I think that the sentiment is increasingly lining up in a more positive direction these days. Anyway here is my usually idiosyncratic pick of this weeks (primarily UK) commercial property news.
Trocadero set to become “capsule hotel”
London’s Trocadero complex is set to become a 495-bed “pod” hotel in time for the 2012 Olympic Games. This week Westminster Council gave the green light for Criterion Capital’s plans for the new hotel, inspired by Japanese capsule hotels, to be inserted over seven floors behind the Trocadero’s Grade II listed facades. The first and ground floors will provide retail and entertainment and the eighth floor will be a rooftop bar and restaurant for guests. The hotel concept – which includes windowless rooms, akin to a cruise ship cabin – was designed by Dexter Moren Associates. Michael Hughes, Criterion Capital’s director of development, said: “For over 25 years the Trocadero has failed to deliver long term success and this scheme gives us the opportunity to reverse that trend. We will revitalise the Trocadero to once again become a world class leisure destination.” Unless I’m very much mistaken I was there just a few years ago and weas told that one of the big casino operators was going to transform The Trocadero into a sort of Las Vegas destination in London – but that was around the time when people were getting excited about “super casinos” – whatever happened to them?
Giles Barrie Blog – mergers amongst UK agencies?
An excellent blog post by Giles Barrie , the editor of Property Week. Amongst his predictions for 2010 he notes “All completely anecdotal, of course, but DTZ, Cushman & Wakefield, Lambert Smith Hampton, GVA Grimley and BNP Paribas Real Estate are all the subject of merger gossip”. Looks like it could be an interesting year – watch this space.
Tesco / British Land JV refinances
Tesco BL Properties (TBL), a 50/50 joint venture between British Land Company and supermarket giant Tesco has completed a refinancing with a new £315 mln (EUR 352 mln) five-year term loan. The funds were used to repay TBL’s existing bank loan. The new loan facility, completed on 23 December 2009, was provided by a club of five lenders in London: Eurohypo, Helaba, Santander Corporate Banking, Calyon Crédit Agricole CIB and Nationwide Building Society. TBL was established in 1999 and now owns a portfolio of two retail parks, two shopping centres and five Tesco superstores. It is one of five joint ventures between British Land and Tesco.
Valuations move from DTZ to BNP Paribas Real Estate
BNP Paribas Real Estate has appointed Alistair Oates as head of valuation in the UK. He joins from DTZ where he was a director for 22 years and will take over from acting head Robert Orrett. Orrett will now return to his role as board member responsible for regional offices.
Hypo Real Estate to create “bad bank”
German newspapper Der Speigel reported that nationalized property financier Hypo Real Estate (HRE) is expected to unload up to EUR 200 bn of high-risk assets into a bad bank during the coming weeks. That would mean the assets would no longer have to be written off. The move hinges on approval from the EU Commission and Germany’s financial market stabilisation fund Soffin. Up to now, HRE has received over EUR 6 bn in financial assistance and some EUR 95 bn in government guarantees.
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