Latest news with #Citco
Time of India
a day ago
- Business
- Time of India
Not keeping pace? Citco hotels record dip in profits
Chandigarh: Profits of all three prominent hotels of Chandigarh Industrial and Tourism Development Corporation Limited (Citco) — Mountview, Shivalikview, and Parkview — dipped in the financial year 2024-2025. The profits were lower than those recorded in 2023-2024. Records show that Mountview, the only five-star hotel of the Chandigarh administration, located in Sector 10, suffered a significant dip in profit, amounting to Rs 63 lakh in 2024-2025 as compared to 2023-2024. Hotel Shivalikview, a four-star hotel of UT, witnessed a dip in profit of around Rs 41lakh up to Feb 2025. Profits of the three-star hotel, Parkview, also dipped by around Rs 33 lakh in 2024-2025 as compared to 2023-2024. I by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo n what comes as serious cause for concern for authorities, the income of Hotel Mountview, UT's main five-star hotel, showed the maximum reduction among the three UT hotels in 2024-2025. Records show a significant dip in the room rent, coffee shop, bar and bakery of hotel Mountview, following which overall income reduced from Rs 28.83 crore in 2023-2024 to Rs 27.73 crore in 2024-2025, which is over Rs one crore less. The miscellaneous income segment also showed considerable decline. Despite their prime location, hotels Shivalikview and Parkview failed to increase profits by attracting customers. However, Hotel Parkview registered an increase in the income segment from Rs 16.17 crore in 2023-2024 to Rs 16.62 crore in the 2024-2025 financial year. Though there are multiple reasons for the dip in profits of all these Citco hotels, administrative decisions, non-regular managing director (MD), and pending renovation for over a decade are cited as key reasons. "Though the matter of major renovation was discussed and even approved in the board of Citco in the past, no major renovation, especially of the rooms and related areas, was started. The entry, exit, and overall ambience of any hotel are major attractions but in Citco hotels, the entry and exit are not that attractive. Besides, withdrawing the power of discount from the hotel units a few years back also led to people losing interest in Citco hotels," sources in Citco said. No MD for nearly 2 to 3 years Citco has not had a regular managing director (MD) for the past almost three years. The Citco managing director used to be a Punjab cadre IAS officer before 2022. From 2022, the post has been with an AGMUT cadre IAS officer. In 2022, after relieving Punjab cadre IAS officer Jaswinder Kaur, who went back to Punjab after completing her three-year deputation period with the Chandigarh administration as Citco managing director , the charge was initially given to AGMUT cadre IAS officer Purva Garg. Currently, MD Citco's charge is being looked after by AGMUT cadre IAS officer, Hari Kallikkat. Kallikkat is a non-regular MD, as he is also looking after multiple charges of the UT administration. Besides MD, Citco, he holds charges of excise and taxation commissioner, secretary, information technology, secretary, animal husbandry, and secretary, agriculture. MSID:: 121708037 413 |
Irish Times
21-05-2025
- Business
- Irish Times
IFSC office blocks at €24m offer buyer 10.07% initial yield
Just over 10 years after its precursor Standard Life acquired numbers 3 and 5 Custom House Plaza in the IFSC, UK-headquartered investor Aberdeen is looking to dispose of both buildings. The properties, which have seen substantial investment under Aberdeen's ownership, are being offered to the market by agent TWM at a guide price of €24 million. The figure offers a useful insight into the current market for office stock in the IFSC, when one considers that Standard Life paid the same amount for numbers 3 and 5 two years prior to its 2017 merger with Aberdeen. News of the Custom House Plaza sale comes just over one week after La Touche House at nearby George's Dock came to the market at a guide price of €25 million, or some 70 per cent less than the €84 million it achieved when it was sold in 2020 to Axa IM Real Assets and BCP Capital. READ MORE The figure offers a useful insight into the current market for office stock in the IFSC Located next to Connolly Station, the wider Custom House Plaza development comprises six office buildings, including the two properties now being brought to the market. Numbers 3 and 5 Custom House Plaza extend to a total net internal area of 5,631sq m (60,606sq ft) and have 71 secure basement car parking spaces. Citco Fund Services accounts for 50 per cent of the total annual rental income of €2,656,974. Citco occupies the largest floor area, has been in Custom House Plaza since 1998, and recently renewed its leases. Other tenants include FlexiFi Europe Services, Companjon, Maxol and Device Atlas. The combined weighted average unexpired lease term is currently 6.49 years to expiry and 3.89 years to break. Aberdeen has undertaken significant investment in the buildings' office accommodation and has improved the Ber rating which ranges from E1 to B1. It has also recently completed a full CAT A&B fit-out of level five in 3 Custom House Plaza which extends to 4,439 sq ft and benefits from both office and medical planning consent. Level 3, which is currently leased to an office occupier, also has the benefit of dual planning consent for office or medical use. The building's potential value as a medical facility is evidenced by the HSE's purchase last year of the neighbouring 2 Custom House Plaza for use as the Mater Hospital's new ophthalmology unit. Michele Jackson is offering numbers 3 and 5 Custom House Plaza for sale in one lot or individually, with a collective guide price of €24 million equating to a net initial yield of 10.07 per cent.
Yahoo
15-05-2025
- Entertainment
- Yahoo
New York City Rallies Behind Iconic Museum of the City of New York for First Annual Gotham Dreams Gala
Gala to Honor Candace Bushnell, Carmelo Anthony, and John McEnroe to Celebrate the Unifying Impact of Sports, Media, and Entertainment on New York City NEW YORK, May 15, 2025--(BUSINESS WIRE)--The Museum of the City of New York (MCNY) is pleased to announce its first annual Gotham Dreams gala, taking place on Wednesday, June 11, 2025, at Cipriani 42nd Street. This year's celebration will spotlight the unifying impact of sports, media, and entertainment in shaping the identity of the greatest city in the world. The Museum will honor Candace Bushnell, bestselling author, producer, and creator of Sex and the City, for her profound influence on New York City's cultural landscape; Carmelo Anthony, the Brooklyn-born, 10-time NBA All-Star, Naismith Hall of Fame Class of 2025 inductee, entrepreneur, and philanthropist whose impact extends far beyond the basketball court; and John McEnroe, Hall of Fame tennis legend, New York Times #1 Best Seller, and philanthropist celebrated for his passion and excellence, both on and off the court. "We are proud to celebrate the vibrant role that sports, media, and entertainment play in bringing New Yorkers together," said Stephanie Hill Wilchfort, the Ronay Menschel Director and President of the Museum of the City of New York. "New York is the perfect backdrop to honor Candace Bushnell, Carmelo Anthony, and John McEnroe—each of whom has helped define the city's spirit through creativity, talent, and passion." "We're thrilled to unite passionate New Yorkers who believe in celebrating our city's rich past while boldly shaping its future," said Matt Brown, Board Chair of the Museum of the City of New York. "Together, we're not just preserving history—we're making it." The gala will convene a powerful coalition of corporate sponsors across New York's business and cultural communities including Apollo Global Management, Ares Management, Atlantic Investment Management, Avenue Capital Group, Bank of America, Blue Owl Capital, Brightstar Capital Partners, CAIS, Calamos Investments, Carlyle, Citco group of companies (Citco), Consello, Davidson Kempner Capital Management, Ernst & Young, Fortress Investment Group, Franklin Templeton Investments, FT Partners, GEM, GoldenTree Asset Management, Golub Capital, Grafine Partners, Hamilton Lane, Kinderhook Industries, Monroe Capital, MontaRosa, Morgan Stanley Global Sports & Entertainment, Newmark, Oak Hill Advisors, Partners Group, Prosek Partners, RBC, Silvercrest Asset Management, Sound Point Capital, Stone Point Capital, TPG Inc., Vista Equity Partners, and William Morris Endeavor. "I've always believed New York City is where dreams are born—and where they come true," said Candace Bushnell. "It's a pleasure to be recognized by the Museum of the City of New York, a place that tells the stories of this remarkable city with brilliance and heart." "New York is home – it's where I've poured my blood, sweat, and tears," said Carmelo Anthony. "The community here has always been my driving force and being recognized by the Museum of the City of New York, in the very place that shaped me, inspired me, and continues to support me, is a true honor." "To be honored by the Museum of the City of New York—a place that celebrates my home city and what I believe to be the greatest city in the world, is very exciting to me," said John McEnroe. The Gotham Dreams Co-Chairs include Christy and Ed Burns, Chris Brown, Marisa and Matt Brown, Cynthia and Bernard Curry III, Patricia and Alexander Farman-Farmaian, Ayla and Antonio Farnos, Meredith and Brian Feurtado, Elizabeth and Robert Jeffe, Cindy and Stephen Ketchum, Tracey and Kenneth Pontarelli, Ronay and Richard Menschel, Toby Milstein Schulman and Judah Schulman, Margaret Sung and Michael Schmidtberger, and Heather and Bill Vrattos. Proceeds from Gotham Dreams will support the Museum's public programs and educational initiatives that serve tens of thousands of New York City students and families each year, as well as its groundbreaking exhibition program—exemplified by critically acclaimed shows like Above Ground: Art from the Martin Wong Graffiti Collection, Urban Stomp: Dreams & Defiance on the Dance Floor, You Are Here: An Immersive Film Exhibition, and New York at Its Core. For more information, please visit About the Museum of the City of New York The Museum of the City of New York celebrates and interprets the city's history, art, popular culture, and civic life, highlighting New York's influence worldwide. Founded in 1923 as a private, nonprofit corporation, the Museum serves 200,000 visitors from around the world through exhibitions, school and public programs, publications, and collections. View source version on Contacts Chris Gormancgorman@ 917.492.3482
Business Wire
15-05-2025
- Entertainment
- Business Wire
New York City Rallies Behind Iconic Museum of the City of New York for First Annual Gotham Dreams Gala
NEW YORK--(BUSINESS WIRE)--The Museum of the City of New York (MCNY) is pleased to announce its first annual Gotham Dreams gala, taking place on , at Cipriani 42 nd Street. This year's celebration will spotlight the unifying impact of sports, media, and entertainment in shaping the identity of the greatest city in the world. The Museum will honor Candace Bushnell, bestselling author, producer, and creator of Sex and the City, for her profound influence on New York City's cultural landscape; Carmelo Anthony, the Brooklyn-born, 10-time NBA All-Star, Naismith Hall of Fame Class of 2025 inductee, entrepreneur, and philanthropist whose impact extends far beyond the basketball court; and John McEnroe, Hall of Fame tennis legend, New York Times #1 Best Seller, and philanthropist celebrated for his passion and excellence, both on and off the court. 'We are proud to celebrate the vibrant role that sports, media, and entertainment play in bringing New Yorkers together,' said Stephanie Hill Wilchfort, the Ronay Menschel Director and President of the Museum of the City of New York. 'New York is the perfect backdrop to honor Candace Bushnell, Carmelo Anthony, and John McEnroe—each of whom has helped define the city's spirit through creativity, talent, and passion.' 'We're thrilled to unite passionate New Yorkers who believe in celebrating our city's rich past while boldly shaping its future," said Matt Brown, Board Chair of the Museum of the City of New York. "Together, we're not just preserving history—we're making it." The gala will convene a powerful coalition of corporate sponsors across New York's business and cultural communities including Apollo Global Management, Ares Management, Atlantic Investment Management, Avenue Capital Group, Bank of America, Blue Owl Capital, Brightstar Capital Partners, CAIS, Calamos Investments, Carlyle, Citco group of companies (Citco), Consello, Davidson Kempner Capital Management, Ernst & Young, Fortress Investment Group, Franklin Templeton Investments, FT Partners, GEM, GoldenTree Asset Management, Golub Capital, Grafine Partners, Hamilton Lane, Kinderhook Industries, Monroe Capital, MontaRosa, Morgan Stanley Global Sports & Entertainment, Newmark, Oak Hill Advisors, Partners Group, Prosek Partners, RBC, Silvercrest Asset Management, Sound Point Capital, Stone Point Capital, TPG Inc., Vista Equity Partners, and William Morris Endeavor. 'I've always believed New York City is where dreams are born—and where they come true,' said Candace Bushnell. 'It's a pleasure to be recognized by the Museum of the City of New York, a place that tells the stories of this remarkable city with brilliance and heart.' 'New York is home – it's where I've poured my blood, sweat, and tears,' said Carmelo Anthony. 'The community here has always been my driving force and being recognized by the Museum of the City of New York, in the very place that shaped me, inspired me, and continues to support me, is a true honor.' 'To be honored by the Museum of the City of New York—a place that celebrates my home city and what I believe to be the greatest city in the world, is very exciting to me,' said John McEnroe. The Gotham Dreams Co-Chairs include Christy and Ed Burns, Chris Brown, Marisa and Matt Brown, Cynthia and Bernard Curry III, Patricia and Alexander Farman-Farmaian, Ayla and Antonio Farnos, Meredith and Brian Feurtado, Elizabeth and Robert Jeffe, Cindy and Stephen Ketchum, Tracey and Kenneth Pontarelli, Ronay and Richard Menschel, Toby Milstein Schulman and Judah Schulman, Margaret Sung and Michael Schmidtberger, and Heather and Bill Vrattos. Proceeds from Gotham Dreams will support the Museum's public programs and educational initiatives that serve tens of thousands of New York City students and families each year, as well as its groundbreaking exhibition program—exemplified by critically acclaimed shows like Above Ground: Art from the Martin Wong Graffiti Collection, Urban Stomp: Dreams & Defiance on the Dance Floor, You Are Here: An Immersive Film Exhibition, and New York at Its Core. For more information, please visit The Museum of the City of New York celebrates and interprets the city's history, art, popular culture, and civic life, highlighting New York's influence worldwide. Founded in 1923 as a private, nonprofit corporation, the Museum serves 200,000 visitors from around the world through exhibitions, school and public programs, publications, and collections.
National Post
13-05-2025
- Business
- National Post
Citco enters strategic partnership with GIC
Article content NEW YORK — The Citco group of companies (Citco) and GIC are pleased to announce that they have entered a long term, strategic relationship. As part of the relationship, GIC, a global institutional investor, has become a minority shareholder in Citco. The founding Smeets Family shall remain the majority shareholder in Citco. Article content Article content 'Citco has organically grown into a global market-leading asset servicing business, delivering value to investors like GIC for over 50 years. Our investment aligns squarely with GIC's commitment to building long-lasting partnerships that empower family-owned businesses to thrive. With a combination of client-centric solutions and savvy technological investments Citco is at the forefront of their industry. We look forward to partnering with Citco and the Smeets family as we embark on this new chapter together.' – Girish Karira, Head of Integrated Strategies Group and Head, New York Office at GIC. Article content 'We look forward to continuing our strategic relationship with GIC. Their industry perspective and long-term approach to investing, paired with Citco's client-driven solutions and culture of innovation, will enable us to continue to drive scalability for our clients – cementing our position as our client's foundation for growth.' – Roald Smeets, President and Chief Operations Officer of Citco Group of Companies (Citco) Article content The Citco group of companies (Citco) is a network of independent companies worldwide. These companies are leading providers of asset-servicing solutions to the global alternative investment industry. With over $2 trillion in assets under administration and operations spanning across 36 countries, Citco's unique culture of innovation and client-driven solutions have provided Citco's clients with a trusted partner for more than four decades. Having grown organically into one of the largest asset servicers in the industry, Citco offers a full suite of middle office and back-office services including treasury and loan servicing, daily NAV calculations and investor services, corporate and legal services, regulatory and risk reporting as well as tax and financial reporting services, alongside banking and depository services. Investing heavily in innovation and technology whilst further developing its current suite of client-friendly solutions, Citco will continue as a flagbearer for the asset-servicing industry. For more information, please visit or follow on LinkedIn. Article content GIC is a leading global investment firm established in 1981 to secure Singapore's financial future. As the manager of Singapore's foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. GIC has developed strong relationships and invests with family offices, family-owned businesses/entrepreneurs, corporates, and individuals with specific expertise (independent sponsors). The firm provides bespoke solutions to our partners for various uses including growth capital, M&A financing, shareholding restructuring, etc. With a flexible investment mandate, GIC can invest across the capital structure and hence, find the right investment structure for our partners. GIC's long-term approach, multi-asset capabilities, and global connectivity enable it to be an investor of choice and add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 2,300 people in 11 key financial cities and has investments in over 40 countries. For more information, please visit or follow on LinkedIn. Article content Article content Article content Article content Article content Article content
