Article Abstract:
United Kingdom property developer Kingspark preferred to purchase tenanted property sites before it was acquired by the US company ProLogis. The new coaming is known as ProLogis Kingspark (PK). PK has made several deals since being set up in Aug 1998. It has purchased a nine acre site at Heathrow Airport for 5.7 million pounds sterling per acre. It has also acquired a 22 acre site at Basingstoke, Hampshire, for 10 million pounds sterling and an old colliery site. Bellway Homes and PK have purchased a 525 acre site for housing and commerce. ProLogis is a US real estate investment trust.
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Article Abstract:
New legislation in the UK during 1995 and 1996 has helped to change the attitude of many institutional investors concerning the profitability of investing in private residential accommodation. Statistics show that the return from private rented accommodation was higher than that of any other property investment in 1995 and 1996. As house ownership in the UK almost achieves the predicted saturation level of 70% the demand for rented property has accelerated. The increasing number of students and a more flexible employment market has also improved demand for rented properties.
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Article Abstract:
Housing investment trusts (HITs) are a tax-free initiative intended to encourage people to invest in property. The business expansion scheme (BES) preceded HITs and has not been an unqualified success. An estimated 10,000 properties are about to come on the housing market as BES projects finish. The housing market has fared badly over the five year duration of the scheme and building societies and banks are committed to repaying a guaranteed price to investors. Various follow-on options are discussed. A related article also discusses BES and HITs.
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