Wharf raises 1bn to save it from brink September 24, 2009 SONGBIRD Estates, the majority owner of Canary Wharf, yesterday announced a £1.03bn rescue fundraising – the biggest ever in UK real estate history. The group will use the majority of the cash raised to pay down its £800m senior loan with Citi, which was due to expire next year. Without the fundraising, Songbird would have [...]
CITY MOVES WHO’S SWITCHING JOBS September 20, 2009 Land SecuritiesThe property group has appointed Robert Noel, 45, as managing director of its London portfolio, effective from next January. Noel, who will also join the group’s board, has been property director at rival Great Portland Estates since 2002. He also currently holds positions as chairman of the Westminster Property Association and as a non-executive [...]
Fresh tax hikes on business are senseless October 1, 2009 IF you want a taste of things to come, look no further than the devastating tax hikes that are about to hit London’s struggling private sector firms. Business rates are about to jump, in many cases by 30-40 per cent or more. The reason: the tax, which is set by the Treasury but collected by [...]
Fresh tax hikes on business are senseless October 1, 2009 IF you want a taste of things to come, look no further than the devastating tax hikes that are about to hit London’s struggling private sector firms. Business rates are about to jump, in many cases by 30-40 per cent or more. The reason: the tax, which is set by the Treasury but collected by [...]
Reed Elsevier falls on plunging profits and share placing July 30, 2009 ANGLO-DUTCH professional publisher Reed Elsevier last night said that it had raised £894m through an equity placing, which it plans to use to pay down its $8.4bn (£5.1bn) debt-pile. Reed unveiled its plans to launch the share placing of up to 9.9 per cent of its market capitalisation yesterday morning. It said its that its [...]
Reed Elsevier falls on plunging profits and share placing July 30, 2009 ANGLO-DUTCH professional publisher Reed Elsevier last night said that it had raised £894m through an equity placing, which it plans to use to pay down its $8.4bn (£5.1bn) debt-pile. Reed unveiled its plans to launch the share placing of up to 9.9 per cent of its market capitalisation yesterday morning. It said its that its [...]
Gala Coral in 540m debt swap talks October 4, 2009 BINGO hall and casino operator Gala Coral is close to reaching agreement on a crucial £540m debt-for-equity swap, after months of flip-flopping about ways to secure a cash injection for the embattled company. Gala, which in June drafted in investment bank Lazard to look at options to allow it to invest in the downturn, is [...]
WEALTHY OUT TO PLAY FOR SPEAR’S AWARDS September 14, 2009 LAST year, the Spear’s Wealth Management Awards were overshadowed somewhat by frantic whispers among the moneyed guests, who watched via BlackBerry as Congress voted against a $700bn bailout of the US banking industry and their Wall Street stock portfolios plummeted. So it was with some trepidation that those guests entered Christie’s auction house in St [...]
BEST OF THE BROKERS August 18, 2009 REGUSPanmure Gordon downgraded its recommendation from “buy” to “hold” as the firm’s shares inch towards the broker’s target price of 81p after a strong run. The company will come into focus next week when it reports its interim results and Panmure expects pressures to emerge in occupancy and pricing, and is tempted to lock in [...]
Diamond bags a golden boy August 17, 2009 BARCLAYS Capital boss Bob Diamond might well be justified in offering £30m for star metals trader Todd Edgar and his team – the trader is known for his nerves of steel and Midas touch when it comes to market calls. The 35-year old, who has ditched JP Morgan to join Diamond, is well regarded in [...]