Property prices in Australian capital cities increased by 0.8% in July, a new record high, with values now 6.3% higher than the first seven months of the year, the latest published data shows. However, while overall values are still rising, four of Australia’s eight capital cities recorded a fall in
21 July 2016 FM company OCS has agreed terms for the buyout of its shareholding in Agents4RM International Limited. Peter Slator, chief executive of OCS Group, and Lionel Prodgers, managing director of Agents4RM, announced that they agreed terms for Prodgers to buy out OCS’s shareholding in Agents4RM International Limited. The
Leeds-based contractor APP Construction has booked £10m of new work from car dealerships. Above: Jaguar showroom to be built in Cheshire APP’s construction team starts work this month at Crewe Gateway for Swansway on a £5m Jaguar dealership, due for completion in mid-January 2017. Then next month it starts work
19 March 2016 – by Mike Cobb Deutsche Bank is on the verge of pulling two CMBS deals valued at more than €500m (£392m). The Portuguese and Irish bonds have met with a lack of interest from credit markets as pricing remains too wide to attract investors and satisfy Deutsche’s
Property prices in Australian capital cities increased by 0.8% in July, a new record high, with values now 6.3% higher than the first seven months of the year, the latest published data shows. However, while overall values are still rising, four of Australia’s eight capital cities recorded a fall in dwelling values over the month, the CoreLogic July home value index also shows. Simultaneously, the rate of growth across the combined capitals aggregate index slipped back a notch after bouncing higher in April and May. The annual rate of growth, which hit a recent peak at 11.1% across the combined capitals index in October last year, is now tracking at 6.1%, the slowest annual rate of appreciation since September 2013. Sydney and Melbourne have also seen the annual rate of growth slip back to below 10% with the July indices showing a respective 9.1% and 7.5% capital gain over the past 12 months. Previously both Sydney and Melbourne’s capital gains peaked higher with Sydney reaching a peak rate of annual growth in July last year when dwelling values were rising by 18.4% annum and when Melbourne values were increasing by 14.2% per annum over the 12 months ending September last year. Darwin and Perth remain as the only two capital cities to record a negative movement in dwelling values over the past year with prices in Darwin down 7.6% and Perth values falling by 5.6%. July marks the 50th month of the combined capitals growth cycle, which commenced in June 2012. Over the cycle to date, capital city dwelling values have risen by 38.3% and according to CoreLogic head of research Tim Lawless this demonstrates the strength in the Sydney and Melbourne growth trend with dwelling values across the two largest capitals recording a cumulative 61.3% and 42% over the cycle to date. Hobart, where the growth trend has recently accelerated, has been the next best performer with values rising 17.6% over the growth cycle followed by Brisbane at 17.4%, Adelaide at 14.3% and Canberra at 12.4%. ‘The recent moderation in the rate of capital gains should be viewed as a positive sign that growth in dwelling values may be returning to more sustainable levels. However, the growth trend rate is still tracking considerably faster than income growth resulting in a deterioration of housing affordability,’ said Lawless. ‘Using Sydney as a case in point, the Australian National University estimates that Sydney household incomes have grown by approximately 4.5% per annum since June 2012 while dwelling values are up 12.1% per annum,’ he added. Source link
21 July 2016 FM company OCS has agreed terms for the buyout of its shareholding in Agents4RM International Limited. Peter Slator, chief executive of OCS Group, and Lionel Prodgers, managing director of Agents4RM, announced that they agreed terms for Prodgers to buy out OCS’s shareholding in Agents4RM International Limited. The sale will allow OCS’s management to concentrate on growth opportunities for its core facilities management services in international markets, and on its extensive transformation programme in the UK. The OCS UK facilities management business is being refocused to concentrate on providing services to organisations in education, healthcare, government, business and industry, leisure and retail. This will enable the business to channel its resources into areas where it is already strong and has the potential to grow. Agents4RM will continue to offer consultancy and information management services relating to the built environment and facilities management from its offices in London and Dubai. Service provider OCS invested in international FM consultancy Agents4RM with a view to creating a global professional services business for the FM and built environment sector in February 2014. Source link
Leeds-based contractor APP Construction has booked £10m of new work from car dealerships. Above: Jaguar showroom to be built in Cheshire APP’s construction team starts work this month at Crewe Gateway for Swansway on a £5m Jaguar dealership, due for completion in mid-January 2017. Then next month it starts work in Nottingham for Midlands-based Sandicliffe Motors on a £5m Ford & Mazda showroom. Car showrooms seem to be becoming a specialism for the contractor, established in Leeds in 2007 by accountant Anthony Quinn and surveyor Paul Burke. APP recently completed a £6m multi-franchise facility housing Vauxhall, Mazda and Kia for Perry’s in Preston and has refurbished five Skoda dealerships. APP director John White said: “We’ve seen strong demand from the automotive sector for some time now and we’re confident that securing these latest schemes will further raise our profile with the bigger dealers and franchises.” APP is also starting work this month in Sheffield on a £4m, seven-storey, 63-bedroom student accommodation scheme for Empiric, with completion demanded by September 2017. This article was published on 4 Aug 2016 (last updated on 4 Aug 2016). Source link
19 March 2016 – by Mike Cobb Deutsche Bank is on the verge of pulling two CMBS deals valued at more than €500m (£392m). The Portuguese and Irish bonds have met with a lack of interest from credit markets as pricing remains too wide to attract investors and satisfy Deutsche’s needs. The Portuguese CMBS, which would have been the first from the region, was pre-marketed as far back as June last year. Backed by €250m of loans, including one to Baupost on the Dolce Vita Tejo shopping centre in Amadora, Lisbon, the deal initially got caught up in the China crisis of last summer before being tentatively relaunched in the new year. An Irish CMBS, valued at around €250m and backed by various Irish loans, was also launched in January and was expected to be well received once bond markets recovered. However, credit markets remained volatile on further bad news from China and poor figures from the EU and the deals have once again been met with a lack of appetite from bond investors. But not all CMBS deals are failing. Bank of America Merrill Lynch this week successfully got away its €317m German CMBS. All the content from this week’s magazine, including this article, is available in the new app. BAML’s Kingfisher loan-backed Taurus 2016-1 DEU CMBS did suffer from a fall away in pricing, however, with the AAA-rated tranche failing to achieve initial indicated pricing of between 140 and 150bps over Euribor. The 130bps it finally achieved, though encouraging, was considered to be more indicative of the quality of the underlying German retail assets and the fact that Blackstone is a sponsor than a true sign of recovery in the bond markets. Deutsche is understood to have considered repricing the Irish CMBS to match the sort of levels that made the BAML deal ultimately successful, but it seems the potential of significant losses on the junior tranches would have made it unpalatable. The Portuguese CMBS, however, was considered to be too widely priced for such a move to have resulted in anything but a total loss and instead the underlying loan, along with the Irish loans, were put forward for syndication. Following the decision, both loan pools have received strong interest from the syndication markets and Deutsche Bank will therefore take this exit route in coming weeks. MIPIM was understood to be a final test for the bonds but the sale is considered to have reached a point of no return and will be formally pulled once the event is over. Source link
