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’Snap news
Breaking pre-market news on Tuesday,
- Electrolux warns on profits — statement.
- Q2 results from Nordea fall short of expectations — statement.
- Land Securities to start £275m of retail projects — statement.
Snap news
Breaking pre-market news on Wednesday,
- Icap says full-year pretax profit up 4 per cent – statement.
- Land Securities annual profit up 14 per cent on higher property values – statement.
- Corporate:
Snap news
Breaking pre-market news on Wednesday,
- Icap says it made a good start to new financial year, to pay dividend of 17.55p – statement.
- Land Securities says net asset value rose 16.5 per cent to 691p a share in past year – statement.
Takeover talk boosts FTSE
Takeover speculation helped push the FTSE 100 to a new 10-month high on Thursday, boosting property stocks as rumours circulated of potential interest in both Land Securities and British Land. The Telegraph reports that a consortium of Asian investors has approached Credit Suisse about a possible bid for British Land for as much as £10bn including debt.
LandSecs: No UK property rebound
Land Securities, the UK’s largest property company, has warned that hopes for a recovery in the battered real estate sector are premature after it revealed a record £4.7bn fall in the value of its estate.
UK property groups in £3bn calls
Shareholders in UK real estate companies are being asked to find more than £3bn in less than four weeks to rescue property groups scrambling for cash to pay down debt as asset values tumble. Land Securities,
Land Securities set for £750m issue
Land Securities the UK property company is poised to launch a discounted rights issue later this week in the latest demand for emergency funds from investors in the beleaguered sector. The issue is set to target as much as £750m and to be fully underwritten,
Snap news
Breaking pre-market news on Tuesday,
- IG Group reports 47% revenue increase – statement
- Record reports $12.2bn fall in assets under management in Q4 – statement
- Corporate results/updates:
Snap news
Breaking news on Thursday,
- Persimmon says “short-term outlook remains challenging”; still in talks to renegotiate debt terms – statement
- Land Securities concludes Trillium sale to Telereal for £750m – statement
- Rathbone brothers funds under management fall 20.3% – statement
- Blue Oar board “in dialogue”
UK’s Land Securities suspends demerger
Land Securities confirmed Tuesday it had stopped work on its planned three-way demerger as the UK property group said its net asset value had fallen in value by more than a fifth in the six months to end September.
Snap News
The latest on Wednesday,
- Invensys refinances with new £400m credit facility – statement
- Bluebay asset management reports $2.2bn increase in aum – trading statement
- Land securities says assessing proposals for demerger;
Whittaker link to Land Securities stake
Reclusive British property billionaire John Whittaker has emerged as the source of a £260m stake-building in Land Securities, the UK’s largest property group, using an offshore company called Albright Investments.
Land Securities launches Trillium sale
Land Securities, the UK’s largest property group, on Wednesday began an auction for its Trillium outsourcing business that could fetch up to £1.5bn. The move came just days after outsourcing rival Mapeley received a takeover bid,
Bidders circle UK’s Trillium
Land Securities, the UK’s largest property company, has been approached by private equity firms eager to short-circuit the planned demerger and flotation of its Trillium outsourcing business, valued at £1bn-£1.5bn.
Land Securities to split off Trillium with £1bn tag
Land Securities is set to demerge its Trillium outsourcing business into a separately listed company valued at more than £1bn, reports the Times. The move to break up Britain’s largest reit follows months of discussions between Paul Myners,
UK property shares slump
The UK property sector resumed its downward slide on Thursday after a leading broker forecast further share price weakness. Although the FTSE Real Estate sector has fallen 30 per cent so far this year,
Laxey Partners presses Land Securities on sale
Laxey Partners, the UK activist investors group, is back at it again – this time taking aim at Land Securities and its £1bn Trillium outsourcing business, which it believes is undervalued as part of the wider property group,
Investors cool on ‘daft’ Land Securities split
Shareholders in Land Securities are lukewarm about the prospect of the UK’s largest property company splitting itself up. The company said it had begun a review of its structure to examine options including a break-up.
Break up report lifts UK’s Land Sec
So is this a yes, or a no, or a maybe? Asked by The Daily Telegraph whether Land Securities had any specific plans, such as a break-up, chairman Paul Myners said:
Nothing I’m going to comment on.
No matter.
UK Reits the world’s worst performers
So much for hopes that Britain’s fledgling Reits market would take off. There was a lot of hype before the UK introduced real estate investment trusts in January, but the reality could not be further from the hype,