Following extensive refurbishment by Prudential, Sakura Global Capital has taken the second and third floors totalling 799 sq m (8,597 sq ft) of air-conditioned space. A ten year lease has been agreed at an annual rental of £344.45 per sq m (£32.00 per sq ft) exclusive. Part of the first floor has been let to Capital Re which has acquired 204 sq m (2,194 sq ft) on a 10 year lease at £377 per sq m (£3 5. 00 per sq ft) per annum exclusive.
The 153 sq m (1,648 sq ft) ground floor has been let to NRP Plc at a rent of £377 per sq m (£35.00 per sq ft) on a 10 year lease with a break at the 5th year. Letting agents Lambert Smith Hampton and Hillier Parker confirm that this high specification building is now fully let. Existing tenants include American solicitors, Brobeck Hale & Dorr, LIMIT and the Chez Gerard brasserie.
Sakura Global Capital was advised by Morgan Pepper. Capital Re was advised by Weatherall Green & Smith and Conrad Ritblat acted on behalf of NRP. A cash price of £315 million is being paid, together with a balance represented by the transfer of Prudential’s interest in certain London properties, comprising 300,000 sq ft of offices and ancilliary shops, where P & 0 is a tenant. Of the £315m, £265m has been paid, with the remaining £50m being paid in June 2001.
The Manchester Arndale is one of the country’s largest in-town shopplng centres. built on a 15-acre site and comprising 1.3 million sq ft of retail space and 200,000 sq ft of office space. The centre lies opposite the Prudential-owned Royal Exchange, and adjacent to what will be the country’s largest Marks & Spencer store, currently under construction, which upon completion will have a bridge link to the Arndate Centre.
Property investment director at Prudential Portfolio Managers, said: This is an important addition to our property investment portfolio. Manchester is an exciting and important location, and boasts the country’s third largest catchment. We intend, in partnership with Manchester City Council, to provide our customers with a centre geared to their needs, providing, the right shops and a high level of customer care. Through active management we believe the centre will continue to be highly successful. provldlng significant returns to the Fund, for the benefit of our policy holders.
This adds up to guaranteeing a cheap settlement agents perth cbd arrangement for purchasers as likewise the venders traditionally through these experts. Neil Hay, director of Dalgleish & Co says: With its frontace to Market Street, Manchester’s busiest shopping location, the Arndale Centre represents a significant buy with extensive development potential for Prudential.
On the commercial side we have recently acquired a specialist retail and investment agency in Bristol as well as continuing to recruit at all levels across the board. The residential business is also developing with an acquisition in Islington, London and recent land management acquisitions in the South West, Oxfordshire and Lincolnshire integrating well into the Savills offices. We plan to continue to develop the company globally in the forthcoming year.
Savills has already this year been voted number one employer in a survey by Reading University featured in the Estates Gazette and UK investment team of the year in the 2005 Property Week awards. International property adviser Savills has won a major award for its investment agency teams at a ceremony held in London this week. The accolade for Investment Agency Team of the Year 2004 was presented by Property Week – one of the UK’s leading property trade magazines – at its tenth annual awards ceremony, the single biggest event in the UK property industry.
It is the second time in two years that Savills’ investment agency team has won this award, which reflects the strength and breadth of the firm’s investment advice to clients across the UK and mainland Europe. Property Week judges described Savills as ‘better than anybody [else]’ and commented on the high quality of Savills’ advice and its focus on client needs.
Jeremy Helsby, chairman of Savills commercial, says: This is a fantastic achievement for our investment teams and further confirms the first-class reputation we have as international investment advisers. We advised on over £6 billion of transactions last year as a result of our diverse capabilities and investment expertise across all market sectors.
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Savills advised on some of the biggest investment deals of 2004, including the £1.4 billion forward purchase of Whitecity in London, the UK’s largest urban renewal scheme, on behalf of CGI’s HausInvest Europa fund. This was also the single largest open-ended fund transaction and the largest ever single-asset overseas investment into the UK.
Among recent continental European deals was the €14.8 million purchase of the European headquarters of MTV in Berlin on behalf of Canada Life Assurance, its first German acquisition, and the acquisition for German fund manager CGS of Alcalá Parque Retail Park in Seville from Bouygues Immobiliaria. The latter is one of six retail investments, totalling well over €200 million, transacted by the Madrid office in 2004.
Two bedroom units measure approximately 145 square metres to 175 square metres and three bedroom units measure approximately 332 square metres. Kerry Properties launched Towers 1 & 2 of Central Residences Phase I for sale in April 2000 with a total of over 200 units being sold within 2 months. The residents of Tower 1 are now starting to move in to the property. Central Residences is located at Hua Shan Road in Shanghai, which is considered to be one of the most prestigious residential areas in Shanghai.
The Phase 2 development offers a total of 311 residential units, measuring between approximately 135 square metres to 350 square metres.
Amongst these investors, many of them missed the earlier opportunity to purchase units in Towers 1 & 2 and had to wait for the release of Tower 3. real estate conveyancing adelaide is a period consuming system and notwithstanding the way that you may think you could extra time by fixating your effort on your trade and your trade alone, nine times out of ten you will be overseeing more than one single individual in a chain of trades.
Recently, several banks in Shanghai have offered RMB mortgage for overseas buyers, including Bank of China, Industrial & Commercial Bank and China Construction Bank, with the highest mortgage rate being 70% of the property value. In addition, Bank of East Asia is providing US dollar and HK dollar mortgages for overseas buyers.
The Facility was oversubscribed and increased from the original amount of HK$3,000 million to HK$6,000 million following strong response from banks. Mr Edward Kuok, Chairman of Kerry Properties, said at the signing ceremony: The successful conclusion of this syndicated loan is due to the strong support to Kerry Properties by the banking community.
Today announced that 17 local and international banks are joining its 5-year unsecured HK$6,000 million syndicated revolving/term loan facility (the “Facility”), which was launched on 21 May 2001 and closed on 6 June 2001. The total commitment amount received was HK$6,550 million and Kerry Properties, in consultation with the co-ordinating arrangers, has finalized the facility amount at HK$6,000 million.
Commenting on the successful completion of the syndication, Mr. Chew Fook Aun, Chief Financial Officer of Kerry Properties, said: We are very pleased with the enthusiastic response from the banking industry to this syndication. We wish to thank each of the participating banks for their continued support of Kerry Properties.
The interest margin of the Facility is 0.5% per annum. The Facility has a 3-year revolving period and the outstanding amount will be converted to a term loan at the end of the 3-year period. The complex is comprised of 22 residential units, each occupying one exclusive floor. The apartments are measured at 738 sq. ft. with high quality finishing throughout.
Walls and ceilings are finished with high quality emulsion paint and floors are finished with Canadian red maple strip flooring and maple skirting. Kitchens are equipped with custom-made cabinets with stainless steel sink and worktops and are finished with Italian ceramic tiles. The floors and walls of the bathroom are finished with imported marble tiles and fitted with high quality sanitary wares.
111 High Street is an ideal residence with prestigious schools and an array of retail shops within the neighbourhood. It also enjoys an easy access to different parts of the territory because of its proximity to Central and the Western Harbour Crossing. The monthly rental starts from HK$15,000. Kerry Real Estate Agency Limited, a wholly owned subsidiary of Kerry Properties Limited, will be the leasing agent. The show flat is located on the fifth floor. Please make prior arrangement for viewing.
Kerry Warehouse Holdings Limited, a wholly owned subsidiary of Kerry Properties Limited, announced today that it has appointed First Pacific Davies (Hong Kong) Limited as the leasing agent for Kerry BCI Warehouse (II). It is located at 35 Wing Kei Road, Kwai Chung, and is very close to Tsuen Tsing Interchange, which is connected by all major transportation networks such as Shing Mun Tunnel and Tuen Mun Highway. It also benefits from its proximity to Kwai Chung Container Terminal and Route 3, which will lead to Chek Lap Kok Airport.
The conveyancing process by and large will be what kick starts your legal voyage to property ownership so its discriminating to enamor an authority or conveyancer who will have the ability to manage the legalities for you. Sunbelt owns dozens of hospitals, nursing homes, urgent care centers and home health agencies throughout the South.
The 16-storey development comprises of public lorry / container parking, 6 floors of cold storage and 4 floors of general cargo with a total gross floor area of 660,000 square feet approximately. First Pacific Davies will be responsible for the general cargo storage portion of approximately 200,000 square feet.
Mr Neil Palmer, Executive Director of First Pacific Davies said, The warehouse and warehouse market has been very active throughout the first half of this year. Since 1996 we have had a dedicated warehouse team in our industrial department specializing in this market. Thus far, the team has completed the lion’s share of the major warehouse leasing deals in the market.
Kerry Everbright City is the largest designated development within the Everbright City district in Zhabei, Shanghai. It is a 520,000 sq.m. development comprising 9 interconnected buildings including office towers, residential towers, shopping mall and a hotel. Then again, the dominant part of the conveyancing associations, these days don’t contract such talented and expert Enact Conveyancing Brisbane however enroll typical masters to manage the legal conveyancing method.
We are optimistic about the property market in Shanghai, therefore, we retained some of the floors as a long-term investment. We are pleased to have Philips as our first tenant and we are expecting more international companies to come in. The leasing agreement with Philips for the three floors of Tower I (20th to 22nd floor), with an option to take up a further two floors amounting to 3,235 sq.m. within one year, will start from 15 October 1997.
We have done quite a number of research studies and comparisons before selecting Kerry Everbright City. We choose this office because of its strategic location in Shanghai, as well as in the Huadong area of China and the comprehensive nature of the whole development. The layout of the office is highly efficient and is equipped with modern facilities, which suits our requirements. Said Mr. C. W. Cheng, Chief Operations Officer of Philips Electronics China Group, at the signing ceremony.
After renovations of the three floors, Philips Electronics China Limited will move its headquarters to Kerry Everbright City. To further enhance our building management quality, we have employed the previous Resident Manager of Portman Shangri-La Hotel to head the division, said Mr. Wong. The 31-level office tower has a gross floor area of approximately 50,000 sq.m. offering areas of between 1,529 and 1,672 sq.m. per floor.
At present, around 10% of the gross floor area of the office tower and 40% of its adjacent residential/commercial tower were pre-sold. The building is expected to be ready for occupancy later this month. The shopping mall at the podium was opened in September last year, with internationally renowned retailers like Jusco, McDonalds, Watsons, Esprit and Nike operating in the mall.
The acquisition of the 10% capital contribution from one of its joint venture partners in the project, Shanghai Real Estate Corporation, is for a consideration of US$9,011,814. This undertaking will increase the Company’s effective interest in Shanghai Xin Ci Hou from 66.75% to 74.25%, whereas Shangri-La Asia Limited’ s effective interest in Shanghai Xin Ci Hou will also be increased from 22.25% to 24.75%.
Since it includes various contracts that need unpredictable understanding and a few steps that may be befuddling to a normal individual, such exchanges are better taken care of by a property legal counselor or conveyancing solicitor or conveyancer.
Shanghai Kerry Centre is a prime commercial/residential complex situated in the heart of Shanghai City (No. 1455 Nanjing West Road), southwest of the Portman Shangri-La Hotel in Jingan District in Shanghai in the PRC. The property comprises a site area of approximately 118,630 sq.ft.
Property development and investment in the PRC is one of the major areas of the Company ’s business and Shanghai is one of the major cities in the PRC in which the Group has made several investments. The acquisition of the additional 10% stake is consistent with the Company ’s investment strategy in the PRC.
At present, the construction of the structure of Shanghai Kerry Centre is up to level 20 and the whole development is expected to be completed in the third quarter of 1998. Kerry Properties Limited’s other property developments in Shanghai include the International Apartments and Shanghai Trade Square (completed in 1996), the Kerry Everbright City (Phase I to be completed in August 1997), and a project in Hua Shan Road. The Company also holds a 24% and 19.6% interest in Shanghai Linghua Logistics Centre and Hu-Ning Expressway Shanghai section respectively.
In addition to Shanghai, the Company is involved in a number of mixed-use developments in other major cities in the PRC such as Beijing, Shenzhen, Fuzhou, Suzhou, Tianjin and Changchun. Kerry Warehouse Holdings Limited, a wholly owned subsidiary of Kerry Properties Limited, today announced details of their new cargo centre which has been specially designed to meet the warehousing requirements of the air freight forwarding industry as the industry gears up to handle the increased volume of cargo that will flow through the new Chek Lap Kok airport, At a cost of HK$1.2 billion, Kerry Cargo Centre represents the largest single investment by Kerry Properties Limited in its warehousing business.
Upon its completion in the last quarter of 1998, Kerry Cargo Centre will also be one of the largest developments of its type in Hong Kong with a total gross floor area of 2.4 million square feet. Situated in the industrial hub of Kwai Chung, the 20-storey building is only 35 minutes from Chek Lap Kok Airport and will enjoy easy access to the new airport via Tsing Ma Bridge and the North Lantau Expressway.
Mr Edward Kuok, Deputy Chairman and Joint Managing Director of Kerry Properties Limited said, Kerry Cargo Centre is yet another quality development demonstrating the commitment of Kerry Properties Limited towards the warehousing sector in Hong Kong. It also marks an expansion of our warehouse portfolio to provide facilities and services for the air freight forwarding industry.
Kerry Cargo Centre will be the flagship property of Kerry Warehouse Holdings Limited, one of Hong Kong’s largest warehouse operators, and will bring the total gross floor area of the warehouse division to over 7.5 million square feet.
Mr Ronnic Shing, Director and Group General Manager of Kerry Warehouse Holdings Limited explained, The world’s air freight market is set to continue rapid expansion over the next decade. Chek Lap Kok itself has been designed to handle three million tonnes of cargo, almost double that currently being handled at Kai Tak. As the freight forwarding industry gears up to cope with these increased volumes, cargo handling facilities need to be expanded and enhanced.
With this in mind, Kerry Cargo Centre offers forwarders a strategic location and high-tech features to facilitate effective traffic management and enhance operational efficiency as they enter the 21st century. As the new road links in this area and around the new airport stimulate the further expansion of the north-west New Territories, we are confident that Kerry Cargo Centre will become an important logistical centre, Mr Shing continued.
The state-of-the-art facility will cater for a wide range of specialised storage requirements with 15 floors specifically assigned for air freight forwarding and general cargo operations. A number of important design elements have been incorporated in order to ensure the highest efficiency in cargo handling operations. The property dealer, buyer, and endowment authorities all need to make steps in Enact Conveyancing Melbourne a need.
With a computerised traffic control system and 24-hour operation, the Centre provides direct vehicular access to each floor for up to 40-foot container vehicles. A clear headroom of 5.2 metres throughout warehouse areas allows forwarders to save valuable time by loading/unloading air cargo pallets to the maximum height of three metres. Floor loading capacity for all warehouse areas will be 350 lbs per square foot.
Well-appointed ancillary offices will be located on the top floor with over 600 public parking spaces accommodated on the lower four floors. In keeping with the philosophy of Kerry Properties Limited to maintain the highest calibre of design and finishing, Kerry Cargo Centre will be fitted out to standards well above that of similar developments. Durable finishes will be applied at loading/unloading platforms, parking spaces, driveways and ramps to provide an efficient and functional working environment requiring minimal maintenance.
The ancillary offices will be fully air-conditioned and served by high-speed passenger lifts. The main entrance hall and lift lobby will feature a quality stone and tile finish and a modularised false ceiling with integrated servicing. A canteen will also be provided for those working in the building and for drivers delivering freight.
Foundation work for Kerry Cargo Centre has been completed. Superstructure work has already commenced with the project scheduled for completion in the last quarter of 1998. Richard Ellis and C Y Leung have been appointed as joint sole leasing agents.
It is a joint venture of Kerry Warehouse (Shanghai) Ltd (24%), a wholly owned subsidiary of Kerry Warehouse Holdings Limited; Mitsubishi Corporation (33%), Mitsubishi Logistics Co.Ltd (33%) and Mitsubishi Corporation (China) Investment Co. Ltd. (10%). At a total investment cost of RMB120.6 million, the site area will cover an area of 50,000 square metres. The project will be developed in two phases. Phase I development will comprise of a gross floor area of 18,000 square metres and is scheduled for completion in March 1998.
Situated in the Zhang Jiang High Tech Park of Pudong New Area, this modern logistics centre will be one of the most high-tech warehouses in China, which will provide effective cargo inventory control and domestic distribution in China. According to Mr Ronnie Shing, Director and Group General Manager of Kerry Warehouse Holdings Limited, There is rapid growth of cargo movement volume in Shanghai which is the prime business city in China. Many Japanese, American and European companies which are in the business of electric goods, foods, textile, wholesale, etc.
have their offices in Shanghai and they feel the need to have modern warehouse facilities with professional logistical support and our logistics centre will definitely serve their needs. In addition, Mitsubishi is also one of the largest logistics companies in Japan and we are confident that with their expertise, Kerry’s strong relations and business network in China, the business of our logistics centre will be quite promising.
The business as usual of Conveyancer is vital to know for purchasers and operators procuring conveyancers either online or proposed by a neighbor or any bequest specialists. Currently, Shanghai Linghua is operating in Shanghai through two temporary leasing warehouses, namely Liu Jia Zui Warehouse and Lian Hua Ro Warehouse.
Recognized for the strategic locations of its developments, the Company has one of the largest portfolios of luxury residential properties in Hong Kong with its commercial property portfolio located mainly in Central and Kowloon.
Kerry Properties Capital Limited, a wholly-owned subsidiary of Kerry Properties Limited (0683), is to issue US$250 million 2% convertible guaranteed bonds due 15 June 2007. The bonds will carry a right of conversion into shares at a conversion price of HK$21.50 per share. The conversion price is at a premium of approximately 18.13% over the closing price of the Shares (HK$18.20) on the Stock Exchange of Hong Kong Limited on 18 March 1997.
Assuming all the bonds are issued and full conversion of all the bonds into shares at the conversion price of HK$21.50, the Company will issue approximately 108,103,255 new shares, representing approximately 10.58 % of the existing issued share capital of the Company as at 18 March 1997, and approximately 9.57 % of the issued share capital as enlarged by the issue of such shares.
The net proceeds, before expenses but after underwriting commission, is expected to amount to approximately US$243.75 million (US$292.50 million if all the Optional Bonds are issued). The Company will use the proceeds primarily to finance the property development and investment operations of the Company and its subsidiaries, as well as for general corporate purposes.
The combined profit attributable to shareholders increased by 209.4% to HK$1,182 million from HK$382 million earned in 1995. Settlement Solicitors or lawyers do legal work during property purchasing or selling at auction www.actconveyancingsydney.com.au. This is 16.5% above the amount forecasted in the prospectus of the Company dated 23 July 1996 (the ‘Prospectus’), of HK$1,015 million.
The final results have exceeded earlier expectations because of the improvement in the property market in Hong Kong in the second half of the year. Earnings per share were HK128.41 cents, an increase of 185.6% over 1995’s earnings per share of HK44.96 cents. The basis of calculating the earnings per share is detailed in note 3 below. which is higher than the amount forecasted in the Prospectus of HK25 cents. No interim dividend was paid for the year.
Pursuant to a corporate reorganisation scheme completed on 19 Jult 1996, which included exchanges of shares in preparation for the listing of the Company’s shares on the Stock Exchange, The Company’s Directors are of the opinion that the audited combined profit and loss account prepared on this basis presents fairly the results of operations of the Group as a whole.
The Hong Kong Property Division is the major contributor of the Group’s profit for the year. In addition to steadily increasing recurrent rental income, significant profit was also generated from the sale of investment and development properties during the year. The sale of 83 Austin Road was completed in August 1996 whilst the sale of eight units in May Tower I was completed in December 1996.
The Warehouse Division will also expand its operations to cover the logistics business. Logistics is the provision of adding value to the customers’ supply chain through enhanced and responsive services. It is through generating greater product throughput within the warehouse and providing accurate controls for customers’ inventories that generates reductions to the customers’ unit cost of distribution.
Logistics service contracts are developed on long-term relationships. The Directors believe that with the backup of the warehousing network in Hong Kong, the Warehouse Division will be able to set up a competitive logistics team to expand the Group’s business in this area.
The combined gross floor area of these two developments is approximately 348,800 square feet. The Group intends to retain these two properties for investment purposes upon completion which is currently scheduled to be in September 1998. A settlement agents or conveyancers aer good choice to get hold of commendable properties, if you are new in the city. Our expert conveyancers are always helping you in the whole process of property conveyancing. Lodgian Inc., the Atlanta-based owner and operator of 117 hotels, said a preliminary tally of votes cast at its annual meeting Oct.
The Group also increased its interest in a company which owns 110 units in Tregunter Towers I and II from 15% to 100%. As partial payment for the acquisition, the Group issued 12 million new shares at HK$17.50 per share. The acquisition added a total gross floor area of approximately 302,855 square feet to the Group’s luxury property investment portfolio.
The warehouse business continued to generate steady income for the Group during the year. The Group’s existing 11 warehouses enjoy good occupancy rates and are almost all fully occupied. In order to further increase the steady growth of recurrent income from the warehouse business, the Group has invested in the development of three new warehouses.
The Directors are optimistic about the prospects for these three new warehouses which upon completion, will add more than 3.3 million square feet to the Group’s warehouse portfolio. Two of these warehouses are scheduled for completion in the second half of 1997 and will increase the Group’s warehouse portfolio by over 900,000 square feet. The Group intends to continue to acquire sites for new warehouse developments when suitable opportunities arise.