An empire built on property
Article Abstract:
Paul Reichmanm and family, owners of Olympia & York Developments Ltd (O&Y), is the world's largest private developer of real estate. O&Y developments are characterized by: stylish design; construction speed; and optimal use of floor space. O&Y is currently developing the Canary Wharf project in London, a development of ten million feet of office space at a cost exceeding 3 billion pounds sterling. O&Y will offer tenants a buy-out deal on their extant leases and pay for the moving costs, as they did with their World Financial Center development in New York City. The Canary Wharf project is predicated on the anticipation that London will become the financial capital of the single European market, and O&Y is planning more development in London.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1989
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Management buy-outs - not booming, just buoyant
Article Abstract:
Management buyout (MBOs) activity in the UK has been dampened by the increase in interest rates, but there is still much activity and investor interest. High interest rates require that MBOs use a different funding structure that utilizes less senior debt, more mezzanine funding, and more equity. Traditional MBOs, due to their small scale, should continue to thrive. The shakeout in troubled MBOs will lead to lower gearing levels, which, in turn, will lower the returns to equity investors and reduce the speculative element. However, because MBOs create a great opportunity for personal enrichment to financiers and management, the MBO scene should continue to thrive.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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A share of history
Article Abstract:
Scripophily, the collecting of old government and corporate bonds, is gaining in popularity. The hobby dates back only to 1976, although many people in the past have collected such items as Confederate States of America war bonds and bonds issued by US railroad companies. Recently, the governments of the USSR and China have partially redeemed bonds held by UK citizens for approximately 40% of the face value, and two East German issues are expected to be settled before the reunification of Germany. The redemption of bonds will take a substantial number of some issues off the market and increase the value of those remaining bonds held by collectors.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1990
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