● Institutions have become the most prominent buyers over the past two quarters, holding four of the top seven positions in the six months to September 2005.
● Land Securities was the most active investor with £1.5bn of transactions over the period. The purchase of TOPS Estates and LxB Properties for £517m and £360m respectively were the two most significant deals.
● ING REIM’s purchase of the Abbey portfolio was the largest single transaction this quarter. The £1.3bn purchase pushes ING to second place in our most active buyers table.
● Morley Fund Management maintained its position in the top three, spending £825m in 22 transactions. This makes them the most active investor by number of transactions.
● Private vehicles remain active buyers. Investment bank Evans Randall undertook four transactions with a total value of £303m. The largest was the sale and leaseback of the ABN Amro’s HQ at 250 Bishopsgate, EC2, for £175m, reflecting a 4.25% yield.
● Private equity investors were the most prominent sellers, holding seven positions in the table, and institutions — in six positions — were the second most prominent.
● Abbey National was the largest seller, offloading its £1.3bn property portfolio to ING in August at a net initial yield of 6.1%.
● Land Securities was the most active vendor by number of transactions, with nine sales realising £767m. This reduced LandSec’s net investment over the six-month period to £739m.
● Private company Scarborough Development Group was the third largest seller, with £651m of sales. Its largest was the sale of Frenchgate Interchange, Doncaster for £250m to a private Irish investor.
● Minerva continued the restructuring of its property holdings with £498m of disposals, £386m of which were offices and the remainder derived from the sale of the Criterion, Piccadilly, W1. This brings Minerva’s total disposals in 2005 to £693m.
|
Top 25 buyers |
|
|
LandSec most active buyer and seller |
|
|
Buyers |
Deals (£m) |
|
■ Land Securities |
1,505.6 |
|
♦ ING REIM |
1,412.1 |
|
♦ Morley Fund Management |
824.8 |
|
▲ Quinlan Private |
540.0 |
|
■ Warner Estate Holdings |
432.0 |
|
♦ USB/Triton Property Fund |
402.4 |
|
♦ Insight Investment |
330.2 |
|
● Evans Randall |
303.1 |
|
● REIT Asset Management |
298.0 |
|
▲ Anglo Irish Bank |
276.4 |
|
■ Slough Estates |
276.0 |
|
▲ Govt of Singapore Inv Group |
274.0 |
|
♦ HBOS |
255.2 |
|
● Buckingham Securities |
229.0 |
|
■ Golfrate Properties |
220.0 |
|
♦ Hermes Property Asset Management |
212.1 |
|
▲ Songbird Estates |
209.5 |
|
▲ Westbrook Real Estate |
200.0 |
|
♦ Schroder Properties |
197.5 |
|
■ Halladale |
192.0 |
|
● Delancey |
192.0 |
|
♦ Legal & General |
189.1 |
|
● Topland |
185.0 |
|
● The Junction LLP |
180.0 |
|
● Grosvenor |
176.0 |
|
91910 |
|
|
♦ UK institutional investors |
|
|
■ UK quoted property companies |
|
|
● UK private property companies |
|
|
▲ Overseas investors |
|
|
* Other UK investors |
|
|
Source: LSH Research/Property Data |
|
|
Top 25 sellers |
|
|
Abbey portfolio sale put it at the top |
|
|
Sellers (£m spent) |
Deals (£m) |
|
♦ Abbey National Asset Man |
1,300.0 |
|
■ Land Securities |
766.9 |
|
● Scarborough Dev Group |
651.0 |
|
* BP Pension Fund |
540.0 |
|
■ TOPS Estates |
517.2 |
|
■ Minerva |
498.5 |
|
▲CIT |
390.7 |
|
♦ ING REIM |
312.6 |
|
♦ Boots |
298.0 |
|
● Moorfield |
291.0 |
|
■ Warner Estate Holdings |
281.2 |
|
▲Westbrook Partners/Uberior |
276.0 |
|
▲Apollo Real Estate |
267.3 |
|
● Burford |
265.9 |
|
● London & Regional |
265.0 |
|
♦ Hermes Property Asset Man |
237.3 |
|
DB Real Estate |
231.1 |
|
♦ Insight Investment |
228.3 |
|
● Resolution Property |
209.5 |
|
■ British Land |
202.7 |
|
● Westminster CC/ Dolphin Square Trust |
200.0 |
|
♦ F&C Asset Management |
196.6 |
|
▲Portfolio Hlds/Global Opp Fund |
188.0 |
|
♦ Thistle Hotels |
185.5 |
|
▲ABN AMRO |
175.0 |
|
7,822.6 |
|
|
♦ UK institutional investors |
|
|
■ UK quoted property companies |
|
|
● UK private property companies |
|
|
▲ Overseas investors |
|
|
* Other UK investors |
|
|
Source: LSH Research/Property Data |
|
