NAB eyes UK flotation
National Australia Bank is considering a float of its UK operations as part of its exit from the UK. A potential listing would spin off its Clydesdale and Yorkshire banking divisions, which have been hit by bad property loans.
Colliers posts revenue rise
Colliers International has posted a 16% increase in Q3 revenue to $372.5m (£232m), while adjusted EBITDA rose by 29% to $33.9m. The results pushed FirstService Corporation to a record third-quarter performance with revenue of $684.6m.
Lloyds cuts non-core debt
Lloyds Banking Group has cut £3bn from its non-core real estate exposure in the year to date. The bank’s commercial real estate loans accounted for £4bn of its £23bn “run-off” portfolio as at 30 September. This is a 43% reduction from £7bn at the end of December 2013.
NAV boost for Redefine
UK REIT Redefine International has posted a 4.9% increase in net asset value in its first year as a listed vehicle. Its NAV per share was 40.5p as of 31 August, up from 38.7p a year earlier.
Institutions love alternatives
UK institutional funds are set to increase their weighting to specialist sectors by 3-5% over the next year. The change will be driven by a growing interest among investors for long-let assets, leading to alternatives increasingly become a core part of diversified portfolios.
