Currencies

Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Financial

Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Banks

RBS falls 2% after failing BoE stress test

Royal Bank of Scotland shares have slipped 2 per cent in early trading this morning, after the state-controlled lender emerged as the biggest loser in the Bank of England’s latest round of annual stress tests. The lender has now given regulators a plan to bulk up its capital levels by cutting costs and selling assets, […]

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Categorized | Property

Shaftesbury basks in London’s limelight


Posted on November 30, 2012

Shaftesbury, the West End-focused landlord, posted strong results for the 12 months to October on the back of what its chairman described as a “truly memorable year for London”.

The group, which owns 500 properties – predominantly shops – spanning 13 acres of Carnaby Street, Covent Garden and Soho, bolstered its position as the largest landlord in the central London retail district during the period, buying £44m worth of new stores.

    The West End has been one of the UK’s most buoyant property markets during the downturn, supported by a steady flow of overseas shoppers. The strength of activity in the area has driven up rents to record levels during the past two years.

    John Manser, Shaftesbury’s outgoing chairman, said the hosting of the Olympics and diamond jubilee celebrations meant London was “firmly in the world’s spotlight”.

    “The successful staging of these major events has greatly enhanced London’s reputation and should attract more visitors and businesses, particularly to the West End, in the years ahead,” he added.

    Shaftesbury recorded pre-tax profit of £31.2m for the period, up from £29.2m a year earlier. The net value of the group’s portfolio rose 8.9 per cent to £1.82bn. The company proposed a final dividend of 6.05p, up 5 per cent on 2011.

    The group also invested £15m on improving and redesigning buildings in its portfolio.

    Shares in Shaftesbury rose 1p to 548p.