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Grosvenor ups Wates stake Grosvenor Estate this week upped its stake in Wates City of London to 14% and indicated that it will continue to buy more shares. Chief executive Jeremy Newsum said: “We said last October that we may acquire further shares in Wates and that is still the position.” Grosvenor is buying Wates to gain exposure to the City office market. RE records lower property returns Property returns continue to slow, according to the January Richard Ellis monthly index. The total return was 10.9% down from 11.5% in December. But the rate of rental growth picked up from 6.7% to 6.9% pa. Richard Ellis is predicting a 7% total return for the full year. Workspace profits up 76% Workspace has reported a rise in pretax profits by 76% to £2.8m for the nine months to December. The company lets flexible space to more than 2,300 small businesses in the South East and the Midlands, Chairman Alan Porter said that profits were flattered by property sales which, if stripped out, reduced profit growth to a respectable 22%. |
Grosvenor ups Wates stake
Grosvenor Estate this week upped its stake in Wates City of London to 14% and indicated that it will continue to buy more shares. Chief executive Jeremy Newsum said: “We said last October that we may acquire further shares in Wates and that is still the position.” Grosvenor is buying Wates to gain exposure to the City office market.
RE records lower property returns
Property returns continue to slow, according to the January Richard Ellis monthly index. The total return was 10.9% down from 11.5% in December. But the rate of rental growth picked up from 6.7% to 6.9% pa. Richard Ellis is predicting a 7% total return for the full year.
Workspace profits up 76%
Workspace has reported a rise in pretax profits by 76% to £2.8m for the nine months to December. The company lets flexible space to more than 2,300 small businesses in the South East and the Midlands,
Chairman Alan Porter said that profits were flattered by property sales which, if stripped out, reduced profit growth to a respectable 22%.
