JLL cans dividend as profit slumps but predicts turnover boost Property Profit has been slashed at the UK arm of global real estate services giant JLL as “increased market uncertainty” hit its earnings. The London-headquartered division has reported a pre-tax profit of £21.9m for 2023, down from the £60.9m it achieved in 2022. Newly-filed accounts with Companies House also show that its turnover reduced from £460m [...]
British Land splashes out on portfolio of retail parks Property Property giant British Land announced this morning that it has acquired a portfolio of seven high-quality retail parks for £441m. The company said the deal would be funded from existing resources as well as an equity placing of approximately £300m, by way of an accelerated bookbuild offering. The group acquired the retail parks from Canadian [...]
London’s ‘Can of Ham’ tower is up for sale again but price slashed Property London’s ‘Can of Ham’ skyscraper has been put back on sale for a reduced price two years after the first attempt to sell the distinctive building. The property has hit the market with an asking price of £322m, having previously been valued at around £400m when it was last on sale in 2022. The new [...]
City’s office market returned to pre-Covid levels in 2023 September 25, 2024 According to research firm JLL, £6.3bn was invested in London in the first half of 2024, 13 per cent ahead of the same period last year, but still comfortably below the 10-year average. However, the City itself appears particularly attractive for investment, with leasing volumes increasing year-on-year, helping activity return to pre-Covid levels in 2023. [...]
Square Mile and Me: Capital Rise CEO Uma Rajah on navigating London’s fintech scene September 12, 2024 Each week we ask a City figure to take a trip down memory lane. Today, Uma Rajah, CEO of Capital Rise, looks back on her journey from car factory floor to fintech boss.
Exclusive: Abrdn backs property recovery with UK to ‘lead the way’ July 29, 2024 Asset manager Abrdn has moved its view of property from an underweight position to neutral as it argued the UK is leading the way on a global recovery, City A.M. can reveal.
Tenants will have to ‘accept higher rents’ June 16, 2024 “Tenants are just going to have to accept higher rents as there’s no property available”, a fund manager told City A.M.
Qatari sheikh sells Hyde Park mansion to fellow Royal for £39m May 3, 2024 Transferring a luxury property between family members could be to take advantage of tax benefits or to avoid certain taxes associated with inheritance or property ownership.
Dear next government, this is what the real estate sector needs to solve the housing crisis April 23, 2024 Short-term fixes won't get us out of the housing crisis, Daniel Austin writes a letter to the government to explain what will.
Segro hikes rents and eyes expansion following fundraising April 18, 2024 In the first three months of 2024, the real estate investment trust invested £99m in new developments, with £600m total expected to be spent throughout the year, it said in a trading update.