Aryzta battle, desert decision and sinking feeling for apartment owners
‘Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk
Fiona Reddan examines why affordable housing isn’t working in her new column. Photograph: Rui Vieira/PA Wire
Shareholders in troubled bakery goods group Aryzta have been advised not to back the company’s €800 million fundraising plan at its forthcoming AGM. Eoin Burke-Kennedy writes that ISS is concerned over the lack of consultation with key shareholders.
Also considering his options is Ryanair chairman David Bonderman, who is still on the speakers list for Davos in the Desert, the Saudi Arabia investment forum next week from which many high-profile figures are cancelling. Mark Paul reports.
A new report by the Society of Chartered Surveyors says apartment owners are deluding themselves over the amount being put into “sinking funds” to handle the cost of repairs and maintenance in their developments. Colin Gleeson has the details.
Sticking with housing, Bank of Ireland is back in the business of selling its mortgages through brokers, Colin writes, having had to close the channel five years ago under pressure from the European Commission.
Elsewhere, Digicel has granted a second extension for its debt swap plan as it struggles to persuade bondholders that the terms on offer are sufficiently attractive, writes Mark Paul. The deal was originally due to close in September but was extended to mid-October and now to November.
In her new column, Fiona Reddan examines why affordable housing isn’t working – one key factor is mortgage protection costing almost 10 times the market rate.
And in commercial Property, Jack Fagan reports on plans by FBD to sell its three-storey office development over Connolly station for €18.5 million through BNP Paribas Real Estate
The latest JLL Property Index shows flat or modest growth in prices across the office, retail and industrial sectors in the third quarter of the year The report also found that rental values largely plateaued in the quarter.
And there is activity in the nursing home sector where CareChoice has acquired its third property since being taken over by French group Infravia, writes Colin Gleeson. The Marlay property in Dublin brings to nine the homes in the group, with another under construction in Swords.