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Where Property’s Heavyweights Go After They Quit The Boardroom

Not every boardroom or senior property industry executive wants to or can stay at the top for good. The pressures of internal politics, ambitious targets and a volatile housing market persuade many to look for job satisfaction away from the hurly burly of corporate life. But where to? The most recent example is Graham Lock, the former managing director of estate agency giant The Property Franchise Group (TPFG), who revealed last week that he was establishing a trade body. Called the Federation of Independent Agents

Nick Candy Facing £1.5bn Claim Over £160m Penthouse

Property tycoon Nick Candy is facing a £1.5bn legal claim, it is reported. A story in the Daily Mail says that the claim is being made by company director Michael Brown who was involved with a prospective sale of Candy’s £160m penthouse at One Hyde Park, London. The property is said to be the most expensive flat in Britain. Candy took out a £80m mortgage on it last year, thought to be one of Britain’s largest ever residential mortgages. The report says that a spokesman for Nick Candy denies the claim and believes

Hitchcox Shuns Residential, Says Olympia ‘Will Keep Us Going’

Property tycoon John Hitchcox says he is avoiding residential developments in the UK for now, and will focus on a £1bn redevelopment of London’s Olympia exhibition centre. Hitchcox’s Yoo Capital Olympia scheme will incorporate two new hotels, restaurants, a theatre, performance space to create a new performing arts and cultural district, 670,000 sq ft of offices and a hub for tech companies. Hitchcox said in a Bloomberg report: “London is a great city and will always be a great city, and this will keep us going. It’s

OakNorth Is ‘Best Fintech On The Planet’

OakNorth Bank is Europe’s most valuable fintech company according to a fintech expert writing for Forbes. OakNorth has a $2.8bn valuation, so says the report. It has raised $1bn todate and lent $4bn to British businesses without a single credit default. Earlier this year it secured an investment of $440m, the largest of any fintech in European history. The business is also described as a ‘rare breed of fintech unicorn’ as it is profitable, reporting a 220% increase in pre-tax profits to £46m in its third full year of

Majority Of World’s Property Billionaires Are Chinese

There are 239 people worldwide worth a billion dollars or more as a result of property and 139 are Chinese – according to the Hurun Global Real Estate Rich List 2019. Hurun says that Xu Jiayin of Shenzhen-based Evergrande is the richest real estate tycoon in the world with total wealth of $37bn. The report, which has been compiled for the first time this year, adds that the US and UK are second and third in the world rankings with 26 and 17 dollar property billionaires respectively. Rupert Hoogewerf, Chairman and

Even Some Property Tycoons Can’t Afford London

A budding young property tycoon who has built a portfolio of six properties worth over £1.5m still cannot afford to buy a property in London, a report says. According to the Daily Mail Emily Evans, 30, has built a £1.5m property portfolio by buying and renovating houses in the south west of England – including a single renovation which returned a £65,000 profit. However she says that she still cannot afford to buy a single property in London where she works, and rents there instead. Evans puts her success down to her

Czech Tycoon Invests In Billionaire’s Buy To Let

Czech property tycoon Radovan Vitek has spent £55m on a portfolio of 11 luxury serviced apartments on The Bishops Avenue, London N2 – a road that it is frequently referred to as ‘billionaire’s row’. The Evening Standard says that Vitek’s CPI Property Group has sealed the deal in a joint venture with private investor Dean Main. The purchase comprises 11 lateral apartments in the Buxmead development. Buxmead’s apartments come complete with a hotel style amenities including a concierge service, indoor pool, spa and cinema

Reuben Brothers Continue To Diversify

David and Simon Reuben have continued to diversify their investments away from property by making an investment into HiSky. It is said that the investment in the Israel-based company will be used for the network roll out and development of Smartellite. Smartellite is a system that offers what it calls ‘affordable’ global satellite communication at prices lower than existing technology. The system has applications in providing communications and tracking services even in the most remote locations. A spokesman for Reuben…

Tchenguiz Puts More Into Tech

Property mogul Vincent Tchenguiz is to invest another $100m in technology companies with a particular focus on biotechnology, it is reported. Tchenguiz’s Consensus Business Group is thought to have already invested $200m in tech companies over the last few years, either directly or through venture capital companies. It is believed biotechnology accounts for around two thirds of those investments with others in areas including cyber security and AI. Estimates say Tchenguiz and his brother Robert amassed a property…

Mike Ashley Controls 30m sq.ft. Of UK Retail

The founder and CEO of Sports Direct now controls almost 30m sq.ft of UK retail space. Analysis by Radius Data Exchange shows that this 30m sq.ft amounts to around 2.5% of all UK retail space. In comparison Sainsburys have 23.2m sq.ft. and Tesco 40m sq.ft. of space. The portfolio consists of Sports Direct stores plus others which have been secured in recent years including House of Fraser, Flannels, USC, Agent Provocateur, Evans Cycles plus shareholdings in Debenhams, French Connection and Game Digital. Ashley has also…

Reubens Exit Luxury Travel Investment

David and Simon Reuben have sold their holding in the luxury travel operator Belmond Limited, it is reported. The brothers are believed to have received £233m for their stake. Established over 40 years ago with the acquisition of Belmond Hotel Cipriani in Venice, Belmond offers what it calls a ‘curated portfolio’ that includes luxury hotels, tourist trains, river cruises, safari and restaurant experiences in high end tourist locations worldwide. Previously known as Orient-Express Hotels it is most notably the operator of…

Reuben Brothers’ New Newcastle Development Unveiled

The latest proposals for a significant regeneration scheme in Newcastle, being brought forward by David and Simon Reuben’s Taras Properties, have been released for public consultation this week. The 14 storey Bank House project will incorporate 10,000 sq ft of high quality office space potentially employing 1,200 people, plus ground floor retail space and public realm improvements. Bank House is the first stage of a three phase plan to regenerate the East Pilgrim Street area by providing what is referred to as an…

Size Of Bezos’ Mega Property Portfolio Revealed

Amazon founder Jeff Bezos has a net worth of $140bn (around £110bn) a substantial part of which is held in property, according to a recent report. The size of Bezos’ portfolio has come to light following the announcement of his divorce from wife MacKenzie, prompting discussion about how the portfolio could be divided between them. It is reported that Bezos’ portfolio includes two mansions in Beverly Hills originally purchased for $24m and $13m, a Manhattan property purchased 20 years ago for $7.7m, two luxury…

Russell’s Return: Emoov Founder Back In Business

Ex-CEO of failed online agency Emoov Russell Quirk has returned with a new venture called Properganda PR. Quirk is offering his services as a property, digital transformation and PR specialist and media commentator, according to his updated profile on a social media site. He is joined in the venture with former Emoov PR head James Lockett. Quirk describes himself as ‘A seasoned entrepreneur and business builder – tenacious and determined. Ideas and vision driven, an expert at digital and operational transformation. A…