EMEA Real Estate Correspondent
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Jan 19, 2011

Land Securities plans focus on UK developments

LONDON, Jan 19 (Reuters) – Land Securities (LAND.L: Quote, Profile, Research), UK’s
largest listed landlord, will focus its efforts on developing
new projects, which it expects to produce better returns than
acquisitions as the commercial property market recovers.

“Right now we see returns from our development activity as
being the most attractive,” Land Securities’ Chief Executive,
Francis Salway, said in a trading update.

Jan 13, 2011

Norway SWF sets plans for $26 bln property punt

LONDON, Jan 13 (Reuters) – Norway’s sovereign wealth fund
(SWF) expects to take four to eight years to build its fledgling
real estate portfolio into a targeted 5 percent of overall
investments, or about $26 billion based on the fund’s current
size.

The $500-billion-plus SWF is seeking commercial property
investments with values in excess of $500 million per
transaction, starting in London and Paris, said Karsten
Kallevig, its head of real estate, in a briefing on Thursday.

Jan 11, 2011

Simon Property gives up CSC takeover bid

LONDON, Jan 11 (Reuters) – U.S. firm Simon Property (SPG.N: Quote, Profile, Research, Stock Buzz)
gave up its 2.9 billion pound ($4.5 billion) bid to take over
Britain’s Capital Shopping Centres (CSC) (CSCG.L: Quote, Profile, Research, Stock Buzz) on Tuesday,
paving the way for the UK’s largest mall-owner to buy the
Trafford Centre mall.

Analysts had predicted Simon would give up rather than raise
its 425 pence per share offer to buy CSC, after CSC on Friday
cut the price it would pay for the Trafford Centre in Manchester
to boost its a defence against Simon’s approach. [ID:nLDE70609M]
[ID:nN07202766]

Jan 7, 2011

CSC cuts Trafford Centre price in Simon bid defence

LONDON, Jan 7 (Reuters) – Capital Shopping Centres (CSC)
(CSCG.L: Quote, Profile, Research, Stock Buzz) cut the price it is offering for the Trafford Centre by
8 percent, boosting the British mall owner’s defence against
U.S. peer Simon Property’s (SPG.N: Quote, Profile, Research, Stock Buzz) 2.9 billion pounds ($4.5
billion) approach.

CSC, Britain’s largest mall owner, said on Friday it would
issue 205.9 million new shares to Trafford Centre owner Peel
Group, down from the 224.1 million previously agreed.

Jan 6, 2011

CSC investor prefers Trafford deal over Simon bid

LONDON, Jan 6 (Reuters) – Simon Property’s offer to buy
Capital Shopping Centres (CSCG.L: Quote, Profile, Research) (CSC) for 2.9 billion pound

($4.50 billion) is unattractive, a top CSC shareholder said,
adding a market recovery warranted a higher bid.

Dec 20, 2010

JPMorgan buys London headquarters

LONDON (Reuters) – U.S. bank JPMorgan has bought two major office properties in London, including the former Lehman Brothers building, holding off on plans to build a skyscraper as its main European headquarters.

JPMorgan bought the Lehman building in the Canary Wharf financial district for 495 million pounds from the Canary Wharf Group (CWG), to group together all of its investment bank in London.

Dec 20, 2010

JPMorgan buys London HQ, undecided on skyscraper

LONDON (Reuters) – U.S. bank JPMorgan has bought two major office properties in London, including the former Lehman Brothers building, holding off on plans to build a skyscraper as its main European headquarters.

JPMorgan bought the Lehman building in the Canary Wharf financial district for 495 million pounds ($773 million) from the Canary Wharf Group (CWG), to group together all of its investment bank in London.

Dec 15, 2010

Simon Property makes 3 billion pounds indicative CSC bid

LONDON (Reuters) – Simon Property’s (SPG.N: Quote, Profile, Research, Stock Buzz) last-ditch bid for Capital Shopping Centers (CSCG.L: Quote, Profile, Research, Stock Buzz), valuing Britain’s biggest mall owner at about 3 billion pounds ($4.8 billion), may be “too little, too late,” analysts said.

The biggest U.S. mall owner made an indicative offer of 425 pence per share on Wednesday, which it said was a 16 percent premium to the price of shares CSC plans to issue to buy Manchester’s Trafford Center in a deal announced November 25.

Dec 15, 2010

Simon Property offers $4.8 billion for CSC

LONDON (Reuters) – Simon Property Group (SPG.N: Quote, Profile, Research, Stock Buzz), in a struggle for control of Capital Shopping Centers (CSCG.L: Quote, Profile, Research, Stock Buzz), has proposed a 425 pence per share offer valuing Britain’s biggest mall owner at about 3 billion pounds ($4.8 billion).

The offer represented a 16 percent premium to the price of shares CSC plans to issue to buy Trafford Center shopping mall in a deal announced on November 25, and a 26 percent premium to the November 24 close, the biggest U.S. mall owner said.

Dec 15, 2010

Simon Property offers 3 bln pounds for CSC

LONDON, Dec 15 (Reuters) – Simon Property Group (SPG.N: Quote, Profile, Research, Stock Buzz), in
a struggle for control of Capital Shopping Centres (CSCG.L: Quote, Profile, Research, Stock Buzz), has
proposed a 425 pence per share offer valuing Britain’s biggest
mall owner at about 3 billion pounds ($4.8 billion).

The offer represented a 16 percent premium to the price of
shares CSC plans to issue to buy Trafford Centre shopping mall
in a deal announced on Nov. 25, and a 26 percent premium to the
Nov. 24 close, the biggest U.S. mall owner said.

    • About Daryl

      "I am Reuters real estate correspondent based in London, covering Europe, Middle East and Africa. I cover global listed and unlisted real estate markets, real estate finance and banking, and write interviews, analysis, and other stories on both the sell-side – listed real estate investment trusts, developers, investment banks; and the buy-side – private equity, pension and insurance, and sovereign wealth funds. I have a special interest in European real estate financing, government interventions in Europe and its effects, emerging Europe and China’s booming but haphazard property markets."
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