June, 2020 | OzSeeker

Pret A Manger shop front, Lands Lane, Leeds. Photo: Wikimedia Commons From Wikimedia Commons

Coronavirus: Leon and Pret A Manger ready to fight landlords

29th June 202029th June 2020 OzSeeker

Fast-food chains Leon and Pret A Manger are demanding rent cuts from landlords as the restaurant industry fights for its life. Leon, led by John Vincent, has hired advisers from restructuring firm Quantuma. Pret has hired Alvarez & Marsal and property consultancy CWM to cut costs. Both chains are pressing landlords to accept new terms, including linking rents to turnover. Leon and Pret are among the high street brands thrown into crisis by the pandemic. Even when restaurants and fast-food chains do reopen, footfall is expected to be low as…

LA Dodgers vs NY Mets. Photo_ Wikimedia Commons

Real Estate tycoon brothers to bid for New York Mets, Newcastle United

29th June 202029th June 2020 OzSeeker

Simon and David Reuben made a fortune in metals, and made an even bigger fortune in real estate. Now, the billionaires are going big into sports on both sides of the Atlantic, with a hefty side dose of property thrown in. The Reubens, whose fortune is estimated by the Sunday Times at more than £18B, are in talks to buy majority ownership of the New York Mets Major League Baseball team, Variety reports. The bid has, in part, been prompted by real estate development opportunities around Citi Field, sources close to the…

UK mall giant intu collapses into administration

29th June 202029th June 2020 Property Week

Shopping centre owner has collapsed into administration after failing to reach an agreement over its debt with lenders as a range of asset managers are understood to be lining up to take over the running of the shopping centre portfolio including British Land and M&G Real Estate. The company said shares listed on the London and Johannesburg stock exchanges had been suspended. Administrators KPMG have been appointed to oversee the process and will keep its shopping centres open and trading. Intu said: “Discussions have been ongoing with financial stakeholders to achieve…