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British Land on ‘acquisition spree’ Wednesday, 6th July 2011
Estates Gazette this morning reported that Société Générale is in advanced talks to sell a £175m portfolio of propertiesVirgin Active occupies to British Land.
The deal for 17 long leaseholds and freeholds would be expected to offer a yield of about 7.5%. Virgin Active health clubs occupy the properties on 25-year leases at an annual cost of £13.1m. Locations include Cardiff, Brighton and Oxfordshire.
JPMorgan said in a note that British Land was on an acquisition spree.
NewRiver confirms expansion Tuesday, 28th June 2011
NewRiver Retail has confirmed plans to raise £40m from shareholders to buy four new regional shopping centres.
Estates Gazette reported that the properties will be the Horsefair in Wisbech, Cambridgeshire, Merlin’s Walk in Carmarthen, the Piazza in Paisley and Hildreds in Skegness.
Real Estate Investors to raise £15m for portfolio boost Tuesday, 28th June 2011
Real Estate Investors has announced it is planning to raise £15m through a share placing.
The West Midlands-based property group will issue just under 273 million new shares at 5.5p per share. The placing is intended to allow REI to take advantage of opportunities to acquire prime and quality secondary properties in the West Midlands, Estates Gazette this morning reported.
REI chief executive Paul Bassi said: "It is our objective to capitalise on opportunities that are available to us in the Midlands property market and significantly grow our portfolio within the next 6 to 12 months."
Metric lands £11m Durham retail deal Tuesday, 28th June 2011
Metric Property Investments has announced it will acquire a 4-acre redevelopment site in Bishop Auckland, County Durham from Bank of Ireland and Kingsland Estates.
According to Estates Gazette, Metric will pay an initial £2.3m for the site previously occupied by Focus with a further £8.7m to be invested in development costs. A revised planning application has been submitted to redevelop a circa-50,000 sq ft retail park on the site, which will adjoin recently opened Tesco and Sainsbury's food stores.
Construction is expected to commence in early 2012, with practical completion scheduled for autumn 2012. The scheme is anticipated to deliver a yield on cost of 7.75%, once fully occupied.
Metric chief executive Andrew Jones said: "We are in discussions with our target retailers and are excited by the high level of occupier appeal already demonstrated." Jones Lang LaSalle advised Metric.
Henderson receives £70m loan for St James mall Tuesday, 21st June 2011
German bank BayernLB has supplemented the St James shopping centre in Edinburgh with a £70 million loan to Henderson Global Investors.
The loan, which has been fully underwritten by BayernLB, will be used to repay existing loan facilities.
Speaking to Estates Gazette, Adrian Heft, treasurer for property at Henderson, said: "This refinancing demonstrates Henderson's strong credit profile, and reflects the external confidence in the Shopping Centre Fund, which is one of Henderson's trophy products, with assets including the Bullring in Birmingham, Buchannan Galleries in Glasgow and the St James Quarter in Edinburgh."
The St James mall is located within Henderson’s £617 million flagship shopping centre.
Derwent secures tenants for Angel and Maple Monday, 20th June 2011
Derwent London announces two new tenants for its Angel Building, EC1 and at Maple Place, W1.
Sage Limited has confirmed it will take a 12,500 sq ft part of the third floor at the Angel building, to accommodate the London offices of Sage Pay, the payment service provider. According to Estates Gazette the tenant has agreed a 10-year lease with a break at 5.5 years, paying £42 per sq ft in rent.
Over at 1 Maple Place, an independent London-based private equity investment Keyhaven Capital Partners has taken the entire 11,500 sq ft building at a rent of £41 per sq ft on a 10-year lease with no breaks.
DTZ, CB Richard Ellis, Pilcher Hershman and H2SO represented Derwent in the sales process for Angel, while Ashwell Rogers and Pilcher Hershman represented the Maple sale; Vail Williams advised Sage; Simon Korn acted for Keyhaven.
Mulberry expands Somerset factory Friday, 17th June 2011
After quadrupling profits for the year, Mulberry has announced it will extend its Somerset factory to drive a UK expansion.
According to Estates Gazette construction work on the extension is well advanced and should be finished by August. New space will enable it to increase UK production by 30%.
Jeweller amasses 15% Pinewood stake Friday, 17th June 2011
Warren James Holdings is believed to have amassed a 15% stake in Pinewood Shepperton, throwing Peel’s takeover into doubt. The film studios closed up 11p at 210.25p after the owner of a North West Jewellery chain bought 4.4m more shares at 210p. Estates Gazette confirmed the near-10% stake was sold by Aberdeen Asset Management, irked by the 200p a share price John Whittaker is hoping to pay for the company. The Daily Telegraph says James’s purchase potentially threatens Peel’s plan.
DevSecs makes Notting Hill acquisition Friday, 17th June 2011
Development Securities has confirmed the acquisition of Newcombe House, in Notting Hill, west London. Estates Gazette this morning reported the property developer bought the one-acre office and retail block in partnership with Brockton Capital Fund. They paid £47.5m.
Best of times and worst of times for retail property Friday, 17th June 2011
Colliers says almost 25% of main high streets are failing in its annual retail report. Estates Gazette provided details of the survey, which showed the spread of empty shops has started to cause a “downward spiral” on high streets in 83 towns. Forty-two of 365 retail centres surveyed are felt to be “degenerating”. However, London continues to experience growth with rapacious demand for new shops in anticipation of the Olympic Games.More than a third are categorised as stable. The report identifies a growing polarisation between the best and worst centres.