interesting! tipped by IC today..nice rise recently!
8 Oct '12
Property investment firm Development Securities said it had bought a portfolio of bank loans for 40 million pounds. The loans are secured against 17 investment and development assets in London and the South East of England. It consists of 76% commercial and 24% residential assets. The company said it had completed the acquisition "within its own resources" and expected to realise the repayment of the loans through the sale of their underlying property assets as rapidly as markets allowed. The company said it anticipated that returns generated from the sale of the properties would be similar to those normally achieved within its current risk adjusted return parameters. It gave no more detail, citing "contractual confidentiality and commercial sensitivities".
4 Sep '12
Development Securities: JP Morgan downgrades to neutral.
28 Aug '12
Property-firm Development Securities has completed a deal to grab the so-called 'Chrome Portfolio' from NAMA - the body tasked with flogging the assets of the state owned Irish banks. The £103m deal, in which Development Securities is a minority partner with Pears Group, will see the two firms acquire several central London properties, worth around £65m. The remainder of the portfolio includes several neighbourhood retail schemes "anchored" by Tesco convenience stores. Development Securities is becoming a regular customer for NAMA having already picked up the Wick Lane Wharf development in Hackney Wick in April.
25 Aug '12
What The Brokers Say
01 June 2012 JP Morgan Cazenove reiterates its Overweight rating for Development Securities with a target price of 170p. 18 July 2012 Barclays Capital reiterates its Overweight rating for Development Securities with a target price of 222p. 20 July 2012 Peel Hunt reiterates its BUY recommendation for Development Securities with a target price of 200p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=256596 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=257550
25 Aug '12
HOW TO MAKE A PROFIT
DEVELOPMENT SECURITIES SHOWS HOW TO MAKE A PROFIT IN TODAY'S COMMERCIAL PROPERTY MARKET Development Securities today reported that it had made £6 million profit from three of the schemes which it had purchased from the proceeds of a £100 million equity raise in 2009, which it followed with another in 2010. The firm, which is perhaps best known for it's Paddington development, has some 40 similar schemes in progress. DS are working on the theory that the prime markets of Central London will ease back and the secondary markets will recover lost ground in the near- to medium-term. They do not forsee a strong demand for large-scale office development in the major conurbations, including Central London. It is their continued belief that, in an economy with virtually no upward and possibly some downward momentum, the opportunity to create growth in our industry will rely on the value-added component that can be generated through repositioning real estate into areas of demand. A case in point is the Westminster Palace Gardens scheme where DS purchased a mixed-use Grade 2 listed building for £10.1 million then secured planning consent to convert the majority of the offices into residential use which were sold for £20.6 million as refurbished prime residential accommodation, realising a £4.4 million profit, some of which was previously accounted for. The Wick Site was acquired in July 2010 for £7.6 million as a 7-acre distribution and office facility formerly occupied by Body Shop International with whom a reverse premium of £4.9 million was subsequently secured for the surrender of its lease. Development Securities secured planning consent in February 2011 to reposition the site as a prime food-anchored retail scheme, pre-sold to Morrisons for £12.5 million for the development of a 47, 500 sq. ft. foodstore, a petrol station and a car park. After allowing project costs and partnership allocation, the realised development gain is £3.0 million. Source: http://www.ukbusinessproperty.co.uk/news/article/5320
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