PATHWAYS to PROPERTY Review 2018 Pathways to Property Annual Review 2018
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REAL ESTATE July 2020
LISTED MARKETS – REAL ESTATE July 2020 Leo Zielinski Partner Tel. +44 (0)7980 809031 [email protected] John Rodgers Partner Tel. +44 (0)7810 307422 [email protected] Will Strachan Partner Tel. +44 (0)7929 885859 [email protected] Lloyd Davies We track the share price movement and regulatory announcements Partner of 57 real estate owning listed entities (“Gerald Eve tracked index”). Tel. +44 (0)7767 311254 A summary of the Gerald Eve tracked index in terms of GAV, NAV, [email protected] LTV, Dividend, Share Price, Market Cap, Discount/Premium to NAV and their respective weekly movement is attached. Lorenzo Solazzo Data Analyst We provide a comparison to share price data from 3 February 2020 Tel. +44 (0)783 309 5582 [email protected] (pre-Covid-19 level) to present day to demonstrate the impact across certain entities as a direct result of Covid-19. James Brown Surveyor As at 30 of June, the Gerald Eve tracked index is currently down 30% to pre- Tel. +44 (0)7464 656563 Covid-19 level, under-performing the FTSE350 which is slowly recovering and is [email protected] now down 16%. The tracked listed REITs share price decreased on average 3% since 1 June 2020 (March: -25%, April: +6%, May: -3%). To provide context around the share price movement, the average discount to NAV is currently 31% against 3% pre-Covid-19. It is unsurprising to note that specialist sector entities across Industrial, Healthcare and Supermarkets have out-performed the REIT universe relative to other strategies within the Gerald Eve tracked index. -
A R Y 2 0 0 8 E D I T I O N
F E B R U A R Y 2 0 0 8 E D I T I O N UK Commercial Property Investment Transactions 1 Jan 2008 - 31 Jan 2008 Value of Sales Number £1,481m 73 CONTENTS Total Value of UK Investment Transactions (Year to Date January 2008) SECTOR LISTING........................................ 2 GEOGRAPHICAL LISTING...........................5 4,000 3,633 BUYERS & SELLERS LISTING....................9 3,500 3,161 THREE MONTH YIELD INDEX...................12 3,000 2,829 2,655 ACTIVE PROPERTY INVESTORS.............14 2,500 INVESTMENT STATISTICS.......................18 The monthly bulletin is available in hardcopy and 2,000 PDF formats for £395.00 pa (12 issues). 1,481 1,500 The next edition of the bulletin will be published on Monday 3rd March 2008. m £ Volume Transaction 1,000 This report is intended for general information and is based upon material in our possession or 500 supplied to us, which we believe to be reliable. Whilst every effort has been made to ensure its 0 accuracy and completeness we cannot offer any warranty that factual errors may not have 2004 2005 2006 2007 2008 occurred. Year to Date (Jan - Jan) For further information please visit our website: www.propertydata.com or call 01785 859300 Office Retail Industrial Leisure Other Total Copyright (c) 2008. Property Data Ltd. Year-to-Date Investor Breakdown 1 Jan 2008 - 31 Jan 2008 Institutions Property Co's Private Investor Overseas Other Purchases £m 41 376 218 725 120 Sales £m 660 182 30 205 404 Net Investment £m -619 194 188 520 -284 Year-to-Date Sector Breakdown 1 Jan 2008 - 31 Jan 2008 -
Consultation Statement for SPD3
Consultation Statement Supplementary Planning Document SPD3: Parking Standards and Design February 2012 LOCAL DEVELOPMENT FRAMEWORK LOCAL Trafford LDF – SPD3: Parking Standards and Design Consultation Statement – February 2012 -1- Trafford LDF – SPD3: Parking Standards and Design Consultation Statement – February 2012 CONTENTS 1 Introduction ............................................................................................... 3 2 Statement of Community Involvement Review ......................................... 3 3 Public Consultation ................................................................................... 3 4 Inspecting the Scoping and Issues and SPD3: Parking Standards and Design consultation papers .............................................................................. 4 5 Representations on the Scoping and Issues SPD and the SPD3: Parking Standards and Design consultation papers ..................................................... 4 6 Consultation Responses and Main Issues ................................................ 5 7 Main Changes to the SPD ........................................................................ 5 8. Next Steps ................................................................................................ 7 Appendix 1 - Specific Consultees ................................................................. 8 Appendix 2 – General Consultees ................................................................ 9 Appendix 3 – Other Consultation Bodies ................................................... -
Investment Demand Continues to Recover
Economics Q4 2016: UK Commercial Property Market Survey Investment demand continues to recover • Investment enquiries rise across all sectors • Occupier demand flat for offices and retail, but the industrial sector continues to outperform • Expectations for rental and capital value growth slip back into negative territory in central London The Q4 2016 RICS UK Commercial Property Market Survey Contributors were also asked whether or not they expect to results show investment demand continuing to pick-up see businesses moving from the UK over the next two years. following the volatility reported around the time of the EU At the national level, 39% thought it was likely that relocation referendum. Trends on the occupier side of the market are would occur (up slightly from 33% back in Q3) while the somewhat flatter, with only the industrial sector seeing a rise majority continued to think otherwise. However, over 50% of in tenant demand during Q4. Meanwhile, sentiment remains respondents in Central London, Northern Ireland and Scotland more subdued across London, with respondents (at an do believe firms will choose to move at least some part of their aggregate level) expecting rents and capital values to weaken business activity away from Britain as a result of Brexit. a little further in the near term. Focussing on the investment market, demand continued to Starting with the occupier market, demand from tenants recover for a second straight quarter with growth in enquiries increased modestly at the all-sector level for the second gaining momentum during Q4. Furthermore, all sectors were consecutive quarter. However, according to the feedback, reported to have seen a pick-up in demand, albeit the rise this was once again driven entirely by the industrial segment was only modest in the retail sector. -
City Investment Watch
UK Commercial – January 2021 MARKET IN City Investment MINUTES Savills Research Watch December records highest monthly volume of 2020 bringing the annual total to £4.48Bn. December is historically the busiest month of the year as and retail complex totals approximately 192,700 sq. ft. The investors look to close deals prior to year-end. Any concerns total rent passing is approximately £7.3 million per annum the typical flurry of activity would be impacted by the with approximately 40% of the income expiring in 2021. omnipresent political and economic disruption, principally December saw £1.18Bn focused around lengthy Brexit trade negotiations and the No new assets were marketed in December given the transact over 16 deals ever-evolving Covid-19 pandemic, were allayed swiftly. disruption associated with the November Lockdown and the The largest deal of the year exchanged early in the month Christmas / New Year break. Accordingly, with the rise in contributing to a monthly volume of £1.18Bn, a significant investment turnover there has been an expected fall in the increase on November (£404M) and the 2020 monthly average volume of stock under offer, which currently stands at £1.50Bn of £301.60M, but 31% below December 2019 (£1.69Bn). across 14 transactions. A comparatively strong December contributed to a total Q4 Unsurprisingly given the disruption across both investment volume of £2.14Bn, 34% down on Q4 2019 and 39% down on and occupational markets, investors were principally the Q4 10-year average. Total 2020 transactional volume seeking Core (54% of annual transactional volume over reached £4.48Bn, which is approximately 42.5% down on that 13 transactions) and Core Plus (29% over 29 transactions) achieved in 2019 (£8.18Bn) and 53% below the 10-year average. -
Experts in Central London Planning & Development
EXPERTS IN CENTRAL LONDON PLANNING & DEVELOPMENT PLANNING & DEVELOPMENT Gerald Eve’s planning and development advisory business is one of the most respected in the UK. Consisting of over 100 professionals, we are one of the only fully integrated planning and development teams in our industry. The vast majority of the team are based in central London, working on some of the capital’s largest and most complex projects. Active in all London Acted for Advised all major central boroughs and the London developers and City of London REITS, including British Land, Derwent London, 50% Great Portland Estates, of London First's property Landsec and Stanhope and housing members We act for all the major London million estates, including The Bedford 15 sq ft £12.5 billion Estates, Capital & Counties Covent Garden, The Church of commercial gross development Commissioners, City of London, floorspace approved value The Crown Estate, Grosvenor Britain & Ireland, The Howard de Walden Estate, The Portman Estate, and Soho Estates 2 EXPERTS IN CENTRAL LONDON PLANNING & DEVELOPMENT OUR CENTRAL LONDON CLIENTS OUR CENTRAL LONDON CLIENTS 3 YOUR INTELLIGENT ADVISOR Gerald Eve is recognised among the UK’s leading experts in planning and development. Our clients look to us to help them realise or improve asset value. One of the largest fully integrated planning and development teams in the sector Deep understanding of the entire planning system Harnessing imaginative strategies and a tenacious approach to optimise outcomes Agile, flexible and adaptable to changing -
49 P51 AO1 Hot Noms.Qxp 04/12/2007 17:23 Page 51
49 p51 AO1 Hot noms.qxp 04/12/2007 17:23 Page 51 www.propertyweek.com Analysis + opinion – Hot 100 51 07.12.07 ROLL OF HONOUR The following 527 rising stars were all nominated by readers, but did not receive enough votes to make it on to the Hot 100 list. However, we have decided to publish all of their names to recognise and reward their individual achievements Ab Shome, RBS Caroline McDade, Drivers Jonas Douglas Higgins Ian Webster, Colliers CRE Adam Buchler, Buchler Barnett Celine Donnet, Cohen & Steers Duncan Walker, Helical Bar Ian Webster, Savills Adam Oliver, Coleman Bennett Charles Archer, Colliers CRE Edward Offenbach, DTZ James Abrahms, Allsop Adam Poyner, Colliers CRE Charles Bull, DTZ Corporate Finance Edward Siddall-Jones, Nattrass Giles James Ackroyd, Colliers CRE Adam Robson, Drivers Jonas Charles Ferguson Davie, Moorfield Group Edward Towers James Bain, Mollison Adam Varley, Lambert Smith Hampton Charles Kearney, Gerry O’Connor Elizabeth Higgins, Drivers Jonas James Baker, Nice Investments Adam Winton, Kaupthing Estate Agents Elliot Robertson, Manorlane James Cobbold, Colliers CRE Agnes Peters, Drivers Jonas Charlie Archer, Colliers CRE Emilia Keladitis, DTZ Corporate Finance James Ebel, Harper Dennis Hobbs Akhtar Alibhai, Colliers CRE Charlie Barke, Cushman & Wakefield Emma Crowley, Jones Lang LaSalle James Feilden, GVA Grimley Alan Gardener, Jones Lang LaSalle Charlie Bezzant, Reed Smith Richards Butler Emma Wilson, Urban Splash James Goymour, Edward Symmons Alan Hegarty, Bennett Property Charlote Fourmont, Drivers Jonas -
Investor Presentation
Investor Presentation HY 2020 Our Investment Case 1 2 3 4 Our distinctive The scale and A well-positioned Our operational business model & quality of our development expertise & clear strategy portfolio pipeline customer insight Increasing our focus 22.5m sq ft of Development pipeline Expertise in on mixed use places high quality assets aligned to strategy managing and leasing our assets based on our customer insight Growing London Underpinned by our Provides visibility campuses and resilient balance sheet on future earnings Residential and refining and financial strength Drives incremental Retail value for stakeholders 1 British Land at a glance 1FA, Broadgate £15.4bn Assets under management £11.7bn Of which we own £521m Annualised rent 22.5m sq ft Floor space 97% Occupancy Canada Water Plymouth As at September 2019 2 A diverse, high quality portfolio £11.7bn (BL share) Multi-let Retail (26%) London Campuses (45%) 72% London & South East Solus Retail (5%) Standalone offices (10%) Retail – London & SE (10%) Residential & Canada Water (4%) 3 Our unique London campuses £8.6bn Assets under management £6.4bn Of which we own 78% £205m Annualised rent 6.6m sq ft Floor space 97% Occupancy As at September 2019 4 Canada Water 53 acre mixed use opportunity in Central London 5 Why mixed use? Occupiers Employees want space which is… want space which is… Attractive to skilled Flexible Affordable Well connected Located in vibrant Well connected Safe and promotes Sustainable and employees neighbourhoods wellbeing eco friendly Tech Close to Aligned to -
Consultation Statement Submission Version
Consultation Statement (Submission) November 2019 2 Consultation Statement (Submission) November 2019 Table of contents 1 Introduction ............................................................................................................................... 4 2 Regulation 19 consultation process ........................................................................................... 6 2.1 Notification ................................................................................................................................ 6 Website .................................................................................................................................... 6 Emails ...................................................................................................................................... 6 Social media ............................................................................................................................ 6 Hard copies ............................................................................................................................. 7 2.2 Coverage .................................................................................................................................. 7 Media coverage ....................................................................................................................... 7 Scrutiny Committee ................................................................................................................ 8 Petitions.................................................................................................................................. -
Retail Is Not Dead and Regionally Dominant Shopping Centres Offer an Attractive Value Play
REAL ASSETS Research & Strategy For professional clients only January 2019 Retail is not dead and regionally dominant shopping centres offer anattractive value play Executive summary: ■ The consumer has taken control of the retail relationship which is putting pressure on retailers’ margins, as they face increased competition and a need to invest in a full reconfiguration of their supply chain to offer an “Omni-channel” distribution model ■ This pressure on retailers’ margins is likely to limit rental value growth Justin Curlow prospects over the short-term, as traditional bricks and mortar retailers’ Global Head of Research & Strategy space consolidations leave more voids than online pure play retailers establishing a physical presence absorb ■ In our view, regionally dominant shopping centres and second-tier tourist- oriented city high streets represent an attractive “value play” for investors, as we feel the entire sector is being tainted by the same doomsday brush despite the fact that the operational performance of these schemes remains strong ■ The sector is not without risks, as highlighted by the continued raft of Vanessa Moleiro retailer failures and bankruptcies which could be exacerbated if an economic Research Analyst downturn materialised over the short term. In addition, for those schemes that remain viable and in demand, the retailer-landlord relationship has to respond to a shorter retail life cycle and increased ambiguity across ultimate sales channels ■ Ultimately, we do not think the developed world will stop consuming -
INVESTMENT BRIEF the Definitive Guide to UK Commercial Property Investment
INVESTMENT BRIEF The definitive guide to UK commercial property investment Autumn 2020 geraldeve.com UK COMMERCIAL PROPERTY OVERVIEW AND OUTLOOK The main upfront economic interruption from the country-wide A fall in the equity dividend yield in line with the summer stock coronavirus lockdown has been quantified and UK output is market recovery has meant that the commercial property sector estimated to have fallen by 20.4% in Q2. The UK is officially looks increasingly expensive to income investors. However, in recession – the deepest one in the G7. Despite a 2021 as bond yields have fallen to new lows, and the spreads with bounceback there will be some significant sustained output property are relatively high, there is still a helpful risk premium losses and the economy will not return to its pre-pandemic level cushion for commercial property over the medium term. of output until 2022. The manufacturing sector is set to be hit much harder and take many years longer to recover. Property yields moved out sharply at the end of Q2, notably for Retail and Leisure, where business operations have been Q2 also marks a low point for commercial property investment hardest and most directly hit by the lockdown. For 2020 as transactions, with the total down 70% quarter-on-quarter to a whole we expect rents to fall 3.2% and yields to soften by just over £4 billion. Investors were risk-off in Q2 and trading 60 basis points – driven very much by the beleaguered retail centred on operational assets such as logistics, supermarkets sector. Higher yields will weigh on capital values and we and residential build-to-rent. -
Careers in Property 2016
Careers in Property 2016 This publication has been produced by Savills with the help of recruitment and training experts from real estate firms across the industry. It has been specifically designed for students looking to apply for graduate schemes or work experience. It offers a comprehensive guide to the contributors’ schemes and includes real life case studies. Contents Careers in Property 2016 ...................................................................................................................... 4 What is the APC? .................................................................................................................................. 6 Becoming a Professional; The Pathway to Success.......................................................................... 7 The Importance of Understanding your Client................................................................................ 11 The Value of the APC ......................................................................................................................... 12 Business Skills at the Core of a Career in Property .......................................................................... 14 Life in the Regions – Regional Opportunities ................................................................................... 15 A Career in Property is accessible to all........................................................................................... 17 The Art of Networking ........................................................................................................................