IWG buoyed by workers returning to the office Business Hybrid workspace platform International Workplace Group (IWG) has reported an uptick in revenue boosted by strong growth in its managed and franchised properties. Revenue grew by two per cent in the three months to 30 September, 2024, on a year-on-year constant currency basis, the company told markets this morning. The firm grew revenue at its managed and [...]
Hotel group PPHE reports double-digit growth after strong summer Property Hospitality real estate group PPHE has reported strong growth driven by higher occupancy rates in central and eastern Europe. The LSE-listed company posted record revenue of €125.4m (£104.8m), an increase of €12.6m, or 11 per cent, year on year. The firm, which is registered in Guernsey, said that demand continued to increase for its city centre hotels [...]
JLL cans dividend as profit slumps but predicts turnover boost Property Profit has been slashed at the UK arm of global real estate services giant JLL as “increased market uncertainty” hit its earnings. The London-headquartered division has reported a pre-tax profit of £21.9m for 2023, down from the £60.9m it achieved in 2022. Newly-filed accounts with Companies House also show that its turnover reduced from £460m [...]
British Land splashes out on portfolio of retail parks October 3, 2024 Property giant British Land announced this morning that it has acquired a portfolio of seven high-quality retail parks for £441m. The company said the deal would be funded from existing resources as well as an equity placing of approximately £300m, by way of an accelerated bookbuild offering. The group acquired the retail parks from Canadian [...]
London’s ‘Can of Ham’ tower is up for sale again but price slashed September 25, 2024 London’s ‘Can of Ham’ skyscraper has been put back on sale for a reduced price two years after the first attempt to sell the distinctive building. The property has hit the market with an asking price of £322m, having previously been valued at around £400m when it was last on sale in 2022. The new [...]
City’s office market returned to pre-Covid levels in 2023 September 25, 2024 According to research firm JLL, £6.3bn was invested in London in the first half of 2024, 13 per cent ahead of the same period last year, but still comfortably below the 10-year average. However, the City itself appears particularly attractive for investment, with leasing volumes increasing year-on-year, helping activity return to pre-Covid levels in 2023. [...]
Square Mile and Me: Capital Rise CEO Uma Rajah on navigating London’s fintech scene September 12, 2024 Each week we ask a City figure to take a trip down memory lane. Today, Uma Rajah, CEO of Capital Rise, looks back on her journey from car factory floor to fintech boss.
Exclusive: Abrdn backs property recovery with UK to ‘lead the way’ July 29, 2024 Asset manager Abrdn has moved its view of property from an underweight position to neutral as it argued the UK is leading the way on a global recovery, City A.M. can reveal.
Tenants will have to ‘accept higher rents’ June 16, 2024 “Tenants are just going to have to accept higher rents as there’s no property available”, a fund manager told City A.M.
Qatari sheikh sells Hyde Park mansion to fellow Royal for £39m May 3, 2024 Transferring a luxury property between family members could be to take advantage of tax benefits or to avoid certain taxes associated with inheritance or property ownership.