BRISBANE: Real estate investor and manager, Cromwell Property Group, has today the sale of a 50% stake in 475 Victoria Avenue, Chatswood to a private fund managed by BlackRock for $120 million. The sale represents another practical example of Cromwell’s ‘Invest to Manage’ strategy, which involves investing capital to acquire or develop assets, creating new…
IP Group sells 12.25m shares in Ceres Power
LONDON: IP Group plc, the developer of intellectual property-based businesses, has sold 12.25 million ordinary shares in Ceres Power Holdings plc at a price of 425 pence per share. Following completion of the sale, which was conducted through an accelerated bookbuild by Berenberg as sole bookrunner, IP Group will continue to hold approximately 9.4 million…
Etalon Group delivers Shchastye v Kuskovo project
MOSCOW: Etalon Group Plc, one of Russia’s largest and longest-established development and construction companies, announced the delivery of the Shchastye v Kuskovo project, located in the Eastern administrative district of Moscow. The project has a total NSA of 6 ths sqm, including 5 ths sqm of residential area. Schastye v Kuskovo is a modern 11-storey…
AM Best revises outlook to negative on Colombia’s insurance industry
MEXICO CITY: AM Best has revised its market segment outlook to negative from stable on Colombia’s insurance industry, owing mainly to the COVID-19 pandemic and the resulting economic damage, which will strain the segment considerably. A new Best’s Market Segment Report, titled, “Market Segment Outlook: Colombia Insurance,” states that economic conditions in the country have…
U.S. insurers continue to reduce hedge fund exposures
NEW YORK: For a fourth straight year, the U.S. insurance industry reduced its hedge fund investments, by $2.6 billion in 2019 to $11.9 billion, with the property/casualty segment reporting a year-over-year reduction of 22%, the largest among the major industry segments, according to a new AM Best special report. The Best’s Special Report, titled “Insurers…
Andreas Birgersson, Per Nisses and Philip Söderqvist launch real estate investment company with ABG Sundal Collier
OSLO: ABG Sundal Collier (ABGSC), Andreas Birgersson, Per Nisses and Philip Söderqvist have formed a real estate investment company in a joint venture. The company is called ABG Fastena and will acquire and manage properties in Sweden and Finland on behalf of external investors. ABGSC will have an ownership of 50% in ABG Fastena AB….
David B. Cook becomes new CEO of Noreco
OSLO: The Board of Norwegian Energy Company ASA (Noreco) announced the appointment of David B. Cook as the new Chief Executive Officer of Noreco with effect from 1 July 2020. Mr. Cook is an experienced executive with a successful track record from executive roles in the oil & gas industry. He most recently comes from…
Shell Pakistan’s quarter results impacted during pandemic
ISLAMABAD: The Board of Directors of Shell Pakistan Limited (‘SPL’) announced the first quarter results for the company on 20th May. The company posted an after tax loss of PKR 4,332 million compared to the profit of PKR 257 million made in the same period last year. The quarter has been greatly affected by the…
THC KISS ships to recreational market this week
VANCOUVER: THC BioMed Intl Ltd. will begin this week to ship its ready-to-drink Cannabis Beverage Shot, THC KISS, to the legal adult recreational cannabis market. Each 30ml bottle of THC Kiss contains 10 mg of THC. THC BioMed’s first shipment of THC Kiss will head to Saskatchewan, with shipments to B.C. and Ontario currently undergoing…
FansUnite Entertainment announces McBookie Ltd acquisition
VANCOUVER: FansUnite Entertainment Inc. announced the acquisition of McBookie Ltd., a leading provider of regulated betting services in the United Kingdom. Total consideration for the acquisition of McBookie was $2.2M CAD. This included approximately $500k in cash on the closing of the acquisition, a $500k (£300k) note payable, due within 12 months of the close…
FDA consultant Anita Nosratieh joins Izotropic Advisory Board
VANCOUVER: Izotropic Corporation announced Anita Nosratieh Ph.D., as a new member of the Company’s Advisory Board. Nosratieh began her career as a lead reviewer at the Food and Drug Administration (FDA), Center for Devices and Radiological Health (CDRH) where she worked with companies seeking approval of breast cancer screening and diagnostic devices. As lead reviewer,…
Nomura to book JPY70 billion pretax income in Q1 of FY2020/21
TOKYO: In April, Nomura Holdings Inc. announced plans to relocate some of its Japan offices in accordance with the scheduled redevelopment of the Nihonbashi district in Tokyo. In line with the redevelopment, Nomura has obtained the right to real estate (reserved floor space) in the completed project in exchange for rights to the assets it…