Rugby to complete liquidation
David Tye’s property group, Rugby Estates will liquidate in the next 12 months. The firm, which posted a £3.2m loss for the year to January 2012, has been winding down and returning money to shareholders since 2009. It owns £8m of assets.
Osilaja to leave JLL
Jones Lang LaSalle’s UK head of debt and structured finance, Barry Osilaja, is to leave the firm this summer to become group head of real estate at African bank Ecobank Transnational. Former King Sturge partner Dominic Reilly will lead the UK debt team, reporting to EMEA head Jürg Schürmann.
Russian IPO delayed
Russia’s 01 Properties has delayed its London stock market listing “due to adverse market conditions”. The firm had aimed to raise about $425m (£268m). Chief executive, Dmitry Mint, said that the office landlord, which manages a £2bn portfolio in Moscow, may launch an IPO later in the year.
Revolving debt for CapCo
Capital & Counties has agreed a £70m, five-year revolving credit facility with BNP Paribas and HSBC, secured on assets in Covent Garden, WC2. It is the first revolving credit facility for the group, which said its net debt was £383m at 31 April, down from £464m at the end of 2011.
Mixed fortunes for C&R
Capital & Regional has suffered retailer administrations at 50 of its stores affecting 5.5% of its rental income. In a trading update for the year to date, the group said it had signed 15 new lettings at 2.1% ahead of ERV. It also completed seven renewals, and 29 rent reviews with an uplift of 5.5%.
