Gulf News (Dubai)
7 September 2009
Peter Riddoch, CEO of Damac Properties, announced on Monday that he will be resigning as CEO of the UAE-based property developer next month. Riddoch said: “To leave an organisation that has been a significant part of my life for so many years will not be easy, but I know that the time is right for me to make some changes, focus more on my personal interests and family, and possibly even take on new challenges.”
Bangladesh News
7 September 2009
The government has brought a new law before parliament to stop malpractices by private real estate companies. The bill will forbid developers to start work on a project without the approval of a new office set up to enforce the law. Developers breaching the law, or advertising an unapproved project, will face two years’ imprisonment or a fine of 1m taka.
The Australian
8 September 2009
Nicholas Bolton’s attempts to secure control of the Multiplex Prime Property Fund hit a snag yesterday, with the Takeovers Panel stopping the corporate agitator from increasing his stake in the trust until further notice. The panel placed an interim order that disallowed Bolton’s company, Australian Style Investments, from acquiring more units in the fund and indicated that it would review the situation. Brookfield Multiplex Capital Management applied on Friday to the panel for an interim order restraining Bolton’s company from acquiring units in the Multiplex Prime Property fund, and reversing any on-market trades that happened after a takeover offer was made on Thursday evening. Multiplex Prime Property Fund independent directors said there was not enough information available to unit holders about the offer.
Budapest Business Journal
8 September 2009
Russia and Turkey topped the league table of shopping centres in the pipeline with 1.8m m2 and 2m m2 respectively scheduled to open by the end of 2010. Russia saw the largest amount of new shopping space opened in Europe, according to Cushman & Wakefield. About 580,000m2 was added in the first six months of 2009, of which 45% was in Moscow. Viktoria Szabo, head of retail at C&W in Budapest, said: “Some smaller or less cost-effective retailers are running into difficulties, but we do not expect a major shake-out of the market.”
