Foxtons sold for £390m
May 21, 2007 at 9:54 am | In deals, foxtons, private equity | 4 Comments
Jon Hunt has done the deal of a lifetime .
Foxtons, the largest London estate agent, has been sold for about £390 million to BC Partners, the private equity group.
The sale of Foxtons, an agency once as famous for its sharp practices as for the fleet of colourful Minis used around the capital by its salespeople, is bound to prompt fears that Jon Hunt, its founder and owner, is making a call on the top of the UK housing market.
The sale of Foxtons’ UK business will hand Mr Hunt, its founder and chairman, a windfall of more than £350 million from his estimated 90 per cent share of the business, which includes Alexander Hall, a mortgage broker.NEW YORK BUSINESS EXCLUDED
Mr Hunt, who founded the business 26 years ago in an office in Notting Hill, has excluded from the sale Foxtons’ fast-expanding but loss-making US estate agency chain based in New York, which he will continue to control.
Michael Brown, the chief operating officer of Foxtons, will continue as chief executive of Foxtons in the UK under its new private equity ownership.
Foxtons has 20 wholly owned offices, 19 in London and one in Guildford, Surrey. Including associated offices, Foxtons trades in a total of 40 UK branches, 22 in London and 18 in Surrey.
[via Times]
Trump Toronto finally secures financing
March 23, 2007 at 6:43 pm | In canada, deals, development, donald trump, finance, toronto | Leave a Comment
Trump Organization announced this afternoon that they had successfully secured development funding for “Trump Toronto” the Organization’s first official international project at the corner of Bay and Adelaide in downtown Tdot.
Trump secured $310 million from Raiffeisen Zentralbank Österreich, Austria’s largest banking group; backed by their development partners Talon International Development with construction expected to begin this summer:
“With over $250-million in pre-construction sales from buyers world-wide, Trump Toronto is truly an international success story, I am very pleased that we were able to leverage our international business interests to secure construction financing with an exceptional European financial institution like RZB;” Talon Chairman Alex Shnaider was quoted as saying.
Starting prices for remaining remaining Trump Tower hotel condominium suites start at CAD $800,000 (Euro 520,000); residential suites start at CAD $1.8 million (Euro 1,170,000).
Further information on Trump Toronto, please call 905-417-3507 or email barrylandsberg@trumptoronto.ca.
For information on RZB bank, call +43-1-71 707-1753 or email andreas.ecker@rzb.at
Countrywide private equity buyout – opposition looms
March 4, 2007 at 12:27 am | In countrywide, deals, ftse | Leave a Comment
U.S. private equity firm Apollo said Countrywide PLC, Britain’s largest estate agency had agreed its 1 billion pound takeover offer. The news came late Friday, hours after Countrywide subsidiary Rightmove announced profits had doubled in a year and reported 85% revenue growth.
Crucially:
“A number of key shareholders, including ones who voted against the previous offer from 3i, have indicated their support for Apollo’s offer for Countrywide,” Christopher Sporborg, Countrywide Chairman is quoted as saying.
Expect some heat in regards to this deal as more and more people express skepticism about private equity firms and what they’re really about. The National Car Parks sale is being watched by London’s business and political community in light of union opposition to equity group 3i’s proposed sale to an Australian investment bank, after just 18 months of ownership. Ironically it was 3i who backed a takeover bid for Countrywide late last year, which failed spectacularly this past January.
3i eying Foxtons?
February 27, 2007 at 10:15 am | In deals, foxtons | Leave a Comment
After loosing the opportunity to buy out Countrywide PLC, the private equity group is now apparently chasing Foxtons.
[the infamous Foxtons mini]
Dr J buys Atlanta golf club
February 27, 2007 at 9:26 am | In celebrity, deals, sports | Leave a Comment
Basketball legend Julius “Dr J” Erving has purchased the Heritage Golf Club in Atlanta, with longtime business partner Chuck Watkins. The club was bought for an undisclosed price.
[not such a "hot" story i know, I was just looking for an excuse to publish this picture]
Gherkin sold
February 5, 2007 at 1:15 pm | In commercial, deals, london | Leave a Comment
Reports are that London’s iconic Gherkin (aka Swiss Re building) has just been sold for £600m, making it the largest ever sale of a single property asset in the U.K.
From FT:
In its early months the tower was often portrayed as something of a folly, having struggled to attract tenants because of the awkward nature of its floor plates.
Now, however, it is fully let, with Swiss Re occupying the first 16 out of 34 office floors and an array of other occupiers on the other floors. These include Hypo Real Estate, a German mortgage lender, Allianz, the German insurer, and Cardinal Asset Management, an investment firm.
The Gherkin’s sale shows there is still a strong appetite for commercial property investments in the UK despite fears that rising borrowing costs could restrain the market’s interest.
Countrywide deal "on a knife edge"
January 15, 2007 at 8:36 am | In countrywide, deals, ftse, rightmove | Leave a CommentThe Independent reports that major shareholders are expected to revolt against the proposed takeover bid led by Henry Hill and 3i at todays shareholders meeting. In effect, the rebel shareholders think the company is undervalued, and argue that the offer does not reflect the health of the UK housing market, but outgoing chairman Sir Christopher Sporborg feels they’re being “slightly optimistic”.
Countrywide is urging investors to accept the offer, pointing to the Bank of England’s decision to raise interest rates and recent house price surveys to suggest that the UK housing market is cooling. Shareholders are voting at 10:30 this morning on the fate of the proposed takeover. Standard Life, Artisan Partners, Boussard & Gavaudan and US hedgefund Jana are spare heading the revolt. Polygon hedge fund and UBS bank raised their stakes in the company on Friday. Whether the deal goes through or not is “on a knife-edge,” according to a source close to Countrywide. Countrywide also owns 21.5% of Rightmove, the UK’s largest property search portal
UPDATE – Shareholder meeting delayed
via Bloomberg:
3i requested the delay in order to consult Countrywide’s main shareholders
Update – Jan. 18th
Countrywide announces shareholder meeting to reconvene on 26th January
Ballymore sells Pan-Peninsula penthouse for £7m
December 27, 2006 at 3:05 pm | In canary-wharf, deals, development | Leave a Comment
The record for the most expensive flat in London’s Docklands was achieved this month with the £7m off-plan sale of a 8,000 sq ft 50 floor Pan Peninsula penthouse apartment. The deal comes as developer Ballymore is expected to announce this week it has completed the sale of all its available apartments at the two-tower Docklands development. A recent Savills report showed property prices in Docklands have barely moved in recent years rising just over 2 per cent between 2002 and 2006 while the rest of the city boomed.
Canary Wharf sells 400,000 sq ft building to KPMG
November 24, 2006 at 6:02 am | In canary-wharf, commercial, deals | Leave a Comment
Canary Wharf Plc has sold 15 Canada Square, a 400,000 sq ft building site in the heart of the Docklands, to big four accountant KPMG for £260m; making it the first major accounting firm to locate its headquarters in the area. Construction is due to be completed by April 2009.
Americans set to buy London City Airport
October 11, 2006 at 7:43 am | In UK, city, commercial, deals, ken livingstone, london, politics | Leave a Comment
American International Group, GE Capital, and Credit Suisse are reportedly putting the finishing touches to contracts to purchase London City Airport for £750 million after Madrid based Sacyr Vallehermoso pulled out of the deal, late last month. City handled almost 2 million passengers last year, compared to Heathrow’s 70 million and in related news, London mayor Ken Livingstone is reportedly `close” to a £10 billion funding agreement with the UK government over Crossrail; a railway system that would connect the West End, City and Docklands with Heathrow. We reported last month that London business leaders were eager to see Crossrail developed; many expressing frustration that Gordon Brown had not yet resolved the project’s funding. This is seen as an urgent transport priority and has been the subject of concerted lobbying by the capital’s business leaders.
Mayor Ken is apparently planning to “bust a gut” to see that Gordon Brown, replaces Tony Blair as the UK’s next prime minister, when he steps down as party leader next year.
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