Profit growth for Wimpey
Taylor Wimpey this week reported a growth in pretax profit to £19.6m in the first half of the year (H1 2009: loss of £68.9m). In its half-year results for the period ended 4 July, the housebuilder said it had reduced its net debt to £633.9m from £1bn at the same period last year.
Former MS trio branch out
A trio of former Morgan Stanley Real Estate executives has received backing from a listed European property company for a new investment vehicle. John Carrafiell, Sonny Kalsi and Fred Schmidt have teamed up with Dutch-listed Tetragon Financial Group, which has agreed to back their new company, GreenOak Real Estate. Tetragon will provide a $10m (£6.3m) working capital loan, and a commitment to co-invest up to $100m in deals sourced by GreenOak.
Capital return for CLS
CLS Holdings has returned to the London market, buying Apex Tower, High Street, New Malden for £21.5m from Palmer Active Value Fund II. Apex Tower is located on the opposite side of the High Street to CI Tower, which is also owned by a CLS subsidiary.
Mission misses AIM deadline
Mission Capital’s shares have been suspended on the AIM market after it failed to make an acquisition by 31 July. Mission’s listing will be suspended for up to six months and cancelled on 31 December if it fails to implement an investment strategy. It said on Monday that its directors were in preliminary discussions over an acquisition, which would be regarded as a reverse takeover.
Property climbs in popularity
Property was the third most popular investment sector in June, up from seventh place in May, according to figures from the Investment Management Association. Property fund inflows climbed to £199m in June, up from £105m in May.
