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RNS 7.00am ???? GLA
Development Securities PLC Wednesday said it has bought its partner, McLaren Property, out of the joint venture that owns the Circus Street regeneration project in Brighton for GBP4.0 million. The two companies each had a 50% stake in the joint venture.
I.M.S. due on the 16th Jan - should be upbeat.
interesting! tipped by IC today..nice rise recently!
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".
Development Securities: JP Morgan downgrades to neutral.
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.
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
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
The new homes will sit within the wider 8.95 acre master plan. At just after the open, Development Securities shares had gained 2.5%. Since the beginning of the year the stock has risen 9.3%.
The group has sold a 1.1 acre site within the village to Sanctuary Group, a care homes provider. Work has already begun on an £8m "Extra Care" scheme on the plot.
Property firm Development Securities has risen sharply in early trading after announcing progress at its planned Lawley Village regeneration development in Telford.
http://www.investegate.co.uk/Article.aspx?id=201202071545259772W Statement re: Development Securities PLC discussions with Nama Development Securities PLC notes the recent press speculation regarding a potential acquisition of assets from the Irish National Asset Management Agency ("Nama"). Development Securities confirms that it is in discussions with Nama regarding the potential acquisition of a number of different assets. However, it is not in a position to comment on these discussions at this juncture. Does anyone have any further information / view regarding this? NAMA is huge.
1 March 2011 Development Securities PLC ("Development Securities" or "the Company") Audited preliminary results for the year ended 31st December 2010 Development Securities PLC, the leading property development and investment company, today announces a profit before tax of £2.6 million for the year ended 31st December 2010 compared to a loss before tax of £11.4 million for the year ended 31st December 2009. Shareholder funds benefited from £100.2 million issue of new equity in July 2010 (the second equity raising in 12 months following a Firm Placing, Placing and Open Offer of £100.0 million in June 2009) increasing net assets for the 2010 year end to £333.1 million from £244.0 million at the end of the previous year. The Group has made excellent progress in investing the proceeds from its two recent equity raisings, with acquisitions totalling £233.6 million since July 2009 into a range of investment properties and development opportunities. Total returns from our investment property portfolio of 15.2 per cent equalled the IPD UK Quarterly Property Index for 2010, a strong performance given that our portfolio has no representation in Central London markets. The comparable return from the Index for property outside Central London was 10.1 per cent. Development Securities maintained its conservative Balance Sheet management profile, with gearing at 27.7 per cent (2009: 23.9 per cent), and weighted average maturity of borrowings at 8.3 years (2009: 6.9 years) (both figures including share of joint ventures). The recovery in the banking sector is likely to be a long and drawn out process with a continued reluctance to lend to the real estate sector. Wider economic uncertainty and the pressure on the consumer offer little prospect for rental growth. Against this backdrop, we see continuing opportunity in regional and secondary markets, where capital availability will remain constrained even for the better schemes. We continue to target opportunities where redevelopment of secondary stock will create new institutional investment product. We believe that the combination of our real estate expertise and available capital will enable Development Securities to secure attractive returns in the secondary market for some time to come.
here in Dunedin NZ - couldn't resist a peep - how sad is that ? Plodding along is all we can say....
till 3.20 then poleaxed Kauto Star style but oh my word, remounts and a strong finisher. NZ for a month 'away from the tables' so here's to progress on return. If anyone out there GL.
from JP Morgan of 300. Results announced next monday. All to play for.....