There is a battle brewing in the ashes of the British property market.
Liberty International, a London-based real-estate investment trust that specializes in shopping malls, appears to be the subject of a takeover battle between U.S.-based Simon Property Group and Australian-based Westfield Group.
The rumble in the City comes as property prices in Britain have fallen dramatically and could be a sign that a bottom has materialized in certain market segments.
British property stocks have seen their value cut in half since REITs were first introduced in the country in January 2007. Liberty, which owns London’s famed Covent Garden, has fared better than most of its counterparts, falling just 22 percent during the same time period. The stock may have held its ground as others crumbled due to its primary investment in shopping centers and active buying from opportunistic suitors.
Thursday, August 28, 2008
Friday, August 22, 2008
The Duke of Westminster's property company Grosvenor is developing a framework
The Duke of Westminster's property company Grosvenor is developing a framework to lock in specialist contractors for work on its 120 ha London estate.
The £12.9 billion development and investment firm has more than 760 properties across the estate, which encompasses upmarket Mayfair and Belgravia and has been under the management of the Grosvenor family for 330 years. Project management director Stephen Brewer said the company now wanted to enter a formal arrangement with specialist contractors so as to have "a consistency of approach".
He said Grosvenor had established a three-year renewal framework for general building works across the estate last year, which was won by Renew subsidiary Walter Lilly and property management firm Grangewood.
The £12.9 billion development and investment firm has more than 760 properties across the estate, which encompasses upmarket Mayfair and Belgravia and has been under the management of the Grosvenor family for 330 years. Project management director Stephen Brewer said the company now wanted to enter a formal arrangement with specialist contractors so as to have "a consistency of approach".
He said Grosvenor had established a three-year renewal framework for general building works across the estate last year, which was won by Renew subsidiary Walter Lilly and property management firm Grangewood.
Monday, August 11, 2008
Pinoys laud CREBA real estate fair in London
London-based Filipinos the Manila-based Chamber of Real Estate Builders Association (CREBA) for recently organizing a real estate fair in coordnation with the Philippine embassy. They said that the fair introduced them to the industry and provided them with more options and information in purchasing houses and lots in the Philippines.
"Natutuwa kami at dumating ang CREBA at ipinaliwanag ang kanilang mga housing at real estate projects sa Pilipinas at nakakaenganyo ang kanilang mga sinabi lalo na sa mga overseas foreign workers na nasa Europe," said nurse Rolando Sotelo of the Philippine Nurses Association-UK.
A total of 12 groups from CREBA participated in the event and showed overseas Filipino workers presentations of the real-estate industry in the Philippines.
"Natutuwa kami at dumating ang CREBA at ipinaliwanag ang kanilang mga housing at real estate projects sa Pilipinas at nakakaenganyo ang kanilang mga sinabi lalo na sa mga overseas foreign workers na nasa Europe," said nurse Rolando Sotelo of the Philippine Nurses Association-UK.
A total of 12 groups from CREBA participated in the event and showed overseas Filipino workers presentations of the real-estate industry in the Philippines.
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