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British Land signs on Europe veterans

Posted on 5 Nov 2009 | Comments Off

Steve Smith, Charles Maudsley to spearhead firm’s growth plans

British Land has lured two of Europe’s property veterans to beef up its board ahead of an expected surge in UK real estate investment and possible European expansion, its chief executive said yesterday.

London pads: British Land’s intention to invest some £1 billion, unveiled in September, remains intact. ‘What I want to do is ensure we have got the best team available to be making new investment decisions,’ says Mr Grigg

Britain’s second-largest property company has recruited Steve Smith, global head of transactions at AXA Real Estate Investment Managers, and Charles Maudsley, co-head of Europe at LaSalle Investment Management, to spearhead growth plans for next year and beyond.

‘We said in September it was our intention over the next 12-24 months to invest something like one billion pounds and that intention remains intact,’ chief executive Chris Grigg said.

‘We think we are in a very good financial position, we think we have very good existing assets . . . but what I want to do is ensure we have got the best team available to be making new investment decisions,’ he added.

Mr Smith, who is well-known in the UK property industry for his dealmaking capabilities, will become chief investment officer, while Mr Maudsley will serve as an executive director with responsibility for business expansion. Continue reading →

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Posted in Overseas Property

Tagged London Property, London Property Market

Landlord ‘king’ sells before rate rise ‘slaughter’

Posted on 29 Sep 2009 | Comments Off

Fergus Wilson, the ex-mathematics teacher dubbed Britain’s buy-to-let ‘king’, says he is selling 700 rental properties before interest rate rises bring ‘slaughter’ to landlords in the UK housing market.

Mr Wilson, who together with his wife Judith rank among the 1,000 wealthiest Britons according to this year’s Sunday Times Rich List, said it was inevitable that interest rates would rise from a historic low, pummelling rental landlords.

‘You’ve got a lot of people who have taken out a mortgage and are right up to their throats’ in debt, said Mr Wilson as he settled into a black armchair at a hotel in Maidstone, south-eastern England. ‘As soon as rates go up, they’re going to be slaughtered.’

Rates are forecast to rise, hurting buy-to-let landlords in particular because they pay more than other mortgage borrowers. The Bank of England base rate, a benchmark for British mortgages, will reach 1.25 per cent by the end of next year from its current 0.5 per cent, according to economist estimates compiled by Bloomberg. Most landlord loans are already much more costly, at 4 per cent or higher, according to personal finance website Money facts.co.uk. The UK has about 1.2 million buy-to-let loans, 11 per cent of the total. Continue reading →