DOCSLIB.ORG

UK Commercial Property Investment Review Q3 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
UK Commercial Property Investment Review Q3 2014 Moving towards a new phase in the cycle Yields compress at fastest rate in five years UK Commercial Property Investment Review Q3 2014 sponsored by CoStar Group Table of Contents Overview ........................................................................ 3 Major Events (Q1 -Q3 2014) ............................................ 4 Key Transactions in Q3 2014 ............................................ 7 Highlights from CoStar Data ........................................... 8 Retail on the Upswing ..................................................... 9 Majority of Investment Flows into Regions ....................... 10 Foreign Investment Spreading Beyond London ................. 11 East Asian Capital Flocks to UK Real Estate ...................... 12 Yields Below Five-Year Averages in All Sectors ................... 16 Are Strategies Starting to Shift? ...................................... 17 League Tables: Familiar Faces at the Top .......................... 18 League Tables: Spotlight on Single Branch ........................ 19 Data, Analytics and News Have Come Together .............. 21 Get in Touch with CoStar ................................................ 23 Every effort has been made to ensure the accuracy of the information held within this report. The publisher cannot accept liability for any loss/ damage which may arise as a result of any error or omission of any data. Any data reproduced from this analysis must be accredited to CoStar. Investment Review Q3 2014 Overview Key Figures UK CRE investment is set for its strongest year since 2006, propelled by another strong quarter of trading in Q3 2014. Investment totalled £15.2bn £15.2bn invested in UK commercial across 750 transactions, a jump of 20% Y-o-Y. properties in Q3 2014 Assuming the average Q3 to Q4 uplift is consistent up 20% with the previous four years’ results, UK CRE on Q3 2013 investment is projected to top £62bn in 2014, the highest annual total since 2006. share of investment again in Q3 with 40% of all £4.5bn invested in the retail sector investment, the quarter was notable for the weight of capital ploughed into the UK’s retail sector, and a 54% increase from retail warehouses in particular. Investment in this Q3 2013 subsector quadrupled Q-o-Q to £1.6bn, by far the were also popular in Q3, with more than £1 billion average all traded in this sector for only the second time in the property yield last seven years. 6.97% In a continuation of the recent trend, investment its lowest level outside of London strengthened further in since Q2 2010 accelerating economy, improving market pricing in London. As in Q2, 55% of investment found its way into the regions (excluding multi- 55% region portfolios), the highest percentage since Q1 of total volume invested outside London 2011. the joint highest The sheer weight of demand is pushing down yields share since Q1 2011 across the board. The average all-property yield tumbled another 57bps over the quarter to 6.97%, its lowest level since Q2 2010. However, with yields £2.5bn in all property sectors, rental growth will need to invested in “Big Six” regional cities over the last year replace sentiment as the primary driver of capital value growth over the next 12 months. The time up 150% for picking up well-let assets and waiting for yield on the previous 12 months compression to drive values looks to be at an end. 3 CoStar Group Major Events January February March £ £ £ £ £ £ Apollo Global Management buys Aviva's Project Moon portfolio for £352m at 11.2% yield. The £1.7bn sale of Union Investment buys US investor Hines, on behalf Hyperion Portfolio Westfield sells stakes in More London to St Martins One Snowhill in Birmingham of a German pension fund, (55 properties) bought by three shopping centres Investment completes. for £125m at 6.2% yield. purchases Sixty London, Legal & General for £556.5m. (Merry Hill, Derby, The joint highest UK property EC1, for £245m at 4.75% yield. It is the largest portfolio Sprucefield) to Intu for a transaction of all time. The building was fully leased sale of Q1. combined £868m. to Amazon in 2013. Developers reveal that two Wave of spec industrial prominent, hitherto-stalled plans announced with shopping centre developments - IM Properties’ 54,000 Westgate in Oxford and SF in Solihull, SEGRO’s M&G goes under offer Asda leases 310,000 SF EY pre-lets 205,000 SF at 25 Barclays Bank takes Victoria Gate in Leeds - 93,000 SF in West on a 300,000 SF pre-let distribution warehouse in Churchill Place in London 81,000 SF at 4 Piccadilly will begin construction soon. London, and Prologis’ of 120 Fenchurch Street Belvedere as retailers Docklands. EY will pay Place in Manchester's 340,000 SF in in London's City Core, continue to drive demand £48.50/SF and relocate from largest leasing deal for Leasing & Leasing Northampton and in the latest sign of for logistics. Becket House in London's a year. 140,000 SF at Heathrow. Development strength in the City's Southbank in 2015. occupier market. 130 + 126 After four years of falling real wages, 115.9 116.9 rises in earnings matched inflation, 122 Consumer confidence which fell further. 118 turns positive for 112.8 114 UK inflation rate falls to the first time since 1.9%, below the Bank of Unemployment figures show March 2005. OECD forecast: UK to grow by 110 England's 2% target for the a further drop to 7.2% in the three 0.8% in Q1 and Q2, outpacing 106 first time since 2009. months to December 2013. US, Japan, and Germany. Economic 102 Sentiment 98 94 102.4 - 100.9 101.2 90 UK Sentiment Eurozone Sentiment 100 = Long term average Economic Sentiment Source: European Commission 4 Investment Review Q3 2014 April May June £ £ £ £ £ £ SWIP agrees a £92m deal to M&G Real Estate Legal & General Property forward-fund 167,000 SF of purchases a Sainsbury's forward-fund new Waitrose speculative office space at store in East Dulwich for distribution centre in Milton Following intense bidding, 10 Upper Bank Street in Big month for London: 12 Hammersmith Grove in £68m at a 3.95% yield in Keynes in a £114m deal at a Land Securities buys Lend London's Docklands Blackstone under offer on West London. Completion the largest supermarket yield of just 4.64%. Lease's 30% stake in the bought by China Life, Qatar Investment Alban Gate in the City for due in Q1 2016. trade of Q2. Bluewater shopping centre Holding and Canary Wharf £300m, while Tishman in Kent for £696m, Group for £795m in the Speyer acquires 33 Holborn reflecting a yield of 4.10%. largest deal of Q2. for £311m. Work starts on the 1.06m SF A14 Central distribution London's Southbank set centre in Northamptonshire for building boom as following a major pre-let to 1.45m SF Shell Centre FCA signs 425,000 SF an international retailer. and 1.42m SF Elizabeth pre-let at Stratford's new House schemes given International Quarter. FCA Estée Lauder pre-lets the green light. Carlyle will move in 2018 and be entire 152,000 SF at 1 Japanese bank Mizuho Law firm Slater & Gordon Group also launches Leasing & Leasing joined by TFL, which Fitzroy Place in London's pre-lets 193,000 SF at completes major Manchester Bankside Quarter. Development agreed a 250,000 SF West End in the West End's Two New Ludgate in the HQ move, leasing the entire pre-let. biggest deal since 2011. City in a strong month for 104,000 SF at 58 Mosley Street. London leasing. 130 UK economy expands + 126 by 0.9% in Q2, as GDP 119.5 finally edges above 120.7 122 118.5 its pre-crisis peak. 118 BoE Governor Mark Carney gives A record 345,000 jobs were added 114 a strong indication that interest in the three months to April, Service sector confidence rates will rise before the end of 110 bringing the UK unemployment rises to its highest level the year, ahead of market rate down to 6.6%. 106 since June 1998. expectations. Economic 102 Sentiment 98 - 94 102 102.7 102 90 UK Sentiment Eurozone Sentiment 100 = Long term average Economic Sentiment Source: European Commission 5 CoStar Group Major Events July August September £ £ £ £ £ £ £ £ NFU Mutual buys Capital & Regional Manchester's Chancery buys 63% stake in Place for £57m at a Aviva and Karoo's The 5.1% yield, as investor interest in the regions Mall Fund for £213m. SWIP acquires BT's Magna starts squeezing yields. Taiwanese investor Cathay Life makes its UK debut Park distribution centre JP Morgan prepares to sell with the £320m from receivers for £45.4m at Goldman Sachs, GoldenTree M&G acquires Two Riverside South in acquisition of Woolgate a 5.1% yield. and Avenue acquire portfolio of Snowhill in Birmingham Docklands, once Blackstone acquires 125 Exchange in the City of 144 nationwide hotels leased for £140m at a 6% yield, Investment earmarked to become its Old Broad Street in the City London. European HQ and one of of London for £320m at a to Travelodge for an estimated in a further sign of London's largest schemes. 4.9% yield. £520m in an all cash purchase. investor interest in the UK's regional cities. CTP and Development Philip Morris Ltd takes final Securities begin work on 3 34,000 SF at 10 St Paul's Place, Sheffield's Hammersmith Grove, pushing first spec office since the office vacancy in Amazon signs for a 1m SF recession. Havas leases 164,000 SF at King's Cross in In the largest office letting in Hammersmith down to a mega-shed at the Royal London's largest office Scotland, Abstract signs 10-year low of 4.1%. Oak Distribution Centre in Norwegian firm Aker ASA to Daventry, paying £4.50/SF.
Load more

Recommended publications
  • May CARG 2020.Pdf
    ISSUE 30 – MAY 2020 ISSUE 30 – MAY ISSUE 29 – FEBRUARY 2020 Promoting positive mental health in teenagers and those who support them through the provision of mental health education, resilience strategies and early intervention What we offer Calm Harm is an Clear Fear is an app to Head Ed is a library stem4 offers mental stem4’s website is app to help young help children & young of mental health health conferences a comprehensive people manage the people manage the educational videos for students, parents, and clinically urge to self-harm symptoms of anxiety for use in schools education & health informed resource professionals www.stem4.org.uk Registered Charity No 1144506 Any individuals depicted in our images are models and used solely for illustrative purposes. We all know of young people, whether employees, family or friends, who are struggling in some way with mental health issues; at ARL, we are so very pleased to support the vital work of stem4: early intervention really can make a difference to young lives. Please help in any way that you can. ADVISER RANKINGS – CORPORATE ADVISERS RANKINGS GUIDE MAY 2020 | Q2 | ISSUE 30 All rights reserved. No part of this publication may be reproduced or transmitted The Corporate Advisers Rankings Guide is available to UK subscribers at £180 per in any form or by any means (including photocopying or recording) without the annum for four updated editions, including postage and packaging. A PDF version written permission of the copyright holder except in accordance with the provision is also available at £360 + VAT. of copyright Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency, Barnard’s Inn, 86 Fetter Lane, London, EC4A To appear in the Rankings Guide or for subscription details, please contact us 1EN.
    [Show full text]
  • Committed to Journeysbetter Making Customers'
    Committed to making customers’ journeys better Halfords Group plc Group Halfords Annual Report and Accounts for the period ended 1 April 2016 for and Accounts Annual Report Halfords Group plc Annual Report and Accounts for the year ended 1 April 2016 Stock Code: HFD www.halfordscompany.com slugline Introduction to For more than 110 years Halfords has been synonymous with travel. We are the UK’s leading retailer of automotive and cycling products, and a leading independent operator in auto repair. Many of our brands hold number one sales positions, and we see clear opportunities to grow market share in the short and long-term future. Our Vision Our vision is clear: • To be first choice for customers’ life on the move • We will achieve this by being Committed to Making Customers’ Journeys Better 462 Retail stores in the UK and ROI (as of 1 April 2016) 314 Autocentres across the UK (as of 1 April 2016) 10 Cycle Republic stores (as of 1 April 2016) £1bn Group Revenue Business Model Evolved for future orientation Pages 10 and 11 Defining our CSR Strategy Integrated into every aspect of business Page 10 Strategy Connected strategic thinking Pages 14 and 20 Risk Identifies key material interdependencies Page 30 Our Integrated Report This is our third integrated report and is designed to provide a concise In producing this report we overview of how we generate value for all stakeholders. By following have: built upon the key an integrated reporting model, we aim to show how our competitive advantage is sustainable in the short, medium, and long term.
    [Show full text]
  • 10 Upper Bank Street Technical
    TEN UPPER BANK STREET CANARY WHARF ESTATE 01 TEN UPPER BANK STREET SUMMARY GRADE A OFFICE ACCOMMODATION WITH EXCELLENT NATURAL LIGHT - LANDMARK BUILDING SITUATED IN THE HEART OF CANARY WHARF - COLUMN-FREE TOWER FLOORS WITH PANORAMIC VIEWS - 57,000 SQ FT TRADING FLOORS WITH DIRECT ESCALATOR ACCESS - ACCESS STRAIGHT ON TO JUBILEE PLACE AND UNDERGROUND - OPPORTUNITY FOR DEDICATED SELF-CONTAINED ENTRANCE AND RECEPTION - ENHANCED CAT A SPECIFICATION - WATER FRONTAGE ON TWO SIDES - CANARY WHARF TO HEATHROW AIRPORT IN 39 MINUTES WITH COMPLETION OF CROSSRAIL IN 2018 02 TEN UPPER BANK STREET RECEPTION AN IMPRESSIVE WELCOME TO YOUR NEW OFFICE... The expansive, light-filled reception benefits from high quality finishes including limestone, granite and marble. The entrance is conveniently located on the doorstep of Jubilee Place - a lively hub of shops, bars and restaurants - and the Jubilee Line Canary Wharf station, DLR and underground car parks. 03 TEN UPPER BANK STREET NOT JUST AN ADDRESS EVERYTHING YOU WOULD EXPECT FROM A WORLD CLASS OFFICE BUILDING, AND MORE... - Swimming pool - Gym - Squash courts - Cycling changing room / showers - Treatment rooms - Event space - Staff restaurant *Please note, some facilities are only available to larger lettings 04 TEN UPPER BANK STREET NOT JUST AN ADDRESS EVERYTHING YOU NEED TO ENTERTAIN YOUR CLIENTS AND INSPIRE YOUR TEAM - Level 30 private dining rooms - 250 seat auditorium - Client lounge - Private meeting rooms - Basement car parking - Hospitality lounge *Please note, some facilities are only available
    [Show full text]
  • Places for People Capital Markets Plc Places for People Homes Limited Places for People Treasury Plc
    OFFERING CIRCULAR PLACES FOR PEOPLE CAPITAL MARKETS PLC (incorporated in England as a public limited company under the Companies Act 2006 with registered number 7623063) and PLACES FOR PEOPLE HOMES LIMITED (incorporated in England as a registered society with limited liability under the Co-operative and Community Benefit Societies Act 2014 with registration number 19447R and registered with the Regulator of Social Housing under the Housing and Regeneration Act 2008 (as amended), with number L0659) and PLACES FOR PEOPLE TREASURY PLC (incorporated in England as a public limited company under the Companies Act 2006 with registered number 9272235) £2,000,000,000 Euro Medium Term Note Programme Under this £2,000,000,000 Euro Medium Term Note Programme (the Programme), Places for People Capital Markets plc, Places for People Homes Limited and Places for People Treasury plc (the Issuers and each an Issuer and references to the relevant Issuer being to the Issuer of the relevant Notes) may from time to time issue notes (the Notes) denominated in any currency agreed between the relevant Issuer and the relevant Dealer (as defined below). The payment of all amounts due in respect of Notes issued by Places for People Capital Markets plc and Places for People Treasury plc will be jointly and severally guaranteed by Places for People Homes Limited, Places for People Living+ Limited, Castle Rock Edinvar Housing Association Limited, Cotman Housing Association Limited and Derwent Housing Association Limited (each a Guarantor and, together, the Capital Markets/Treasury Guarantors). The payment of all amounts due in respect of Notes issued by Places for People Homes Limited will be jointly and severally guaranteed by Places for People Living+ Limited, Castle Rock Edinvar Housing Association Limited, Cotman Housing Association Limited and Derwent Housing Association Limited (each a Guarantor and, together, the Homes Guarantors).
    [Show full text]
  • Important Notice
    IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S. IMPORTANT: You must read the following before continuing. The following applies to the Prospectus attached to this electronic transmission, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES OF THE ISSUER FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. THE FOLLOWING PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN PARTICULAR, MAY NOT BE FORWARDED TO ANY U.S. PERSON. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.
    [Show full text]
  • Pdf, As Defined As Eligible Projects in the Section "Use of Proceeds"
    BASE LISTING PARTICULARS ARLA FOODS AMBA (incorporated as a co-operative in the Kingdom of Denmark) AND ARLA FOODS FINANCE A/S (incorporated with limited liability in the Kingdom of Denmark) and in respect of the Notes issued by Arla Foods Finance A/S, guaranteed by ARLA FOODS AMBA EUR 750,000,000 Euro Medium Term Note Programme ___________________________________ Under the Euro Medium Term Note Programme described in this base listing particulars (the "Base Listing Particulars") (the "Programme"), Arla Foods amba ("Arla Foods") and Arla Foods Finance A/S ("Arla Finance") (each an "Issuer" and together the "Issuers"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue euro medium term notes (the "Notes"). Notes issued pursuant to the Programme may include Notes issued by each Issuer designated as "Danish Notes" in the applicable Pricing Supplement. The payment of all amounts due in respect of any Notes issued by Arla Finance will be unconditionally and irrevocably guaranteed by Arla Foods (the "Guarantor"). The Notes may be issued on a continuing basis to one or more of the Dealers specified herein and any additional Dealer appointed under the Programme from time to time by the Issuer (each a "Dealer" and together the "Dealers"), which appointment may be for a specific issue or on an on-going basis. This Base Listing Particulars does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 as amended (the "EU Prospectus Regulation"). The Issuer is not offering the Notes in any jurisdiction in circumstances that would require a prospectus to be prepared pursuant to the EU Prospectus Regulation.
    [Show full text]
  • 19666 Sq Ft / 1827 Sq M
    25 CANADA SQUARE CLEAR ADVANTAGE 25 CANADA SQUARE CANARY WHARF CLEAR ADVANTAGE 25 CANADA SQUARE CLEAR ADVANTAGE 25 CANADA SQUARE OFFERS OCCUPIERS UP TO 175,000 SQ FT OF THE HIGHEST, QUALITY OFFICE SPACE IN LONDON. POSITIONED AT THE CENTRE OF CANARY WHARF, 25 CANADA SQUARE IS ONE OF THE TALLEST BUILDINGS IN EUROPE AT 200 METRES AND PROVIDES UNIQUE VIEWS ACROSS LONDON AND THE SOUTH EAST. SPACE ON THE UPPER FLOORS FROM 2,500 SQ FT IS IMMEDIATELY AVAILABLE. 25 CANADA SQUARE CLEAR ADVANTAGE GETTING HERE CANARY WHARF CONTINUES TO PROVE TO BE EUROPE’S MOST SUCCESSFUL BUSINESS DESTINATION, WITH OVER 93,000 PEOPLE CURRENTLY WORKING HERE DAILY. 69,759 TRAVEL ON 695 JUBILEE LINE TRAINS AND 30,000 ON 1,300 DLR TRAINS, 7,500 JOURNEYS ARE MADE DAILY USING 5 BUS ROUTES, THERE ARE ALSO EXTENSIVE CYCLE PATHS AND UNDERGROUND CAR PARKING FACILITIES ON SITE. THE CAPACITY OF BOTH THE DLR AND JUBILEE LINES ARE BEING INCREASED BY 2009. 25 CANADA SQUARE CLEAR ADVANTAGE BEING HERE 75 RESTAURANTS, BARS AND EATERIES DELIVERING A WIDE VARIETY OF CULINARY EXPERIENCES FROM TAPENYAKI TO TAKEAWAYS EVERY DAY. CANARY WHARF IS THE SECOND LARGEST SHOPPING DESTINATION IN LONDON OFFERING 740,000 SQ FT OF RETAIL SPACE (OVER 800,000 PEOPLE SHOP HERE WEEKLY), THERE ARE OVER 105 SHOPS EMPLOYING 4,400 PEOPLE, 3 SUPERMARKETS, 10 BANKS, 4 MEDICAL CENTRES, 6 CRÈCHES, 2 HEALTH CLUBS AND 4 HOTELS PROVIDING HIGH QUALITY ACCOMMODATION. 25 CANADA SQUARE CLEAR ADVANTAGE AT THE CENTRE OF IT ALL 25 CANADA SQUARE IS POSITIONED DIRECTLY IN THE CENTRE OF THE CANARY WHARF DISTRICT OVERLOOKING CANADA SQUARE AND CAN BE ACCESSED DIRECTLY FROM ALL TRANSPORT, RETAIL AND LEISURE AMENITIES, VIA THE COVERED PEDESTRIAN NETWORKS BELOW GROUND AT CONCOURSE LEVEL.
    [Show full text]
  • BUILDING 7 Westferry Circus, E14 4HB
    TO LET - OFFICE THE COLUMBUS BUILDING 7 Westferry Circus, E14 4HB Key Highlights · 15,650 sq ft · 72 car parking spaces · 20 motocycle spaces · 55 bike spaces · 4 passenger lifts · Showers and lockers · Air conditioning SAVILLS West End 33 Margaret Street London W1G 0JD 020 7499 8644 savills.co.uk Location London Underground’s Jubilee line links you to the West End, London Bridge and Waterloo, while the DLR takes you to Bank and London City Airport in no time. Add in local buses and extensive cycle networks as well as over 300 Santander Cycle docking stations and any journey is easy. Canary Wharf Pier offers up to eleven services an hour east and west along the river. When train services begin, Crossrail will make travelling to and from Canary Wharf even easier. It will provide fast, direct access to the City, West End, Heathrow and Reading to the west; and Stratford, Shenfield and Woolwich to the east. Description A unique riverside position, The Columbus Building offers remarkable yet attainable river views in Central London. It has been comprehensively remodelled and redesigned to create 160,000 sq ft of Grade A office space, across eight upper office floors. The Columbus Building offers one of the most attractive and dynamic working environments in Central London. Bright open spaces, a dual entrance reception and simple floorplates create an attractive environment. It is a 5 minute walk from Canary Wharf Underground Station, Crossrail Place, Canary Wharf DLR and Westferry DLR. Accommodation The accommodation comprises of the following Name Sq ft Sq m Tenure Availability 7th 15,650 1,453.93 To let Available Total 15,650 1,453.93 Specification Comprehensively remodelled, Grade A office accommodation.
    [Show full text]
  • FIRSTRAND BANK LIMITED Euro Medium Term Note
    FIRSTRAND BANK LIMITED (Registration Number 1929/001225/06) (incorporated with limited liability in South Africa) U.S.$1,500,000,000 Euro Medium Term Note Programme This Base Prospectus has been approved by the United Kingdom Financial Services Authority (the ‘‘FSA’’), which is the United Kingdom competent authority for the purposes of Directive 2003/71/EC (the ‘‘Prospectus Directive’’) and relevant implementing measures in the United Kingdom, as a base prospectus issued in compliance with Article 5.4 of the Prospectus Directive and relevant implementing measures in the United Kingdom for the purpose of giving information with regard to the issue of notes (‘‘Notes’’) issued under the Euro Medium Term Note Programme (the ‘‘Programme’’) described in this Base Prospectus during the period of twelve months after the date hereof. Applications have been made for such Notes to be admitted during the period of twelve months after the date hereof to listing on the Official List of the FSA and to trading on the gilt edged and fixed interest market of the London Stock Exchange plc which is a regulated market for the purpose of Directive 2004/39/EC (the Markets in Financial Instruments Directive) (the ‘‘London Stock Exchange’’). The Programme also permits Notes to be issued on the basis that they will not be admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system or to be admitted to listing, trading and/or quotation by such other or further competent authorities, stock exchanges and/or quotation systems as may be agreed with the Issuer.
    [Show full text]
  • Sthree Plc R Eport & Accounts 2008
    SThree plc Report & Accounts 2008 SThree plc Company Information and Corporate Advisers Executive Directors Registrars (ordinary shares) Russell Clements Capita Registrars Gary Elden Northern House Alex Smith Woodsome Park Sunil Wickremeratne Fenay Bridge Huddersfield Non-Executive Directors HD8 0GA Tel: (UK) 0871 664 0300* Sir Anthony Cleaver Tel: (Non UK) +44 208 639 3399 Paul Bowtell Email: [email protected] Alicja Lesniak Web: www.capitaregistrars.com Tony Ward * Calls at 10p per minute plus network extras Nadhim Zahawi Solicitors Secretary and Registered Office Linklaters Steve Hornbuckle One Silk Street 41-44 Great Windmill Street London London EC2Y 8HQ W1D 7NB Clifford Chance LLP 10 Upper Bank Street Company number London E14 5JJ 3805979 Financial Advisers & Stockbrokers Contact details UBS Investment Bank Tel: 020 7292 3838 1 Finsbury Avenue Fax: 020 7292 3839 London Email: [email protected] EC2M 2PP Web: www.sthree.com Investec Investment Banking Auditors 2 Gresham Street PricewaterhouseCoopers LLP London EC2V 7QP 1 Embankment Place London WC2N 6RH Financial PR Citigate Dewe Rogerson 3 London Wall Buildings London Wall London EC2M 5SY SThree plc Contents 1 Board of Directors and Secretary 3 Chairman’s Statement 5 Financial Highlights 6 Chief Executive Officer’s Review 10 Chief Financial Officer’s Review 12 Directors’ Report 18 Directors’ Remuneration Report 24 Corporate Governance Report 30 Corporate Social Responsibility Report 35 Audit Opinion 37 Consolidated Income Statement 38 Balance Sheets (Consolidated and Company) 39 Consolidated Statement of Changes in Equity 40 Company Statement of Changes in Equity 41 Cash Flow Statement 42 Notes to the Financial Statements 88 Five Year Financial Summary Inside Back Cover Shareholder information Board of Directors and Secretary Report & Accounts 2008 The Board brings together a wealth of experience across differing sectors and businesses on an international basis.
    [Show full text]
  • View Annual Report
    Halfords Group plc Annual Report and Accounts for the period ended 3 April 2015 www.halfordscompany.com Stock Code: HFD Halfords Group plc Group Halfords GETTING INTO GEAR 2015 Annual Report and Accounts for the period ended 3 April 2015 23744-04 PROOF DOCUMENT SHELL 09-02-2015 Introduction to HALFORDS For more than 110 years Halfords has been synonymous with travel. We are the UK’s leading retailer of automotive and cycling products, and the leading independent operator in auto repair. Many of our brands hold number one sales positions, and we see clear opportunities to grow market share in the short and long-term future. Our vision is clear: we help and inspire our customers with their life on the move. GROUP AT A POINT RETAIL GLANCE STRATEGY HELPING AND RETAIL INSPIRING To deliver growth in retail across our three CUSTOMERS strategic pillars, we are pursuing a five-point WITH THEIR LIFE programme called Getting Into Gear, which is designed to deliver a significantly improved ON THE MOVE customer experience. Read more on Retail Strategy on pages 14 and 15 GROUP POINT AUTOCENTRES STRATEGY 4 STRATEGY AUTOCENTRES Our footprint of over 300 Autocentres puts us within convenient reach of the majority of the UK population, meaning we are uniquely placed to Read the Operational Review on fulfil our first strategic pillar, Supporting Drivers of page 12 Every Car. Read more on Autocentres Strategy on pages 16 and 17 23744-04 PROOF DOCUMENT SHELL 09-02-2015 STRATEGIC OUR FINANCIAL SHAREHOLDER REPORT GOVERNANCE STATEMENTS INFORMATION OVERVIEW FACTS
    [Show full text]
  • CYBG PLC (Incorporated with Limited Liability Under the Laws of England and Wales)
    CYBG PLC (incorporated with limited liability under the laws of England and Wales) £450,000,000 8 per cent. Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes The issue price of the £450,000,000 8 per cent. Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes (the "Notes") of CYBG PLC (the "Issuer") is 99.924 per cent. of their principal amount. On issue, all of the Notes will be subscribed for by National Australia Bank Limited ("NAB"). From (and including) 8 February 2016 (the "Issue Date") to (but excluding) 8 December 2022 (the "First Reset Date"), the Notes bear interest at the rate of 8 per cent. per annum. From (and including) each Reset Date to (but excluding) the next following Reset Date, the Notes will bear interest at a rate which is the aggregate of the margin of 6.25 per cent. per annum and the applicable 5-year sterling mid-market swap rate. The interest rate following any Reset Date may be less than the initial interest rate and/or the interest rate that applies immediately prior to such Reset Date. Subject to the conditions set out herein, interest, if any, shall be payable semi-annually in arrear on 8 June and 8 December of each year (each an "Interest Payment Date"), except that the first date on which interest may be paid will be 8 June 2016 (also an "Interest Payment Date") in respect of the period beginning on (and including) the Issue Date and ending on (but excluding) 8 June 2016. Payments on the Notes shall be made in pounds sterling without deduction for or on account of taxes imposed or levied by the United Kingdom or any political subdivision or any authority thereof or therein having power to tax, except in the circumstances described under "Terms and Conditions of the Notes—Taxation".
    [Show full text]