Gatehouse appoints Swan
Shariah-compliant bank Gatehouse has appointed David Swan to the newly created role of head of real estate investment. He will lead the firm’s real estate investment department in the origination, management and realisation of real estate equity investments, especially pan-European investments.
Lloyds funds Ping An buy
Lloyds Bank Commercial Banking has provided a £200m facility to Chinese investor
Ping An for its purchase of Tower Place, EC3. The 385,000 sq ft office block is the UK headquarters of Marsh & McLennan and is Ping An’s second purchase in the capital.
GPE posts 29% NAV jump
NAV per share at Great Portland Estates increased by 29% over the 12 months to 31 December to 680p as the group reported strong growth in rents and capital values. Rents were up by 11.2% in 2014, with values up by 36%. GPE completed 20 new lettings during the period, adding £6.3m of rent.
L&G co-launches office fund
Legal & General Capital and Dutch pension fund manager PGGM have teamed up to create a £375m central London office fund. The fund will acquire London assets in need of significant improvement in the £30m-£90m price bracket. Legal & General Property will act as fund manager. Its first asset has already been acquired, a 65,316 sq ft office at 72 Broadwick Street, W1. It was purchased for £67m, a 4.7% yield.
