Chelsfield is to spend £50m on an aggressive expansion plan for its Global Switch subsidiary.
This provides serviced offices for telecoms and internet companies. Chelsfield said that by the year end Global Switch would own or be in the process of developing 418,050 sq m (4.5m sq ft) of telehousing facilities.
The news came as Chelsfield reported half-year pretax profits up 53% to £20.5m on turnover up from £51.2m to £118m. The owner of the Merry Hill shopping centre, near Birmingham, reported rental income up from £29.9m to £37.3m.
The group said it was well on the way to receiving planning permission for a 420 storey tower in the redevelopment of the Paddington Basin site in London.
The Times 08/09/00 page 28, page 29
The Daily Telegraph 08/09/00 page 37
Financial Times 08/09/00 page 23
