British Land bonus goes ahead
British Land’s shareholders approved a new long-term bonus scheme for directors at its annual general meeting this week. The company said none of its shareholders objected to the restricted share plan, which was heavily criticised by corporate governance watchdog PIRC.
Mutual reports increased return
The Local Authorities Mutual Investment Trust has reported a total return of 9.7% for the year to March. The capital value of the fund, which owns 45 buildings valued at £101m, rose by 1.6%. Forty two local authorities invest through the fund.
GE Capital in Eaton venture
GE Capital has set up a joint venture with privately-owned Eaton House Estates to buy a £10m portfolio from the Royal National Pension Fund for Nurses. The portfolio consists of 19 properties, mainly retail, and generates £1m pa.
Claessons buy more of Orb
Swedish investors Johan and Edvin Claesson have increased their stake in quoted tiddler Orb Estates to almost 14%. But they have not yet approached Orb’s management.
Quintain sells Gypsy Corner
Quintain Estates has sold its Gypsy Corner site in West London to Sears for £10.5m. Quintain bought the 5ha development site for £6.1m in 1996.
