City welcomes float but looks to be convinced

Article Abstract:

Stock market analysts believe that institutional investors will be attracted to the flotation of Canary Wharf. However, they are remaining cautious until the company issues details of its float price. Canary Wharf has an advantage over other property companies in that it offers relatively predictable cash flows. The company could return up to 2.5 billion pounds sterling to shareholders over 10 years. Many analysts expect Canary Wharf's market value to be closer to 2 billion pounds sterling than to the 2.6 billion pounds sterling predicted by its advisers.

Securities, Going public (Securities), Initial public offerings, Canary Wharf Development Co.

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Town Centre joins Ewart fray

Article Abstract:

Ewart, the only quoted property company in Northern Ireland, has received an approach from Town Centre Securities, which owns two out-of-town retail warehouses in Northern Ireland and is believed to be looking to expand. Ewart is currently fighting off a 22 million pounds sterling takeover bid from Dunloe House. It has pointed out that 40% of its 29 million pounds sterling investment portfolio is in the expanding Northern Ireland market, and believes that it has been undervalued by Dunloe House.

Town Centre Securities PLC, Ewart Ltd., Dunloe House

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Delancey sparks Greycoat auction

Article Abstract:

The 218 million pounds sterling offer made by Delancey Estates for Greycoat is likely to attract counter-bids from institutions, property companies and overseas investors. However, the largest quoted companies may be deterred by the open competition, and this could bring success for Delancey. Analysts believe that the successful bidder will have to make an offer closer to NAV and include cash to gain the support of Greycoat's shareholders.

Greycoat Group PLC, Delancey Estates

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