15 January 99
Savills produced a steady set of half-year results this week, held back by the softer market conditions last autumn.Pre-tax profits rose 28% from £4.1m to £5.2m, on a 23% higher turnover of £37.2m in the six months to 31 October. But three-quarters of the increase came from the £3.2m sale…
15 January 99
Not one of the larger property company stocks matched the returns shown by the All-Share Index over the past five- and 10-year periods, according to research by Commerzbank.In both periods, Burford was the best performing of the 33 property companies capitalised at £75m and over. Burford’s shares returned 13% in…
15 January 99
Slough Estates and Development Securities have both secured new, cheaper financing, but in different ways.Slough tapped the eurobond market last Friday, launching a £150m sterling bond, which matures in 2015. The bond was priced at 190 basis points (1.9%) over gilts. Strong demand from institutional investors resulted in the issue…
15 January 99
From messenger boy with no A-levels to dawn raids and John Ritblat, Roger Moore, the legendary Warburg property analyst, just happened to be 'in the right place at the right time'.
15 January 99
The all-property total return last year was 11.5%, down from 15.2% in 1997, according to the Richard Ellis Monthly Index.Property again underperformed the equity market, which showed a return of 13.8%. Although the IPD Annual Index, published in spring, is the definitive Benchmark for the property industry, the REMI is…
15 January 99
Prime central London residential values fell in the final quarter of last year by 2.8%, reducing the overall level of growth in 1998 to just 2.4%, according to FPDSavills.The firm predicts tough times for the sector this year, with average price falls of 5%.‘Lower levels of demand and a rising…
15 January 99
Property shares kicked off the new year with a bang, rising by 6% in the first week of trading, thanks to a buy note from broker Credit Suisse First Boston.After the disappointments of last year, when property shares fell 22%, the property share index last week rose to 1764, outperforming…
8 January 99
Property shares received a boost this week when Credit Suisse First Boston, a long-term bear of the sector, turned buyer.The FT property share index rose 3% on Tuesday and another 4% in early Wednesday trading after CSFB analysts Alan Carter and Mike Prew upgraded their recommendation from neutral to overweight.…
8 January 99
Property shares are looking much better value than physical property and there is a need for consolidation in the sector with too many companies and liquidity only in the leading stocks.This is the sort of property analyst’s message that the industry has become used to in the 1990s. But the…
8 January 99
So farewell then, UK Active Value Fund, which has finally sold its near-12% stake in Greycoat.But any relief felt by Greycoat chief executive Peter Thornton over the departure of the troublesome shareholder will be tempered by the news that a rival company now controls UKAV’s 11.6% stake.The arrival of Delancey,…
Property Week News, analysis, insight and events for UK property professionals