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Estates Gazette

01 June 2005

CBRE scraps takeover…

CB Richard Ellis has backed out of an £18m deal to buy UK company Nelson Bakewell, after fears that disgruntled key NB staff would defect on completion of the deal. Mike Hatt, Nelson Bakewell’s managing director, said the firm was no longer for sale and he had taken executive control of the company from the firm’s 25 shareholders. Nelson Bakewell is the UK representative of the Oncor International network.

…but reports profits rise

CB Richard Ellis said it expected to generate a $2.6bn full-year revenue with net profits of $160-168m in 2005. It announced a 22.1% rise in revenue to $538.3m for the first quarter of 2005, compared with $441m posted in Q1 of 2004. It made a $14.6m profit in what is traditionally the toughest quarter for property firms, compared to a $16.6m loss in the same period last year.

Citycon buys in Sweden

Citycon has made its first acquisition outside its domestic Finnish market. It paid SKr49.9m (€5.4m) for a 75% stake in Åkersberga shopping centre north east of Stockholm, from the municipality of Österåker. Citycon and the municipality plan to further develop the 33,000m² centre.

JLL posts loss for Q1

Jones Lang LaSalle announced a $8.6m net loss in its 2005 first quarter results, compared to a loss of $6.1m for the same period in 2004. Revenues were up 9% to $240.2m. European first-quarter revenues fell 5% to $85m, due to delays in closing deals. The firm said that consolidating the German business and hiring Germany head Christian Ulbrich had produced early signs of revenue growth in Germany compared to 2004.

Sonae ups retail stakes

Portuguese shopping centre investor Sonae Sierra has paid €99.3m for stakes in four shopping centres. Supermarket owner Eroski sold its 35% stakes in Dos Mares in Murcia, Luz de Tajo in Toledo, Plaza Éboli in Madrid and a 40% stake in Avenida M40, Madrid. Sonae gains full control of the centres, other than the hypermarkets, which stay in Eroski’s hands.

Trillium eyes Continent

UK property company Land Securities is considering expanding its outsourcing arm Trillium onto the Continent. Chief executive Francis Salway said the business contributed 33% of the group’s £633.6m operating profits in the year to 31 March, up from a share of 25% last year.

CBRE scraps takeover… CB Richard Ellis has backed out of an £18m deal to buy UK company Nelson Bakewell, after fears that disgruntled key NB staff would defect on completion of the deal. Mike Hatt, Nelson Bakewell’s managing director, said the firm was no longer for sale and he had taken executive control of the company from the firm’s 25 shareholders. Nelson Bakewell is the UK representative of the Oncor International network. …but reports profits rise CB Richard Ellis said it expected to generate a $2.6bn full-year revenue with net profits of $160-168m in 2005. It announced a 22.1% rise in revenue to $538.3m for the first quarter of 2005, compared with $441m posted in Q1 of 2004. It made a $14.6m profit in what is traditionally the toughest quarter for property firms, compared to a $16.6m loss in the same period last year. Citycon buys in Sweden Citycon has made its first acquisition outside its domestic Finnish market. It paid SKr49.9m (€5.4m) for a 75% stake in Åkersberga shopping centre north east of Stockholm, from the municipality of Österåker. Citycon and the municipality plan to further develop the 33,000m² centre. JLL posts loss for Q1 Jones Lang LaSalle announced a $8.6m net loss in its 2005 first quarter results, compared to a loss of $6.1m for the same period in 2004. Revenues were up 9% to $240.2m. European first-quarter revenues fell 5% to $85m, due to delays in closing deals. The firm said that consolidating the German business and hiring Germany head Christian Ulbrich had produced early signs of revenue growth in Germany compared to 2004. Sonae ups retail stakes Portuguese shopping centre investor Sonae Sierra has paid €99.3m for stakes in four shopping centres. Supermarket owner Eroski sold its 35% stakes in Dos Mares in Murcia, Luz de Tajo in Toledo, Plaza Éboli in Madrid and a 40% stake in Avenida M40, Madrid. Sonae gains full control of the centres, other than the hypermarkets, which stay in Eroski’s hands. Trillium eyes Continent UK property company Land Securities is considering expanding its outsourcing arm Trillium onto the Continent. Chief executive Francis Salway said the business contributed 33% of the group’s £633.6m operating profits in the year to 31 March, up from a share of 25% last year.