LONDON: UK Commercial Property REIT Limited (UKCM) has sold Motor Park in Portsmouth, a multi-use asset predominantly comprising of seven car showrooms, to Glasgow City Council for £29.8 million. The sale price represents a 3% discount to the December 2019 valuation and provides UKCM with additional capital to invest in markets with strong underlying fundamentals,…
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Foxtons Group acquires London Stone for £2.2 million
LONDON: Foxtons Group, London’s leading estate agency, has announced the acquisition of the entire issued share capital of London Stone Properties Limited and its subsidiary company London Stone Property Sales Limited from its owner and founder Hilary Stone. London Stone is a well-established, high quality independent estate agent, primarily focussed on lettings and property management…
Al Salam Bank and Bin Faqeeh ink property finance agreement
MANAMA, BAHRAIN: Al Salam Bank-Bahrain has signed a Memorandum of Understanding with Bin Faqeeh Real Estate Investment Company to offer its competitive property financing facility for buyers of the Alsidra development at Diyar Al Muharraq. The family-oriented gated community comprises of 452 luxury villas with two to five bedrooms set in lush green gardens with…
Frasers Property Retail announces Tenant Support Package across 14 malls
SINGAPORE: Frasers Property Retail is introducing a Tenant Support Package across Frasers Property Group’s combined retail portfolio of 14 malls in Singapore, which includes retail properties held under Frasers Centrepoint Trust as well as retail properties managed by Asia Malls Management. The relief measures are aimed at helping tenants overcome the business impact of COVID-19…
David Hunter appointed as non-executive chairman of Capital & Regional
LONDON: Capital & Regional Plc, the convenience and community focused shopping centre REIT, announced the appointment of David Hunter as non-executive chairman, which is proposed to take effect at the conclusion of the 2020 Annual General Meeting on 20 May 2020. David will initially join the board as a non-executive director from 9 March 2020….
Al Salam Bank offers property financing for The Courtyard at Seef
MANAMA, BAHRAIN: Al Salam Bank-Bahrain, the pioneering Shari’a-compliant Bank in the Kingdom, is offering competitive property financing options for customers looking to purchase apartments in The Courtyard at Seef. The stylish urban development, which is connected to a popular shopping center, offers three types of one-bedroom apartment as well as a two bedroom option. Al…
Dubai Investments Park attracts investments in excess of AED 42 billion over two decades
DUBAI: Dubai Investments Park (DIP), the integrated commercial/industrial and residential community in the Middle East, has unveiled that the master-planned complex has attracted investments in excess of AED 42 billion over two decades, signifying the emergence of Dubai Investment Park as a successful business model, facilitating a conducive environment. The company has confirmed a sustained…
Deyaar Development posts net profit of AED 71.5 million in 2019
DUBAI: Dubai based property developer and real estate service provider, Deyaar Development announced its financial results, wherein the company reported revenues of AED 603.7 million for the year ended 31 December 2019 compared to AED 643.7 million in the same period of 2018. Net profit for 2019 was reported as AED 71.5 million. During its…
DAMAC Properties reports booked sales of AED 3.1bn in 2009
DUBAI: DAMAC Properties Dubai announced preliminary financial results for the year ended December 2019, reporting booked sales of AED 3.1 billion and unit deliveries of 4,700 units in full year 2019. DAMAC focused throughout 2019 on deliveries and execution of projects in the construction pipeline. The year marked the first deliveries in the master development…
Frasers Property establishing AUD 2 billion Multicurrency Debt Issuance Programme
SINGAPORE: Frasers Property AHL Limited has established an AUD 2 billion Multicurrency Debt Issuance Programme, which is unconditionally and irrevocably guaranteed by Frasers Property Limited. In connection with the Programme, the Issuer has appointed Oversea-Chinese Banking Corporation Limited and Australia and New Zealand Banking Group Limited to act as the joint arrangers and dealers of…
Yew Grove REIT acquires portfolio of six office buildings at Millennium Park for €25.3 million
LONDON: Yew Grove REIT, which owns a diversified portfolio of Irish commercial property assets, has completed the acquisition of a portfolio of six office buildings at Millennium Park, Naas, County Kildare. The purchase price for the portfolio is €25.3 million, which represents a net initial yield of 5.8 per cent. after accounting for purchase costs….
GPE signs £450 million ESG-linked revolving credit facility
LONDON: Great Portland Estates (GPE) signed a £450 million ESG-linked unsecured revolving credit facility (RCF) at a headline margin of 90 basis points over LIBOR with a group of five existing relationship banks. The facility has an initial five-year term which may be extended to a maximum of seven years at GPE’s request, subject to…