers' largest shareholder, has sold a 25% stake in the UK pub group to an unknown buyer, the Financial Times reported.

Some 101 million shares in the All Bar One operator changed hands after the formal close

Quintain in talks to sell 50% of it's Wembley scheme to UAE investors

Tue, 07 Oct 2008 22:00:00 GMT
UK developer Quintain Estates & Development is talking to Gulf Arab investors about taking a stake in its Wembley City project and would also be open to selling a stake in the company, deputy chief executive Nick Shattock told Reuters.

Leeds property firm SRM Holdings goes bust for £50million

Tue, 07 Oct 2008 22:00:00 GMT
The Leeds property group SRM Holdings, owned by Simon Morris has gone into administration with debts of more than £50million.

Once listed in the Sunday Times Young Rich List with an estimated fortune of £69million, a residential pr

Scotland's Heritor's cuts staff as sales dry up and 4 sites are mothballed

Tue, 07 Oct 2008 22:00:00 GMT
The credit crunch is now affecting the quality end of Scotland's residential property market, with Heritor's Group being forced to put developments on hold.
Edinburgh-based Heritor's, which buys properties in prime locations for refurbishment t

Public enquiry rejection of Coventry Airport expansion plan upheld in High Court

Tue, 07 Oct 2008 22:00:00 GMT
The High Court has dealt a potentially fatal blow to expansion plans for Coventry Airport.

A judge upheld the Government's decision to reject moves to build a new terminal to take up to two million passengers a year.

Earlier local bu

RICS survey says construction in all sectors is in decline and new homes target will be missed

Mon, 06 Oct 2008 22:00:00 GMT
The Government's house building target looks out of reach with fewer than 100,000 new homes expected to be built this year, RICS has warned.

The Royal Institution of Chartered Surveyors said construction workloads were declining at their fastes

RBS to sell Grosvenor House Hotel for £720 million

Mon, 06 Oct 2008 22:00:00 GMT
The Grosvenor House Hotel in Park Lane is set to be the next trophy property for oil-rich buyers from the Gulf states.

The landmark five-star hotel, which contains London's biggest banqueting hall, The Great Room, was built in the Twenties .

Advantage Trust sales confirm smaller commercial property valuations holding up

Mon, 06 Oct 2008 22:00:00 GMT
Advantage Property Income Trust Ltd.(formerly knowns as The Teesland Advantage Property Income Trust Ltd) said it has sold five of its investment properties for £4.17 million.

The company said it achieved a value 1.8% above preceding valu

Birmingham based William Ashley Developments goes bust

Mon, 06 Oct 2008 22:00:00 GMT
William Ashley Developments a Birmingham property developer has gone bust with debts of nearly £4 million - with creditors claiming the collapsed firm’s sister companies are still selling houses.

A spokesman for the Official Receive

Berlin guarantees retail deposits in package of moves to bail out Hypo Real Estate

Mon, 06 Oct 2008 22:00:00 GMT
Germany’s government and financial regulators agreed yesterday a second bail-out package for Hypo Real Estate after the abrupt failure of a first attempt to rescue the property lender.

HRE is a specialist commercial lender, it does

Guestinvest goes bust despite HBOS backing

Fri, 03 Oct 2008 22:00:00 GMT
GuestInvest Group Limited, the HBOS-backed hotel investment firm, has appointed Deloitte as administrators, becoming the latest casualty of Britain's property crash, Deloitte said today.

"We have today been appointed administrators a

Stockland reports flat UK H1 profits and remains cautious for full year

Fri, 03 Oct 2008 22:00:00 GMT
Stockland Group, Australia’s second-largest real estate investment trust, expects to take A$110 million (£48 million) in charges on its struggling UK business in the first half, the company said today.

Operating profit in the UK wou

Commercial building activity falling at a record rate

Fri, 03 Oct 2008 22:00:00 GMT
The UK construction market is contracting rapidly, with commercial activity in particular falling at a record rate, according to data from the Chartered Institute of Purchasing & Supply (CIPS) and Markit UK.

Their latest purchasing managers

£16billion Crossrail project threatened by funding issues as deadline passes

Fri, 03 Oct 2008 22:00:00 GMT
The falling property market may have knocked a £400million hole in the finances of Crossrail, the £16billion rail project to link east and west London.

Last year, Crossrail and the government agreed that £800million for the sc

Funds pour into Irish banks as Irish parliament approves state guarantee

Fri, 03 Oct 2008 22:00:00 GMT
Ireland's banks are suddenly flavour of the month among nervous British savers after the Irish government stepped out of line with its European neighbours and pledged a blanket guarantee on all deposits.

The Irish parliament yesterday approved

Bank of England says reduction of credit supply to consumers and businesses greater than expected

Thu, 02 Oct 2008 22:00:00 GMT
Banks tightened secured lending to households by more than they had expected in the third quarter of this year and credit across the economy was likely to become more scarce, a Bank of England survey showed.

The BoE's quarterly credit condition

Plans submitted for £50million Ipswich town centre scheme

Thu, 02 Oct 2008 22:00:00 GMT
Following a public consultation in July, Chelmsford based developer Turnstone has submitted a planning application in a joint venture with investor RevCap for a £50million scheme to redevelop Ipswich's former Civic Centre site, building

Todays window on the economy from M&S, Ted Baker and Halfords

Thu, 02 Oct 2008 22:00:00 GMT
Evidence from the High Street that consumers are cutting back comes today from Marks & Spencer and Ted Baker.

Britain's biggest clothing retailer, reported a 6.1% drop in second-quarter underlying sales and said it was cut

Businesses move substantial funds into Ireland as questions about unfair state aid are raised

Thu, 02 Oct 2008 22:00:00 GMT
The Irish pledge unveiled on Tuesday to guarantee the liabilities of six Irish-owned banks totalling some €400 billion, has raised questions in Brussels and London about competition and state-aid rules.

One senior stockbroker told Re

Euro Zone economy shrinks for the 1st time since monetary union as inflationary pressures recede

Wed, 01 Oct 2008 22:00:00 GMT
Euro zone manufacturing activity fell to a near seven-year low in September, below the flash estimate, and there may be more contraction to come despite some relief from a fall in prices, a key survey showed today.

The Markit Eurozone Pur

JLL says UK commercial property sales down 58% YTD compared to last year

Wed, 01 Oct 2008 22:00:00 GMT
Five billion pounds of UK commercial property changed hands in the three months to end-September as the market continued to shrink due to a lack of debt funding and falling prices, data showed today.

Property consultants Jones Lang LaSalle said

St Modwen warns of disappointing results to come

Wed, 01 Oct 2008 22:00:00 GMT
St. Modwen Properties said today that efforts to preserve the value of its portfolio were being undermined by a rapidly deteriorating UK property market.

The company said the slide in UK property prices had continued and occupational demand was

Oakdene struggling as share issue fails and forced to turn to bank as latest victim of housing collapse

Wed, 01 Oct 2008 22:00:00 GMT
Housebuilder Oakdene has failed to raise £5m through a share placement and dropped more than £6m into the red for the first six months of 2008.

It is also in breach of its banking covenants and relying on a temporary facility from i

New capital adequacy rules for European Banks proposed - speedy adoption expected.

Wed, 01 Oct 2008 22:00:00 GMT
Banks will have to tie up more capital to cover risk in their operations in future under European Union rules due to be unveiled today.

The EU's executive European Commission wants to apply lessons learnt from the credit crunch, which this week

MFI properties to go into administration as more than 100 MFI stores at risk of closure

Tue, 30 Sep 2008 22:00:00 GMT
More than 100 MFI stores are expeced to close despite an 11th hour management buy-out of the stricken furniture chain.

The management team led by Gary Favell, the current MFI chief executive, then intends to take back 92 of the most profitable

The UK credit crunch - our limited options

Tue, 30 Sep 2008 22:00:00 GMT
The UK, which is in a lending drought every bit as serious as the United States’, is far less able to mount a government rescue and may well come out much worse.

The UK is about a year behind the United States in its property crash but se

Toolstation takes Quintain shed at Redditch as developer reports steady progress

Tue, 30 Sep 2008 22:00:00 GMT

Toolstation, the Bridgewater based tools and fixings supplier, has signed up for a 140,000 sq ft distribution complex at Quintain Estates’ Arrow Valley scheme in Redditch, Worcestershire.

Toolstation has taken a 15 year lease on

Tesco meets expectations with H1 profits up 10.3%

Tue, 30 Sep 2008 22:00:00 GMT
Tesco met forecasts with a 10.3% rise in H1 profit and said today like-for-like sales growth at its British operation accelerated over the summer months.

"Our business is strong, broadly based, increasingly international and, I believe, we

Irish government intervenes to prevent bank runs after bank shares plunge

Tue, 30 Sep 2008 22:00:00 GMT
Ireland’s banks suffered their biggest one-day fall in share price for two decades yesterday as fears swept the Dublin market about their ability to withstand the downturn in the Irish economy amid the global financial turmoil.

Anglo Iri

Buy to Let mortgages perform better than owner occupied mortgages contrary to received wisdom

Mon, 29 Sep 2008 22:00:00 GMT
Inaccurate reporting of the Bradford & Bingley demise and earlier reporting from the start of the credit crunch, has created an impression that Buy-to-Let mortgages were responsible for it's difficulty as B&B was the biggest lender in the BTL sect

Scottish Power reveals world leading tidal energy plans

Mon, 29 Sep 2008 22:00:00 GMT
The world's largest tidal energy farm could be built in British waters, it has been announced.

Two sites off Scotland and one off Northern Ireland are being looked at to house up to 60 underwater turbines generating 60 megawatts – enough

Residential Mortgage lending at weakest on record as pressure rises on Bank to reduce Base Rate

Mon, 29 Sep 2008 22:00:00 GMT
Mortgage lending was £143 million last month, a mere 2% of what was advanced in August 2007 and the weakest level since the series began in April 1993. Analysts speculated net lending could even turn negative before long.

Other Bank of En

Close Brothers FY profits below expectations as CEO steps down

Mon, 29 Sep 2008 22:00:00 GMT
UK investment bank Close Brothers Group Plc reported a drop in annual profit below market expectations today and said Chief Executive Colin Keogh was to step down.

Operating profit before tax was £127.5 million in the year to July 31, dow

Bradford & Bingley, Fortis and Hypo Real Estate all rescued as Europe fights credit crunch

Mon, 29 Sep 2008 22:00:00 GMT
The government is set to nationalise troubled bank Bradford & Bingley today after Santander agreed to buy its retail deposits and branch network. Under the arrangement, the Government will take control of the bank's £50billion in mortgages

QIA buys 20% of Chelsfield

Mon, 29 Sep 2008 22:00:00 GMT
Chelsfield, which owns Camden market in North London, has sold a 20% stake in itself to the Qatar Investment Authority (QIA) for a sum thought to be less than £80million. A spokesman said that the funds would allow the group to capitalis

Minerva shares plummet as Limitless pulls bid

Fri, 26 Sep 2008 22:00:00 GMT
Minerva, the troubled property company, saw it's shares fall by half yesterday after Limitless, the property arm of the sovereign wealth fund Dubai World, pulled out of a £260 million takeover bid.

Limitless said that it had left the 160p

Revised Victoria plans submitted by Land Securities exclude transport interchange upgrade

Fri, 26 Sep 2008 22:00:00 GMT
Revised plans for London Victoria station have been submitted - without proposals to improve its transport interchange, which Land Securities had proposed spending £200million improving.

As expected, the Land Securities application featur

Bank of England in concert with ECB and SNB pump more liquidity into banking system

Fri, 26 Sep 2008 22:00:00 GMT

The Bank of England said it would lend $30 billion of funds for one week today and auction £40 billion on Monday.

'The Bank of England will increase the term of its existing operations to lend U.S. dollar funds against collateral eligi

HSBC announces 1100 job losses

Fri, 26 Sep 2008 22:00:00 GMT
HSBC Holdings, Europe's biggest bank, said today it was cutting 1,100 jobs in its global banking and markets operation, or 4% of the unit's total, as it weathers the global financial crisis.

'We're doing it because of market conditions and the

Canary Wharf owner NAV down 21% as firm loses £470 million in H1

Fri, 26 Sep 2008 22:00:00 GMT

Songbird Estates, the majority owner of Canary Wharf in London's Docklands, has seen its net asset value drop by more than a fifth owing to a £548million loss in the value of its property in the past six months.

Songbird's property por

EPC's will hit commercial property sales from next week

Thu, 25 Sep 2008 22:00:00 GMT
Many commercial property transactions which have been delayed by financing difficulties and are still in the pipeline months after they should have completed may fall foul of the introduction of mandatory energy performance certificates (EPCs) for c

Bristol's £600million shopping centre opened today

Thu, 25 Sep 2008 22:00:00 GMT
Bristol's new Cabot Circus shopping centre has opened this morning after developers Land Securities and Hammerson spent £600 million over the past 10 years to deliver it.

The development, which boasts a 1 million sq ft shopping centre, 26

Bassi's REI makes steady progress as underlying profits rise 25%

Thu, 25 Sep 2008 22:00:00 GMT
Real Estate Investors, the AIM-listed property group headed by Paul Bassi, unveiled interim pre-tax profits of £663,000 for the six months to the end of June, against £2.88 million in the same period a year ago. However, the

Metrovaseca fails to find partner or replacement to relieve HSBC Tower pain

Thu, 25 Sep 2008 22:00:00 GMT
Metrovacesa, the troubled Spanish property company, is struggling to find a partial sale for the HSBC skyscraper in London’s Canary Wharf, with just weeks to go before a loan used to buy the building expires.

Metrovacesa bought it in a sa

CareCapital H1 profits evaporate on delays at Folkestone dental centre development

Wed, 24 Sep 2008 22:00:00 GMT
CareCapital Group Plc’s chairman made a £4 million personal loan to the UK medical centre developer to help fund development plans while other sources of funds remain constrained.

Reporting a 97% drop in first-half pretax prof

Clapham Junction station development plans submitted

Wed, 24 Sep 2008 22:00:00 GMT
Delancey and Land Securities’ Metro Shopping Fund submitted plans to Wandsworth Borough today for a major development at Clapham Junction station.

The mixed-use proposal includes two new station entrances, a two-level pedestrian sho

Hawtin H1 profits down 43% and passes dividend to build warchest

Wed, 24 Sep 2008 22:00:00 GMT
Hawtin plc, the property group, said yesterday that the malaise in the sector could last for another 18 months, but added that it was well positioned to add to its UK-wide portfolio.

The AIM-listed company, whose ownership of developments

Further downgrades of Bradford & Bingley credit rating as it revises GMAC deal

Wed, 24 Sep 2008 22:00:00 GMT

Standard & Poor's Ratings Services lowered its short-term counterparty credit rating on Bradford & Bingley Plc. (B&B) to 'A-3' from 'A-2' and maintained the rating on creditwatch with negative implications, pending forthcoming meetings with

Blears signals U turn on Empty Rates Relief

Tue, 23 Sep 2008 22:00:00 GMT
The Government is considering changes to its controversial policy to force the owners of empty commercial property to pay business rates, communities secretary Hazel Blears admitted yesterday.

Speaking in Manchester at a Labour Party conference

ProLogis to build carbon neutral shed for M&S at Bradford to achieve BREEM "very good" rating.

Tue, 23 Sep 2008 22:00:00 GMT
ProLogis, the world's largest owner, manager and developer of distribution facilities, announced today that it will develop a new, 1.1 million-square-foot distribution facility for Marks & Spencer at ProLogis Park Bradford, a 90-acre business park in

UK mortgage approvals fall to new low as banks starve the market of cash

Tue, 23 Sep 2008 22:00:00 GMT
UK mortgage approvals fell 64% on the year to a record low in August, the British Bankers’ Association said today, suggesting no end was in sight for the country’s housing market woes.

The BBA blamed the drop on uncertainty regardin

Mitchells & Butlers expect FY results to meet expectations

Tue, 23 Sep 2008 22:00:00 GMT
Pubs operator Mitchells & Butlers said today it expects earnings for the year to be in line with its expectations and reported a 1.3% rise in like-for-like sales in the nine weeks to Sept 20.

The owner of the Harvester and All Bar One

£210million regeneration of Bolton town centre gets planning approval

Mon, 22 Sep 2008 22:00:00 GMT
A joint venture between Alderley Edge-based Bluemantle and Manchester-based Ask Developments has been granted planning consent for a £210m regeneration of Bolton town centre.

The Church Wharf scheme, designed by Carey Jones architects, wi

Santander shareholders promised €10billion 2008 net profit as they approve A&L bid

Mon, 22 Sep 2008 22:00:00 GMT
Santander, Europe's second largest bank, is better prepared than its competitors to ride out the current financial markets' crisis, Chairman Emilio Botin told shareholders at an EGM held today.

At the same meeting, shareholders also approved a

Speymill H1 profits double last years but FY outcome deteriorating

Mon, 22 Sep 2008 22:00:00 GMT
Property investor Speymill Plc. more than doubled pretax profits during the first half helped by a 60% rise in turnover, but warned that full-year profits may come in 30-35% lower than current market expectations.

The company said that in addit

Westfield on track to deliver £1.5billion London Olympic Mall in time

Mon, 22 Sep 2008 22:00:00 GMT
Westfield has begun work on a £1.5 billion complex of shops, offices and hotels which will act as the main entrance for thousands of spectators to the Olympic Park at Stratford in East London.

But while construction is well under way, wor

Scottish Enterprise selling business sites across Scotland

Mon, 22 Sep 2008 22:00:00 GMT
Scottish Enterprise (SE) is hoping to raise £60m from the sale of at least 11 sites across Scotland, including Queen’s Road in Aberdeen and the Science and Technology Park at East Kilbride.

Money from the sales has been includ

Lloyds HBoS looking to close 700 branches

Mon, 22 Sep 2008 22:00:00 GMT
Lloyds TSB is looking for property agents to oversee the closure of up to 700 high street branches once its planned takeover of HBOS completes, the Independent on Sunday reported.

The Independent said Lloyds had approached property agents inclu

Grainger asking shareholders to increase it's borrowing powers

Fri, 19 Sep 2008 22:00:00 GMT
Grainger Trust plc, the UK’s only listed residential landlord, is asking shareholders to amend its borrowing powers following an increase in its level of debt and a fall in the value of its properties.

The Newcastle firm, which owns over

Santander thought to be considering moves on Bank of Ireland and Washington Mutual

Fri, 19 Sep 2008 22:00:00 GMT
Santander is thought to considering a bid for 2 troubled banks, one in Ireland and the other in the US.

Bank of Ireland, whose exposure to a property market collapse in its home market has seen its shares pumelled also declined to comment

Barclays further boost capital by £1.3 billion with share sales this week

Fri, 19 Sep 2008 22:00:00 GMT
Barclays raised £701 million by selling shares yesterday to add to this week's boost to its capital as part of its purchase of assets from Lehman Brothers.

Barclays said alongside Wednesday's purchase of Lehman's U.S. broker-dealer

Minerva posts a £270million loss but shares rise as takeover talks near completion.

Fri, 19 Sep 2008 22:00:00 GMT
Minerva, the London commercial property developer, reported a financial loss of £270million reflecting the sharp drop in the value of its property portfolio. Net asset value per share fell 43% to 187.7p.

The group, which is exposed to Cit

RBS allow Dunedin's Industrious Fund to go under

Thu, 18 Sep 2008 22:00:00 GMT

Ernst & Young partners Alan Bloom, Alan Hudson and Colin Dempster have been appointed as receivers of Dunedin Property Capital Fund Limited and Dunedin Property Industrial Fund (Holdings) Limited,the holding companies of the group which own the Ind

Henderson & Morley sell Cambridge Retail Park for £90million

Thu, 18 Sep 2008 22:00:00 GMT
Henderson and Morley have sold Cambridge Retail Park to Deka Immobilien for €114m (£90.2m).

The 215,000 sq ft retail park, located at the north eastern edge of Cambridge, is fully rented to 14 companies including Homebase, Curr

Plans submitted for Prestons £700 million Tithebarn scheme

Thu, 18 Sep 2008 22:00:00 GMT
An outline planning application has been submitted to Preston City Council for the £700 million regeneration of the city's Tithebarn area.

John Lewis and M&S will anchor the scheme.

Richard Coppell from the Preston Tithebar

Lloyds £12.2 billion takeover of HBOS agreed

Thu, 18 Sep 2008 22:00:00 GMT

Lloyds TSB sealed a £12.2 billion deal to buy HBOS Plc, to create a dominant mortgage and savings provider, encouraged by the government amid fears turmoil in financial markets would claim another UK victim.

Lloyds will offer 0.8

Kier produce strong FY results with profits up 12%

Thu, 18 Sep 2008 22:00:00 GMT
Kier Group plc, the contractor and housebuilder, today released it's FY preliminary results which showed underlying pre-tax profits up 12.1% to £89.2million, and the benefit of a multimarket strategy.

Exceptional charges total £24.6

BoE extends Special Liquidity scheme for a further 3 months for fear of withdrawal consequences.

Wed, 17 Sep 2008 22:00:00 GMT
The Bank of England will allow banks an extra three months to swap their risky assets for government paper, extending a scheme that was set to close next month because of the latest turmoil in financial markets.

The Bank Special Liquidity Schem

Rokeby submits plans for new Stockton business park

Wed, 17 Sep 2008 22:00:00 GMT
Plans have been submitted for the first phase of a 23,000 sq m Business Park in Stockton-on Tees.

The £50m scheme, by Rokeby Developments, has outline planning consent and will be developed on a 15-acre triangular site on the Preston Farm

LloydsTSB in advanced talks to takeover HBOS

Wed, 17 Sep 2008 22:00:00 GMT
LloydsTSB is in merger talks with domestic rival HBOS to create a £28 billion mortgage giant, a person familiar with the matter said today.

News of the talks surfaced after shares in HBOS, Britain's biggest home lender, were battered for

Pub closures are inreasing say BBPA - predicting 43,000 sector job losses over next 5 years

Wed, 17 Sep 2008 22:00:00 GMT
Britain's cash-strapped pubs groups, faced with the toughest trading conditions for years, look set to accelerate pub closures as the government turns the screws and presses ahead with planned tax rises.

The British Beer and Pub Association (BB

Barclays up and HBOS & Bank of Ireland down as sentiments shift

Wed, 17 Sep 2008 22:00:00 GMT
Following the loss of investor confidence, mirrored in it's plunging share price yesterday Fitch Ratings has downgraded HBOS Plc. and main operating unit Bank of Scotland Plc., citing heightened concerns over the outlook for core parts of HBOS's retail an

AIG rescued by the Fed

Wed, 17 Sep 2008 22:00:00 GMT
American International Group staved off collapse yesterday after the U.S. Federal Reserve Bank of New York agreed to lend up to $85 billion to the cash-strapped insurer over two years at stiff rates ( thought to be   more than 11.4% interest ) o

Bank shares plummet as LIBOR soars despite massive BoE Support.

Tue, 16 Sep 2008 22:00:00 GMT
Central Banks have stepped in to support the banking industry as liquidity evaporates following the crisis yesterday. The Bank of England injected £20 billion today, after five billion on Monday. Demand was three times the amount of extra liquidity

Bradford & Bingley gets further downgraded by Moody's

Tue, 16 Sep 2008 22:00:00 GMT
Bradford & Bingley plc has been further downgraded by Moody's Investors Service on a range of assets and the overall financial strength rating falls to D from C-, in a move which will make the struggling banks position increasingly untenable, gi

Berkeley Group say past 4 months house sales are down 50% on the average for the period

Tue, 16 Sep 2008 22:00:00 GMT
Housebuilder and construction company Berkeley Group Holdings Plc said sales since the start of May are 50% below average, but in line with expectations for the first six months and the year.

Berkeley said today it is confident of being able ma

Hurstwood Developments goes bust

Tue, 16 Sep 2008 22:00:00 GMT
Bolton-based property group Hurstwood has placed two more of its businesses into administration.

Hurstwood Developments and Hurstwood Facilities Management have suffered the same fate as Hurstwood Construction, which was placed into administra

Jones Lang LaSalle announce up to 80 UK jobs to go

Mon, 15 Sep 2008 22:00:00 GMT
Jones Lang LaSalle is cutting 60-80 jobs, or 4-6% of its workforce in the UK, due to the property market downturn, the global real estate services firm said today.

A spokeswoman for the company, which employs more than 30,000 people in 60 count

Shares in Canary Wharf hit by Lehman bankruptcy

Mon, 15 Sep 2008 22:00:00 GMT
Songbird Estates , the AIM-listed majority owner of the Canary Wharf business district, sinks 9% following news that tenant Lehman Brothers has filed for Chapter 11 bankruptcy protection.

Songbird’s “B class” shares trade at 1

Lehman files for Chapter 11 bankruptcy while Bank of America buys Merill Lynch for $50 billion

Mon, 15 Sep 2008 22:00:00 GMT

It has been a Black Weekend on Wall Street as Lehman Brothers has filed for Chapter 11 bankruptcy after US Government officials and top Wall Street bankers held talks yesterday in an effort to sell Lehman Brothers Holdings Inc. and avoid a collapse of

Will RBS save Dunedin's Industrial Fund from collapse?

Fri, 12 Sep 2008 22:00:00 GMT
Dunedin Property Industrial Fund is in trouble. The fund owns the 10m sq ft Industrious portfolio, which has been up for sale for some months.

The fund’s problems were revealed on September 5th when a notice was issued to holders of the

Asquith Developments, the West Yorkshire residential developer goes bust

Fri, 12 Sep 2008 22:00:00 GMT
Asquith Properties the Pontefract-based property development business, founded by Russell Baker and Katherine Stacey in the 1990s, has gone into administration, blaming cash flow problems caused by difficulties in accessing finance to fund its development

Irish Banks may have €6 billion of bad debts in residential property development.

Fri, 12 Sep 2008 22:00:00 GMT
Irish banks could have combined bad debts of over €6 billion in 2009 and 2010 according to Dresdner Kleinwort, and Bank of Ireland will have little option but to issue a scrip dividend instead of a cash payment

Real Estate Investors in £4million office deal

Fri, 12 Sep 2008 22:00:00 GMT
AIM listed Real Estate Investors Plc. said it will buy York House, a 22,000 sq ft office building, on the corner of Great Charles Street and Newhall Street in central Birmingham for £4 million cash.

The Birmingham-based property company l

Further contrast in the High Street with Morrisons up and John Lewis down

Thu, 11 Sep 2008 22:00:00 GMT
In 2 more views of the high street today Wm Morrison Supermarkets met forecasts with a 19% rise in first-half profit and said it was well placed to continue taking market share as cash-strapped Britons flock to its budget-focused stores.

Meanwh

Galliford Try produce respectable FY results on sales up 35%

Thu, 11 Sep 2008 22:00:00 GMT
Galliford Try have reported sales up 35% to £1.832bn with pre-tax profits level at £60.3million in it's 2008 FY preliminary results.

The Galliford Try model of operating in both construction and housebuilding markets dur

Costain get £80million Newbury contract to build Parkway after 20 year gestation.

Thu, 11 Sep 2008 22:00:00 GMT
Costain has been awarded an £80 million contract by Standard Life Investments to construct a retail-led mixed use development with Shearer Properties in Parkway, Newbury, West Berkshire.

The contract is expected to be completed in 2

Lehman Brothers post Q3 loss of £2.21 billion as shares slide 45% as fear stalks markets

Thu, 11 Sep 2008 22:00:00 GMT

Lehman Brothers, the US investment bank, lost £ 2.21bn ( $3.9bn) in the third quarter, mainly from a further $5.6bn of write-downs related to commercial and residential property investments and $760million on investments. That compares with a Q3

News Corp decides to stay at Wapping

Wed, 10 Sep 2008 22:00:00 GMT
News Corporation has announced plans to build a "new campus" on its existing Wapping site in a move it says will boost employment in the area. The proposed scheme will bring together News International, Harper Collins, MySpace, Dow Jones,

Cuts in planning red tape could save homeowners £50million a year

Wed, 10 Sep 2008 22:00:00 GMT
Regulations that will remove 80,000 householder planning applications from the planning system each year were introduced to Parliament today.

Housing and planning minister Caroline Flint laid a revised general permitted development order before

Contrasting news from the High Street - Next down but Thorntons up.

Wed, 10 Sep 2008 22:00:00 GMT
There is contrasting news today from the High Street, as Next Plc posted a 12% fall in first-half pretax profits, while chocolate retailer Thorntons reported a better than expected 19.6% increase in annual profit, shrugging off the impact of a consumer do

Barratt passes dividend and reports profits 67% down at £137.3million

Wed, 10 Sep 2008 22:00:00 GMT
Barratt Developments today revealed it's preliminary FY results for year ending June 30th. 2008. They show contracted sales down 37.8% and forward sales down 50%, which reflects the pipeline effect of the year as the credit crunch struck, with pre-tax pro

Industry surveys reveal further falls in UK commercial property development and total returns

Wed, 10 Sep 2008 22:00:00 GMT
Commercial building activity in the United Kingdom posted its biggest monthly fall in at least five-and-a-half years in August and was set to continue tumbling in the autumn, a survey showed today.

Savills said its Total Commercial Develo

UK house prices continue to fall and sales volume hits a record low say RICS as consumers feel the pinch

Tue, 09 Sep 2008 22:00:00 GMT

UK house prices kept falling sharply in the three months to August even as the average number of home sales per surveyor hit a new low, a survey showed today.

The Royal Institution of Chartered Surveyors said its house price survey balance i

Redrow secures new £450 million bank loan and reports a loss of £193.9million

Tue, 09 Sep 2008 22:00:00 GMT
Uk housebuilder Redrow Plc said today it had secured a new £450 million debt facility until 2011, and that its markets would remain difficult for the foreseeable future.

Redrow full-year pretax profit nearly halved before exceptional item

Darling to bring forward measures to stimulate the mortgage market

Tue, 09 Sep 2008 22:00:00 GMT
The Chancellor, Alistair Darling, is preparing to intervene to stimulate the UK housing finance market, The Times newspaper quoted senior government officials as saying.

The newspaper said Darling was waiting for the final proposals from James

Stevens Scanlan profit from the downturn

Tue, 09 Sep 2008 22:00:00 GMT
Stevens Scanlan, the Manchester based surveyors and property consultants, is bucking the property downturn by taking further space in its Manchester office and expanding its property management team.

When it moved to Mosley Street 7 years ago t

Bristol based Midas Group has the right touch - profits 38% up

Mon, 08 Sep 2008 22:00:00 GMT
Property services specialist the Midas Group has bucked the trend of poor performers in its sector, reporting an increase in pre-tax profits of £5.9million – an increase of 38% from the previous year.

The Bristol-based business, whi

HBOS chief sees UK house prices falling for at least 12 months

Mon, 08 Sep 2008 22:00:00 GMT
Andy Hornby, Chief Executive of Halifax Bank of Scotland told the BBC's Business Editor Robert Peston that the credit crunch will last a further 18 months. He confirmed that HBOS is only lending what it is taking in as customers deposits, which explains i

Rockspring announce 4 UK acquisitions for £48.5 million

Mon, 08 Sep 2008 22:00:00 GMT
Rockspring Property Investment Managers, the london based property fund manager, said on Friday that it has completed four acquisitions on behalf of its Retail Plus Property Trust and Trans-European IV funds for a total of £48.5million.
Rocksp

Nationwide to absorb The Debyshire and Cheshire Building Societies

Mon, 08 Sep 2008 22:00:00 GMT
Nationwide, the UK's biggest customer-owned lender, said today it was to merge with smaller rivals the Derbyshire and Cheshire Building Societies.

Nationwide, the country's second-biggest provider of mortgages, said the tie-ups would create a m

Mounting concern about ongoing level of BoE support to UK banks hits bank shares

Fri, 05 Sep 2008 22:00:00 GMT
There is mounting concern in the UK banking sector about what will happen to the funding support provided by the Bank of England as the end of the current scheme in six weeks tightens the screws on lenders.

Analysts say Britain's banks ma

Commercial property experts forecast no capital growth for next 5 years

Fri, 05 Sep 2008 22:00:00 GMT
Hopes of a recovery in commercial property values this year and next have been dashed by the latest Q3 survey by the Investment Property Forum (IPF).The five year view shows negative capital value growth over the period and sub-inflation returns from the

Southern Cross ease their troubles with further sales and leasebacks of care homes and loses CEO

Fri, 05 Sep 2008 22:00:00 GMT
Southern Cross,the largest provider of care homes and long term care beds in the UK,has raised more than £20m to help pay down debt – and announced the departure of chief executive Bill Colvin.

The troubled company, which operates a

Banks are twisting Taylor Wimpey's arm

Fri, 05 Sep 2008 22:00:00 GMT
Pressure to reach agreement grows on Taylor Wimpey as interest charges on debts are set to spiral to £170million a year as banks increase the interest rates they will charge the firm as the price of breaching the loan to value covenant.

T

Wetherspoon profits down 11% as pubs struggle

Fri, 05 Sep 2008 22:00:00 GMT
Pubs group JD Wetherspoon reported an 11% decline in full-year pretax profit today as the smoking ban and slowdown in consumer spending impacted sales.

The group, which has nearly 700 pubs in Britain, made an adjusted pretax profit of £55

Bluemantle secure £85 million debt finance

Fri, 05 Sep 2008 22:00:00 GMT
Commercial property investment, development and asset management group Bluemantle has secured an £85m refinancing package, which will help it re-structure itself into a co-investing fund manager.

The family-owned Manchester company, which

Leicester Highcross opens as the UK's most technologically advanced shopping complex

Thu, 04 Sep 2008 22:00:00 GMT
The UK's most technologically advanced shopping centre opens today in Leicester at the newly refurbished Highcross complex. The 1.1 million sq ft scheme has John Lewis, House of Fraser and Debenhams as anchor stores out of a total of 120 stores, 15 restau

Why the self -cert commercial mortgage has vanished

Thu, 04 Sep 2008 22:00:00 GMT
If you are wondering what happened to self-certified commercial mortgage lenders Commercial First, 5D Finance, Interbay, and Base Commercial Mortgages, who 12 months ago were touting for commercial mortgage business, look no further than the figures relea

Whitbread further delight with strong H1 results

Thu, 04 Sep 2008 22:00:00 GMT

Whitbread, Britain's biggest hotel and restaurants operator, said today like-for-like sales across the group increased by 7% in the 24 weeks to Aug 14.

The group said its Premier Inn budget hotel chain, which accounts for about 70% of profit

£215 million Swindon regeneration agreement signed with Modus Properties

Wed, 03 Sep 2008 22:00:00 GMT
The regeneration of Swindon town centre has taken a step forward with the signing of a development agreement which will bring more than £200 million pounds of private and public sector investment into the town centre, and deliver one of the largest

Goodman plans for Tesco mega-shed defeated in round one

Wed, 03 Sep 2008 22:00:00 GMT
Test Valley Borough Council's northern area planning committee have rejected the controversial plans for Andover Airfield by Goodman Developers to transform the former airfield – once the home of the Royal Flying School and which is now farmla

RBS say Barclays has insufficient capital and may need to raise a further £7.5 billion

Wed, 03 Sep 2008 22:00:00 GMT
RBS analysts Ian Smillie and Cormac Leech said today that Barclays Bank may need to raise between £4.9 billion and £7.5 billion to bring its capital ratio in line with its peers, and have changed their advice to "sell" from "hol

A.J. Mucklow FY report NAV down 14.8% and a pre-tax loss of £26.7 million

Wed, 03 Sep 2008 22:00:00 GMT

A&J Mucklow Group, the Midlands based real estate investment trust, slumped to a full-year pretax loss of £26.7m after writing down £41.2m, and said this morning that it expects a further decline in property values over the next 1

Punch Taverns FY sales down and final dividend scrapped

Wed, 03 Sep 2008 22:00:00 GMT

Punch Taverns, Britain's largest pub company, announced full year results with turnover down 3.4% in the leased pubs and 3.3% in the managed pubs, in line with management’s expectations.

The firm says that it intends to ret

1200 home riverside development for Leicester given approval

Tue, 02 Sep 2008 22:00:00 GMT
A 1,200 home development in the Belgrave area of Leicester has received outline planning permission for it's owners Cyprus based Trafalgar Global Ltd.

The former British United Shoe Machinery Works on Ross Walk is on the River Soar opposite the

Housing support measures announced and Stamp Duty floor raised to £175,000 for 12 months

Tue, 02 Sep 2008 22:00:00 GMT

Prime Minister Gordon Brown unveiled plans today to help vulnerable families struggling with mortgage payments avoid losing their homes and bring forward funding for new social housing from existing budgets.

The government and property

ASDA backs the BPF and BRC empty rates campaign

Tue, 02 Sep 2008 22:00:00 GMT
ASDA are backing a campaign by the British Property Federation (BPF) and the British Retail Consortium (BRC) against the loss of empty property relief. Dubbed the ‘bombsite Britain’ tax by the media, in response to the increasing spate of demo

Greene King confident of meeting expectations ahead of AGM

Tue, 02 Sep 2008 22:00:00 GMT
British pubs group Greene King said today it would meet its expectations for the current financial year, despite tough trading and a lacklustre outlook for the UK economy, in a trading statement ahead of the AGM.

The firm, which has aroun

Mortgage approvals for July at lowest for 15 years as UK probably in recession

Mon, 01 Sep 2008 22:00:00 GMT
Mortgage approvals hit their lowest in at least 15 years in July and the manufacturing sector shrank for a fourth straight month in August, surveys showed today."Prospects for the UK economy remain grim," said Michael Saunders, a Citigroup econo

Urbo get Planning permission for Phase 1 of £300million Chesterfield mixed use scheme

Mon, 01 Sep 2008 22:00:00 GMT
Planning permission has been granted for the first phase of a £300m urban village in Chesterfield.

The approval covers the creation of a new lock and 1,200 sq m canal basin which will form the terminus to the restored Chesterfield canal n

Meltdown among branded bars on the High Street say Fleurets

Mon, 01 Sep 2008 22:00:00 GMT
Fleurets, the specialist agency dealing with licenced premises, has pointed in it's 2008 report to the "Meltdown on the High Street" as far as branded bars are concerned. The process has had a knock-on effect on all licenced premises.

Cushman & Wakefield make H1 loss of €44million

Mon, 01 Sep 2008 22:00:00 GMT
Cushman & Wakefield, the biggest closely held real estate services firm, lost €44 million in the first half of this year, its Italian parent Ifil said.

Ifil, one of the holding companies through which Italy's Agnelli family contr

RICS offer government advice to help the housing market recover

Mon, 01 Sep 2008 22:00:00 GMT
The Royal Institution of Chartered Surveyors (Rics) is calling on government to act “swiftly and decisively” to prevent further damage to the UK property market.

A research report published today from the organisation finds pr

Office firm Derwent London report NAV down 9.1% as it turns in H1 profits of £2.1 million.

Fri, 29 Aug 2008 22:00:00 GMT
Real estate investor Derwent London said its adjusted net asset value fell by 9.1% in the half year to the end of June as the property market in the UK capital showed increasing signs of stress.

Derwent London, which specialises in office

Bradord & Bingley fall to H1 loss of £26.7 million

Fri, 29 Aug 2008 22:00:00 GMT

Bradford & Bingley, Britain's largest buy-to-let lender with 19% of the market, posted a £26.7 million first-half pretax loss, hit by writedowns and investment losses, and said bad debts continued to rise.

Regus 39% up in first half trading

Fri, 29 Aug 2008 22:00:00 GMT

Regus PLC, the office rental company, posted a 39% increase in first-half profit today and said its robust business model would enable it to cope with difficult economic conditions.

Regus, which offers ready-to-use offices for period

Nationwide say house prices falling faster than at any time since 1991

Thu, 28 Aug 2008 22:00:00 GMT
House prices fell 1.9% in the month of August to post their biggest annual drop since monthly records began in 1991, the Nationwide building society said today.

The decline, which was bigger than most analysts were expecting, pushed the average

Savills report strong H1 results but hesitates to predict full year outcome

Thu, 28 Aug 2008 22:00:00 GMT
Savills plc, the international property adviser, today announced strong H1 results with revenues of £278.1million and profits of £33.4million which are similar to the previous year. The underlying results do reflect the difficult market condit

Segro falls to losses in H1 as NAV falls a further 12%

Thu, 28 Aug 2008 22:00:00 GMT
Segro saw the value of its UK assets slump by 10% in H1 as it suffered from the downturn in the property market. The valuation loss of £389million wiped out profits to result in a pre-tax loss of £315.3million, and a 12% fall in NAV to 605p.

Taylor Wimpey reveals a £1542 million loss and confirmed talks with lenders agree new loan terms

Wed, 27 Aug 2008 22:00:00 GMT
Taylor Wimpey, the UK's largest housebuilder, today announced it's interim results for H1 2008, showing a loss of £1542million. The business made a small operating profit if £4million which was swallowed up by losses on it's land bank values i

Business as usual for commercial property in Brighton

Wed, 27 Aug 2008 22:00:00 GMT
Morley Fund Management sold Mocatta House, Trafalgar Place, Brighton, to Invista for £8.8 million.

The office complex, next to Brighton railway station, measures 3,421sqm over six floors and has 63 car parking spaces.

It is cur

Battle of the giants for Liberty as both Simon & Westfield build stakes

Tue, 26 Aug 2008 22:00:00 GMT
Shopping centre developer and manager Westfield Group has taken a 2.96% stake in Liberty International Plc for "investment purposes".

Westfield, the world's largest listed retail property group, said it had acquired 10.7 million ordin

Residential mortgage approvals remain at historic lows in July and volume drops on BTL mortgages also

Tue, 26 Aug 2008 22:00:00 GMT
Mortgage approvals for house purchases remained near a record low in July and the British Bankers' Association said there was no sign yet of a property market recovery.

The BBA said mortgage approvals totalled 22,448 last month, 65% lower than

Bovis H1 profits down 80% on previous year

Tue, 26 Aug 2008 22:00:00 GMT
Housebuilder Bovis Homes reported a slump in first half profits today following what it called 'the toughest period of trading it has experienced in its life as a public company'.

Bovis reported an adjusted pretax profit of £11.7 million

Commercial property EPC deadline draws close with much confusion among all involved

Tue, 26 Aug 2008 22:00:00 GMT
New government legislation that will require hotels, pubs and restaurants to have an Energy Performance Certificate (EPC) before they can be sold is already causing confusion, property experts have warned.

The law, set to come into force on Oct

Regeneration quango chairman adds fuel to empty rates argument

Tue, 26 Aug 2008 22:00:00 GMT
A senior government adviser on the regeneration of cities has warned that a tax imposed on empty commercial buildings is threatening to derail efforts to breathe new life into some of the most blighted parts of Britain.

John Nicholls, who

Q2 GNP figures revised down by ONS prompting fear of recession and hope of rate cut.

Fri, 22 Aug 2008 22:00:00 GMT
Britain's economy failed to expand in the second quarter of this year for the first time since the slump of the early 1990s and raising expectations interest rates will fall to avoid a recession.

The Office for National Statistics revised down

Shropshire estate agent Barbers goes bust

Fri, 22 Aug 2008 22:00:00 GMT
Shropshire estate agents Barbers has become the latest victim of the credit crunch, closing four of its offices with the loss of 60 jobs. Staff from Barbers Estate Agents were yesterday called into an emergency meeting where they were told the administrat

Goodman turns in resilient performance benefitting from geographic spread

Fri, 22 Aug 2008 22:00:00 GMT

Goodman,the Australian based industrial property specialist has announced it's 2008 results and has absorbed a $382.5 million writedown in it's UK asset values, out of it's $567 million income for the year. In the UK the company owns a portfolio

Halifax Estate Agents to close a quarter of branch network, mostly in southern england

Fri, 22 Aug 2008 22:00:00 GMT
Halifax Estate Agents, the residential brokerage arm of one of the UK's biggest mortgage providers, is shutting down a quarter of its branches as Britain's depressed housing market lurches from bad to worse.

Halifax Estate Agents, a unit of Hal

Targetfollow get approval for £122 regeneration scheme at Norwich

Fri, 22 Aug 2008 22:00:00 GMT
A £122million project to regenerate the former Bally shoe factory and surrounding area in Norwich has been given the go-ahead, with Norwich based developers Targetfollow, run by Ardeshir Naghshineh, declaring the scheme will be up and running within

Tesco raise £605 million from commercial property sales

Thu, 21 Aug 2008 22:00:00 GMT
Tesco, the UK's largest retailer, said today it had raised a further £605 million in four sale-and-leaseback property deals.

The transactions mean the supermarket giant has raised nearly £2 billion since it set a target in 200

BRC writing to ask Chancellor to help retailers through slowdown

Thu, 21 Aug 2008 22:00:00 GMT
The British Retail Consortium (BRC) is to write to the chancellor Alistair Darling ahead of the Pre-Budget Report today.

Its wish list includes asking the chancellor to reduce retailers’ price pressures including pushing down commercial p

Persimmon Homes turn in an expected H1 2008 performance reflecting a tough market

Thu, 21 Aug 2008 22:00:00 GMT

In its H1 results today Pesimmon Homes, Britains number 1 by market value and number 3 by homes sold, has delivered a pre-tax profit of £36 million after taking a £64 million charge for slimming down operations to adjust the business to cu

Land Securities sell 50% stake in west London office tower to Liberty International

Wed, 20 Aug 2008 22:00:00 GMT
Land Securities said today it has sold a 50% stake in its Empress State office tower in west London to Liberty International for £107.75 million.

The 470,000 square foot Empress State building in London's Earls Court area is l

Oak sign deal with Rotherham Council for £390 million Yes! Project

Wed, 20 Aug 2008 22:00:00 GMT
Oak Holdings plc, the AIM listed property development and consultancy group, has announced that the Development Agreement for Oak's £390million YES! Project, a 1.2million sq ft covered fully integrated mixed-use leisure and entertainment based resor

Eco-towns scheme being moved to the back burner

Wed, 20 Aug 2008 22:00:00 GMT
Ministers have been forced to delay the timetable for implementing Gordon Brown's eco-towns scheme, in the latest -setback to the project, the Financial Times has reported.

The FT says : "A shortlist of applicants due to be published in Oc

More bad news for the High Street as buyers go online lifting online retail sales 11.3% in July

Wed, 20 Aug 2008 22:00:00 GMT
Online retail sales in Britain rose by 11.3% in July compared to the month before as wet weather boosted online clothing sales while electrical sales also soared, a report said today.

The IMRG Capgemini e-Retail Sales Index showed Britons spent

Bowbridge Group submits plans for £200 million redevelopment of former Corah factory site in Leicester

Tue, 19 Aug 2008 22:00:00 GMT
Bowbridge Group has submitted a £200 million plan to build a new city centre swimming pool, ice rink, bowling alley, homes, shops and offices on the old Corah factory site in Leicester.

The Bowbridge Group, which owns the land, also wants

Brixton reports H1 NAV down 17.8% and a loss of £236.7 million

Tue, 19 Aug 2008 22:00:00 GMT
Brixton plc, the London area industrial landlord which became a REIT, has reported a H1 loss of £236.7million which has resulted in a 17.8% fall in NAV to 448p per share.

Valuations of the Brixton portfolio were carried out by CB Richard

UK Coal gets the go-ahead for 900 home mixed development at Pontefract

Tue, 19 Aug 2008 22:00:00 GMT
UK Coal has won planning permission from Wakefield Council to redevelop a 300-acre former Prince of Wales Colliery site at Pontefract in West Yorkshire.

The oldest mine site in Britain will be transformed into 917 homes, a business

Crest Nicholson and Seeda get £500million regeneration plan approved for former Southampton shipyard

Mon, 18 Aug 2008 22:00:00 GMT
A £500m plan to build 1,620 new homes on the derelict former Vosper Thornycroft shipyard in Woolston now renamed Centenary Quay, has been passed by Southampton Council after a marathon six-hour planning meeting.

It marked a victory for t

Europe's top 2 banks must decide how to capitalise on their advantage

Mon, 18 Aug 2008 22:00:00 GMT
HSBC and Santander, Europe's top two banks, are stretching their lead over hard-hit rivals and may have a window of opportunity to drive home their capital strength advantage to pick up bargains and market share.

Unlike most banks, the main cha

SWAP Rates remain at historic highs as an indicator of stresses which remain in financial system

Mon, 18 Aug 2008 22:00:00 GMT
The fall in high oil prices and recovery of stocks and the dollar over the past month might suggest the year-long global financial upheaval is easing, but that's not the picture painted by interest rate swaps.

The gap between 10-year swap rates

Peterborough selects developer for 344 home zero-carbon residential development

Fri, 15 Aug 2008 22:00:00 GMT
pPod, a consortium made up of Morris Homes, Gentoo Homes and Browne Smith Baker architects, has been selected as the preferred developer for the first phase of the 344-home development in Peterborough.

The project is expected to be zero-carbo

Home repossesssion orders up in England & Wales

Fri, 15 Aug 2008 22:00:00 GMT
English and Welsh courts ordered more home repossessions in the second quarter of 2008 than at any time since the housing market crash of the early 1990s, in a further sign the economic slowdown is hitting households hard.

The Ministry of Justi

IPD index for July shows commercial property returns continuing to fall

Fri, 15 Aug 2008 22:00:00 GMT
IPD has released the results for its UK Monthly Property Index for July 2008. The Index showed all property total returns fell to -1.3% in July 2008, just slightly less than in the preceding month when all property

Analysts say Barclays , HBOS and others may need further new capital to survive a recession

Thu, 14 Aug 2008 22:00:00 GMT
Barclays, HBOS, and other British banks may have to raise further new capital to cover escalating losses on toxic debt and meet fresh needs if the economy slides into recession, according to analysts at Merrill Lynch.

The US investment bank sai

British Land announces Q1 loss of £572 million yet shares rise 5% on the news

Thu, 14 Aug 2008 22:00:00 GMT
Shares in commercial property firm British Land rose 5% this morning despite recording a loss of £572m on 'ordinary activities' for the first quarter of 2008, as many analysts now believe that the price is cheap for the quality of the assets.
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HBOS folds TMB in bid to remove duplicate costs makes 425 jobless

Thu, 14 Aug 2008 22:00:00 GMT
HBOS is to cut 425 jobs and shut down The Mortgage Business, the specialist buy-to-let and self-certified lender owned by the group. Its customers will be transferred to Birmingham Midshires, also owned by HBOS. Intelligent Finance (IF), is to stop offeri

Britannia BS reports H1 profits down 38% as reduced lending and bad debts hit bottom line

Thu, 14 Aug 2008 22:00:00 GMT
First half profits at the Britannia Building Society, the UK's second biggest, have fallen by more than 38% as the credit crunch continues to hit lenders. The mutual took a £40.4million bad debt provision, which it blamed in part on lending to

Mountview Estates Q1 profits down 30%

Wed, 13 Aug 2008 22:00:00 GMT
Residential property company Mountview Estates Plc. said profits for the first quarter are 30% lower than year-ago levels and that the quarter may prove to be typical of the full year.

However, the company said trading conditions are very diffi

5 star hotel planned for Scottish Borders

Wed, 13 Aug 2008 22:00:00 GMT
Acting on behalf of UK-based developers Manor Kingdom Estates and De Vere Hotels, Knight Frank has submitted plans to Scottish Borders Council to create a luxurious 5* hotel and conference facility in West Linton.

The proposals represent

Bank governor sees inflation at present level til next year - stagflation

Wed, 13 Aug 2008 22:00:00 GMT
Inflation should fall below the central bank's 2% target in two years if interest rates stay at 5%, the Bank of England said today, prompting markets to price in a rate cut by year-end.

The Bank's quarterly Inflation Report showed the CPI rate

Balfour Beatty H1 profits up 25% to £95 million

Wed, 13 Aug 2008 22:00:00 GMT
Construction and services group Balfour Beatty posted a 25% rise in first-half profit today on revenues up 28% at £4.3 billion and said it expects order intake and trading to remain strong throughout the year.

The company reported p

Short run investments in regeneration areas are being hit harder than elsewhere

Tue, 12 Aug 2008 22:00:00 GMT
Total returns on property in areas that host regeneration projects are lower and are falling at a faster rate than other types of UK real estate investment,a report commissioned by national regeneration agency English Partnerships shows today.

Savills report commercial property development at all time low since survey began.

Tue, 12 Aug 2008 22:00:00 GMT
In July,according to the monthly report from Savills,40% of commercial property developers had indicated a reduction in overall activity compared to one month earlier, while just 6.6% reported a rise. This represented a record low for the survey.

Intercontinental Hotels report H1 profits up 29%.

Tue, 12 Aug 2008 22:00:00 GMT
The world's largest hotelier InterContinental Hotels Plc reported a 29% rise in first-half operating profits today, but said growth had slowed in the second-quarter, particularly in the U.S.

The UK-based group, which operates InterContinental,

Rok profits up 22% in H1 but exits commercial property sector

Tue, 12 Aug 2008 22:00:00 GMT
Rok plc reported a 22% rise in first-half profit on revenues up 37%, underpinned by solid public spending on social housing and education, but said it will close its commercial property operation.

The building and maintenance services gro

Moody's sound warning as defaults on loans in CMBS rise 80% in Q2

Tue, 12 Aug 2008 22:00:00 GMT
Moody's Investors Service has claimed UK commercial property values fell have fallen 19% in the last 12 months, and with it the number of loans that have breached banking covenants such as loan-to-value ratios has increased.

Lead analyst Viola

Mapeley reports strong H1 results, though NAV has slipped 13%

Mon, 11 Aug 2008 22:00:00 GMT
Mapeley said it had more than doubled its funds from operations (FFO) in the first half, showing not all constituents of Britain's flagging property market were in crisis.

The company, which focuses on the acquisition and management of as

Workspace hit by £40million Q1 revaluation as NAV falls 8.4%

Mon, 11 Aug 2008 22:00:00 GMT
Workspace Group plc, the flexible business space provider which owns and manages London area office properties , reported net rental income of £12.1 million for the first quarter, up 2.5%, helped by continuing strong demand from small and medium-si

McCarthy & Stone trying to shed debt burden

Fri, 08 Aug 2008 22:00:00 GMT
McCarthy & Stone, the UK's largest retirement homes builder, is talks with its lenders over re-negotiating its bank debt, as its loans plunged in value this week amid the worsening housing sector.

Talks with the lenders are in the "ear

RBS reports it's biggest H1 loss ever, though many analysts expected worse

Fri, 08 Aug 2008 22:00:00 GMT
Royal Bank of Scotland fell to a first-half loss of £691 million , one of the biggest losses in UK corporate history, though not as bad as expected, after taking a £5.9 billion writedown on the value of risky assets.

RBS, Britain's

Base Rates remain at 5% as the housing market dives more steeply than during 1990's slump.

Thu, 07 Aug 2008 22:00:00 GMT
On a day when the MPC has voted to keep Base Rate at 5% the Halifax has revealed the biggest monthly drop of 1.7% since December 1992 in UK House prices, in line with those reported recently by Nationwide. Howard Archer, chief UK economist at Global Insig

Millennium & Copthorne pricing business away

Thu, 07 Aug 2008 22:00:00 GMT

Millennium & Copthorne plc, the hotel operator,said its half year results were in line with expectations but warned that the rate of growth in Asia had slowed in the last two months.The firm recently announced the disposal of the Millennium Seoul H

Hammerson takes £407 revaluation hit to portfolio as NAV falls 9.9% in H1

Thu, 07 Aug 2008 22:00:00 GMT

Hammerson Plc. reported a 6.4% dip in the value of its UK and French assets today but robust rental income growth buoyed pretax profits, boosting shareholder returns by 10.5%.
In interim figures for the half-year to June 30, the office and shoppi

Barclays H1 profits only down 33% to £2.75 billion

Thu, 07 Aug 2008 22:00:00 GMT

Barclays reported a 33% drop in first-half profits as it took a £2 billion writedown on the value of risky assets, but the profit drop was not as steep as expected.

Britain's third biggest bank said today its pretax profit in the six

Ballymore to halt construction of 44 storey apartment block in Birmingham

Thu, 07 Aug 2008 22:00:00 GMT
Developers Ballymore are reviewing the timetable for completion of the £500 million mixed-use regeneration scheme at Snow Hill, Birmingham.

Although work has begun on building the footings of Snowhill Phase 3, it has been confirmed

Goodman wins planning appeal on Bedfordshire science park development

Wed, 06 Aug 2008 22:00:00 GMT
Planning permission has been granted on appeal after Bedford Borough Council’s decision to block the development, by a government inspector, who has granted permission for the development of a new Knowledge Hub and world-class Innovation Centre at

Liberty loses 14% value in H1 and chairman expects property to continue to fall until the banks become stable

Wed, 06 Aug 2008 22:00:00 GMT
Liberty International, Britain's third-largest real estate investment trust said the value of its property portfolio fell 14% to £7.99 billion in the first half, squeezing its diluted, adjusted net asset value (NAV) per share to 1,095 pence from 1,2

Dutch architects chosen to design Europes largest library in Birmingham

Wed, 06 Aug 2008 22:00:00 GMT
A Dutch architect chosen to design the new £193 million Library of Birmingham has promised to build a “warm and welcoming people’s palace”.

Francine Houben, founding partner of multi-award winning firm Mecanoo, said she

UK grinds to a halt as fear of slipping back into deep recession rises

Tue, 05 Aug 2008 22:00:00 GMT
The services sector shrank for a third straight month in July and manufacturing output fell for a fourth month in a row in June, data showed today, sharpening fears of a deep economic slowdown.

Many economists say Britain risks slipping into it

Quintain batten down the hatches

Tue, 05 Aug 2008 22:00:00 GMT
Quintain Estates in it's Q1 interim statement places conserving cash in the business as it's top priority. In line with that they are witholding dividend payments for up to 2 years and cutting overheads by making 16 redundancies and cutting Greenwich Peni

Concensus view of commercial property insiders is for further falls in values through 2009

Tue, 05 Aug 2008 22:00:00 GMT
Commercial property values in the UK are set to continue tumbling in 2009 because corporate demand for space has barely begun to wilt, property fund managers, analysts, and derivative traders said yesterday.

Almost three-quarters of delegates p

Lend Lease hit by UK housing market and losses in commercial property values of 12%

Tue, 05 Aug 2008 22:00:00 GMT
Lend Lease, the Australian property group that is developing London's Olympic village, has announced a 12% drop in the value of its stake in Bluewater, the shopping centre in Kent, near London.

Lend Lease also blamed difficult UK housing market

UK construction industry in recession, led by the housing industry trigger fears of overall recession

Mon, 04 Aug 2008 22:00:00 GMT
Construction activity fell at a record pace in July, a survey showed today, as the credit crunch took an increasing toll on the once hot property market and the economy slowed.

The Chartered Institute of Purchasing and Supply/Markit constructio

HSBC make H1 profits 28% down at £5.2 billion in line with expectations

Mon, 04 Aug 2008 22:00:00 GMT
HSBC, Europe's biggest bank, said its first-half profit fell 28%, in line with forecasts, as a £7.11 billion ($14 billion) hit on bad debts on U.S. home loans and asset writedowns offset strong Asian growth.

HSBC said pretax profit in the

Metrovaseca looking for a partner to share the pain of HSBC Tower

Mon, 04 Aug 2008 22:00:00 GMT
Spanish property giant Metrovacesa has hired Goldman Sachs to bring in a joint venture partner for its £1.09bn investment in HSBC tower.

It is thought to be looking for a partner to take 10% of the tower in order to raise around £80

F&C see value in UK equities and opportunities as the bottom of the market approaches.

Fri, 01 Aug 2008 22:00:00 GMT
F&C Commercial Property Trust, the 140 year old popular savings vehicle has released interim results of it's unitised investments in two indirectly held property funds, the Industrial Property Investment Fund and The Mall Fund. F&C believe t

Alliance & Leicester report H1 profits wiped out

Fri, 01 Aug 2008 22:00:00 GMT
Alliance & Leicester, which is being taken over by Spain's Santander, said first-half profits were almost wiped out due to a £209 million hit to the value of risky assets and higher funding costs.

Britain's seventh-biggest listed bank

Henderson Global set up new UK Outlet Mall Fund with £365million purchase of 3 malls

Fri, 01 Aug 2008 22:00:00 GMT
Henderson Global Investors has completed one of the largest commercial property deals this year after buying three out-of-town designer retail malls for £365million as the basis for a new UK retail property fund.

The fund manager has acqu

Rokeby and Peveril get green light for town centre development at Swadlincote

Thu, 31 Jul 2008 22:00:00 GMT

Work is expected to start in two months on a shopping centre and cinema that will create hundreds of jobs in the Derbyshire town of Swadlincote.
Councillors last night gave the green light to the plans submitted by developers Rokeby and Peveril S

M&B and Whitbread announce long awaited £78 million asset swap deal.

Thu, 31 Jul 2008 22:00:00 GMT
Mitchells & Butlers and Whitbread today confirmed a long awaited deal through which M&B will buy 44 pub restaurants from its rival in return for 21 Express by Holiday Inn hotels in a deal valued at £78m. The move likely to be seen as a victo

Colliers CRE post H1 pre-tax loss as CFO resigns

Thu, 31 Jul 2008 22:00:00 GMT
Colliers CRE Plc. made a first-half pretax loss on lower revenue, and said it has deferred a decision about a dividend until the end of the year when its earnings are known and the outlook for 2009 will be clearer.

The company said chief financ

HBOS profits down 51% but the City is relieved it was not worse

Thu, 31 Jul 2008 22:00:00 GMT
HBOS, Britain's biggest home lender, reported a 51% drop in first-half profits on Thursday as it took a £1.1 billion hit on debt securities impacted by the credit crunch.

Bad debts rose 36% to £1.31bn as customers failed to repay lo

Scottish Widows lifts the lock-in

Thu, 31 Jul 2008 22:00:00 GMT
Scottish Widows has lifted the restrictions on investors leaving its £2bn of property life and pension funds after an emergency sale of properties managed to restore a safe level of liquidity.

The fund manager has written to 6,000 policyh

Jones Lang La Salle Q2 profits down 69% as expenses increase ahead of revenues

Wed, 30 Jul 2008 22:00:00 GMT
Jones Lang LaSalle Inc, one of the world's largest commercial property companies, said second quarter profits fell 69% as higher leasing commissions and property management fees failed to offset a decline in building sales commissions and higher acquisiti

CB Richard Ellis Q2 results disappoint as credit crunch hits income 88%

Wed, 30 Jul 2008 22:00:00 GMT
CB Richard Ellis Group Inc, the world's largest commercial real estate brokerage, said quarterly net income plunged 88%, partly on lower brokerage fees from sales that have all but dried up due to the severely constrained global credit markets.

LloydsTSB H1 profits down 70%

Wed, 30 Jul 2008 22:00:00 GMT
Lloyds TSB's first-half profit fell 70% from a year ago as it took a £585 million hit from its exposure to risky assets and adverse volatility in its insurance arm.

Britain's fifth-biggest bank said its statutory profit in the six m

Mortgage approvals and mortgage lending weaker than expected in June as Abbey takes 35% market share

Tue, 29 Jul 2008 22:00:00 GMT

Approvals for new home loans fell to a record low in June, Bank of England data showed today, pointing to further falls in house prices in the months ahead.

The Bank said mortgage approvals fell to 36,000 last month from a downwardly revise

JLL see total return of -15.1% on commercial property- now the lowest in the last 30 years

Tue, 29 Jul 2008 22:00:00 GMT
All-property total returns continued to suffer in the second quarter of the year with total returns of -1.3%, according to Jones Lang LaSalle.

In its latest UK Property Index published yesterday it said the decline in the total return equated t

Commercial Property advisers move to larger offices in Scotland

Tue, 29 Jul 2008 22:00:00 GMT
King Sturge and Jones Lang LaSalle are the latest in Edinburgh, and in Glasgow Atisreal has announced that it has moved from 1,200sq ft in West Nile Street to 2,200sq ft of refurbished offices in St Vincent Street.

King Sturge has agreed terms

Marstons continues to meet expectations

Mon, 28 Jul 2008 22:00:00 GMT

Marston's, the pub firm and brewer reported a slight rise in group turnover today and said it expected results for the full year to be "broadly" in line with its expectations.

The group, updating on trade for the first 43 weeks of

More of Dawnay Day slides into administration

Mon, 28 Jul 2008 22:00:00 GMT
Two more Dawnay, Day Group companies have been taken over by BDO Stoy Hayward, the administrator that now runs 65 of the London-based investment group's operations.

Dawnay, Day Properties and Dawnay, Day International, which specialise in prope

Barratt looking to form house letting business

Fri, 25 Jul 2008 22:00:00 GMT
Barratt has held preliminary talks with major UK banks about creating joint ventures to own and rent out new homes it is struggling to sell.

Barratt is one of a number of housebuilders hoping to secure funding from banks such as HBOS.

End of Trillium auction in sight

Fri, 25 Jul 2008 22:00:00 GMT
The £1.4bn auction for Land Securities’ Trillium unit has entered the final stages as Land Securities has narrowed the list of bidders to two after a five-month process: a group of Middle Eastern investors advised by PCP Capital, which include

F&C merges with REIT to get the Noe factor and increases assets to £8.5 billion

Wed, 23 Jul 2008 22:00:00 GMT
F&C Asset Management has defied worries over its own uncertain future by engineering the merger of its property arm with Reit, the investment vehicle of property entrepreneur Leo Noe.

The deal creates F&C Reit, a business managing &poun

Great Portland Estates report a further 4% drop in portfolio values to reduce NAV by 16% in last year

Tue, 22 Jul 2008 22:00:00 GMT
Great Portland Estates reported a 4% drop in the value of its properties and said it expects the economic backdrop to worsen during the balance of the year.

The valuation of the group's properties as at 30 June was £1,539.8m, including it

RICS report demand for commercial property at 10 year low

Mon, 21 Jul 2008 22:00:00 GMT
Demand for UK commercial property is at a ten-year low after months of credit turmoil, weakening consumer confidence and occupiers’ freezing expansion plans said the RICS in a report published today

The RICS’ Commercial Property Sur

Topland and Criterion swoop on Dawnay Day assets

Mon, 21 Jul 2008 22:00:00 GMT
Two of Britain's wealthiest private investors are poised to fight it out to buy the property assets of troubled financial services group Dawnay Day, reports in the press say.

Topland Group, run by Israeli billionaire Sol Zakay, and Criterion Ca

Credit crunch 1st anniversary has created the fakeaway but economists see more to come

Fri, 18 Jul 2008 22:00:00 GMT
Restaurants are feeling the pinch and one in six people have stopped ordering takeaways altogether, while 37% have said they have cut back, according to a YouGov survey undertaken for Sainsbury's. The supermarket chain conducted the research after it n

Kier profits hold up but 350 housing jobs go

Fri, 18 Jul 2008 22:00:00 GMT
Kier Group said it expects full year ended June 30th 2008 underlying pretax profit to be in line. This comes, despite very tough market conditions for both housing and property. However, the construction, services, housebuilding and property group s

Bradford & Bingley shareholders meet to hold management to account

Thu, 17 Jul 2008 22:00:00 GMT
Shareholders in troubled Bradford & Bingley are set to grill the bank's management on its future today, when they meet to vote on a planned £400 million cash call. With underwriters, investors and six major banks stepping in to support the rights iss

Dawnay Day's leveraged conglomerate starts to unwind.

Thu, 17 Jul 2008 22:00:00 GMT
The crisis at Dawnay Day, the property and financial services group owned by Guy Naggar and Peter Klimt, deepened as creditors moved in to recover their loans. Norwich Union has appointed BDO Stoy Hayward restructuring partners Shay Bannon, Toby Underw

Land Securities Q1 trading update reflects market conditions

Wed, 16 Jul 2008 22:00:00 GMT
The quoted property sector faces up to a year of further market turbulence as it waits to see how occupiers grapple with poorer economic conditions, Land Securities said today. The sector's largest constituent provided few hints of an end to this year'

Yorkshire tax payers hold quangos to account for Cannes junket

Tue, 15 Jul 2008 22:00:00 GMT
The TaxPayers' Alliance pressure group maintains it was "a completely unnecessary waste of money" for publicly funded organisations in Yorkshire to attend the MIPIM 2008 convention in Cannes. Mark Wallace, campaigns director, said: "If anyone can point

Commercial property values slide 2% in June

Tue, 15 Jul 2008 22:00:00 GMT
Commercial property values fell by a bigger-than-expected 2% in June, extending a slide since the market peaked a year ago to more than 19%, benchmark data showed on Friday. Retail properties led the way down, shedding 2.4% as the UK economy slowed and

Santander makes it's move on Alliance & Leicester

Mon, 14 Jul 2008 22:00:00 GMT
Spain's largest bank, Banco Santander, has reached an agreement to buy mortgage lender Alliance and Leicester (A&L) in a deal worth £1.26bn. In a similar deal, Santander acquired British bank Abbey in 2004 and will offer one of its shares for every th

Dawnay Day wounded by the credit crunch

Mon, 14 Jul 2008 22:00:00 GMT
Dawnay Day has appointed Alan Bloom, the veteran corporate administrator, to restructure aspects of Dawnay Day’s complex portfolio of holdings. These include investments in financial services and real estate, including landmark properties such as the Ly

St Modwen NAV falls 4% as they post a H1 loss of £20 million.

Mon, 14 Jul 2008 22:00:00 GMT
St Modwen Properties PLC reported a first-half loss today and said while market conditions remained uncertain it was confident about its longer-term prospects. The regeneration specialist said it had made a pretax loss of £20 million, after a net reva

Lloyds drops German bank talks

Fri, 11 Jul 2008 22:00:00 GMT
Shares in Lloyds TSB climbed over 2% today after a source familiar with the matter said the bank had ended talks on a possible takeover of German rivals Dresdner or Postbank. At 8:10 a.m., Lloyds was up 2.1% at 298.75p, outperforming a 0.86% rise in th

Helical Bar positive in outlook despite market conditions

Fri, 11 Jul 2008 22:00:00 GMT
Commercial property specialist Helical Bar said it has made an "encouraging" start to the year but warned it will be impacted by current market conditions. The group said the deterioration in the commercial and residential property markets has continue

Bank holds Base Rate at 5%

Thu, 10 Jul 2008 22:00:00 GMT
UK interest rates were held at 5% today by the Bank of England for the third consecutive month.

The Monetary Policy Committee announcement follows a turbulent few days which has seen worries of a recession increase and building firms Redrow, Bo

Barratt Developments to cut 1200 jobs as bankers give £400 million rescue.

Thu, 10 Jul 2008 22:00:00 GMT
Barratt Developments will cut nearly a fifth of its workforce to cope with the housing market downturn, joining other builders taking similar measures, and will not pay a final dividend for 2007-08.

Barratt also said with its house sales runnin

Jones Lang La Salle to buy Churston Heard

Thu, 10 Jul 2008 22:00:00 GMT
Jones Lang LaSalle is to buy Britain’s last large independent retail agency, Churston Heard, for around £20m, according to a report this morning from Propertyweek.

The magazine said "Staff at both firms were told this morning a

DTZ profits plunge as recession bites

Wed, 09 Jul 2008 22:00:00 GMT
DTZ today posted an 87% fall in profits and cut its dividend as it struggled to deal with the upheaval in the market.

The firm, one of the big four global real estate advisers, with offices across the UK, said profits slumped from £38m to

Lights go off at Lumiere as the Linfoot - Valad consortium pull the plug

Wed, 09 Jul 2008 22:00:00 GMT
Work at Europe's tallest residential development has been put on hold with its developers blaming the credit crunch for the move.

KW Linfoot today said work at Lumiere in Leeds would restart "when the climate stabilises and an appropriate

Chase the Midlands property development group falls partially into administration

Wed, 09 Jul 2008 22:00:00 GMT
The gathering crisis surrounding the housing and construction sector helped deflect attention from the troubled Chase Midland group, which has collasped into administration.

Ernst & Young, administrator to the residential and commercial dev

Bovis & Redrow follow their rivals with 40% job cuts

Wed, 09 Jul 2008 22:00:00 GMT
House builder Bovis Homes Group plans to cut about 400 jobs and slash its dividend to cope with a dire housing market, but does not as yet expect any big writedowns of its land holdings, it said today.

In a trading update Bovis said sales

Barratt sell parts of former Wilson Bowden scottish business to management.

Tue, 08 Jul 2008 22:00:00 GMT
Wilson Bowden Developments' Scottish director is to launch his own property and development management business after agreeing a deal with the company's parent, housebuilder Barratt.

Jim Fitzsimons, one of Scotland's leading commercial property

Savills say UK "shows no sign of improvement" as shares plunge on trading update

Tue, 08 Jul 2008 22:00:00 GMT
Savills today warned that the housing downturn was spreading to many parts of Europe and Asia as the credit squeeze took its toll, with its UK business suffering "significant" falls.

The warning sent its shares plunging 29.75p to 185p

Bank of Ireland halts UK commercial property lending as shares plummet 50% this year

Tue, 08 Jul 2008 22:00:00 GMT
The Bank of Ireland has slashed commercial lending, telling some British customers it has shut its doors to new business for three months.

The bank has been one of the most aggressive lenders to the UK property sector and its decision to limit

Wood Wharf consortium submit massive planning application for 17 acre site in Docklands

Mon, 07 Jul 2008 22:00:00 GMT
The Wood Wharf Partnership has submitted outline plans to Tower Hamlets Council for a mixed-use waterside development adjacent to Canary Wharf.

The 17acre site will be transformed into a brand new urban quarter - with new homes, new jobs and ne

Persimmon to cut a 1000 jobs bringing sector total to 3200 in a week

Mon, 07 Jul 2008 22:00:00 GMT
House builder Persimmon will confirm tomorrow that it has made around 1,000 staff redundant, the Telegraph reported today, without citing sources.

The paper said this would bring the total number of job cuts announced in the sector over the pas

Liverpool firm Irving Rice bought by CB Richard Ellis

Fri, 04 Jul 2008 22:00:00 GMT
Irving Rice, the Liverpool specialist commercial agency, has been acquired by rival CB Richard Ellis.

Irving Rice was established in 1994 by Nick Rice and Malcolm Irving, and will now become part of the CBRE global empire.

Greene King please the City with profits of £142million and possibility of REIT conversion

Fri, 04 Jul 2008 22:00:00 GMT
Greene King,the Suffolk-based group, which also owns the Loch Fyne restaurant group, and is brewer of Old Speckled Hen ale, is to sound out major City investors about whether it should convert into a tax-efficient real estate investment trust (Reit) and w

Bradford & Bingley in rights issue farce

Fri, 04 Jul 2008 22:00:00 GMT
Bradford & Bingley plans to increase its rights issue to £400 million after U.S. private equity firm TPG Capital pulled out of a plan to buy a stake, the bank said.

TPG pulled out after ratings agency Moody's cut B&B's debt rating

Bank of England say lenders appetite further reduced and falling as recession looms in bid to halt inflation

Thu, 03 Jul 2008 22:00:00 GMT
The credit squeeze for consumers and businesses looks set to intensify as lenders brace for rising defaults and the economy slows, a survey by the Bank of England showed yesterday.

The findings are bound to heighten concern over the state of th

Capital Economics warn of recession with a 35% fall in house prices and 1 million jobless

Wed, 02 Jul 2008 22:00:00 GMT

A new report from Capital Economics has warned there is a strong chance the UK will enter a technical recession, with predictions of a 35% cut in house prices by 2010.

In its UK Economics Update, Jonathan Loynes, chief European economist at

Taylor Wimpey cash call rejected by major shareholders forces shares to crash.

Wed, 02 Jul 2008 22:00:00 GMT
Shares in Taylor Wimpey lost almost half their value today after the UK’s largest housebuilder by volume said that it had failed to secure a cash injection to repair its balance sheet. The Finance Director Peter Johnson has resigned.

Westfield agree terms to start £1.5billion Olympic shopping centre development

Wed, 02 Jul 2008 22:00:00 GMT
Westfield Group, the Australian shopping center owner, got the go-ahead to begin building a £1.5 billion retail development next to London's planned 2012 Olympic Park.

The company reached agreements on utilities and development rights wit

Cushman & Wakefield say commercial property buyers and sellers can't agree prices so volume is 45% down

Tue, 01 Jul 2008 22:00:00 GMT
Cushman & Wakefield in it's Q2 analysis of the UK commercial property market noted that transactional volumes stabilised somewhat in the opening quarter - falling less than 4% from their levels at the end of 2007 - but still stood some 45% down on the

BIS blames worldwide excessive credit growth led by US Fed as cause of credit crunch

Tue, 01 Jul 2008 22:00:00 GMT
A year ago, the Bank for International Settlements startled the financial world by warning that we might soon face challenges last seen during the onset of the Great Depression,which has proved frighteningly accurate.

The venerable Swiss-based

Humberts accounts for its demise

Tue, 01 Jul 2008 22:00:00 GMT

Humberts Group Plc. reported a slide into loss for the first half and said trading in the core residential agency business continues to be disappointing, with transaction volumes running at about 50% below the previous year due to the ongoing effect of

Residential Mortgage approvals lowest since records began points to 15-20% price falls

Mon, 30 Jun 2008 22:00:00 GMT
Mortgage approval numbers collapsed in May, figures from the Bank of England showed on Monday, giving confirmation of the speed with which conditions in the UK housing market have deteriorated.

The Bank said mortgage approvals for house purchas

Valad in partnership with council to develop Sterling sites with a GDV of over £120million

Mon, 30 Jun 2008 22:00:00 GMT
Valad Property Group has extended a joint venture with Stirling Council which will facilitate the acquisition of an investment portfolio with a value of £12.7 million, together with thirteen development sites. The new vehicle, Stirling Development A

Taylor Wimpey confirms talks with shareholders about new money to prop the business up

Mon, 30 Jun 2008 22:00:00 GMT
Taylor Wimpey, the country's biggest housebuilder by volume, confirmed it is in talks with shareholders Legal & General, Standard Life and Barclays among other core investors about raising additional financing, which would most likely be via a p

Landlords demolish rather than pay rates on empty commercial property may force tax U turn

Mon, 30 Jun 2008 22:00:00 GMT
Growing evidence of the effect of the removal of empty property rates relief on commercial buildings has led to landlords demolishing buildings rather than pay the Treasury, has caused members of the Government to reveal privately that they ar

Barclays Capital say global inflation will force Fed address core issues and raise interest rates

Fri, 27 Jun 2008 22:00:00 GMT
Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall "below zero".

"We

Resolution pressures B&B management to allow due diligence to commence

Fri, 27 Jun 2008 22:00:00 GMT
Clive Cowdery said he has the backing of a quarter of shareholders in Bradford & Bingley for his proposed £400 million investment plan for the bank.

Resolution, Cowdery's restructuring vehicle, is leading a plan to inject the cash int

£185 million redevelopment of former Terrys Chocolate site in York expected to win planning approval

Fri, 27 Jun 2008 22:00:00 GMT
Next month, City of York planners are expected to reach a decision on plans for The Chocolate Works, York, which would turn 25 acres of the former Terrys Chocolate factory into a mixed-use scheme with offices, shops, restaurants, hotels and homes.

Eley name DBK to manage 22 storey student accomodation development in central Birmingham

Thu, 26 Jun 2008 22:00:00 GMT
DBK Group, the construction, property and development consultancy, has been named as project manager, cost consultant, BREEAM assessor, utilities consultant and CDM co-ordinator on a proposed 22-storey development in the centre of Birmingham.

T

ING Real Estate say UK commercial property values do not have much further to fall

Thu, 26 Jun 2008 22:00:00 GMT
ING Real Estate, the world's biggest real estate fund firm, has begun buying back into UK property because it looks cheap but has cut U.S. exposure as it sees prices falling further, a senior executive told the Reuters Real Estate Summit yesterday.
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Both West End and City office rents set to fall and yields still offer no real return so values must fall further 20%

Wed, 25 Jun 2008 22:00:00 GMT
Office rents in London's key financial districts will not grow in the next decade, said a senior banker yesterday, who saw prime commercial property values falling by another 20%.

"In my view we're not going to see any rental growth in the

Brown struggling to avoid defeat on the Planning Bill

Tue, 24 Jun 2008 22:00:00 GMT
The prime minister has been phoning potential Labour rebels while Hazel Blears, local government secretary and John Healey, planning minister, held talks last night to avert a full-scale rebellion as 60 Labour MPs are ready to defeat the bill. If all oppo

Swap Rates drive residential fixed rate mortgages to 10 year high

Tue, 24 Jun 2008 22:00:00 GMT
The cost of fixed rate residential mortgages has hit a 10-year high -- and is set to climb further, say analysts.

The average two-year fixed rate stands at 6.75% -- the highest in a decade, according to price comparison website Moneyfacts.co.uk

Bradford & Bingley reject counter bid from Resolution for £400million

Tue, 24 Jun 2008 22:00:00 GMT
Bradford & Bingley Plc rejected an offer that would give British financier Clive Cowdery's Resolution Ltd. control over the mortgage lender in return for £400 million.

Resolution sought to abort private equity firm TPG Inc.'s agreemen

Property related shares take a further dive as HSBC downgrades the sector

Tue, 24 Jun 2008 22:00:00 GMT
Shares in the property sector was hit by a big downgrade from HSBC, which advised investors to “Keep the tin hats on and stay in the trenches”, said it expects "further absolute falls" of another 30% or more, as the "occupier do

Vincent Tchenguiz invests in UK farmland

Mon, 23 Jun 2008 22:00:00 GMT
Vincent Tchenguiz has invested in farmland by taking a stake in the investment trust Braemar UK Agricultural Land, through Gallastico, the Tchenguiz family currently owns more than 28% of Braemar’s share capital.

The value of agricultura

Eco Towns proposals falling well short of required standards according to Government judges.

Mon, 23 Jun 2008 22:00:00 GMT
The Eco-Towns Challenge Panel, charged with judging would-be developers bids for new eco-towns, says that out of the 15 shortlisted sites, less than 10 should be given the go-ahead and of those only a handful would have proper green credentials.

LloydsTSB takes steps to acquire German banking presence while assets are cheap.

Mon, 23 Jun 2008 22:00:00 GMT
Lloyds TSB is reported to have made a non-binding offer for Allianz SE's Dresdner Bank AG after several weeks of negotiations, by German weekly magazine Der Spiegel, without citing sources. Dresdner Bank is clearly in play but German politicians would lik

Capital & Regional shore up Mall Fund with sales of 3 shopping centres and rights issue.

Fri, 20 Jun 2008 22:00:00 GMT

Capital & Regional Plc. (C&R) welcomed the Mall Fund's agreement to sell three properties to Carlyle Group for £286 million, saying the transaction, together with the capital raising puts the fund on a more secure financial footing.

HBOS to write down £1 billion from H1 results as house price falls gather pace

Thu, 19 Jun 2008 22:00:00 GMT
HBOS, the UK's biggest mortgage lender, has forecast that UK house prices are set to fall by 9% this year, but warned of a £1 billion writedown in the first-half of its fiscal year and of a faster deterioration in house prices.

The bankin

Commercial Property agents start to shed jobs as 50 go at DTZ

Thu, 19 Jun 2008 22:00:00 GMT
DTZ is one of the first big commercial property firms to announce a staff reduction as the property services sector starts to feel the effects of the downturn in the UK market.

The commercial property adviser has told staff that up to 50 of its

Sainsburys up Woolworths down - todays results from a challenging High Street

Wed, 18 Jun 2008 22:00:00 GMT
Food retailers are having a better time in challenging high street conditions than non-food as demonstrated today as sweets-to-DVDs retailer Woolworths Group said like-for-like sales at its high street stores fell 2.2% in the first 19 weeks of its fina

Latest IPF consensus forecast is the commercial property values and rentals will decline further

Wed, 18 Jun 2008 22:00:00 GMT
The outlook for commercial property values has significantly worsened in the second quarter of the year with a consensus forecast total loss for 2008 of -5.2%, down from -2.6% in March.

The downward trend pours cold water on fund manager predic

OFT looks into Scottish leasehold management practices

Tue, 17 Jun 2008 22:00:00 GMT
The Office of Fair Trading has launched a market study into Scottish property management services. Residents in collective residential properties in Scotland use property managers, known as factors, to manage common and shared property such as roofs

MCR expand out of North-West to buy Leicester BT landmark for £9.7million

Tue, 17 Jun 2008 22:00:00 GMT
MCR Property Group has paid £9.7million for the high-rise New Albion House in Leicester, which is occupied by telecoms giant BT.

Acquired from Friends Provident Life Assurance, the 62,000 sq ft property is situated close to the city centr

Whitbread delights the markets with strong growth across all businesses

Tue, 17 Jun 2008 22:00:00 GMT
Whitbread, the UK's biggest hotel and restaurants operator, said today that like-for-like sales across its businesses rose 7.1% in the 13 weeks to June 17.

The group, which operates the Premier Inn, Beefeater, and Costa Coffee chains, warned ho

Lehman Bros announce Q2 losses and prepare for a 28% fall in UK residential property values

Tue, 17 Jun 2008 22:00:00 GMT
Troubled US investment bank Lehman Brothers posted its first loss as a public company, confirming indications released last week at the time of its cash-raising announcement and boardroom blood-letting.

The company posted a net loss in the seco

IPD report commercial property rentals falling for first time as well as capital values

Mon, 16 Jun 2008 22:00:00 GMT
Figures from IPD and Acadametrics published on Friday suggested that property stocks may not be out of the woods yet, despite the rebound in home builders on Friday.

IPD says its UK property index saw a total return of -0.7% in May.

Barclays confirms it is considering a rights issue

Mon, 16 Jun 2008 22:00:00 GMT
Barclays has said it is considering selling shares to existing investors to raise cash in a rights issue, after Barclay's shares fell to a 10-year low on Thursday.

The announcement comes after it was reported over the weekend that the bank has

McCarthy & Stone in talks with Rothschild to restructure debt

Mon, 16 Jun 2008 22:00:00 GMT
Howard Phillips, the chief executive of McCarthy & Stone, has called in bankers NM Rothschild to restructure its £800million debt as the credit crisis wreaks havoc in the housebuilding sector, according to the Independent on Sunday..

Valad sumbits plans for £40million Glasgow Queen Street project

Fri, 13 Jun 2008 22:00:00 GMT
Holmes architects has submitted a full planning application, on behalf of Valad Property Group, for a major commercial mixed-use development on 110 Queen Street, Glasgow, Scotland. Located in one of Glasgow's most important conservation areas, and surroun

Residential Mortgage lending volume improves but costs and rates are rising

Fri, 13 Jun 2008 22:00:00 GMT
Mortgage lending showed a slight rebound in April, according to the Council of Mortgage Lenders (CML).

Some 50,700 loans to purchase homes were granted in April, a rise of 5,000 from the previous month and the highest level since December.

Tchenguiz lifts M&B stake to 29.77% after slide in it's share price

Fri, 13 Jun 2008 22:00:00 GMT
Mitchells & Butlers (M&B) activist investor Robert Tchenguiz has upped his total holding in the company to 29.77% after buying further so-called contracts-for-difference (CFDs) with no voting rights, taking advantage of the recent slide in M

Barratt Developments forced to issue trading statement as share price crashes

Thu, 12 Jun 2008 22:00:00 GMT
Barratt Developments, one of the UK’s largest housebuilders, has been forced to issue a statement reaffirming its financial position, after market speculation led to a significant fall in its share price.

The firm’s share price drop

Anti - Severn barrage NGO's sponsor report which condems the £15 billion project as uneconomic

Thu, 12 Jun 2008 22:00:00 GMT
A proposed giant tidal barrage across the Severn estuary to generate clean electricity does not make economic sense and should not go ahead, a study said today.

The study said the £15 billion it is estimated that the 10-mile barrage would

Humberts goes bust and is sold for £3.16 million

Thu, 12 Jun 2008 22:00:00 GMT
Humberts which less than nine months ago, had about 80 branches, including franchises and was valued at £32million, went into administration this week, before being bought out by the Mercantile Group for £3.16million, including the cancellatio

Savills report Commercial property construction falling for 7th straight month

Wed, 11 Jun 2008 22:00:00 GMT
Commercial building activity in Britain shrank for a seventh straight month in May and was expected to decline further in the next three months, a survey of building contractors and developers showed today.
Savills said its Total Commercial Developme

King fuels further pressure on SWAP rates with bleak assessment which will force mortgage rates up

Wed, 11 Jun 2008 22:00:00 GMT
In his speech to The British Bankers’ Association annual conference Bank of England Governor Mervyn King warned that the financial market crisis is not over, as yet more data pointed to Britain's housing market and wider economy suffering a lo

Tesco Q1 UK sales up 3.5%, though growth rate is slowing

Tue, 10 Jun 2008 22:00:00 GMT
Tesco said its first quarter like-for-like sales excluding petrol in its core UK market rose 3.5%, slowing from the start of the year, while its international business grew by 26.6%.

Britain's largest retailer in a statement said although food

Japanese patisserie franchise expands in UK with next 3 of 25 store programme.

Tue, 10 Jun 2008 22:00:00 GMT
Jones Lang LaSalle secured the first store for Beard Papa's, a Japanese specialist patisserie franchise, in Europe in November 2006. Situated on the corner of Oxford Street and Berwick Street in the heart of the West End; it has become the most prof

Humberts follow precedent to dispose of Blenheim Bishop to original vendor

Tue, 10 Jun 2008 22:00:00 GMT
Humberts Group Plc. said it has sold Blenheim Bishop Estate Agents back to the original Vendor for £967,000, which represents the cancellation of the outstanding deferred amount.Blenheim Bishop, based in Mayfair, specialises in land and new home dev

Knight Frank strengthens retail offer with acquisition of Markham Vaughan Gillingham

Tue, 10 Jun 2008 22:00:00 GMT
Knight Frank has bought Bristol and London based specialist retail agency Markham Vaughan Gillingham (“MVG”).

The 12 strong team at MVG is currently advising on more than 9.5 million sq ft of shopping centres and has a strong nation

Values in The Mall fund continue to fall as capital raising is delayed

Mon, 09 Jun 2008 22:00:00 GMT
Struggling property fund manager Capital & Regional said on Thursday it had postponed a unitholder meeting to discuss an emergency fundraising after averting a breach of loan terms linked to in its flagship community shopping centre fund The Mall.

Macquarie back in the bidding for Trillium

Mon, 09 Jun 2008 22:00:00 GMT
Macquarie, the Australian investment bank, is back in the race for Trillium, the outsourcing and infrastructure arm of Land Securities, according to a report in The Independent on Sunday.

The newspaper said that Land Securities snub

Gazeley sold by Asda for over £300million to Dubai World

Mon, 09 Jun 2008 22:00:00 GMT
Gazeley, the industrial property developer owned by Asda Wal-Mart, is to be sold to Dubai World, the sovereign wealth-backed investor, for more than £300m, the FT reports.

Jebel Ali Free Zone (Jafza), the logistics development and busines

Humberts return Richard Harding to previous owners

Fri, 06 Jun 2008 22:00:00 GMT
Humberts has sold Richard Harding Estate Agents for £1.06 million,of which £60,000 pounds was paid in cash and the balance represents the cancellation of the outstanding deferred amount of £1.0 million.It has been sold back to the origin

IPF survey reveals less hope of recovery in commercial property in 2009

Fri, 06 Jun 2008 22:00:00 GMT
Property fund managers, analysts and advisors are less hopeful of a 2009 bounce in UK commercial property returns than they were three months ago, a survey showed today.

According to the quarterly survey by Investment Property Forum (IPF), capi

King Sturge report Edgbaston drawing office demand away from Birmingham City

Fri, 06 Jun 2008 22:00:00 GMT
King Sturge reports that 35,000 sq ft of prime grade A office space at Fifty4 Hagley Road Edgbaston is to be let to a top public sector organisation and a further 2,223 sq ft has also been let at Fifty4 to top construction recruitment consultancy O'

Helicar Bar reports £32.8 million loss after property revaluations, as Slade warns of Double-dip in values coming

Fri, 06 Jun 2008 22:00:00 GMT
Helical Bar has maintained its dividend despite falling into the red last year after taking a hit on property values, reporting a loss before tax of £32.8m in the year to 31 March after showing a profit of £40.6m the year before.

Th

Quintain Estates reports 11.5% drop in NAV but claims to have outperformed the market

Thu, 05 Jun 2008 22:00:00 GMT
Quintain Estates and Development said it had outperformed the general property market in its year to March, thanks to its focus on less cyclical areas such as student accommodation and healthcare, where returns were linked to inflation.

It repo

Goold Estates defy credit crunch with £2 million industrial estate purchase

Thu, 05 Jun 2008 22:00:00 GMT
Walsall based Goold Estates has not let the credit crunch hamper its plans for growth and has acquired the four-and-a-half-acres Cookley Wharf Industrial Estate in Brierley Hill for £2 million. It will substantially improve and modernise the s

Wm Morrison outperforms rivals with Q1 sales 7% up

Thu, 05 Jun 2008 22:00:00 GMT
Wm Morrison, Britain's fourth-biggest supermarket group, met forecasts today with a 7% rise in first-quarter underlying sales and said its outlook was unchanged despite tough trading conditions.

This performance is ahead of it's main rivals who

Moodys say outlook for British banking system is negative, as the US expects a 2 year "credit recession"

Wed, 04 Jun 2008 22:00:00 GMT

Moody's, the financial ratings agency, said last week that the outlook for the British banking system is negative, citing economic weakness, high consumer indebtedness and negative credit conditions.

Moody's stress-tested the loan portfolios

Lend Lease starts construction of Olympic Village without funding agreement in place.

Wed, 04 Jun 2008 22:00:00 GMT
Construction work has started on the 2012 Olympic Village, but financial wrangling between the Olympic Delivery Authority and Lend Lease continues.
2012 Olympic village

Piling on the first residential block has commenced, with work being d

John Laing wins ground breaking new role with Croydon Council in £450 million regeneration project

Tue, 03 Jun 2008 22:00:00 GMT
John Laing has landed the rights to a £450m project to regenerate major buildings in Croydon and to work on a 15 year partnership with the council – the first of its kind in the UK.

Croydon Council announced the infrastructure firm

Scottish Equitable property fund makes disposals totalling £171.7 million to boost liquidity

Tue, 03 Jun 2008 22:00:00 GMT
PRUPIM, the property investment arm of British insurer Prudential , said yesterday it had bought the Edinburgh headquarters of rival Scottish Equitable, a unit of Dutch insurer Aegon NV , for £91.7 million.

PRUPIM bought the 263,191 squar

Bradford & Bingley lose £8 million in 1st 4 months causing it's shares to crash 26% and dragging sector down

Mon, 02 Jun 2008 22:00:00 GMT

US investor Texas Pacific Group is to buy a 20% stake in Bradford & Bingley for £150 million, in a move which should add some confidence about the future of Britains biggest Buy-to -Let lender.

It follows a profits warning by the b

Humberts takes desperate measures to pay the wages as management consider the group's postion

Mon, 02 Jun 2008 22:00:00 GMT
Humberts, the old established estate agency chain, has sold two recently purchased estate agency businesses at a huge book loss.

On Friday, it announced it had sold Halls Participations back to its management, for £1.9million, after buyin

Grosvenor opens Liverpool One for business

Thu, 29 May 2008 22:00:00 GMT
Liverpool's new retail development, Liverpool One, opens for business today. The first phase of developer Grosvenor's giant regeneration scheme comprises over 100,000sq metres of retail space, anchored by new John Lewis and Debenhams stores.

Ro

Old Trafford likely to get major new development which includes 37 storey £180million skyscraper

Thu, 29 May 2008 22:00:00 GMT
Cork-based developer Howard Holdings is close to a deal with a hotel operator for a 190-bed four-star hotel next to Manchester United's Old Trafford stadium, the Manchester Evening News has reported.

If agreed, the deal will open the door to a

Mortgage market confusion as rates harden and volumes remain at historic lows

Thu, 29 May 2008 22:00:00 GMT
Abbey has raised rates on some fixed-rate mortgages by up to 0.44% on the back of rising borrowing costs, just a week after announcing more rate cuts to lure new customers.

The move has already prompted criticism from industry watchers, who say

The £2.9 billion Mall fund taps investors for £300million to avoid breach of key debt covenant

Wed, 28 May 2008 22:00:00 GMT
A £2.9billion shopping centre investment fund managed by Capital & Regional is to raise £300m through a deeply discounted rights issue to prevent a breach of a key debt covenant, reports the FT.

Capital & Regional Plc. reite

Scottish Widows sell Southend Matalan development for £6.4million to Rowan

Wed, 28 May 2008 22:00:00 GMT
Rowan Asset Management has acquired a prominent three acre retail warehouse site in Southend for £6.425 million from Scottish Widows. The purchase, with a net initial yield of 6.5%, will form part of Rowan’s UK Commercial Property Fund 3, targ

Shaftesbury disappoints the City with 10.5% fall in NAV as first loss since 1992 is posted

Wed, 28 May 2008 22:00:00 GMT
Shaftesbury, the REIT which owns more than 400 properties around Carnaby Street, Covent Garden and Chinatown, posted a 10.5% fall in adjusted net asset value in below-forecast first-half results today, and its shares slipped 3.6% in early trading.

Inflation now renders real interest rates negative for savers as HSBC chief calls for rate increase

Tue, 27 May 2008 22:00:00 GMT
The chief executive of Europe's biggest lender today called on central bankers to raise interest rates in order to combat inflation.

Michael Geoghegan, group chief executive of HSBC Holdings, said that central banks were not yet committed

Vulture funds now have at least £27 billion as they wait for feeding time

Tue, 27 May 2008 22:00:00 GMT
There is a massive accumulation of funding waiting for the right market conditions in the UK Commercial property market, what those conditions are and whether they are likely to occur is the subject of much debate. CBRE suggests that opportunity fun

Metrovacesa ownership of HSBC Tower under threat in struggle to refinance the purchase

Tue, 27 May 2008 22:00:00 GMT
Spanish ownership of the £1.1bn HSBC Tower is under threat after it emerged the owners were struggling to meet a deadline to refinance debt on the building.

Metrovacesa, the Spanish property group that bought the tower from HSBC for &poun

Marstons meets expectations with steady growth

Fri, 23 May 2008 22:00:00 GMT
Marston's, the brewer and pub group, which owns the Pitcher and Piano chain, reported a 15.9% decline in first-half profit today, reflecting higher interest costs arising from its £150 million share buyback programme.

Un

Banks sanguine about covenant breaches on commercial property loans as few slip into default

Fri, 23 May 2008 22:00:00 GMT
The number of commercial property loans in default has climbed by 400% in 12 months, according to a report by De Montfort University. Nearly 400 loans slipped into default, up from fewer than 80 in 2006. The report also shows that lending to the commercia

Latest CBI / GVA Grimley survey shows more firms looking to reduce commercial property holdings

Thu, 22 May 2008 22:00:00 GMT
Fewer firms expanded their property portfolios over the last six months, while the weaker economic outlook has pushed up the number of firms planning to reduce their property holdings, the latest CBI/GVA Grimley Corporate Real Estate Survey reveals.

Irish firm McInerney cuts back on UK developments as credit crunch hits sales 17%

Thu, 22 May 2008 22:00:00 GMT
In a statement, McInerney Holdings, the Irish quoted property developer and the parent company of McInerney Homes and Hillview Developments, said redundancies would be made and that offices would be merged across the group.

The statement said:

British Land sells the Willis Building for £400 million to realise profits on the development

Thu, 22 May 2008 22:00:00 GMT
British Land has sold the Willis Building in the City of London to property group St Martins for £400m.

The UK property giant has exchanged contracts on the Norman Foster designed building opposite the Lloyd's building and expects the sal

Great Portland Estates lose 2% NAV as revaluation wipes out profits.

Thu, 22 May 2008 22:00:00 GMT
Great Portland Estates, the London West End commercial property REIT, warned capital values could fall further after posting a 2% drop in its net asset value to £1050 million.

Falls in valuations for the year ended March 31 pushed the com

End of credit crunch still not in sight says Trichet as Europe's banks already write off £56 billion

Wed, 21 May 2008 22:00:00 GMT
The end to the credit crunch is still not in sight, European Central Bank President, Jean-Claude Trichet and Warren Buffett, the world's most famous stock market investor, warned on Monday.

"These are demanding times, challenging times...

Tchenguiz the winner at M&B as management cave in

Wed, 21 May 2008 22:00:00 GMT
Pubs group Mitchells & Butlers today bowed to pressure from property tycoon Robert Tchenguiz, agreeing to put his representatives on the board and shake-up the business in line with his wishes.

Tchenguiz has been pushing for M&B to spli

Segro maintains 90%+ occupancy levels in UK and waits for the buying opportunity

Tue, 20 May 2008 22:00:00 GMT
Segro said in an interim management statement ahead of today's AGM, that demand has continued to be good in all of its markets, but continuing weakness in the credit and real estate investment markets have kept downward pressure on UK commercial property

Darwinian forces take their toll of estate agents as no signs of improvement for H2 appear

Tue, 20 May 2008 22:00:00 GMT

According to Jonathan Haward, of the County Homesearch Company, up to half of all estate agents in the UK will disappear within five years.

And Movewithus, the biggest network of independent estate agencies, has estimated that at least a thi

British Land to follow Land Securities with £1.9 billion writedown as City office rentals head down

Mon, 19 May 2008 22:00:00 GMT
British Land, the UK's second largest real estate investment trust (REIT) will report a £1.9billion writedown in the value of its net assets when it reports full-year results on Tuesday.

Although British Land's results will come in at the

Capital & Regional to tap investors for more capital.

Mon, 19 May 2008 22:00:00 GMT
Capital & Regional, the co-investing property asset manager, plans to raise capital to ensure its largest fund avoids breaching its bank agreements. For the investors already on board this will dilute their holding, but may be preferable in preserving

M&B to give Tchenguiz a seat on the board

Mon, 19 May 2008 22:00:00 GMT
Mitchells & Butlers, the embattled UK pub operator, will this week bow to pressure from Robert Tchenguiz, the pubs and property tycoon, by handing one of his key lieutenants a boardroom seat, the Sunday Telegraph reported.

Tim Smalley, an e

High Street Banks looking for almost twice as much as the £50 billion offered by BoE

Fri, 16 May 2008 22:00:00 GMT
Britain's biggest banks are preparing to swap between £80 billion and £90 billion of mortgage-backed assets for Bank of England Treasury bills, nearly twice what the central bank envisaged when it unveiled its scheme to unblock the frozen bank

UK commercial property funds sales hit £3.6 billion in Q1 as prime London assets tempt foreign buyers

Fri, 16 May 2008 22:00:00 GMT
UK commercial property funds have sold some of their best assets to meet a surge in investor withdrawals as nervous buyers avoid lower quality real estate, evidence that prices may have further to fall.

According to data from Investment Propert

Commercial Property values look set for a double dip as economy slows

Fri, 16 May 2008 22:00:00 GMT
UK commercial property values slid by 1% in April, extending the market's slide from last summer's bull market peak to almost 17%, data from Investment Property Databank (IPD) showed yesterday.

The rate of decline in capital values continued to

Barclays take £1 billion hit and fail to rule out rights issue as pressure on capital ratios will hit recovery

Thu, 15 May 2008 22:00:00 GMT
Barclays said profits fell by an undisclosed amount in the first quarter and refused to rule out a rights issue after a £1 billion writedown on assets tarnished by the credit crunch.

That was less than the hit taken by many other banks bu

Whitbread to open 105 out of town restaurants this month

Thu, 15 May 2008 22:00:00 GMT
Whitbread yesterday officially launched its latest restaurant brand, Table Table, with 105 restaurants which will open this month throughout the UK.

The owner of Premier Inn and Costa Coffee as well as the Beefeater and Brewer’s Fayre cha

Humberts facing oblivion as the well runs dry

Thu, 15 May 2008 22:00:00 GMT
Humberts Group Plc. has warned that certain conditions necessary for it to carry out its intended £2.25 million placing may be difficult or impossible to meet.

It said the disposal value of certain businesses it was intending to sell is l

Land Securities make £888 million loss but shares rise as City agrees with CEO its a success

Wed, 14 May 2008 22:00:00 GMT
Land Securities, Britain's largest commercial property company, has written down the value of its shops and offices by £1.28 billion, a fall in value of 10.3%, as it slumped to an £888.8 million loss,against profits of £1.98 billion the

Bradford & Bingley plans rights issue in signal that housing crisis has worse to come

Wed, 14 May 2008 22:00:00 GMT
Bradford and Bingley, the mortgage lender, is poised to become the latest British bank to bolster its balance sheet by launching a £300m rights issue, as it prepares itself for further difficulty ahead.

The bank, which has been hit by the

A & J Mucklow the midlands REIT continues steady performance

Wed, 14 May 2008 22:00:00 GMT
A & J Mucklow Group Plc. said it continues to perform in line with its expectations, despite all the 'doom and gloom' currently being reported in the commercial property market, adding it is still experiencing some steady occupier demand and rental gr

Knight Frank sees rosier picture in the Thames valley and M25 office market

Tue, 13 May 2008 22:00:00 GMT
Knight Frank today released a report on what is going on in the M25 and Thames Valley office market. Taking the focus off off the City office market reminds us what is going on in the country at large.

The Q1 2008 highlights are that M25 vacanc

Enterprise Inns report H1 profits down 11%

Tue, 13 May 2008 22:00:00 GMT
Enterprise Inns, the country's second-biggest pubs group, posted an 11% fall in first-half profit today, in line with expectations, and said trading conditions were likely to stay tough for some time.

The firm, whose shares surged last week whe

Alliance & Leicester secure funding to Q2 09 despite dive in profits

Tue, 13 May 2008 22:00:00 GMT

Alliance & Leicester took a £192 million hit to profit from assets tarnished by the credit crunch, taking its profit in the first four months to below 2007 levels.

In a trading update today, the country's seventh-largest bank said

Kilpatrick Property increase NAV by 16%

Tue, 13 May 2008 22:00:00 GMT
Kilpatrick Property Group, the Glasgow-based commercial property investment company, said yesterday it increased its net asset value by 16% for the year to March 31, 2008, bucking the gloomy trend in the sector.

The company also announced it ha

Colliers CRE forecast flat 2008 as banks continue to call the tune.

Mon, 12 May 2008 22:00:00 GMT
Colliers CRE Plc. said its revenues for the first quarter fell to £15.9 millions from £16.3 million in the year-ago period and added that it is confident of delivering its medium-term objectives.

The firms share value dropped 18% as

Industy to lobby for tax incentives to help pay for "greening" existing commercial property

Mon, 12 May 2008 22:00:00 GMT
The property industry is to call for a radical shake-up of the multi-billion pound tax regime on commercial buildings to promote sustainability.

The first parliamentary inquiry into "greening" existing office, retail and industrial bu

NAB subsidiaries Clydesdale & Yorkshire post strong results though NAB has not impressed

Fri, 09 May 2008 22:00:00 GMT
YORKSHIRE and Clydesdale Banks today delivered a strong set of half year results and said their resilience and prudence would protect them from the turbulence caused by the credit crunch.

Announcing pre-tax profits up 17% at £194m, chief

Boris gets to work on LDA corruption and mismanagement

Fri, 09 May 2008 22:00:00 GMT
The chief executive and chair of the London Development Agency (LDA) have been asked to step down ahead of an investigation into its financial management.

Although he has no formal powers to appoint or remove LDA board members, Johnson has reco

Anglo Irish Bank please the market with 16% increase in H1 profits

Thu, 08 May 2008 22:00:00 GMT
Anglo Irish Bank shares rose more than 5% yesterday after the specialist property lender announced a 16% rise in first-half profits and gave an upbeat outlook for the rest of the year.

Investors had been concerned about Anglo Irish's exposure t

HMRC REIT ruling on Enterprise Inns lifts the pubs sector

Thu, 08 May 2008 22:00:00 GMT
Enterprise Inns, the tenanted pub company,revealed yesterday that it had been given the go-ahead by HM Revenue & Customs (HMRC) to convert to a real estate investment trust (Reit).

The company said it was evaluating the decision, but that b

Mapeley revaluation losses wipe out increased Q1 profitability as group slump to loss of £27 million

Thu, 08 May 2008 22:00:00 GMT
Mapeley,the property investment and outsourcing company based in Guernsey posted a 226% rise in funds from operations today but a drop in the value of its assets wiped out its fiscal first-quarter pretax profit.

In results for the t

Australian strength offsets US weakness as shopping mall group Westfield reports resilient Q1 results

Wed, 07 May 2008 22:00:00 GMT
Westfield Group, the world's biggest shopping center owner by market value, is maintaining growth in Australia, where it has tenants in more than 99.5 % of stores, which may help limit the impact of a slowdown in the U.S., where rising food costs and the

Savills report significant fall in London office demand and subdued retail demand across the UK

Wed, 07 May 2008 22:00:00 GMT

Demand for London offices has fallen "significantly" in the first three months of 2008, according to property adviser Savills.

The retail property market is also "subdued" across the UK as the credit crunch continues to b

Revaluation hits Liberty NAV by 6.6% and causes Q1 loss of £335 million

Wed, 07 May 2008 22:00:00 GMT
Liberty International blamed choppy real estate market conditions for a 6.6% fall in net asset value (NAV) per share in its fiscal first quarter figures posted today.

Britain's largest shopping mall owner, which owns London's Covent Garden tour

Waitrose planning to look for small market town sites for expansion

Tue, 06 May 2008 22:00:00 GMT
Waitrose has unveiled plans to open a series of new smaller stores for market towns. The supermarket chain said the market town format supports its ambitions to grow its business and has been designed to complement each community in which it operates.

Aberdeen Asset Management enter world top 10 with acquisition of Goodman Property Investors for £89 million

Tue, 06 May 2008 22:00:00 GMT
Aberdeen Asset Management said today it would become one of the world's ten biggest property asset management firms after agreeing to buy Goodman Property Investors (GPI) for around £89 million, plus further payments linked to assets under man

LloydsTSB avoids major sub-prime losses and grabs bigger share of UK mortgage market

Tue, 06 May 2008 22:00:00 GMT
Lloyds TSB said it was on track to deliver a good performance in the first half, excluding a writedown of £387 million on the value of assets tarnished by the credit crunch.

Lloyds, the country's fifth biggest bank, said in a trading upda

Vultures waiting for UK commercial property values to fall a further 10%

Mon, 05 May 2008 22:00:00 GMT

Start-up property fund manager Internos Real Investors has joined the growing band of investors waiting in the wings to buy into commercial property once the market bottoms out.

The company, which is backed by Nick Vetch, executive chairman

City office rents falling as financial sector loses jobs say Hammerson

Fri, 02 May 2008 22:00:00 GMT
Hammerson , the office and retail property company with a £7.3 billion portfolio, said in a trading statement yesterday that the cautious approach of banks to lending to property companies had contributed to a further weakening in UK property values

Jones Lang LaSalle report Q1 global profits down 90%

Thu, 01 May 2008 22:00:00 GMT
Jones Lang LaSalle Inc, the second largest global real estate services company, said on Tuesday first-quarter profits fell sharply compared with a year earlier when the company posted a significant fee from a large sale in Germany.

Due t

CBRE global Q1 profits halve due to cost increases in Europe.

Thu, 01 May 2008 22:00:00 GMT
CB Richard Ellis saw net income fall from $65m (£32.5m) last year to $31.7m (£15.9m), which was nearly all due to it's Europe, Middle East and Africa (EMEA) region.

The firm said "EBITDA for the EMEA region totaled $11.7 millio

Property derivatives trading takes off as real market stalls

Thu, 01 May 2008 22:00:00 GMT
Trading in Britain's fledgling property derivatives sector hit a record £3.67 billion in the first quarter of 2008, more than double the volume traded in the last three months of 2007, data showed on Thursday.

Investment Property Databank

Bank of England warns of defaults on commercial property loans as values fall

Wed, 30 Apr 2008 22:00:00 GMT
The Bank sounded the alarm on a £5billion-plus wave of property lending defaults which could engulf the financial sector before it has even recovered from the sub-prime crisis.

It used today's biannual Financial Stability Report to warn t

HBOS taps shareholders for £4 billion to cover writedowns and strengthen balance sheet

Tue, 29 Apr 2008 22:00:00 GMT
HBOS unveiled a £4 billion rights issue alongside plans to cut its dividend payout to cover additional writedowns on the value of toxic assets and to shore up its balance sheet.

Britain's biggest mortgage lender, which follows Royal Bank

Bank of England funds will not turn the mortgage taps back on

Tue, 29 Apr 2008 22:00:00 GMT
Britain's banks will be happy to swap their hard to sell assets for trusty government debt, but don't look for them to increase their exposure to the teetering housing market.

The Bank of England has agreed to swap at least £50 billion of

Inside Track Seminars - the Buy to Let evangelist has gone into administration

Tue, 29 Apr 2008 22:00:00 GMT
Inside Track, the company that spearheaded the buy-to-let investment boom,has gone into administration. Inside Track blames the credit crunch for its collapse as banks tighten up on buy-to-let lending, effectively ending 100% loans.

Profi

Developers move retail schemes to the back burner

Tue, 29 Apr 2008 22:00:00 GMT
Retail developments are being shelved across the country as the effects of a funding crisis for commercial property are exacerbated by fears of flagging consumer demand, The Financial Times reports.

The proportion of currently planned shopping

RBS to start ABN AMRO integration at a cost of 7000 jobs

Mon, 28 Apr 2008 22:00:00 GMT
Royal Bank of Scotland will this week start the integration of ABN AMRO's investment bank in a move likely to trigger the loss of about 7,000 jobs out of a combined total of 28,000, the Financial Times said.

The newspaper, without citing source

Bid battle for Trillium hots up with entry of Vincent Tchenguiz consortium

Mon, 28 Apr 2008 22:00:00 GMT
A high-powered consortium has entered the bidding for Land Securities Group Plc.'s property outsourcing business Trillium, setting the scene for an intriguing £2 billion takeover battle for the unit, said The Sunday Times.

The property ty

Whitbread delight the market with strong full year results

Mon, 28 Apr 2008 22:00:00 GMT
Whitbread, the owner of Britain's biggest hotel and coffee-shop chains, reported a 26.3% rise in annual pretax profit and said the start of this financial year had been encouraging.

Pretax profits, before exceptionals, were £210.3 million

M& B confirm no bid talks for whole business continue.

Fri, 25 Apr 2008 22:00:00 GMT
Mitchells & Butlers, the Pubs group said today it was not in talks over a possible bid for the whole company, but that it remained in talks with parties seeking a large stake in the business.

"The board is continuing discussions

Brixton points to little trnsactional evidence of falling commercial property values, despite the IPD index.

Fri, 25 Apr 2008 22:00:00 GMT
Brixton, the property REIT, has in it's interim management statement of trading, noted that there has been little transactional evidence in the commercial property market, of falling property values. The say that shortage of funding and unrealistic vendor

Punch Taverns beat analysts forecasts with 1% rise in pre-tax profits for first half of year

Thu, 24 Apr 2008 22:00:00 GMT
Punch Taverns, the UK's biggest pubco, posted a 1% rise in pretax profit to £133 million, slightly ahead of analysts' forecasts, for the 28 weeks to March 1 on Thursday.

The company said the like-for-like contribution of the leased

Falling profits at Barclays increases liklihood of further rights issue demands

Thu, 24 Apr 2008 22:00:00 GMT
Barclays said its profits in the first quarter fell from a year earlier after its investment bank and fund management arms were hit by tough financial market conditions.

Barclays said profits at Barclays Capital and Barclays Global Invest

London & Stamford in Joint Vulture to increase firepower as market nears bottom

Thu, 24 Apr 2008 22:00:00 GMT
London & Stamford has agreed a £200million joint venture with a Middle Eastern sovereign wealth investor to buy property in the UK.

The 7 year deal with Cavendish, a wholly owned subsidiary of an Abu Dhabi sovereign wealth fund, will

Land Securities get planning permission for "Half Doughnut" scheme at Old Bailey

Wed, 23 Apr 2008 22:00:00 GMT
Make Architects’ “half-donut” an office block shaped like half a doughnut and covered with chess board-style checks to be built at 30 Old Bailey on the west side of the City of London has been given planning permission by the City'

Henderson Global win beauty contest for £380 million designer factory outlet deal

Wed, 23 Apr 2008 22:00:00 GMT
Henderson Global Investors has been given the go-ahead to proceed with the purchase of a portfolio of designer factory outlets for about £380m in what would be the largest UK property deal this year.

The US based asset management firm, wh

Rugby Estates unveil good results and consider themselves well placed for coming year

Tue, 22 Apr 2008 22:00:00 GMT
Annual pre-tax profit at property and asset management group Rugby Estates almost halved but the group says it's in a strong position to withstand a period of economic volatility.It has low gearing and cash in the bank after selling properties in the past

Commercial property stocks in turmoil as HSBC note causes rush for the doors

Tue, 22 Apr 2008 22:00:00 GMT
The City clearly doesn't know how to value commercial property stocks at present. In a note headed "Keep the tin hats on", HSBC said that hard-pressed tenants would start to demand rent cuts from their landlords which promptly triggered a

RBS getting it's post credit crunch strategy in place with Europe's biggest rights issue.

Tue, 22 Apr 2008 22:00:00 GMT
Royal Bank of Scotland is about to announce Europe's largest rights issue, and may now rue its acquisition of ABN AMRO, but shoring up its balance sheet will position it for recovery and could tempt others to follow suit.

After months of dismis

There's money in pubs, yet we see the fastest closure rate ever.

Mon, 21 Apr 2008 22:00:00 GMT
The Warrington Hotel, an imposing, lovingly restored Victorian boozer in Maida Vale, London, is buzzing. The bar downstairs is heaving; upstairs, the restaurant has been largely full since it opened in February. The Warrington, the third in a chain of pub

William Pears seen as frontrunner in Trillium bid battle

Mon, 21 Apr 2008 22:00:00 GMT
Property investment group William Pears has emerged as the surprise frontrunner in a £1.5 billion bidding battle for Land Securities' outsourcing business Trillium, the Independent on Sunday reported.

The newspaper, quoting a source close

Tchenguiz's R20 sells 6 hotels to Travelodge

Mon, 21 Apr 2008 22:00:00 GMT
Robert Tchenguiz, has sold six hotels for £85m. The accommodation in places such as Edinburgh and Bath had been leased out by Tchenguiz's R20 private investment vehicle to Menzies Hotels but has now been sold to Travelodge which will spend a further

JLL see commercial property investment buoyed by offshore money and reduced London office supply

Fri, 18 Apr 2008 22:00:00 GMT
Reporting a slight increase on the previous quarter of investment volume in UK commercial property to £6 billion, Julian Stocks, Head of UK Capital Markets at Jones Lang LaSalle said: ‘We have not reached the bottom of the market yet and

Fitch confident about strength of UK commercial mortgages as security

Thu, 17 Apr 2008 22:00:00 GMT
Almost a tenth of investment grade bonds backed by UK commercial mortgages could default if the current slump in commercial property values reaches "severe" 1990s recession levels, ratings agency Fitch said yesterday.

The agency said

Bank of England preparing measures to improve liquidity for PM's return

Wed, 16 Apr 2008 22:00:00 GMT
Authorities, under pressure to ease strains in the mortgage market, are considering a scheme that would allow lenders to swap mortgage collateral for government bonds, a source close to the matter said.

However, the scheme has yet to be rubber-

JJB Sports to close 72 non performing stores as retail slows

Wed, 16 Apr 2008 22:00:00 GMT
JJB Sports said it was shutting 72 stores by the end of April and axing 800 jobs to improve performance, as it posted a 28.5% fall in annual profit today.

JJB, which also runs fitness centres, said like-for-like revenue fell 3.0% in the 7 weeks

Land Securities looks to sell it's 33% Bullring stake in critical test of investor appetite

Wed, 16 Apr 2008 22:00:00 GMT
Land Securities, the UK’s largest property company, is to test the property investment market with the sale of one of its largest holdings,a one-third stake of the 1.2m sq ft Birmingham Bullring shopping centre city expected to attract bids of mor

Eddisons buys Erinaceous property management business.

Tue, 15 Apr 2008 22:00:00 GMT
Eddisons, the Yorkshire based chartered surveyors, has bought the property management, facilities management and landlord and tenant teams from collapsed property services firm Erinaceous, which was placed into administration yesterday, for £1.

Credit crunch will cause loss of 20,000 jobs in the City alone as Financial Services industry slims down

Tue, 15 Apr 2008 22:00:00 GMT
20,000 City jobs will be lost this year and next as the credit crunch takes its toll, a leading economics think-tank says.

The Centre for Economics and Business Research (CEBR) forecast 11,000 City job losses in 2008, up from a previous estimat

RICS say housing market cooling fast in England and Wales as survey hits 30 year low

Tue, 15 Apr 2008 22:00:00 GMT
The Royal Institute of Chartered Surveyors' house price balance fell in March to its lowest in the 30-year history of the survey, RICS says, sending a strong signal that the housing market is cooling fast.

The net balance of surveyors reporting

UK commercial property returns fall is moderating as market now seen to offer fair value

Tue, 15 Apr 2008 22:00:00 GMT
IPD reported that in March its UK monthly commercial property index made a total return of -0.8% month on month, a slight improvement on the -1% in February and -1.6% in January, but year on year in March all property total returns hit a record low of -10

Grosvenor's strong results slightly tarnished by further Liverpool write-down

Mon, 14 Apr 2008 22:00:00 GMT
Grosvenor posted a strong set of annual results, with record profits of £524 million for 2007, up 3 per cent on the year before, and assets under management growing 17 per cent to £12.9 billion,and a 19% increase in its net asset value to &pou

Administrators appointed by Erinaceous Group plc

Mon, 14 Apr 2008 22:00:00 GMT

Erinaceous announced that it has today appointed James Tucker and Myles Halley, both partners of KPMG as administrators of the Company, with immediate effect.

The strongly performing insurance subsidiary, Erinaceous Insurance Services, is ri

M & B in talks to buy Spirit pubs from Punch Taverns

Mon, 14 Apr 2008 22:00:00 GMT
Mitchells & Butlers is in talks to take over the Spirit arm of Punch Taverns.

The pub group requested a meeting with its rival last week. A deal would represent a curious turnround for the company, which had been the subject of a merger pro

CML chief urges immediate action by Government to halt slide to UK property market collapse

Fri, 11 Apr 2008 22:00:00 GMT
Medium-sized banks are suffering more than most from the credit crunch, and they have the shadow of a strung-up Northern Rock swinging from the gallows cast over them.

But the picture of Armageddon in the housing and mortgage market painted by

MPC Votes to cut Bank Rate to 5%

Thu, 10 Apr 2008 22:00:00 GMT

The Bank of England’s Monetary Policy Committee (MPC) has voted today to cut interest rates by 0.25% to 5%.

CPI Inflation rose to 2.5% in February and the committee expects inflation to rise further this year, ref

CBRE say commercial property prices dipped further in March

Wed, 09 Apr 2008 22:00:00 GMT
UK commercial property values fell 1.2% in March, taking the market's total loss since last summer's bull market peak to around 16%, CB Richard Ellis Group Inc said today.

The global property services firm said its data provided evidence

The Humber to be the focus of offshore power development initiatives

Tue, 08 Apr 2008 22:00:00 GMT
German power giant E.ON has submitted a planning application to build one of the UK's largest offshore wind farms but faces a challenge from the Ministry of Defence (MoD).

The firm said if the 300MW Humber Gateway Offshore Wind Farm were built

UK house prices dive in March fuelling fears of a crash

Tue, 08 Apr 2008 22:00:00 GMT
House prices fell in March at their sharpest pace since the recession of the early 1990s, the country's largest mortgage lender says, raising expectations that interest rates will be cut this week.

The surprisingly severe drop reinforced opinio

Sutton Harbour Group selected for major Swansea waterfront regeneration scheme

Mon, 07 Apr 2008 22:00:00 GMT

AIM-listed regeneration company Sutton Harbour Group has been chosen as preferred developer for a waterfront regeneration scheme in Swansea.

Swansea Council has appointed the Plymouth based developer for a six-month period in order for furth

Cooperative Financial Services chief sees confidence returning to markets in Q3

Fri, 04 Apr 2008 22:00:00 GMT
The boss of Co-operative Financial Services is confident the nation will avoid a crisis in the property market of a similar scale to that seen in 1989 and 1990.

While David Anderson is sure the property market will slow down because the credit

Bank of England survey increases expectation of early rate cut

Fri, 04 Apr 2008 22:00:00 GMT
The credit squeeze on households and businesses looks set to intensify as lenders grow increasingly nervous over the economic outlook, a survey by the Bank of England shows.

The findings boosted expectations the central bank would cut interest

Sales volumes drop 25% in Central London commercial property in Q1 2008

Thu, 03 Apr 2008 22:00:00 GMT
Tight money conditions have hit the Central London commercial property investment market which saw just £2.83 billion transactions take place during the first quarter of 2008, according to the latest Central London investment market figures from glo

Mortgage market tightening will have knock on effect on UK property market if trend continues

Wed, 02 Apr 2008 22:00:00 GMT
Fears over the state of the British property market deepened today as mortgage companies closed the doors on borrowers, and builders stopped new developments.

Experts said that there is now a strong likelihood that more banks and building socie

UK Construction activity at lowest level for 12 years

Tue, 01 Apr 2008 22:00:00 GMT
UK construction activity fell to its lowest level since 1996 in the first three months of 2008 and is expected to fall further in the second quarter, the Royal Institution of Chartered Surveyors said.

The news makes it even less likely that the

Groundbreaking on £175 Million Newcastle business park development to start soon

Mon, 31 Mar 2008 22:00:00 GMT
Groundbreaking on a £175m project to build eight new office blocks will cover an 18-acre site in an extension to the Quorum Business Park in Longbenton, Newcastle will commence soon.

The partners behind the scheme expect each building to

Enterprise Inns to restructure into opco / propco ready for change to REIT status.

Mon, 31 Mar 2008 22:00:00 GMT
Enterprise Inns, the country's second-biggest pub company, is in advanced talks with the Government about becoming the first non-property company to convert to a real estate investment trust (REIT). The group – which has dropped plans outlined last

Punch withdraws solo bid for M&B amid talk of concert party.

Fri, 28 Mar 2008 00:00:00 GMT
Pubs group Punch Taverns said today it was withdrawing its bid proposal for rival Mitchells & Butlers, but that it was still considering a joint offer with a third party.

"Preliminary discussions with, and preliminary due diligence on

Canary Wharf owner Songbird sees profits evaporate as valuation losses erode performance

Fri, 28 Mar 2008 00:00:00 GMT
Songbird Estates, the partially listed property company that owns 61% of Canary Wharf Group, said it "was looking very closely" at a couple of assets outside its London Docklands heartland despite profits being hit by the collapse in commercial

Eatonfield buy former hospital at Lesmahagow for regeneration

Thu, 27 Mar 2008 00:00:00 GMT
Mold and Cardiff-based commercial property developer and house builder Eatonfield Group is buying a former hospital site in Scotland for a regeneration project that could be worth up to £40m.

The Alternative Investment Market-listed compa

Credit crunch enters new phase according to Bank's King

Thu, 27 Mar 2008 00:00:00 GMT
The credit crunch has entered a new and difficult phase but policymakers in Britain still have to balance slowing growth against rising inflation, Bank of England Governor Mervyn King said yesterday.

Sterling weakened after BoE Monetary Policy

Crown Estates consider launching a REIT to handle £500 million Quadrant project

Wed, 26 Mar 2008 00:00:00 GMT

The Crown Estate, the company that owns the Sovereign’s land and property in the UK, is drawing up plans for a new vehicle to control its £2.2billion estate around Regent Street in London. It is thought that the intention will be to form a

Sainsburys launch second joint venture with Land Securities

Wed, 26 Mar 2008 00:00:00 GMT

The second Joint Venture announced today is a 50:50 arrangement with Land Securities which will hold 38 Sainsburys and 1 Waitrose store, valued at £1.2 billion, representing a net equivalent yield of 5.1%.
Sainsburys is further pursuing

Government taking tough line against those seeking to avoid paying full rates on empty commercial property

Tue, 25 Mar 2008 00:00:00 GMT
Local government minister John Healey has threatened to introduce legislation to prevent businesses flouting new tax rules on empty commercial buildings.

His warning came ahead of changes to tax rules due to come into effect next week that will

NAEA report fewer house-buyers in the market as mortgage supply dries up.

Tue, 25 Mar 2008 00:00:00 GMT
The difficulty of getting residential mortgages is hitting the housing market, pushing house-buyer numbers to a record low, figures showed today.

The number of house-buyers on estate agents' books dropped 12% last month -- to 243 per agent from

Altrincham shopping centre bought for £16 million

Tue, 25 Mar 2008 00:00:00 GMT
Altrincham-based property investment company, Property Route, has completed the £16million purchase of Altrincham's Grafton shopping centre.

Property Route, which bought the Grafton centre from Threadneedle Property Investments, is

Henry Boot plc produces solid results with profits up 14% to £46.5 million

Thu, 20 Mar 2008 00:00:00 GMT
Henry Boot, the construction group, has increased pre-tax profits by 14% to £46.5 million, despite a 12.3% fall in turnover, as the group completed fewer land transactions with lower acreages and values. The value of the Sheffield-based group's inve

DTZ Holdings interim mangement statement verbalises uncertainty in commercial property outlook

Wed, 19 Mar 2008 00:00:00 GMT

DTZ Holdings plc, commenting today on their trading prospects said " In the current volatile market conditions, and in a week which has seen the sudden collapse of Bear Stearns adding to the turmoil in the financial markets, it is more

Commercial First pulls down the shutters.

Wed, 19 Mar 2008 00:00:00 GMT

Commercial First today announced that it has suspended lending. The company said today that offers of funding that it had been promised had been withdrawn in the wake of the Bear Sterns failure.
Commercial First has pioneered a new distrib

News of City office building let to law firm cheers market.

Tue, 18 Mar 2008 00:00:00 GMT
LaSalle Investment Management has today announce that it has let a whole City office building, which has cheered a gloomy market.

LaSalle Investment Management, JLL's real estate money management business, is one of the world's largest and most

Trillium PPP fundraising finds strong demand from investors

Tue, 18 Mar 2008 00:00:00 GMT
Land Securities said today it had completed fundraising for its Trillium PPP Investment Partners joint venture after raising £1.136 billion of debt and equity.

Britain’s biggest property firm set up the joint venture to enable

Derwent London reveals 2007 NAV up 8.4% but Chairman sees more demanding market ahead

Tue, 18 Mar 2008 00:00:00 GMT
Central London property firm Derwent London said today adjusted net asset value per share rose 8.4% but deepening financial sector turmoil now threatened prospects in the city's stalwart West End market.

Derwent said 2007 net asset value

SME's failing in greater numbers say Barclays

Tue, 18 Mar 2008 00:00:00 GMT
Barclays has conducted research revealing that nearly half a million businesses failed last year, citing this as evidence that the economic downturn is worsening. Barclays Local managing director Steve Cooper said that the research shows "that more s

Bank of England pumps more liquidity into UK banking system in attempt to restore confidence.

Tue, 18 Mar 2008 00:00:00 GMT
The Bank of England's emergency offer of £5 billion of 3-day loans was nearly five times oversubscribed on Monday as financial institutions scrambled for cash in the face of a global credit crunch.

Aimed at restoring confidence to p

IPD report that the repricing of commercial property "eased" in February

Mon, 17 Mar 2008 00:00:00 GMT
The IPD Monthly Index saw a total return of -1.0% in February 2008, a marked improvement on the -1.6% return seen in January and the -3.7% seen in December. Capital values fell by 1.5% in February after a 2.0% fall in January and a 4.2% fall in Dece

Laxey Partners buy into Shaftesbury Group

Mon, 17 Mar 2008 00:00:00 GMT
Laxey Partners, the Times reports, have bought an 11.8% stake in the £775million Shaftesbury Group, owner of much of Chinatown and Carnaby Street in London’s West End.

The stake it bought was built up through contracts f

Farmland - next property bubble or undervalued asset?

Fri, 14 Mar 2008 00:00:00 GMT
Following the bull run in metals and oil, agricultural land prices are rocketing as big money pours into the sector.

"You can't make it. And, as the world gets bigger and bigger over a period of time, the pressure on land and land use is g

Regus plc profits up 54% at £119 million

Fri, 14 Mar 2008 00:00:00 GMT
Regus Group PLC, the world's largest work stations provider, today unveiled a 54.1% increase in full-year pretax profit and said that while it is mindful of the economic climate, its indicators show no sign of slowdown at this stage.

The compan

Atisreal announces another acquisition - City firm Morgan Pepper

Thu, 13 Mar 2008 00:00:00 GMT
Atisreal has announced the acquisition of Morgan Pepper, the sum was not disclosed but is thought to be around £6 million. The move comes only a few weeks after the acquisition of Leeds based Hill Woolhouse as the firm continues it's ambitious

From Cannes to Canning Town come the plans for a £2.7 billion urban regeneration programme

Thu, 13 Mar 2008 00:00:00 GMT

At the 2008 MIPIM in Cannes yesterday, Erick van Egeraat presented seven of his most outspoken projects. All projects are represented by physical models, specially built for the event. The models are freely accessible to the public.

Savills post strong 2007 results with a 14% increase in profits.

Wed, 12 Mar 2008 00:00:00 GMT

Savills has reported a 14% rise in 2007 profit, attributing its strong performance to the benefits of its business and geographical diversification.

The group said underlying profit before tax rose to £85.5m, beating an average forecas

Savills report Commercial property construction falling for 4th straight month

Wed, 12 Mar 2008 00:00:00 GMT
Commercial property building work in the UK fell for a fourth straight month in February but the pace of decline slowed sharply nationwide, apart from in London, a monthly survey showed on Wednesday.

The survey by Savills also showed deve

Leeds office market rents expected to rise 8% this year as demand for prime office space stays strong

Wed, 12 Mar 2008 00:00:00 GMT
When George Wimpey announced last November that it was mothballing Green Bank, a £100m mixed use scheme centred around a 400ft skyscraper, it was regarded by some out-of-town investors as a sure sign that Leeds' property market had hit the rocks.

Capital & Regional report less bad results than expected

Tue, 11 Mar 2008 00:00:00 GMT

Capital & Regional, Britain's largest retail park and shopping centre developer, saw its share price rise nearly 6% today as it surprised the market with better than expected preliminary results.

Although the company posted an 18% fall in i

Warning that Irish Banks may be next for nationalisation as economy slumps.

Tue, 11 Mar 2008 00:00:00 GMT
The Irish Independent warned this week that the country is sliding into a serious slump.

"Look at all the signs: every single one is screaming that the economy is in big, big trouble. Housing market dead, new car sales dead, consumer confi

Gazeley for sale despite difficult UK commercial property market

Tue, 11 Mar 2008 00:00:00 GMT
Asda, the supermarket chain owned by Wal-Mart, the US retailer, could sell its global property development business in a deal that could fetch up to £400m. There are also rumours that Wal-Mart is looking to sell Asda as well.

The company

Q1 2008 commercial property transaction volume down 50% on Q4 207 say RICS as sentiment is negative

Mon, 10 Mar 2008 00:00:00 GMT

Commenting on the latest data on commercial property transactions for the first two months of 2008, RICS senior economist Oliver Gilmartin said:

"Deal volumes continued to wane in the comm

Punch trying to arrange concert party for M&B bid

Mon, 10 Mar 2008 00:00:00 GMT
Punch Taverns has held informal discussions with a number of potential partners for a joint bid for rival Mitchells & Butlers, insiders at the company said. Although no firm arrangements have yet emerged, the pub operator is in talks with intere

Brixton turns in a solid performance

Mon, 10 Mar 2008 00:00:00 GMT

Industrial property firm Brixton reported a 2.1% rise in 2007 adjusted net asset value per share and said remained confident for the group's business prospects. Profits were down however to £58.2million from a 2006 result of £205.1million,

Buy to let market volumes fall as mortgage supply weakens

Fri, 07 Mar 2008 00:00:00 GMT
The number of new buy-to-let properties coming onto Britain’s housing market has slumped for the first time in a decade, signalling fresh cash flow from lenders is drying up.

A survey by the Royal Institution of Chartered Surveyors shows

Segro report full year NAV down 9.2% but business fundamentals are strong

Fri, 07 Mar 2008 00:00:00 GMT
Segro, the business space provider, revealed that net asset value dropped 9.2% last year in spite of solid growth in its European business during 2007.

The company, has been hit by the rapid fall in commercial property prices in Britain. It rep

Anglo Irish Bank reports first half earnings up 15%

Thu, 06 Mar 2008 00:00:00 GMT
Anglo Irish Bank Plc,which lends to property developers in Ireland, the UK and the US, expects to report a 15% rise in first-half earnings per share and said it was still on course to deliver a similar increase for the full-year despite global economic un

Colliers CRE report 25% increase in fee income last year and pre tax profits of £12.16 million

Thu, 06 Mar 2008 00:00:00 GMT
Colliers CRE PLC posted a bigger full-year pretax profit buoyed by one-off gains and said it sees more uncertainty in 2008 than in recent years.

The AIM listed company's profit included a one-time income of £2.8 million arising from

Liberty International reported to be facing takeover from Westfield or GIC

Thu, 06 Mar 2008 00:00:00 GMT

Westfield Group, the world's top shopping mall owner, and Singapore's GIC Real Estate declined to comment today on media reports that one of them was in talks to buy shopping centre group Liberty International . The Takeover Panel is understood to have

aAim Group seeks buyers for stake in 6 hotels worth £350 million

Wed, 05 Mar 2008 00:00:00 GMT
aAIM Group, the property investment company whose investors include Sir Alex Ferguson and Simon Cowell, will today unveil plans to sell at least 50% of its equity in six hotels operated by Principal Hayley Group, worth an estimated £350 million.

Darling to close Sharia Stamp Duty loophole that over £1 billion of commercial property deals have used

Wed, 05 Mar 2008 00:00:00 GMT

Chancellor Alistair Darling is expected next week to close a loophole in Sharia finance rules which has enabled commercial property investors avoid paying stamp duty on more than £1 billion of deals, The Times reports without citing sources.

Bruntwood now largest Manchester office landlord after £28.5 million purchase of Bridgewater House

Tue, 04 Mar 2008 00:00:00 GMT
Bruntwood, the privately-owned Manchester based property business, has paid £28.5million for a Whitworth Street office block, in a deal which takes the firms city centre office portfolio over 3 million sq ft, making it by far the city's

HSBC profits up 10% despite £8.7 billion bad debt provision

Mon, 03 Mar 2008 00:00:00 GMT

HSBC's profits rose 10% last year, just below analysts' forecasts, as strong gains in Asia helped Europe's biggest bank absorb a £8.7 billion hit for bad debts due to U.S. housing market problems.

The London-headquartered bank report

Treasury select committee suggests reforms to BOE and FSA protocol for managing banks

Mon, 03 Mar 2008 00:00:00 GMT
The warnings given by UK regulators about potential risks in the financial markets are deficient, a report by a key parliamentary committee has said.

The Treasury select committee said the Financial Services Authority (FSA) and the Bank of Engl

Private equity firm Cinven interested in buying Trillium

Mon, 03 Mar 2008 00:00:00 GMT
Private equity group Cinven has approached Land Securities, Britain's biggest real estate company, about a takeover of its property outsourcing arm Trillium, the Sunday Telegraph reported.

Land Securities said last week it was looking at

UK House prices fall for 4th consecutive month say the Nationwide

Fri, 29 Feb 2008 00:00:00 GMT
House prices fell for a fourth month running in February to post the lowest annual rate of inflation in more than two years, the Nationwide Building Society said today.

It said house prices fell 0.5% on the month in February after a downwardly

Too much money over past 3 years has caused the commercial property market correction

Thu, 28 Feb 2008 00:00:00 GMT
Although the UK commercial property market exists in the climate of international finance, the key problem which led to the current market situation was an excess of funds in our system over the past 3 years. This excess liquidity arose at two levels. The

RBS reports pre-tax profits up 8% to £9.9 billion

Thu, 28 Feb 2008 00:00:00 GMT

The Royal Bank of Scotland, the UK's second largest bank, said profits before tax including its purchase of Dutch bank ABN AMRO, totalled £9.9 billion in 2007 compared with £9.2billion in 2006. The bank lifted it's dividend by 10% to underl

FSA boss says era of cheap credit is over

Wed, 27 Feb 2008 00:00:00 GMT
The head of Britain's Financial Services authority warned on Wednesday that the age of cheap credit may be over.

In an interview on BBC radio, Hector Sants, chief executive of the regulatory body, said he did not think financial markets would r

HBOS confirms analysts expectations with 3% rise in profit to £5.71 billion

Wed, 27 Feb 2008 00:00:00 GMT

Britain's biggest mortgage lender HBOS posted a 3% rise in annual underlying profit today, just short of analysts' expectations, as margins in its core retail business came under pressure.

HBOS reported an underlying pretax profit of £

Mapeley is takeover target

Tue, 26 Feb 2008 00:00:00 GMT

Shares in Mapeley jumped after the property specialist said it has received an indicative non-binding proposal from an unnamed suitor.

"Discussions are at an early stage and there can be no certainty that any offer will be made or as to

Leeds appoint architects for the £800 million Eastgate scheme

Tue, 26 Feb 2008 00:00:00 GMT
In February 2007, Leeds City Council granted planning consent for the 122,000m(2) retail-led regeneration of Leeds city centre, construction of the £800 million scheme is expected to begin next year and will take 3 years to complete.

Eas

Minerva suffers drop in NAV in difficult London market conditions and books a £114 million loss

Mon, 25 Feb 2008 00:00:00 GMT
Minerva, the real estate developer, suffered a drop in net asset value of almost 20% over the past six months as conditions in the property market deteriorated rapidly.

The company, which has been at the centre of take- over speculation for sev

Oz Bank Macquarie expected to bid for Trillium

Mon, 25 Feb 2008 00:00:00 GMT
Australia-based bank Macquarie Bank is considering making a takeover bid for Trillium, the outsourcing business that real-estate company Land Securities plans to list, a source familiar with the matter said.

The bank is evaluating the situation

Hammerson reports 2007 NAV up 3% while taking steps to reduce City office exposure

Mon, 25 Feb 2008 00:00:00 GMT
Hammerson Plc said today that its full-year adjusted net asset value rose by 3%, as its properties on long-term occupier contracts showed resilience in a slowing real estate market.

Hammerson said adjusted profit before tax rose by 24.1%

Vincent Tchenguiz to sell stake in Tesco joint venture

Mon, 25 Feb 2008 00:00:00 GMT
Vincent Tchenguiz, the property entrepreneur, is to sell his share in a £490 million Tesco supermarkets joint venture, followed by a refinancing of up to £700 million of Mr Tchenguiz's residential property to help to fund expansion elsewhere,

LloydsTSB delights the market with strong 2007 results.

Fri, 22 Feb 2008 00:00:00 GMT
LloydsTSB, which tried to rescue of Northern Rock last summer, showed its strength in avoiding much of the credit crisis afflicting its rivals.

Britain's fifth-largest bank is a small player in investment banking and, under chief executive Eric

Teesport gets go-ahead for £200million expansion to give 6-fold increase in capacity

Fri, 22 Feb 2008 00:00:00 GMT
Teesport has been given the green light today to expand to a deep-sea container port by shipping minister Jim Fitzpatrick.

The £200 million development in the North East will increase the port’s capacity from around 250,000 twenty f

£1billion UK shopping centre fund to be launched next month by John Cutts

Fri, 22 Feb 2008 00:00:00 GMT
Parkridge, a European developer run by John Cutts, is next month to launch a £1billion UK shopping centre fund that will be seeded with a portfolio of existing properties.

The Luxembourg-based fund will have a target value of

Scottish Minister told at SPF conference that "the planning system is not delivering"

Fri, 22 Feb 2008 00:00:00 GMT
Scottish communities minister, Stewart Maxwell MSP, promised major planning reforms at the Scottish Property Federation’s inaugural annual conference today, but SPF vice chairman, Kenneth Ross OBE, warned that it could be 2018 before these were effe

Galliford Try first half profits up 63% but warns of increasingly difficult market

Thu, 21 Feb 2008 00:00:00 GMT
Galliford Try, the housebuilder and construction firm, said today its first-half pretax profit rose 63% but it warned on the outlook for its housing division due to challenging market conditions.

Galliford, which focuses on affordable hou

Park Plaza Hotels bails Galliard Homes out of Westminster Bridge Apart-Hotel development.

Wed, 20 Feb 2008 00:00:00 GMT
Park Plaza Hotels Ltd said its Euro Sea Hotels NV unit has acquired the remaining 66% of Marlbray Ltd, the developer of the Park Plaza Westminster Bridge hotel and apartments, for about £10.27 million in cash and the issue of 735,000 new Park Plaza

Bradford & Bingley rating downgraded by Standard & Poors may trigger Northern Rock response from savers.

Wed, 20 Feb 2008 00:00:00 GMT
Last Wednesday after getting the UK Bank reporting season off to an inauspicious start as it alarmed the City with greater-than-expected writedowns of £94 million emanating from a global credit crisis triggered by massive default by US households on

Alliance & Leicester report profits down 30% as top-up mortgages are withdrawn.

Wed, 20 Feb 2008 00:00:00 GMT

Alliance & Leicester's 2007 profit tumbled 30% as it suffered a £185 million writedown on its exposure to risky assets.

A&L, the country's seventh-biggest listed bank, reported a 2007 pretax profit of £399 million on Wedn

More pubs to be dumped on the market this time by Robert Tchenguiz's Laurel Pub Company

Wed, 20 Feb 2008 00:00:00 GMT
Robert Tchenguiz is weighing up options for the disposal of up to 100 loss-making pubs in the Laurel Pub Company business ahead of a key refinancing next month with the company's bankers Kaupthing and Dresdner Kleinwort .

Laurel is hoping to di

Terrace Hill annual results encourage the market, and new Stockport Business Park contract announced

Tue, 19 Feb 2008 00:00:00 GMT

Terrace Hill, the Aim-listed developer reassured in its full year results today that it was well-positioned for difficulties in the property market because of the defensive nature of its development business, even though the end value of it's developme

Scottish and Newcastle reports flat profits in it's final year as Heineken take over it's UK businesses.

Tue, 19 Feb 2008 00:00:00 GMT
The country's biggest brewer, Scottish & Newcastle, which has agreed to be taken over by Carlsberg and Heineken, said today its 2007 pretax profit was unchanged and it expected core markets to grow this year.

The Edinburgh-based brewer repo

Barclays results in line with market expectations.

Tue, 19 Feb 2008 00:00:00 GMT
Barclays, the country's third biggest bank, raised its 2007 write-down on the value of risky assets to £1.6 billion but said profits were broadly in line with analysts' expectations.

Barclays reported on Tuesday a pretax profit of &

Knight Frank confirms that UK farmland prices rose 25% last year

Mon, 18 Feb 2008 00:00:00 GMT
Knight Frank is the latest property firm to confirm that land prices rose sharply last year, following the release of record figures last week from the Royal Institution of Chartered Surveyors.

The firm said farmland prices increased by an aver

FSA halts trade in Northern Rock shares as nationalisation legislation is prepared

Mon, 18 Feb 2008 00:00:00 GMT
Britain's financial watchdog said today it was temporarily suspending trading in shares of Northern Rock following the government's decision yesterday to nationalise the country's fifth largest mortgage bank.

The suspension, by the Financial Se

James Barr expands south of the border

Mon, 18 Feb 2008 00:00:00 GMT
James Barr, the Glasgow-based property consultancy, has made its first moves to establish a presence in England in preparation for an upturn in market activity.
The firm has hired commercial agent David Nicholson, who is head of Lambert Smith H

Government concede ground on Energy Assessors for commercial property

Fri, 15 Feb 2008 00:00:00 GMT

Commercial property transactions will go ahead after 6 April 2008 thanks to a government concession, despite a predicted shortage of qualified energy assessors.

Under new legislation, owners of commercial property will have to hold a valid Energ

IPD index shows worst January on record but decline is slowing

Fri, 15 Feb 2008 00:00:00 GMT

The negative total returns that have rocked the property investment industry slowed in January, with total returns down 1.6% in the month compared to 3.7% in December.
Price losses slowed from 4.2% down in December to 2% in January said IPD

Warner Estates reassures the markets with steady performance

Fri, 15 Feb 2008 00:00:00 GMT
UK property firm and co-investing asset manager Warner Estate Holdings said today its profits and revenues were improving despite sharp corrections in the value of real estate held by two of its biggest funds.
In an interim management statement

Humberts appoint new interim CEO

Thu, 14 Feb 2008 00:00:00 GMT
Humberts today announced the appointment, with immediate effect, of Michael Nower as interim Chief Executive following the abrupt departure of CEO Max Ziff last month when the state of the

Pubcos are dumping empty properties ahead of Empty Rates deadline

Thu, 14 Feb 2008 00:00:00 GMT

The licensed property market is being flooded with cheap empty sites ahead of the scrapping of concession rates for empty commercial properties. That is according to north-west London agency Paramount Investments.

St Modwen results impress

Mon, 11 Feb 2008 00:00:00 GMT

Property developer St Modwen posted an impressive set of results today.

The brownfield site regenerat

Northern Rock management 's own plan win support of sharholders

Fri, 08 Feb 2008 00:00:00 GMT
Northern Rock is to cut its £113 billion mortgage book in half under its in-house rescue plan, in a bid to see off a rival proposal from Sir Richard Branson's Virgin Group, The Daily Telegraph reports.

Paul Thompson, the former insu

Turnbull steps down as Erinaceous Chairman

Fri, 08 Feb 2008 00:00:00 GMT
Erinaceous Group PLC said Nigel Turnbull has resigned as chairman with immediate effect and the company has appointed non-executive director Lord Razzall to take over the position.

The company said Turnbull has agreed to provide his services to

British Land announce 8.9% fall in NAV but see "light at the end of the tunnel"

Thu, 07 Feb 2008 00:00:00 GMT
British Land Company PLC,the UK's second biggest REIT, today announced an 8.9% markdown in the value of its property portfolio to £18.4 billion for the third quarter of 2007-08, but said there were signs that the worst of the downturn in the UK real

Sunderland gives green light to Farringdon Row development

Thu, 07 Feb 2008 00:00:00 GMT
Sunderland Planners this week gave full planning permission to urban regeneration company Sunderland Arc's proposals to redevelop Farringdon Row.

The 5ha site is located on the western approach to Sunderland overlooking the River Wear, adjacent

Bank Rate down to 5,25% was the first true prediction Roger Bootle gave the Sheds 2008 audience

Thu, 07 Feb 2008 00:00:00 GMT
Attendees at the Sheds 2008 show yesterday were given the benefit of Roger Bootle, the well respected boss of Capital Economics, analysis of the current market situation and it's future propects.

He correctly predicted a fall in Bank Base Rate

HSBC analysts say UK commercial property correction has further 25- 35% to go.

Thu, 07 Feb 2008 00:00:00 GMT
The UK commercial property market is heading for a 25-35% price correction in 2008 HSBC analysts have predicted, in a mass downgrading of real estate investment trusts.

Rental values and yield would experience a sustained period of suppressed v

Telereal gets green light for £74 million City office development featuring roof gardens

Thu, 07 Feb 2008 00:00:00 GMT
Telereal's £74 million development in the City of London to replace the BT Fore Street Telephone Exchange has been given the green light by the City of London, after it satisfied complex planning requirements.

Sandwiched on a plot n

CBRE report 2007 revenues up 49% on global operations

Wed, 06 Feb 2008 00:00:00 GMT
CB Richard Ellis Group, Inc. today reported full year 2007 revenue rose 49.7% to $6.0 billion and earnings per share increased 23.0% to $1.66 per diluted share ' both record levels for the Company.

'We're very proud of our performance in

Quintain Estates report continued steady progress for Q3 despite sector woes

Tue, 05 Feb 2008 00:00:00 GMT
Quintain Estates and Development said it continued to expand its business in its fiscal third quarter and early 2008, supported by a diversified model, despite a downturn in the sector.

"Since 30 September 2007, Quintain has continued to a