11 June 2016 – by Alexander Peace Aberdeen Asset Management has raised $150m (£103m) for a new European conversion-to-residential fund. The fund manager is looking to take advantage of the drop-off in competition from housebuilders, concerned about sales and holding stock on their books. Aberdeen raised the capital for
Savills, on behalf of Mr and Mrs Peter and Jasmine Norris, has sold Halsbeer Farm near Kentisbeare, Devon to a private individual from a guide price of £1.8 million. The complex comprises a five-bedroom thatched Devon Longhouse, four thatched self-catering cottages and four Mongolian yurts as well as a communal
Affinity Water has announced its annual profit before tax fell to £46 million from £60 million the previous year, as it revealed its yearly results for financial year 2015/16. Operational costs for the year increased by £26.3 million to £237.5 million, a 12.5 per cent increase, while
11 June 2016 – by Alexander Peace Aberdeen Asset Management has raised $150m (£103m) for a new European conversion-to-residential fund. The fund manager is looking to take advantage of the drop-off in competition from housebuilders, concerned about sales and holding stock on their books. Aberdeen raised the capital for the Aberdeen European Residential Opportunity Fund from a broad range of Asian investors, mainly from Singapore and Hong Kong. All the content from this weekís magazine, including this article, is available in the new app. The fund is aiming for a return of around 15%, using gearing in the region of 50%. It will have a seven-year life with two one-year extension options. Its UK fund manager will be Ed Crockett. The fund will buy offices, supermarkets, car showrooms, bingo halls and cinemas to convert and will target projects with gross development values of about £50m. It will target cities with rapidly expanding populations, but will not invest in prime central London. Click here to read the full story Source link
Savills, on behalf of Mr and Mrs Peter and Jasmine Norris, has sold Halsbeer Farm near Kentisbeare, Devon to a private individual from a guide price of £1.8 million. The complex comprises a five-bedroom thatched Devon Longhouse, four thatched self-catering cottages and four Mongolian yurts as well as a communal amenity barn, indoor swimming pool and games room. The cottages are set within 30 acres (12 hectares) of gardens and grounds including two ponds and a courtyard. The first record of a dwelling at Halsbeer Farm appears in the Domesday Book of 1086, with the existing five-bedroom property thought to date back to the 16th Century. Located on the edge of the Blackdown Hills, the complex is close to the village of Kentisbeare and within easy driving distance of Cullompton, Tiverton and Exeter. Martin Rogers, director at Savills, comments: “Halsbeer Farm is steeped in history and we are pleased to have secured its next chapter through this sale on behalf of our clients. The new owners are taking on an established and profitable business with a strong trading record.” OTB Eveling solicitors also acted for the vendor. Source link
Affinity Water has announced its annual profit before tax fell to £46 million from £60 million the previous year, as it revealed its yearly results for financial year 2015/16. Operational costs for the year increased by £26.3 million to £237.5 million, a 12.5 per cent increase, while revenue rose to £303 million from £296 million in the same period. Aggregate, asset-related expenditure for the year was lower than the amount for 2015/16. This was due to a slower than anticipated start to its metering programme and delays in technology selections for water quality projects. The company has spent £103 million in enhancing and maintaining infrastructure and assets in 2015/16, with work expected to accelerate in 2016/17. Schemes include a mains cleaning project on Romney Marsh and an upgrade to Denge water treatment works. Key achievements during the period included installing 30,000 meters under a water saving programme; redesigning its largest river intake pumping system to make significant energy savings; and reducing the number of burst mains by 9 per cent. However, one drawback for Affinity was its failure to meet a performance commitment related to the speed of response to supply disruption. The company has now said that its approach to reducing unplanned interruptions has now been re-focused on prevention, restoring supplies and fixing the problems that arise quickly. Affinity Water Chief Executive Simon Cocks said: “I am really proud of the team at Affinity Water and I am delighted that we have made a strong start in the first year of our ambitious five year plan for our customers and communities. “When I look back at our performance for 2015/16, the first year of our five year Business Plan, I recognise that there is more to do in the coming years to deliver on all our commitments, but this is a reflection of the genuinely stretching targets we have set ourselves.” A version of this article first appeared on wwtonline Source link
