Maxted makes first moves at Chesterfield

Article Abstract:

Robert Maxted has begun to restructure the company's property portfolio since taking over as Chief Executive of Chesterfield Properties, in Dec 1996. Maxted has sold a shopping centre for 35.5 million pounds sterling and is planning to sell some industrial and office properties in order to raise funds against a debt of 240 million pounds sterling. Maxted also intends to find partners for other ventures whilst selling foreign properties in the US and possibly France. In Jan 1997 Maxted paid 9.6 million pounds sterling for the Ramada Hotel in Manchester, England.

Practice, Chesterfield Properties PLC, Maxted, Robert

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Global traders

Article Abstract:

The management of CIN La Salle has extended its operation into fund management in the UK and plans to offer clients either indirect investment into property or direct property ownership. In the US Real Estate Investment Trusts have been a successful investment vehicle which La Salle is keen to introduce into the UK. The company manages the British Coal pension fund which it wishes to invest indirectly into property in order to retain access to the fund. CIN La Salle is part of the US La Salle company which has operations in France, Holland and the UK.

Investment Offices, Investment Companies, Open-End Investment Funds, Management, Real estate investment, Real estate investments, Pension funds, CIN La Salle

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Firms rush for a long-term fix

Article Abstract:

UK property companies are benefiting from the fact that the cost of long-term borrowing has become much closer to that of short-term borrowing. They are using long-term borrowing to refinance their short-term debt, with Hemingway, for example, having issued 37.5 million pounds sterling of debenture stock at 8.37% to gain funds for property purchases and clear short-term loans. Refinancing has reduced the weighted average cost of this company's debts by 0.5%.

Real Estate, Real Estate and Rental and Leasing, Interest rates

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