Latest news with #retailinvestment
Reuters
29-05-2025
- Business
- Reuters
Frasers Group takes over XXL after largest shareholders sells its shares
May 29 (Reuters) - British sportswear and fashion group Frasers (FRAS.L), opens new tab on Wednesday said that, according to preliminary results, it now controls over 92% of share capital in the struggling Norwegian sporting goods retailer XXL ( opens new tab. Frasers Group, majority owned by billionaire Mike Ashley, has been expanding its global retail investments, raising its stake in fashion retailer ASOS (ASOS.L), opens new tab and closing deals in Australia, New Zealand, Africa, Gulf and Egypt. However, in Norway it faced resistance from XXL's board of directors. The UK-based company first made a bid for XXL in December but dropped it two months later, saying it could not secure acceptances from other large shareholders. XXL's board of directors recommended shareholders rejected Frasers' second bid made in March, saying it did not offer a sufficient premium. However, on May 27, XXL's largest shareholder Altor Invest decided to sell all its shares to Frasers. Since 2019, XXL has been struggling with declining sales and liquidity constraints amid a weaker market, and began downsizing its retail network. "Frasers is acquiring a business which is in significant distress. As such, all stakeholders, including but not limited to, brand partners, landlords, suppliers and partners, will need to work collaboratively with Frasers in its efforts to save the XXL business in its current form," Frasers said in a statement. The British retailer warned, however, that given limited information it had at the moment "there is no guarantee that XXL can be saved in its current form or at all." Frasers is set to buy the remaining XXL shares, based on the March offer, opens new tab document. No plans for XXL's delisting have been proposed yet, but this could change pending approval from a general meeting.
Bloomberg
22-05-2025
- Business
- Bloomberg
Nomura Raises Top Executives' Pay to Highest in Over a Decade
Nomura Holdings Inc. increased pay for its top executives to the highest in more than a decade, as Japan's biggest brokerage posted a record annual profit on the back of the nation's retail investment boom. Compensation paid in the year ended March to the company's seven executive officers totaled ¥4.6 billion ($32 million), up 3% from the previous year when there were eight such officers, according to a notice for a planned annual shareholders meeting next month. On average their pay rose 18%.
Reuters
16-05-2025
- Business
- Reuters
UK's Landsec's property valuations miss expectations, bets on retail growth
May 16 (Reuters) - Land Securities' (LAND.L), opens new tab overall annual property valuations slightly missed expectations on Friday, and the British commercial landlord said it plans to invest more in retail properties as store chains are expanding in premium locations. The company has been shedding non-core assets as growth in office space remains weaker in comparison to retail and residential counterparts after the pandemic. CEO Mark Allan called the company's retail segment the "strongest performing part" of its portfolio, and said he expects the firm to benefit from retailers renting space in premium shopping centres and malls. "Retailers have to be in locations where consumers are spending money and that's what's driving the trend for fewer, better, bigger stores in the very best locations that has been underway for some time now," Allan said in a media call. Landsec plans to invest more in its retail and residential property assets over the next few years, and recently acquired one of the UK's premier shopping centres, Liverpool ONE. Landsec's EPRA net tangible assets - an industry measure that represents the value of its buildings - stood at 874 pence per share as of the end of March, below expectations of 890 pence, as per a company-compiled poll. Its shares were down 1.7% by 0849 GMT. Analysts at JPMorgan said that while the company is growing, the brokerage expects some low single digit percentage adjustments down in market expectations for fiscal 2026 following the small miss in property valuations. Landsec expects rental values for office properties to continue to grow at a broadly similar rate this year as they did last, citing "modest" supply across London. Pre-tax profit for the year ended March 31 came to 393 million pounds ($523.8 million), compared to a loss of 341 million pounds last year. ($1 = 0.7519 pounds)
Yahoo
16-05-2025
- Business
- Yahoo
Landsec swings to profit as London rents rise and shops get bigger
Commercial property giant Land Securities has returned to an annual profit after benefiting from rising rents and retail chains investing in their biggest shops. The company shrugged off any impact of US tariffs on business investment. Land Securities (Landsec) reported a pre-tax profit of £393 million for the year to the end of March, rebounding from a loss of £341 million the year prior. The total value of its property portfolio jumped to £10.88 billion, from £9.96 billion this time last year. Landsec's portfolio includes office space, retail destinations and landmarks such as the White Rose shopping centre in Leeds, the Bluewater shopping centre in Kent, and the Piccadilly Lights in London. The London-listed company said demand for 'modern, sustainable office space' in London remained strong, and that brands continue to focus on 'fewer, but bigger and better stores in key locations'. 'As supply of both is constrained, rents in our portfolio continue to grow,' it told investors on Friday. For example, it pointed to fashion chain Next tripling the size of its Bluewater store, Primark doubling the size of its shop in White Rose, and new openings in shopping centres such as Bershka, Pull&Bear, and JD Sports. The top 1% of all shopping destinations in the UK provide brands with access to 30% of all retail spending in stores, according to Landsec, which said that nearly 90% of its retail assets were in that top bracket. The company plans to ramp up investment in popular retail destinations by £1 billion over the next one to three years. It told investors that if brands were feeling squeezed by higher national insurance contributions, or wider economic uncertainty, then that would serve to sharpen the focus on their best stores – and 'put more pressure on the tail-end' of their chains. Furthermore, it said uncertainty caused by Donald Trump's new tariffs on US imports was not yet having any noticeable impact on demand among its customers or on the investment market. 'Owning the right real estate has never been more important and, with a very healthy pipeline of occupier demand, this trend looks set to continue,' chief executive Mark Allan said. Sign in to access your portfolio
The Independent
16-05-2025
- Business
- The Independent
Landsec swings to profit as London rents rise and shops get bigger
Commercial property giant Land Securities has returned to an annual profit after benefiting from rising rents and retail chains investing in their biggest shops. The company shrugged off any impact of US tariffs on business investment. Land Securities (Landsec) reported a pre-tax profit of £393 million for the year to the end of March, rebounding from a loss of £341 million the year prior. The total value of its property portfolio jumped to £10.88 billion, from £9.96 billion this time last year. Landsec's portfolio includes office space, retail destinations and landmarks such as the White Rose shopping centre in Leeds, the Bluewater shopping centre in Kent, and the Piccadilly Lights in London. The London-listed company said demand for 'modern, sustainable office space' in London remained strong, and that brands continue to focus on 'fewer, but bigger and better stores in key locations'. 'As supply of both is constrained, rents in our portfolio continue to grow,' it told investors on Friday. For example, it pointed to fashion chain Next tripling the size of its Bluewater store, Primark doubling the size of its shop in White Rose, and new openings in shopping centres such as Bershka, Pull&Bear, and JD Sports. The top 1% of all shopping destinations in the UK provide brands with access to 30% of all retail spending in stores, according to Landsec, which said that nearly 90% of its retail assets were in that top bracket. The company plans to ramp up investment in popular retail destinations by £1 billion over the next one to three years. It told investors that if brands were feeling squeezed by higher national insurance contributions, or wider economic uncertainty, then that would serve to sharpen the focus on their best stores – and 'put more pressure on the tail-end' of their chains. Furthermore, it said uncertainty caused by Donald Trump's new tariffs on US imports was not yet having any noticeable impact on demand among its customers or on the investment market. 'Owning the right real estate has never been more important and, with a very healthy pipeline of occupier demand, this trend looks set to continue,' chief executive Mark Allan said.
