INSTITUTIONAL fund manager Henderson Global Investors has snapped up an historic building in Glasgow from administrators in a £5.2 million deal on behalf of a private client.
The 116-year-old Mercantile Chambers, known for its carvings of four female figures represent industry, prudence, prosperity and fortune, was formerly owned by property tycoon Louis Goodman’s City Site Estates. Tenants include accountant Nelson Gilmour & Smith, Pret a Manger and Sainsbury’s.
The price paid reflected a net initial yield of around 12 per cent, Henderson added.
Stagecoach makes shortlist for DLR
Transport group Stagecoach has been shortlisted by Transport for London (TfL) to bid for the Docklands Light Railway (DLR) franchise.
The current deal, which is held by Serco, is due to end in September 2014. Along with Serco and Perth-based Stagecoach, shortlisted bidders include two ventures between Go-Ahead and Colas Rail, and Keolis and Amey Rail.
The 24-mile DLR opened in 1987 and carried more than 100 million passengers last year. TfL said it hopes to announce the winning bidder by the middle of next year.
BMW will make Mini Countryman in India
GERMAN car maker BMW yesterday unveiled plans to start building its Mini Countryman model at a factory in the Indian port of Chennai, formerly Madras, by the end of the year.
BMW opened its Indian plant in 2007 to build its three and five series models.
The marque already produces Minis at factories in Oxfordshire and Austria, with engines supplied from its Hams Hall facility in Birmingham and car body parts from its press shop in Swindon. BMW said it was still “investing heavily in the expansion and modernisation” of its three British sites.
Alienation recruits in ‘restructuring’
DIGITAL agency Alienation has appointed Vivienne MacLaren to the newly-created role of head of digital strategy as part of a “major restructuring”.
MacLaren joins from Storm ID, where she worked with clients including Holiday Inn Express, Marks & Spencer and SSE. She will be joined by Scott Gilmore, who takes on another newly-created role as creative director, having worked with customers such as Victoria Beckham and King’s College London while at 999 Design.
Jennifer Rogerson has also been appointed as a digital marketing manager.