Prew calls top of market
Real estate analyst Mike Prew has called the top of the UK’s real estate market and downgraded a raft of property stocks. The Jefferies commentator said all of the investment bank’s “buy” recommendations, including British Land, Unite and Capital & Counties, had been repealed, and warned of a weak outlook for rents and investor interest.
Rockspring in PRS debut
Rockspring Property Investment Managers has completed its first deal in the private rented sector, buying a 211-flat development site in Southampton. Working with partner Atlas Residential, it has purchased the 145,544 sq ft project on the corner of Queensway and Bernard Street from Southampton city council.
Oldham seeks regen partner
Oldham council is to begin tendering for a development partner on the 800-home Prince’s Gate regeneration scheme, including 150,000 sq ft of new shops with a 51,000 sq ft Marks & Spencer’s anchor. It will be the first project in a joint investment vehicle providing access to £100m of council-owned sites.
Rose and Green back Select
Former Marks & Spencer boss Lord Rose and former Debenhams chief executive Terry Green have become backers of Manchester-based student housing investor Select Property Group. They join former Matalan and Instore chief executive Angus Monro and former Jessops and JMV chief executive Trevor Moore, who are both on Select’s board.
Hibernia forms Dublin jv
Hibernia REIT is forming a joint venture with Starwood Capital to take on the 120,000 sq ft Windmill Lane site in Dublin’s South Docks. Hibernia bought the site from Starwood in June 2014 for €7.5m (£5.5m), with Starwood given an option to buy back in as a 50:50 joint venture partner, paying €5m.
