Mayfair and St. James’s just aren’t big enough for all the companies that want a piece of London’s most expensive neighborhoods. Many are now settling for less prestigious city-center addresses, creating new hot spots in the office-property market.
Hammerson Plc plans to add to its retail assets in France and may buy a shopping center near the Eiffel Tower as the company anticipates a pickup in consumer spending, Chief Executive Officer David Atkins said.
Japanese investors may reduce U.K. property holdings, which include stakes in the largest real- estate investment trusts, as they focus on rebuilding in their home country following its strongest earthquake on record.
British Land Co. , the U.K. company that will build the London tower known as the Cheesegrater, said second-quarter profit rose 3.7 percent after its shopping centers and office properties appreciated in value.
Land Securities Group Plc, the U.K.’s largest real estate investment trust, said the value of its properties rose 4.5 percent in the year through March on demand for shops and offices in central London.