Through the eyes of experts

Article Abstract:

Jack Nardecchia, former senior partner at Montagu Evans, recalls that he was interested in the principles of town and country planning from a very early age. He felt that there would have to be large-scale redevelopment of UK towns and cities in the future, with the traditional approach to town development no longer being suitable for a small country with a large population. Town Centre Securities Chmn Arnold Ziff recalls that his first deal after forming his firm was the purchase of a property in West Hartlepool, England, for around 4,000 pounds sterling. His first significant deal was the Merrion Centre in Leeds, England.

Officials and employees, Interview, Town Centre Securities PLC, Nardecchia, Jack, Ziff, Arnold

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Brought to account

Article Abstract:

UK quoted companies will from Jan 1999 be required to show the current market value of their borrowings as a note in their annual accounts. Managers will also be obliged to explain how they are affected by the current market value of borrowings. This will present a significant challenge for companies which have a large burden of costly long-term debt or are involved in expensive swaps or other derivatives. Some property analysts believe that investors should take account of differential debt costs and begin re-appraising companies' net asset values.

Accounting Methods, Laws, regulations and rules, Accounting and auditing, Accounting

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Thirteen exit as shake-up begins

Article Abstract:

There has been significant consolidation in the UK quoted property sector during 1999, with 13 public companies leaving the London Stock Exchange's main listing. The property sector looks unattractive compared with rapidly expanding sectors such as the internet. Furthermore, investors now seek a specific story from property firms. Further consolidation is likely to take place, with targets for possible takeovers or buyouts including Town Centre Securities and Allied London Properties.

Mergers, acquisitions and divestments

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