British Land (LON:BLND), the property company, has agreed to buy a portfolio of freehold and leasehold racket clubs from Societe Generale for £179 million. The portfolio consists of 17 premium racket clubs, which will be let on new, 25 year leases to Virgin Active pending its acquisition of the Esporta business.
Hammerson (LON:HMSO) said this week that it has bought a 999 year leasehold interest in 99 Bishopsgate, London EC2, from Prudential Assurance Company for £100 million. The 26 story building provides 31,500 square metres of office space.
City analysts have responded to the announcement that the News of The World would be closed down in the light of the “phone hacking scandal” by revising downwards their expectations for the share price of BSkyB (LON:BSY). In a note published this week, entitled ‘Deal now doomed?’, Panmure Gordon said that the closure of the News of the World is a “significant negative” for BSkyB “though some of this is already priced in”.
Goldman Sachs reckons Unilever's (LON:ULVR) growth is set to accelerate through 2011. In this week's note, the investment giant looked at the food sector in Europe and, as well as Unilver, looked at Danone and Nestle. All three are due to report Q2 results shortly.
Hedge fund manager Man Group (LON:EMG) reported that its funds under management increased from US$69.1 billion at the end of March to US$71 billion at 30 June. Sales achieved a record US$9 billion during the quarter to end June, giving a new inflow of US$3.7 billion after redemptions of US$5.3 billion.
Broker Citigroup has looked at credit specialist Experian's (LON:EXPN) long term growth potential in Brazil and upgraded its rating from "hold" to "buy" this week. It has also increased the target price for the FTSE 100 constituent's stock from 850 pence to 940 pence.
Communications group WPP Group (LON:WPP) has agreed to acquire a majority stake in Indian advertising agency Mindset Advertising Private Limited. The agency’s clients include ADP, Airtel and Pepsi.
WPP noted that India remains one of its fastest growing markets. The group’s revenues in that country reached US$450 million last year.
Private equity group 3i (LON:III) reported that investment in the three months to end June amounted to £233 million.
New investments reached £158 million, including £112 million in Hilite, £17 million into GO Outdoors and £13 million into World Freight Company International.
Realisation proceeds were £337 million, including proceeds of £180 million from the sale of hydraulic cylinders manufacturer Hyva.