Sept 25 (Reuters) - Citigroup upgraded the UK real estate sector to "neutral" from "underweight" as it envisages a recovery in direct real estate, but said it remained unclear on the timing.
In a research note, analyst Harry Stokes said while he sees glimmers of light in lower interest rates and profitable lending margins, he also sees near-term risks associated with global financial services and the UK economy.
Tuesday, September 30, 2008
Saturday, September 20, 2008
U.K. Property Stocks Gain the Most in Almost 23 Years
U.K. property companies led by Land Securities Group Plc and British Land Co. climbed the most in almost 23 years in London after the U.K. and U.S. stepped up efforts to ease the credit-market seizure.
The FTSE 350 Real Estate Index rose as much as 15 percent, the most since the index started at the beginning of 1986. It was 5.3 percent higher at 9:55 a.m. in London, paring this year's decline to 16 percent.
``It has to come down to the action that is happening on both sides of the Atlantic,'' said John Perry, a property analyst at Deutsche Bank AG in London. ``Real estate preceded the broader market on the way down and from a fundamental standpoint, it was closer to the bottom than other industries.''
The FTSE 350 Real Estate Index rose as much as 15 percent, the most since the index started at the beginning of 1986. It was 5.3 percent higher at 9:55 a.m. in London, paring this year's decline to 16 percent.
``It has to come down to the action that is happening on both sides of the Atlantic,'' said John Perry, a property analyst at Deutsche Bank AG in London. ``Real estate preceded the broader market on the way down and from a fundamental standpoint, it was closer to the bottom than other industries.''
Wednesday, September 10, 2008
ING UK Real Estate sells London retail property for 10.5 mln pounds
LONDON (Thomson Financial) - ING UK Real Estate Income Trust Ltd. said it has sold a London retail property for a total 10.5 million pounds to Waitrose Ltd., to help complete repayment of outstanding non-securitised borrowings before the end of 2008.
The Guernsey registered closed-ended investment company added that the sale price reflects a net initial yield of 3.57 percent. Completion is due on Sept. 19.
The Guernsey registered closed-ended investment company added that the sale price reflects a net initial yield of 3.57 percent. Completion is due on Sept. 19.
Tuesday, September 2, 2008
London Luxury Real Estate Down for 1st Time in 5 Yrs.
Luxury residential real estate prices in central London, the world's most expensive city, have had their first annual decline since 2003 due to worsening economic conditions. The average price of houses and apartments in London's nine most expensive neighborhoods fell 1.6 percent in August from a year earlier, according to an index of properties valued at $2 million or more, Bloomberg reports.
While it's no secret that London prices have been dropping - my colleague Deidre Woollard reported on the trend in July - this is the first time the full scope of the decline has been assessed. Total prime residential sales in London are down an astounding 46 percent from last year; the downturn is being blamed on "pessimism in the financial services sector."
Some mega-rich moguls, such as Ukrainian billionaire Viktor Pinchuk, who paid over $150 million for a five-story London townhouse earlier this year, are doing their share to prop up the market.
While it's no secret that London prices have been dropping - my colleague Deidre Woollard reported on the trend in July - this is the first time the full scope of the decline has been assessed. Total prime residential sales in London are down an astounding 46 percent from last year; the downturn is being blamed on "pessimism in the financial services sector."
Some mega-rich moguls, such as Ukrainian billionaire Viktor Pinchuk, who paid over $150 million for a five-story London townhouse earlier this year, are doing their share to prop up the market.
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