Savills hit for damages on negligent second opinion

Article Abstract:

A banking syndicate headed by Charterhouse Bank is taking legal action for negligence against Savills after the latter company overvalued Hoechst House in Hounslow, London, by 5 million pounds sterling. Savills had been requested to give a second opinion on the property, and is claimed to have taken no account of the fact that the purchaser had already exchanged contract to purchase the property for 17.3 million pounds sterling when giving its valuation of 24 million pounds sterling.

Cases, Real estate industry, Savills PLC

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Freeport to fund factory outlets with share issue

Article Abstract:

Freeport Leisure plans to make a one-for-one rights issue of 9.9 million new shares, allowing it to raise 9.5 million pounds sterling. This will be used to fund new sites for its factory outlet developments. It already has two factory outlets, and is now to invest 6.2 million pounds sterling in purchasing and developing a 154 acre site at Westwood, Scotland. This will have 50,000 sq ft of retail space.

Retail Trade, Planning, Investments, Outlet stores, Factory outlets, Freeport Leisure

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Angling for position: Germany lender Hypo Bank has built up a strong reputation

Article Abstract:

Hypo Bank is dominant in the UP property lending market, arranging large finance packages for prestigious properties. The bank is also diversifying from straight senior debt and has been an equity player in UK property for the last five years, through Hypo Properties, a subsidiary, which collected rental income of 15 million pounds sterling in 1995.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Banking industry, Services, Banks (Finance), HYPOBANK CZ a.s.

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