Tag Archives: press-releases
U.K. Commercial Property Values Rise for First Time in 18 Months
By Patrick Gower – Jun 14, 2013 U.K. commercial real estate values rose for the first time in 18 months in May, led by increasing demand for offices, Investment Property Databank Ltd. said. The average value of stores, offices and warehouses climbed 0.01 percent from April, London-based IPD said in a statement today. Total return, which combines changes in real estate values and rental income, was 0.6 percent last month. “It may seem like insignificant growth, but this is an important milestone for the U.K. property market ,” Phil Tily, a managing director at IPD, said in the statement. “After the double-dip recession and a fall in values of over 37 percent, U.K. property has finally, painstakingly, clawed itself back to growth.” The commercial property market is improving as bank lending increases and overseas buyers look beyond London to purchase real estate. Bank of England Governor Mervyn King said on June 4 that stimulus provided by the central bank meant there were “good reasons to suppose that a gentler recovery is under way.” Office property values had a 0.2 percent gain in May and retail and warehouse values were little changed, according to IPD. To contact the reporter on this story: Patrick Gower in London at pgower@bloomberg.net To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net . Continue reading
EU Carbon Price Rebounds
AAP 13/06/13 Europe’s carbon price has surged to its highest level in months, prompting analysts to tip a rosier outlook for Australia’s future carbon market. The spike came midweek as EU lawmakers expressed for the first time bipartisan support for efforts to fix Europe’s ailing emissions trading scheme (ETS). The EU parliament in April voted against a plan to temporarily “backload”, or remove, 900 million permits from its market in a bid to double its carbon price. The rejection saw prices plunge to record lows, and bleak projections that Australia’s carbon price would fetch less than $3 per tonne when it links with Europe’s ETS in 2015. But the price of European carbon permits hit a two-month high this week after conservative politicians indicated they’d support an amended backloading plan. The proposal is now expected to proceed to the EU parliament once again, where it will go to a final vote on July 2. Energy and carbon advisory firm RepuTex said although not set in stone, bipartisan support for this proposal was unprecedented and spelled good news for Europe’s ETS. “Prices don’t spike 70 per cent in one day unless there’s good news,” RepuTex executive director Hugh Grossman told AAP. If the vote is successful it would have immediate implications for Australia, even though it’s not anticipated the local market will mirror exactly what’s going on in Europe. RepuTex expects Australia’s carbon price to reach $5 in 2015 when the schemes link, well short of the revised down $12.10 forecast in the May budget. But by 2020 they predict it could climb to $30 per tonne, closer but still under Treasury’s estimate of $38. “Previously the government was a fair way off (with estimates), and certainly we still think it’s being optimistic,” Mr Grossman said. “But backloading really does support their claims a lot better.” However he warned against being too optimistic, as the price spike was similar to that experienced in the weeks leading up to the last failed vote. After that fell over, RepuTex predicted Australia’s carbon price – currently fixed at $23 and set to rise over the next two years – would likely fetch an average $2.70 between 2015 and 2020. Continue reading
Google-Backed Cool Planet Raises $29.9m In Debt
7 Jun 2013 Google-backed biofuels developer Cool Planet has raised just shy $29.88m of debt as it moved forward with plans to build its first production facility. The company, which also counts BP, General Electric and NRG Energy as investors, disclosed the financing in a filing with the Securities & Exchange Commission. Although the disclosure states that Cool Planet is not looking to increase this level of debt investment currently, CFO Barry Rowan told Bloomberg the effort is part of a $100m it expects to raise this year that will be converted into equity at completion. Its company is planning for its first production facility to be complete by the end of 2014 but a site has not yet been decided. Rowan joined the business in December 2012, bringing with him over 30-years’ experience in building and turning around large-scale technology companies in a variety of industries. He previously served as EVP, CFO and chief administration officer for Vonage, a $900m internet communications company. Based in California’s Silicon Valley, Cool Planet has previously said it expects the price tag of its first plant to be $50m with additional funds needed for production and other corporate expenses. According to a report in GigaOm, the high-tech business said it is estimating the production of biofuel to cost $1.50 per gallon at a plant that would have a capacity of ten million gallons per year. At the beginning of 2012 it received permission from the California Air Resources Board (CARB) to begin fleet-testing its negative carbon gasoline product. Copyright © 2013 NewNet Continue reading
