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Associate director of investment appointed at Town Centre Securities
Leeds and London based property investment and development company Town Centre Securities PLC (TCS), has appointed Jacob Ziff as associate director of investment. Jacob, who joins from investment brokerage firm Clifton Agency, will focus on creating a strategy for property investment and to assist managing the existing TCS property portfolio.
After graduating from the University of Leeds in 2019, Jacob joined West End based CWM, where he worked in retail agency and lease restructuring, gaining invaluable experience predominantly acting for various occupier clients.
Following his tenure in retail agency, Jacob moved across to Clifton Agency, where he focused on UK-wide commercial real estate capital markets. Last year, Jacob also completed a Master’s degree in Real Estate Investment & Finance and the IPF Diploma at the University of Reading.
Jacob said: “I am honoured to follow in the footsteps of my family by joining TCS. It’s a tremendous opportunity to continue the growth and success of the business and I am eager to leverage my skills and experience to create a new investment strategy and enhance the existing property portfolio.”
Edward Ziff, chairman and Chief Executive of TCS, said: “Together with all my colleagues, we are thrilled to welcome Jacob into the business. He has a strong background in real estate investment and agency, and coupled with his dedication to professional development, I am confident that he will play a key role in managing and enhancing our property portfolio.
“Welcoming Jacob into the business, who joins my oldest son Ben and daughter Charlotte-Daisy, marks the next phase in taking TCS forward. Sixty-five years ago, my father laid the foundation for a business that has since become a stalwart in the property industry. With Jacob’s arrival and his experience, we are confident that he will contribute significantly to the ongoing success of TCS and help shape the future of the company.”
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Housing association agrees new funding with three lenders worth £284m
Savills Financial Consultants has helped Great Places Housing Group secure three new deals worth a total of £284m with Santander, NatWest, and ABN AMRO.
Funding of £109m and £100m has been agreed with existing lenders Santander and NatWest Bank, respectively. New partner ABN AMRO has lent 25,000-home Great Places £75m. All loans are revolving credit facilities (RCFs).
All three RCFs contain sustainability-linked performance measures which see a reduced interest rate in the event that Great Places meets agreed energy efficiency targets on new and existing homes.
The housing association will use the funds to continue to deliver its commitments to customers to invest in existing and new homes in communities across the North West, Yorkshire and Derbyshire. Great Places’ current plans include further increasing resources to improve property conditions and customer services, as well as the ambition to develop around 9,000 new affordable homes during the period 2020-2030.
Mike Gerrard, Chief Financial Officer at Great Places Housing Group, said: “We are delighted to continue and develop our relationships with NatWest and Santander and welcome ABN AMRO as a new banking partner.
“We received strong interest from the banking sector for this transaction and it is pleasing to move forward with sustainability-linked funding. Thank you to the Great Places team and Savills for their insight and support.”
Mike Roche, Director at Savills Financial Consultants, said: “There were a significant number of moving parts with these deals, so it is a testament to the Great Places team that they have been able to handle the process so diligently.
“The Savills Financial Consultants team has really enjoyed helping Great Places secure this increased financial capacity at the right pricing to help deliver their aims.”
Jane Johnstone, Senior Director, Housing Finance, Santander UK, said: “We are delighted to have supported Great Places in providing this sustainability-linked facility.
“This funding will ultimately facilitate improvement in existing housing provision and the continued development of much-needed, new, affordable homes. We are proud to work together with providers such as Great Places in this critical sector.”
Martin Skinner, Relationship Director at NatWest, said: “We are a major lender to the UK affordable housing sector and are delighted to continue to support the important work of Great Places in providing much-needed social housing to the region.
“The RCF structure, coupled with sustainability-linked performance measures, will lead to more energy-efficient homes across the North West, Yorkshire and Derbyshire.
“We are proud to have announced that in 2023 we completed nearly £3bn of new funding to help more people and families have access to housing. We support around 200 housing associations across the UK and are proud to announce our ambition to provide a further £5bn in funding to support the housing association sector by the end of 2026.”
Rutilio Merien, ABN AMRO’s Head of UK Coverage Real Estate, said: “We are delighted to start this partnership and provide Great Places with new funding facilitating its commitment to develop new homes as well as improving existing ones.
“ABN AMRO is pleased to further support the social housing sector and the inclusion of ESG-linked KPIs in our facility with Great Places resonates very well with ABN AMRO’s purpose and strategy. We look forward to building a strong and long-term relationship with Great Places.”
Alice Overton, Partner at Devonshires, said: “We are delighted to have advised on these transactions and to have supported Great Places in achieving its energy efficiency and wider sustainability ambitions.
“Great Places approached this with dedication and commitment, and the team was a pleasure to work with, alongside Savills, all resulting in a great outcome for the business.”
The transaction was also supported by Addleshaw Goddard and the valuation team at Savills.
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C-suite executives optimistic for a year of transformation and growth, but say more regulation needed on AI and sustainability
Optimism and confidence are at their highest recorded by the Mazars C-suite barometer. 96% of UK C-suites say that their company grew in 2023, up from 87% the previous year, and in contrast to 89% globally. Furthermore, almost all (98%) predict growth in 2024, and 60% of these say this growth will come organically.
The major topic on the leadership agenda is transformation through IT and new technology as a top strategic priority. 87% of UK C-suite executives believe that generative AI will have an impact on their organisation, with more than half saying this will be a major impact.
More than two thirds say their organisation already uses AI for internal processes and/or products/services – although this is slightly lower than the three quarters globally. However, over half (57%) of UK C-suite executives express ethical concerns over AI, (although globally it’s 74%) and 92% are seeking more regulatory guidance.
Elisabeth Maxwell, Deputy CEO, said: “It is very encouraging to see such optimism among our UK clients for the year ahead despite the uncertain conditions that all businesses are facing. Companies are willing to put investment in again and there are exciting developments on the horizon for AI.
“The feedback that Mazars C-suite barometer has highlighted is that more clarity is needed from regulators to enable businesses to make the best of the opportunities provided by potentially transformational technology and to enable companies to quantify success in sustainability practices.”
Key areas of investment for the UK are customer acquisition and brand strategy/positioning, followed by sustainability initiatives. Compared to other leaders globally, those in the UK have a stronger focus on engaging government/regulators, and less on external growth opportunities. An overwhelming seven in ten thinks more government regulation is important.
Over half (56%) of UK C-suite executives say their organisation produces a sustainability report compared to 71% globally, and furthermore, the proportion of leaders in the UK who are budgeting for sustainability implementation and reporting is also down from 75% last year.
The reason for this is believed to be that for those in the UK producing or planning a report, understanding regulation is now twice as big a challenge than last year, making it the equal biggest challenge alongside data capture/quality. Many UK leaders feel they lack in-house expertise to tackle sustainability properly, compared to leaders globally, who are more concerned about coverage on climate and carbon.
Partner and member of the Mazars Group Executive Board, Mark Kennedy, said: “The high levels of optimism and renewed confidence among our respondents provide a good indicator of how businesses are likely to progress this year.
“In the face of volatility, the C-suite has demonstrated resilience and agility enabling them to continue investment and transform business while addressing the challenges and opportunities of emerging technology, expansion plans and the ESG agenda, setting their businesses up for sustainable growth.
“In what may be a bounce forward year for businesses, there will still be tough decisions to make, yet we can see an increasing consciousness and confidence in the priority areas that will secure sustainable economic growth in the global economy.”
International expansion is also a rising business priority both in the UK and globally. Many UK firms looking at international expansion in the year ahead said that the USA would be their top destination.