Birmingham gets marks for excellence
The UK city of Birmingham has become the recipient of the first ULI Europe Award for Excellence. Jury co-chair Michael Spies, Tishman Speyer Properties’ senior managing director, said the Bullring retail centre and Brindleyplace mixed-used office centre were “bookends to a much larger story – the regeneration of Birmingham – and were only possible because of the vision and persistence of the city.” Other finalists were Casa de les Punxes and Diagonal Mar in Barcelona; Promenaden in Leipzig; and Regenboog Park, Tilburg in the Netherlands.
Mixed results from Euro 2004
European retailers and their landlords could be wringing their hands over faltering sales figures during the Euro 2004 football tournament. FootFall, a consultancy that provides information to retail property owners and occupiers, says regional and out-of-town shopping centres will be hardest hit as shoppers watch their team battle it out in Portugal. During the recent rugby world cup, FootFall recorded a 9.6% drop in the number of UK shoppers out and about. But on a positive note, sales of beer, widescreen televisions, beer, barbeque food and more beer will receive a massive boost as football fans celebrate or commiserate.
Lloyd’s sale not all it’s cracked up to be
Private Irish property company Shelbourne Development has pulled out of a deal to buy the landmark Lloyd’s of London building after the discovery of cracks in the structure. The group said it would not go ahead with the purchase following the discovery of alkali silica reaction (ASR) in samples of concrete from the property. ASR, sometimes known as concrete cancer, can in extreme circumstances lead to the demolition of a building. Press reports have linked seven bidders to a sale of the office building, among them a consortium that includes Manchester United manager Sir Alex Ferguson, and the UK’s Buckingham Securities. German open-ended fund manager Deka, which bought the property in 1996, put it on the market for around £240m in November. Deka, advised by FPDSavills and CB Richard Ellis, is likely to contact the under-bidders for a sale.
