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UK Property Market Strengthening As The North Shows Signs Of Recovery

Press Releases   •   Apr 17, 2014 16:19 BST

As consumer confidence continues to increase, the UK economic recovery is firmly underway with the national housing market showing signs of strengthening.

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UK Pubs Prime Yields Improving in London and the Regions

Press Releases   •   Apr 16, 2014 10:28 BST

- Improved trading performance for managed pubs - New finance sources enter the pubs market

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Fusion Students exchanges on Windsor House, Cardiff, for £5 million

Press Releases   •   Apr 11, 2014 09:35 BST

Fusion Students has exchanged on a deal to acquire Windsor House for a reported £5 million from a client of Aberdeen Asset Management. The city centre office block will be demolished, and a new 100,000 sq ft state of the art student accommodation block will be built. CBRE is advising Fusion Students on the transaction.

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IPD & CBRE in New Initiative for the Property Lending Community

Press Releases   •   Mar 27, 2014 16:35 GMT

A new report from IPD and CBRE has recommended the lending industry adopts some of the best practices now routinely adopted by institutional investors, albeit adapted to their own needs.

CBRE and IPD have teamed up and prepared a detailed report, entitled “Lending with Confidence: Best Practice in the Analysis and Reporting of Commercial Real Estate Risk”.

Recommendations included: regular asset valuations, to enable lenders to accurately assess the performance of their loans, and the provision of confidential, comparative analyses of loan book risk, against industry and peer group benchmarks . These include loan-to-value ratios, the quality and duration of secured income, and the geography and type of property supporting loans.

Michael Brodtman, Head of UK Valuation and Advisory at CBRE, said:

“Lenders’ risks from falling property values can only be managed effectively through the implementation of a regular, frequent and robust valuation regime, across whole loan books.
We want to create a more robust risk management and reporting framework for lenders to commercial real estate that will ultimately help reduce losses and maximize returns during the coming phases of the real estate cycle.”

Francis Salway, previously CEO of Land Securities plc and President of the British Property Federation, has endorsed the recommendations from the report, commenting:

“The key message is that now is the time for the property lending world to adopt such practices in order to ensure they too derive similar.”

Glenn Corney, Vice President and Head of Lender Services, IPD, added:

“Reporting requirements are intense, both internally and to regulators and debt fund investors, and capital adequacy rules are strict and getting stricter. Real estate has changed, and detailed analysis is ever more important as leases get shorter and markets become more volatile. A single, consistent approach can deliver efficiency and reduce risk.”

IPD and CBRE have already held initial meetings with a number of key lending organisations. Their intention to establish a bespoke, best practice model for those lending on commercial real estate has been received with a great deal of enthusiasm. The model will comprise detailed internal analysis set against market data at both the loan and the real estate asset level, which and can then be used as the basis of an industry wide benchmark.


About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

New benchmarking model to help cut risk and reduce losses on commercial property loans.

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CBRE Secures New Luxury Watch Retailer At Mount Street

Press Releases   •   Mar 27, 2014 10:47 GMT

Richard Mille has taken a 1,350 sq ft store over ground and basement levels at 90 Mount Street, W1, on a 10 year lease. This is Richard Mille’s first and only London flagship store and demonstrates Mount Street’s continuing appeal as a luxury fashion hub.

This is the latest deal following a flurry of lettings throughout 2013 which has seen a wave of international fashion brands opening on Mount Street including Solange Azagury-Partridge, Linda Farrow, Roksanda IIIincic, Christopher Kane and Celine.

Rebeca Guzman, Associate Director, Central London Retail at CBRE, commented: “The number of new retail brands at Mount Street highlights its position as an increasingly popular luxury shopping destination.  We have continued to see strong demand from exciting high-end retailers.”

Helen Franks, Head of Retail Leasing on Grosvenor’s London estate, commented: “Richard Mille’s heritage, provenance and design credentials make the brand an obvious and welcome addition to Mount Street, where the strategy is to ensure that the retail offer responds to the expectations of our customers while retaining the values that make Mount Street special.”

CBRE advise Grosvenor on their leasing and investment strategy across their London estate retail portfolio.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

CBRE, on behalf of Grosvenor, has secured the first London flagship store for Richard Mille, the Swiss luxury watchmaker, at Mount Street, Mayfair W1.

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CBRE Group, Inc Renews UK Facilities Management Contract With AON

Press Releases   •   Mar 25, 2014 09:00 GMT

CBRE Group, Inc. today announced it has renewed its agreement to provide facilities management services for AON, the UK’s largest insurance broker. This will include supporting AON’s headquarters relocation to 122 Leadenhall, London, in 2015.

Under the agreement, originally signed in 2009, CBRE will continue to provide facilities management services for AON’s UK office portfolio and will self-deliver front of house services across the portfolio through a team of 43 highly skilled client service professionals.

CBRE manages a portfolio for AON comprising over 1.2 million sq. ft. covering 29 locations in the UK. In addition, CBRE will continue to provide portfolio services and project management in the UK and transaction management across EMEA.

Mark Caskey, EMEA Head of Global Corporate Services (GCS), at CBRE commented:

“The strength of our facilities management team and offering has been pivotal to secure our reappointment by AON. We are exceptionally proud of this achievement and look forward to continuing our strong partnership with AON working on our joint objectives.”

Peter Jones, Head of Facilities Management, EMEA GCS, at CBRE commented:

“CBRE is delighted to have been reappointed by AON as their facilities management partners in the UK. We are excited by the opportunity to self-deliver front of house services across their UK portfolio to further enhance our service offering and strengthen our relationship with AON.”

Todd Budgen, Real Estate UK Director, at AON said:

“CBRE has continued to deliver a robust facilities management service. The renewal of the contract was based on their solid performance in terms of cost savings and client focus. CBRE has worked closely with AON on a number of successful projects and we trust the CBRE team to support our strategic move into our new corporate HQ (Aon Centre - 122 Leadenhall) in 2015.”


About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

CBRE Group, Inc. today announced it has renewed its agreement to provide facilities management services for AON, the UK’s largest insurance broker. This will include supporting AON’s headquarters relocation to 122 Leadenhall, London, in 2015.

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CBRE Appointed To Manage The Middleton Shopping Centre

Press Releases   •   Mar 24, 2014 09:00 GMT

CBRE has been appointed by Middleton SC Ltd to property manage its Middleton Shopping Centre taking its total UK shopping centre portfolio to over 50.

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CBRE Responds To The Chancellor's Budget

Press Releases   •   Mar 19, 2014 14:44 GMT

CBRE, the world’s largest property advisor, has issued its response to the Chancellor's 2014 Budget and outlined the likely implications that the proposed measures will have on the residential and commercial property sector.

Impact of the budget

Neil Blake, Head of UK and EMEA Research, CBRE, commented:

“The chancellor has fallen into line with other forecasters by raising the expected rate of growth for the UK although this is largely for 2014 and the long-run underlying rate of growth appears to be little changed.

“This confirms our view that 2014 will be a good year for UK commercial real estate with rising output and employment helping to boost rents for industrial and office properties, particularly those in London and the South East.

“There were also a lot of measures that will boost household incomes – tax allowance increases – including for the 40% threshold, fuel duty freeze, alcohol duties cut, pensioner bonds and more flexible rules on taking money out of pensions all in addition to a forecast of the first growth in real incomes for many ears. This should provide a boost to consumer spending – possibly by more than the chancellor has factored in.

“In the longer-term, the new pension rules will make defined benefit schemes more attractive and will provide a boost to both savers and to the pensions industry and increased pensions savings tend to be good for commercial real estate investment .”


Impact on the housing market

Jennet Siebrits, Head of Residential Research, CBRE, commented:

“We welcome any initiative implemented to support the national housing market, however in this Budget we believe more could have been done.

“During 2013, we recognised a significant improvement in the market on the back of funding for lending, Help to Buy and an improving economy.  But, while house sales have reached the highest
level since 2007, they still only totalled 1.1 million, well below the long term average of 1.5 million. This reflects continued constraints for many buyers, and a continued lack of housing supply (both in new build and second hand stock) which is putting pressure on prices.”

Help to buy

“The resulting uplift in demand for housing due to the extension of the ‘Help to Buy’ scheme will be directly offset by new supply which should help moderate the impact on price inflation. It will help boost the housing supply; we are building well under half the levels of homes we need in this country.”

Garden Cities

“The 15,000 new homes planned for the new garden city at Ebbsfleet is clearly a step in the right direction for an area where pressure on housing has been high. This particular region of the South East currently benefits from the high speed train links and wider regeneration of the area which is long overdue and CBRE would like to see more of these initiatives going forward in the future.”

Stamp duty

“It is disappointing that the Government has not used this opportunity to reform this outdated tax.

“Ideally, I would have liked to have seen the introduction of a graduated tax system. This would stop the unfairness and bunching caused by the current slab system. But at the very least, we would have liked the Chancellor to review the bands as they haven't been upgraded for over a decade and this is
causing massive fiscal drag.  

“The £250,000 band has been in place for 15 years. At this time average property prices were under £60,000, now prices are nearer £180,000. If the banding had been increased in line with property prices it would now by over £750,000. Cleary the Government is taxing by stealth.”

“We are pleased that the introduction of a 15% stamp duty on properties over £500,000 will not affect those rented out. The majority of overseas investors either live in their properties or rent out. As with the introduction at £2m, we do not expect it to have a marked impact on the wider market.”

On business rates

David Cownie, Business Rates Technical Director, CBRE, commented:

“By not extending reliefs on business rates in today’s Budget outside of the Enterprise Zones, the Chancellor has missed an opportunity to support and stimulate businesses in locations yet to see economic recovery. There is currently a three or six month rate-free period on empty properties, which is clearly insufficient in many regions. An extension to the rate-free period - to six and twelve months - would be welcomed and would enable businesses to divert rates payment towards investment in improvements.

“With substantial refurbishment typically costing the equivalent of two to four years rent the Chancellor could potentially stimulate investment into the economy of up to eight times the foregone rate liability. Further many landlords find that when a lease expires the rate free period has been used up by the outgoing tenant. We would like to see the Chancellor introduce fresh entitlement to relief for the landlords in such circumstances. Moreover, a guarantee of rates relief on properties undergoing works of improvement would stimulate investment in renewal and refurbishment, and simultaneously by pass the dogmatic and often litigious complexity of securing such relief under the current regulations.

‘Longer term, the business rates system needs to be reformed. We would argue that the framework remains in place, but there needs to be greater transparency and congruence with property market values, with Revaluations at least at three year intervals.”

On the sale of public land and garden cities

Stuart Robinson, Executive Director & Chairman UK Planning, CBRE, commented:

“There is still plenty of scope to increase the supply of underused or vacant public sector land. One initiative which would help is changes to the public procurement system, which is grossly inefficient, a
burden on time and more often than not ends up with the wrong players involved.”

"Garden cities were a step forward in their time but what is required currently is a model very different to what we saw at Letchworth and Welwyn Garden City. And although the Mayor is gallantly using
innovative ideas to procure homes at a faster rate, the scale of the housing crisis in London will need solutions which address the heart of the undersupply in problems in the Capital.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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CBRE Adds Cardiff’s Capital Shopping Park To Its Growing UK Portfolio

Press Releases   •   Mar 19, 2014 11:00 GMT

CBRE, the global real estate advisor, has been appointed by Aberdeen Asset Management to provide day-to-day property management services to the Capital Shopping Park in Cardiff.

The Shopping Park, which sits adjacent to Cardiff City’s football stadium and is located 1.4 miles south west of Cardiff’s city centre, comprises circa 153,543 sq ft (14,265 sq m) of modern, high quality retailing, leisure and office space. Anchor tenants include Marks & Spencer, Next, Arcadia and Mamas & Papas with a 1,850 space on-site car park rounding off the area which was developed in 2008 as part of the Cardiff City Stadium development.

The Capital Shopping Park adds to CBRE’s existing UK shopping centre portfolio which receives in excess of 300 million visitors per annum. Recent wins include the appointments by Middleton SC Ltd, to property manage the Middleton Shopping Centre near Manchester, and Development Securities to manage a suite of properties including The Furlong Shopping Centre in Ringwood near Southampton.

Ryan Breslin, Associate Director, Retail Property & Asset Management, at CBRE commented:

“Aberdeen Asset Management recently acquired the Capital Shopping Park from PMG and we are delighted to be looking after the asset. The future potential of the development is huge as Cardiff is the capital and largest city in Wales, contributing over 20% of the Welsh GDP, and the catchment area of the Shopping Park is first class with 243, 242 people living within a 10 minute drive away.”

John Prestwich, Head of Retail Asset Management, at CBRE commented:

“It’s been a strong start to the year for our retail UK Property & Asset Management business with a number of high profile appointments taking us to over 50 shopping centres under management. We are very happy to partner with Aberdeen Asset Management on this project and we look forward to working with them to add value by providing a best in class property management service.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

CBRE, the global real estate advisor, has been appointed by Aberdeen Asset Management to provide day-to-day property management services to the Capital Shopping Park in Cardiff.

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CBRE and Plan International launch partnership to build a better future for children in Sierra Leone

Press Releases   •   Mar 17, 2014 11:32 GMT

CBRE has joined forces with Plan International – a leading international children’s NGO, to help transform the lives of a generation of children and young people, particularly girls, in one of the poorest countries in the world.

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About CBRE

Welcome to CBRE's UK newsroom

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.