REC staff

Tesco BL Holdings, a 10-yearold joint venture between British Land and Tesco, has refinanced a £315m loan that was due to mature in December 2009. WestImmo led the five banks that provided the maturing loan, but lost out on the lead role in the refinancing to Eurohypo. Eurohypo has taken a £100mparticipation in the new […]

Aberdeen Property Investors has been allocated £500m from its segregated UK direct property clients to buy UK property.The house is the latest to turn bullish on the market. API UK managing director John O’Connor said the cash was on top of £250m of property acquired for clients in the past three months and that all […]

ArbreIM, Arbuthnot Banking Group’s new property investment management business, has appointed Andrew Strang, James Hyslop and Ruth Lea as external consultants. ArbreIM said the trio would contribute to the investment and management strategy of the funds business and would also play a part in making investment decisions. All three will sit on the investment strategy […]

Study shows open-ended funds’ capital values fell by 2% more than IPD

Many property lenders are asking whether recent increases in property values are sustainable. This is a genuine concern because, although yields have fallen sharply in the past five months, the UK economy is still in recession and rents still falling. The present rises in value are fuelled by scarcity, not by underlying fundamentals, and there […]

EG Capital UK commentary The Macquarie UK REIT share price index rallied in the first half of November to a high for the year of 44.4 on the 17th. But it has drifted down again since then, not helped by what Nomura property analysts called ‘the Dubai effect’ late last month. All UK property shares […]

UK market overview The Jones Lang LaSalle Balanced Fund Index has fallen 10.2% so far this year and 42% from its July 2007 peak, writes Julian Schiller. Taking into account secondary market pricing, peak-to-trough pricing continues to improve, to -35.6% in November, from-37.9% in October. Despite interest from a diverse range of potential buyers, secondary […]

Contracts for 2009 have continued to rally, but modest capital falls are expected in the 2011-2014 period CBRE-GFI market commentary For the third consecutive month, the derivatives market has priced in gains at the front end of the curve but negative sentiment after 2010, writes Michel Heller. The November IPD UK Monthly Index revealed that […]

Funds are looking to buy deeply discounted bonds in hope of gaining control of underlying assets