istithmar world ( " istithmar " is arabic for " investment " ) is an investment firm based in dubai , united arab emirates ( uae ) .

this company is a state-run business owned by dubai world , a dubai government-owned company , and was established in 2003 .

originally known as " istithmar , " the company was renamed as " istithmar world " in 2008 .

an analysis of istithmar 's investment portfolio which included the investment of $ 3.8 billion with an associated $ 14 billion of debt , has not performed positively .

since late 2009 , the company has seen numerous departures of high-profile executives .

istithmar world

dubai world added that the restructuring , which will be spearheaded for the company by aidan birkett of deloitte , does not include dp world , british ports company p & o , infinity world holding , istithmar world and ports & free zone world .
istithmar world’s investment portfolio spans consumer , industrial and financial services , hotels and commercial property sectors .
istithmar world ventures was formed in late 2007 as the venture and growth capital investment firm of istithmar world , the investing arm of dubai world . we aim to invest in rapidly growing businesses , primarily operating in dynamic , knowledge - based industries .
dubai world has already said prized assets from istithmar world , profitable port operator dp world and jebel ali free zone would not be sold . on tuesday , it added dubai drydocks world to the list of businesses not for sale .
dp world to buy economic zones world for $ 2 . 6bn and delist from london
istithmar world (
istithmar
is arabic for
investment
) is an investment firm based in dubai , united arab emirates ( uae ) . this company is a state - run business owned by dubai world , a dubai government - owned company , and was established in 2003 . originally known as
istithmar ,
the company was renamed as
istithmar world
in 2008 .
before joining waha capital , ms . al bachir was director of corporate affairs at istithmar world , an investment company part of dubai world . prior to istithmar , she served as advisor and head of the technical support unit at uae national human resources development authority .
( bn ) dubai ' s broken deals at istithmar reveal sove . . .
marka bought retail corp from istithmar world holdings , a subsidiary of dubai world that went into voluntary liquidation on 12 january . peel , who was not heavily involved in the negotiations to purchase retail corp , says he does not believe istithmar’s financial position created a bargain sale .
istithmar world - investment portfolio . . . istithmar world capital states on its website that it has deployed $ 3 . 5 billion of capital in 35 investments across the globe . . . that total assets under management by istithmar had declined due to the global financial crisis and were $ 9 billion by the end of 2008 . . . in the article , jackson indicated that istithmar had delivered returns of approximately 10 % since its foundation . . .
istithmar and dubai world are being advised on their debt restructuring proposals by at least one outside consulting firm , people familiar with the matter said .
the merger is part of an internal restructure within the dubai world group whereby the real estate business of istithmar is being joined with nakheel . the merged entity will remain a wholly owned subsidiary of dubai world .
makkawi replaces andy watson , who has been chief executive of istithmar since 2010 , dubai world said in a statement . watson will remain in his role as the group managing director of dubai world , the company added .
dubai , july 19 ( reuters ) - istithmar world , the investment arm of indebted state - owned conglomerate dubai world , has appointed hamza mustafa , head of its real estate operations , as its new chief executive officer .
istithmar world capital is a private equity and alternative investment house . in the period since its inception , istithmar world capital has invested in over 35 companies with total capital deployed in excess of us $ 3 . 5 billion . istithmar world capital has successfully established itself as a major investment firm with a diverse portfolio of successful companies in three broad industry sectors - consumer , financial services and industrial . the geographic scope of the current portfolio includes north america , europe , the middle east and the far east . istithmar world capital has been recognized for its success with various prestigious awards from leading industry publications such as banker middle east and euromoney .
istithmar world , which was created in 2003 as the investment arm of dubai world specializes in private equity and alternative investment opportunities globally . in the five years since its inception , istithmar world has built a portfolio of investments in markets ranging from north america and europe to asia and the middle east , and across a variety of sectors , including consumer , industrial , financial services and real estate .
empg international ( empgi ) will be 66 . 7 per cent owned by empg and 33 . 3 per cent owned by istithmar world capital , the alternative investment arm of dubai world , which is owned by the government of dubai .
but in a sign that dubai world may struggle to keep its trophy buys , istithmar world sold its w hotel in manhattan in a foreclosure auction on tuesday for $ 2 million . it bought the property for $ 282 million in 2006 .
dubai , sept 2 ( reuters ) - dubai world , the state - owned conglomerate that completed a $ 25 billion debt restructuring in 2011 , named on monday ziad makkawi as the new chief executive for its investment arm , istithmar world .
the home of world cup football on zawya . com . we will bring you comprehensive coverage as 2018 fifa world cup kicks off on 14 june .
nakheel hotels and resorts has merged with istithmar’s hospitality arm to create nakheel hotels after holding company dubai world consolidated its hotel business under one banner to create a fully integrated hotel investment company .
former chief executive officer of istithmar world , with overall responsibility for business initiated by istithmar world across its divisions – private equity , hotels , real estate , finance and administration , and funding . prior to his appointment as ceo , mr . jackson served as the first chief investment officer of istithmar world from 2003 to 2006 . he sat on the board of directors of several dubai world and istithmar world companies and currently sits on the board of advisors for the yale school of management . before joining istithmar world , mr . jackson spent over 10 years on wall street , primarily at lehman brothers and later marco polo partners . in 2007 , private equity international named mr . jackson on its list of “50 global movers ; the most influential people in global private equity . ” mr . jackson was also named among “100 most powerful people in new york real estate” by the new york observer . mr . jackson holds a master’s degree in business administration from yale university and a bachelor’s degree in economics from princeton university .
istithmar is an alternative investment house based in the united arab emirates . it is 100 % owned by dubai world , which is in turn wholly owned by the government of dubai . istithmar was established in 2003 with the key mission of earning exceptional returns for its investors while maintaining due regard for risk .
the deals have forced istithmar to halt investments and threaten to unseat jackson , the ceo , people familiar with the situation said last week . co - chief investment officers john amato and felix herlihy are leaving , according to istithmar .
dubai world closes in on $ 10 . 5bn debt settlement extension - the national
“it , therefore , makes sense for istithmar hotels to join the nakheel organisation , providing the hotels group with additional resources , capabilities , and the backing of one of the world’s foremost real estate developers .
dw is considering using the 80 per cent stake it has in dp world – worth some $ 13bn – as collateral for all or part of its long - term debts , and it still has other assets it can sell , mostly a mix of hotel and real estate interests held by the istithmar world subsidiary .
sept . 14 ( bloomberg ) - - dubai investment firm istithmar world may be the first sovereign wealth fund to liquidate after a $ 27 billion spending spree financed largely with borrowed money , people briefed on the matter said .
there had already been signs in britain , where it owns huge swathes of assets , that dubai was unravelling . last month dubai world ' s investment arm , istithmar world , sold two london properties – marcol house in regent street and an office building in newman street – for a knockdown price of £10m . istithmar had bought the properties for £90m , but was forced to sell when it found itself unable to pay the interest on a loan .
mustafa joined the investment vehicle in 2009 and has previously held senior positions at real estate developer nakheel international , istithmar said on thursday .
besides istithmar and dubai world debt held by deutsche bank , barclays and rbs , much of what remains is held by lenders based in the middle east , the people said . spokespeople for the three banks declined to comment yesterday .
istithmar world ventures follows a disciplined , return - oriented investment approach . we focus on two distinct yet complementary investment styles : investing directly in late - stage venture and growth companies , and investing indirectly by sponsoring specialized equity funds .
the oil - rich united arab emirates has shown an increasing appetite for investments in other parts of the world . in the three years since its inception , istithmar has invested in more than 30 companies in three sectors - - consumer , industrial and financial services - - deploying in excess of $ 1 . 6 billion of capital , according to istithmar ' s web site .
each week , over one million subscribers trust us to help them make sense of the world .
istithmar ' s deals were part of dubai ruler sheikh mohammed bin rashid al maktoum ' s attempt to raise the arabian peninsula emirate ' s profile as he tried to vault it into the top ranks of the world ' s financial centers .
istithmar also bought stakes in cirque du soleil , the montreal - based company known for staging extravagantly acrobatic circus - like performances around the world , and yacht haven grande , a marina complex in the caribbean catering to so - called mega - yachts .
istithmar world is a premier investment company with a broad international portfolio across north america , europe , the middle east , asia and africa . our activities span a variety of verticals , ranging from consumer , industrial and financial services to hotels and commercial property .
dubai ( reuters ) - fears that dubai’s debt problems are not limited to troubled state conglomerate dubai world battered investor confidence in the world’s top oil - exporting region and sent shares across the gulf tumbling on wednesday .
world agreed to sell the american operations to an american - owned firm to assuage concerns over national security .
istithmar world’s investment portfolio spans consumer , industrial and financial services , hotels and commercial property sectors . among its assets are the atlantis resort in dubai , entertainment group cirque du soleil , and the mandarin oriental hotel in new york . ( reporting by dinesh nair ; editing by david french )
istithmar was not included in dubai world’s $ 25 billion debt restructuring deal , reached in 2011 , which called for full repayment after five and eight years , partly through asset sales . however , the investment vehicle’s assets are likely to be among those sold to repay the parent firm’s creditors .
global holding company dubai world focuses on strategic growth areas of transport and logistics , drydocks and maritime , urban development .
the original eco - lodge in the region , positioned at the foothills of the virunga mountains and the world famous volcanoes national park , home to the world’s last remaining free roaming mountain gorillas . refurbishment plans for the lodge are far advanced .
at least half the $ 10 billion i was involved with at istithmar was poorly invested and completely un - hedged ,
turner said in an interview yesterday . turner , who now lives in europe , says he left istithmar last year and was accused of embezzlement . he denies those claims and said he is prepared to fight the charges in court .
loving… . the world wide web . a little late you say ? maybe . but after watching companies like . . .
analysts said today that the statement from dubai world is likely to ease fears about the scale of the crisis in dubai .
an analysis of istithmar ' s investment portfolio which included the investment of $ 3 . 8 billion with an associated $ 14 billion of debt , has not performed positively . in a number of cases , istithmar has lost control of assets or sold at a loss . as a subsidiary of dubai world , the company has been mentioned in numerous press reports related to the high debt levels of its parent . since late 2009 , the company has seen numerous departures of high profile executives .
the cost of insuring dubai’s debt against restructuring or default rose sharply on wednesday as investors grew increasingly nervous about dubai world’s restructuring .
istithmar , which means investment in arabic , applies global expertise with local insights to coordinate the appraisal and implementation of various opportunities . istithmar’s ‘i’ investment philosophy is based around three core principles - - ideas , inquiry & integrity - - sets the foundation for the firm which has a broad portfolio of highly successful companies in markets from north america to europe to asia to the middle east .
dubai world last week said jackson had its
full support ,
adding that istithmar
will continue to be a key subsidiary into the future .
sheikh mohammed also said last week that he wasn ' t concerned about the emirate ' s ability to repay at least $ 4 . 52 billion of debt this year .
istithmar contributed about $ 2 . 5 billion of its own cash to back $ 27 billion of purchases since 2003 , the people said , speaking anonymously because the strategy was private . it used so - called non - recourse bank loans , backed by specific assets , to finance about 75 percent of its acquisitions , one of the people said . the rest was funded with a mixture of its own cash and money borrowed from banks on a term - loan basis that was backed by istithmar or dubai world , the person said .
in its most detailed statement since the crisis erupted last week , the state investment company dubai world said ' constructive ' talks had started over $ 26bn of debt , including a $ 6bn sukuk bond sold by nakheel , one of the property companies owned by dubai world .
unlike government - controlled funds in kuwait and abu dhabi , flush with cash from oil production , or in china , backed by export earnings , istithmar fueled purchases such as the takeover of barneys new york by borrowing as much as 90 percent of the money , the people said . istithmar ' s parent , dubai world , tapped middle eastern and european banks including barclays plc , royal bank of scotland group plc and deutsche bank ag , leaving those three with combined debt holdings of at least $ 1 . 5 billion , the people said .
george dalton , general counsel at dubai world , referred requests for comment to spokespeople for the group , who didn ' t reply yesterday .
“mr . mustafa has made notable contributions to achieving the company’s core objectives by leading several high profile restructurings and dispositions of key assets , ” sultan ahmed bin sulayem , istithmar’s chairman , said in the statement .
former head of product development and director at istithmar world , ms . jamshed also held positions at shuaa capital , kpmg and merrill lynch . ms . jamshed holds a master’s degree in business administration and a bachelor’s degree in science and business administration from the american university of sharjah . ms . jamshed is also a certified teacher for business professionals by the cbp association .
the investment strategy of the funds was flawed , according to chris turner , the 45 - year - old british risk manager who was hired in 2007 as director of risk management at istithmar ' s real estate unit .
it ' s critical that dubai downplay any restructuring of istithmar as business - as - usual ,
younsi said .
they ' ve put way too much money and resources to let their reputation collapse .
if that degree of the earth ' s curvature could be captured at that height , the world wouldn ' t be much larger than uttar pradesh .
waha capital’s senior management team is comprised of talented professionals with significant regional and international experience and world - class expertise developed at leading global investment firms .
hotel washington ' s estimated 250 employees have been notified of the closing , and two mock w guest rooms are being designed by istithmar and the hotel ' s future operator , according to ron pierson , assistant general manager .
for over two decades , dr chang has provided investment and financial advisory services to businesses , financial institutions , and government and academic bodies around the world .
analysts said the move highlighted dubai holdings’ vulnerable position as most at risk of defaulting on debt after dubai world as capital markets become reluctant to lend dubai .
he added :
empgi will bring world - class education solutions and expertise to its markets , helping to deliver educational reform and enhance the educational experience .
learn why businesses around the world trust our innovative “source - to - pay” solutions to deliver unparalleled visibility and insights that enable our customers to deliver business value .
the firm has unique access to the expertise , global network and proprietary investment opportunities of dubai world , a diversified holding company owned by the government of dubai .
shares of glg partners inc . , a hedge fund with offices in new york and london in which istithmar bought a 3 percent stake , have lost more than 61 percent of their value since the deal was announced in june 2007 .
now , dubai world is in talks with its creditor banks to restructure at least $ 12 billion in debt , a person close to the talks said , speaking anonymously because the negotiations are private . istithmar or its assets will probably be sold to help its parent repay the debt , the person said . nakheel pjsc , the dubai world unit behind a series of palm - shaped , man - made islands on the emirate ' s coast , has a $ 3 . 52 billion islamic bond due in december . islamic bonds adhere to a prohibition against receiving or paying interest .
the refurbished property is expected to reopen by the end of 2008 or early 2009 , said joe sita , chief executive of dubai - based istithmar hotels , which owns hotel washington . he declined to share details about the renovation and its cost .
jaggaer has developed a highly engineered , comprehensive suite of spend management solutions because industries and organizations have unique challenges that cannot be met by a one size - fits - all approach . powered by advanced analytics and the world’s most engaged supplier network , jaggaer is the partner of choice for the world’s leading companies and institutions , from manufacturers to the public sector , and universities . jaggaer is the world’s only company delivering best - of - breed solutions to manage the entire procurement spectrum , from indirect to direct spend .
dubai world has begun talks with banks to restructure $ 26bn ( £15 . 8bn ) of debt as the gulf emirate begins to tackle problems that rattled global stock markets .
the announcement on wednesday that dubai world , shouldering almost $ 60bn ( £36 . 5bn ) in debt , would seek a six - month moratorium on repayments sent shockwaves through world markets . just hours earlier , the government , run by sheikh mohammed bin rashid al - maktoum , had raised $ 5bn from two banks for its own debts .
this talk looks at the results and effectiveness of the british special operations executive , or seo , and the french resistance in supporting the second world war d - day landings .
dr soon young chang , an established veteran in the uae with a long global tenure in the investment arena , was appointed as board member of dubai world in dec 2010 .
dubai’s predicament stands in stark contrast to the six - year boom when it snapped up assets , lured celebrities and courted the media with projects such as the world’s tallest building .
but vociferous minority holders of nakheel’s bond are demanding repayment , which could tip both dubai world and the builder of the emirate’s palm islands into default and potentially damage larger claims .
but this is just a snapshot of istithmar ' s activity . in the us , it acquired 280 park avenue last june for roughly $ 1 . 2bn . two days earlier , the dubai company said it had paid $ 300m for the knickerbocker hotel at 6 times square , and istithmar spent $ 705m for 230 park avenue , the 34 - storey helmsley building , in november 2005 . pegasus realty - another royal family offshoot - recently revealed plans to invest an estimated $ 150m in real estate projects in india .
a camel walks on jumeirah ' s popular tourist beach in front of tower blocks in dubai in this november 28 , 2009 file photo . fears that dubai ' s debt problems are not limited to troubled state conglomerate dubai world battered investor confidence in the world ' s top oil - exporting region and sent gulf shares tumbling on wednesday . reuters / steve crisp
‘the dam busters’ tells the story of 617 squadron and its daring and extremely difficult mission , which went on to become one of the most famous episodes of the second world war .
dubai world helped to develop much of the emirate’s spectacular skyline ; now it wants a six - month moratorium on its debt repayments . photograph : karim sahib / afp / getty images
with time running out for a deal on nakheel’s bond , bankers said bondholders may have to accept some impairment , leaving dubai world free to negotiate with longer - term debt holders .
in november of 2007 , istithmar sold an office tower at 280 park avenue , home to the headquarters of the national football league , for $ 1 . 28 billion . it had bought the tower for $ 1 . 18 billion 17 months earlier , public records show .
dubai world has been at the forefront of the emirate ' s aggressive efforts over the past decade to transform itself into a hub for finance and tourism in the region . lacking the natural resouces of its richer neighbour abu dhabi , dubai borrowed more than $ 80bn and is now paying the price as local property prices crash and the rest of the world struggles with the downturn .
nakheel chief executive chris o’donnell said : “with the continued growth and rationalisation of the dubai world businesses , and following the merge of istithmar and nakheel’s real estate divisions , it is now timely for the group to join its hotel businesses together . the merger will not only consolidate our resources and existing investments , but will also continue the process of creating a broad based real estate company , focusing on activities from development and asset management through to funds and investment management . ”
there are horrifying reports of prisoners being raped and tortured . show trials , complete with obviously coerced confessions , have only reminded the iranian people , and the world , of the government’s illegitimacy .
the talks will be conducted on an ' expedited ' basis , dubai world said , and will include the possible sale of a slew of trophy assets the company garnered over the last decade . the news of the talks follows a warning on monday from a senior official from the dubai government that it had no obligation to rescue banks from loans to dubai world that have since soured .
the hotels group was formed in april 2006 as the hotel investment and asset management business of istithmar and has , in less than two years , accumulated a global hotel property portfolio whose enterprise value is more than $ 3 billion ( dh11bn ) , the group said in a statement yesterday .
dubai’s emaar properties , the arab world’s biggest developer , said on wednesday it had decided to drop a proposed merger with three entities owned by dubai holding because the marriage would bring no economic benefits .
dubai sovereign wealth funds are leveraged like private equity funds ,
said rachel ziemba , a senior analyst covering sovereign wealth funds at roubini global economics , a new york - based economic research firm .
istithmar belongs to a parent company with a significant amount of debt coming due .
it came three days after parliament approved most of ahmadinejad ' s government ministers in a move that bolstered his position after nearly three months of political turmoil in the world ' s fifth - largest oil exporter .
‘hope and glory’ tells the story of a young boy growing up in london during the second world war . the film explores two themes that greatly affected the home front during the war , the blitz and evacuation .
istithmar bought the historic hotel in october 2006 for $ 150 million from westbrook partners - - the second time that year the hotel changed hands . westbrook had purchased the 341 - room property for $ 120 million in the spring of 2006 from gal - tex , a company owned by the moody family of texas .
istithmar’s investment portfolio comprises over 50 successful companies with premium assets within financial services , consumer , industrial and real estate sectors , in addition to investing in hedge funds , listed equities and alternative investment projects . the company’s equity investment exceeds us $ 2 . 6 billion across markets ranging from north america to the far east .
more than a world - class financial centre , difc is also a vibrant community of retail and lifestyle . sign up to our mailing list and we will keep you informed on the items that matter to you most .
the ports division of dubai world has also been reviewing its £1 . 5bn london gateway port project , some 25 miles east of central london , and last week secured a £300m rescue loan from the european investment bank .
behind the global boom in property is a wall of cash from dubai . in the past month , istithmar , the royal family ' s investment vehicle , spent over £1bn on three landmark central london office blocks - the adelphi off the strand , 90 long acre in covent garden and the shell - mex building on the thames .
barneys is in talks with creditors about a restructuring or bankruptcy . loehmann ' s holdings inc . , a discount retailer with more than 60 stores that was acquired by istithmar in 2006 , had its junk - rated debt rating cut three notches last week by standard & poor ' s , based on
poor
operating performance .
a deal with dubai world for celebrity chef jamie oliver to build two restaurants at the jumeirah golf estates and design kitchens for many of the homes in the area , which had no set budget limit , has also been cancelled .
in the wake of the crisis , dubai’s government has said its assets , which include emirates airline , would not be involved in any firesale to plug dubai world’s debt , though assets belonging to the conglomerate itself could be sold .
maziar bahari , the documentary filmmaker and newsweek correspondent imprisoned in iran for the last 11 weeks , is a leading contender for the prince of asturias award for concord , one of the world ' s most prestigious honors . . . .
istithmar world aviation holdings invests in fast - growing sectors of the aviation and aerospace industries including airlines , airports , support services , suppliers , manufacturing , engineering , and financing . the firm has substantial investments in dubai aerospace enterprise ( dae ) which is rapidly becoming a leading force in aircraft maintenance and leasing , iwa executive jets , a commercial executive jet operation , and daallo airlines ( the national airlines of djibouti ) . with its noteworthy investments , the firm is geared to play an important part in securing dubai’s position as the leading global hub for aviation and aviation - centered ventures .
investors have been left in the dark since the gulf business hub announced on nov 25 that it sought to delay payment on dubai world debt while it overhauls the sprawling state firm , which builds and operates everything from ports to luxury flats .
about half of dubai’s $ 143 billion pile of debt has to be repaid by the end of the decade , according to the international monetary fund . that is almost double the uae’s forecast revenue from exporting oil this year . one of seven semi - autonomous sheikhdoms in the u . a . e . , dubai has endured the 53 percent fall in oil prices over the past two years relatively unscathed , but some belt tightening is inevitable . the financial times reported on sept . 12 that istithmar world – a government investment company – has made most of its staff redundant to save money .
according to the wall street journal , final negotiations between dubai ' s istithmar fund and barneys parent , the new york - based apparel and accessories company jones apparel group inc . ( jny ) , are still being worked out . an announcement is expected by monday , the newspaper said , attributing the details to an anonymous source familiar with the matter .
“international banks are not going to see this as a dubai world problem . they will see it as a state problem , a regional problem , ” keith edwards , head of asset management at doha - based firm the first investor , said .
not only does marka have some of the world’s most iconic brands under its belt , its founders are 151 of the most successful businessmen in the uae . they originally kicked in 45 percent of the company’s cash , the maximum allowed under dfm regulations .
dubai world ( dw ) , the indebted conglomerate , is close to a deal that will extend repayment of us $ 10 . 5 billion of borrowings until 2022 , and enhance the emirate’s ability to raise new capital for another round of rapid growth .
the gulf emirate , one of seven that make up the united arab emirates , has been at the centre of the biggest collective shock to markets for a year since abruptly announcing last wednesday that dubai world wanted to delay interest payments on its debt .
one example of risky investing , according to turner , came in 2007 , when dubai world bought about $ 5 . 5 billion of mgm mirage stock at between $ 82 and $ 95 without any hedge . the stock now trades at about $ 12 .
under chief executive officer david jackson , the former lehman brothers holdings inc . executive who has led the fund since 2006 , and his predecessor , muneef tarmoom , istithmar roamed the world to target high - end businesses . the fund bought a stake in perella weinberg partners , the boutique advisory firm run by joseph perella , and two of manhattan ' s most exclusive hotels , the w union square and the mandarin oriental at the time warner center . it acquired the queen elizabeth 2 , the cunard line flagship for more than three decades , with plans to convert it into a hotel to be moored beside the emirate ' s palm island .
sita said : “nakheel is renowned worldwide for its projects such as the palm jumeirah and the world , and is playing a major role in driving dubai’s tourism growth , increasing the number of hotels in the emirate by more than 50 per cent through its developments .
while dubai’s government has tried to ring - fence profitable businesses from the $ 26 billion restructuring at dubai world , its problems have led to credit downgrades on all government - linked firms amid investor fears that state aid would not be forthcoming in times of trouble .
abu dhabi is now and will continue calling the shots in dubai ,
said rochdi younsi , head of middle east research at eurasia group , a new york - based political - risk consulting firm , who expects additional bailouts from abu dhabi .
they ' re making serious demands that dubai keep only its viable arms and consolidate or shut down overleveraged ones like istithmar .
khaled is a founding member of the advanced technology investment company ( atic ) and played a key role in the joint venture transaction with advanced micro devices ( amd ) to establish the second largest chip manufacturing company in the world , global foundries , in january 2009 .
dubai and abu dhabi are both part of the uae , the world’s third - largest oil exporter . banks lent dubai government - linked firms on the implicit understanding that they were backed by the federal government or abu dhabi , home to most of the uae’s oil .
then there is africa : dubai world , part of a consortium that has already committed $ 2bn to the purchase and development of cape town ' s victoria and albert waterfront , is looking at further potential investments in the financial services industry , says chairman sultan ahmed bin sulayem .
queen elizabeth curise expected to attract 500 , 000 tourist per year by zaher bitar , staff reporter published : 00 : 00 july 3 , 2012 dubai : the emirate added another iconic tourist destination to the list by converting the queen elizabeth 2 cruise ship into a floating hotel at rashid port turning the whole area into an entertainment port village in 18 months , sultan ahmad bin sulayem , chairman , istithmar world , said . he said : the vessel will be moored next to the original cruise terminal at port rashid and converted into a 300 room luxury hotel , with top quality lifestyle facilities , while the terminal itself will be developed into a maritime museum . . . . . . . urltoken
on the 70th anniversary of the invasion of poland by germany and the opening of world war ii , perhaps today presents the perfect time to revisit w . h . auden’s famous poem , “september 1 , 1939 , ” written in the immediate aftermath of those events . the piece appeared in
the injustice of bahari ' s incarceration , taken as emblematic of the repression faced by millions of iranians and by those who insist on freedom of expression everywhere in the world , is a factor that may be taken under consideration by the asturias jury . but his work also speaks for itself .
he was speaking after the $ 2 . 6bn sale by dw of its jebel ali free zone ( jafza ) last week to dp world , a deal which virtually seals the conglomerate’s ability to repay the first tranche – around $ 4 . 4bn – of its total debts ahead of schedule .
alone to fall by over $ 1 billion last year , according to america ' s commerce department—at a time when gulf states , flooded with petrodollars , have been on a spending spree . but even if investment in america is picking up again—this week istithmar , the dubai government ' s investment arm , was said to be close to an $ 825m deal to buy barneys new york , a fashion retailer—doubts remain and investment opportunities elsewhere beckon .
dw owns nakheel , the developer behind the palm resort - which earned a high profile when premiership footballers were linked with properties there - and dubai ports world ( dpw ) , which hit the headlines in britain this year because of its acquisition of p & o , the port and ferries operator .
stock markets in new york , london , tokyo and capitals across europe have recovered since tumbling on thursday shortly after the news of the debt delay first broke . shares in dubai and abu dhabi fell again on tuesday on concerns the troubles at dubai world will ulimately deter foreign investment in the region .
after decades of unprecedented growth and expansion dubai ' s overheated economy is reaching its melting point . dubai world , the state - owned real - estate and ports giant that has driven much of the economic growth in the city - state in recent years , has asked for a moratorium on its debt
dubai world unit nakheel , the developer whose debt is at the center of the crisis , has a $ 3 . 5 billion bond maturing monday . the bond’s trustee , deutsche bank , held a conference call on wednesday to coordinate the administrative process , sources said , but it was not clear what would happen next .
the government wanted to put dubai in the same league as london and new york ,
said victoria barbary , a senior analyst in london at monitor group , a consulting firm based in cambridge , mass .
when times were good , the government was happy to have jackson and his team making headlines around the world .
government of dubai media office – 16 february 2017in his capacity as ruler of dubai , vice president and prime minister of the uae his highness sheikh mohammed bin rashid al maktoum has issued decree no ( 3 ) of 2017 on the formation of the board of directors of dubai world under the chairmanship of his highness sheikh ahmed bin saeed al maktoum .
the jafza deal gives dw a total of nearly $ 3 . 5bn of financial firepower in its talks with creditors . on top of the cash payment of $ 2 . 6bn from dp world , the global ports group also assumes responsibility for some $ 856m of debt owned by dw , most of that a $ 650m sukuk repayable in 2019 .
during the night of 24 march 1944 , 76 airmen escaped from the prisoner of war camp stalag luft iii . only three made it home and , of the remainder , 50 were murdered on hitler ' s orders . this talk will explain what actually happened in the so - called great escape , one of the second world war ' s most infamous incidents .
you ' ve suggested afghanistan produces much more opium than the world actually consumes . oh , yes . since 2005 the afghans have cultivated almost twice world demand . the bottom should have fallen out of the opium market . but it hasn ' t . prices are back down to where they were a decade ago , but they should be much lower considering the amount of opium being produced . that suggests that a lot of opium is not reaching the market . we have been wondering where it is . now , in a number of military operations in the southern provinces , nato troops have found huge amounts , which is evidence that the taliban have been sitting on huge stockpiles . i can report—and this is breaking news—that opium cultivation and production fell for the second year in a row in 2009 . but again this year , supply exceeds demand . someone is hoarding 10 , 000 tons of opium—enough to satisfy two years of world heroin addiction , or three years of morphine prescription . where and why ? we don ' t know . but it ' s strange and potentially dangerous . . . . ( more )
but groups such as dubai holding and dubai world ( dw ) , both of which are maktoum vehicles , are dominant . dubai holding has some 100 subsidiaries , including hotels group jumeirah , and dic , the bidder for liverpool , which is also owner of tussaud ' s and travelodge and holder of 10 per cent of daimler chrysler shares , for which it paid $ 1bn .
world controversy , will probably be passed within the next few weeks . the new rules will increase the transparency of reviews and should help to thwart any future backlash in congress . but they include an automatic 45 - day investigation , on top of the normal 30 - day review , for firms wholly or partially owned by foreign governments . this will catch many middle eastern firms .
an authentic bush lodge , taking its name from the legendary novel “jock of the bushveld” , situated where the famous author sir percy fitzpatrick originally had his camp overlooking the confluence of two rivers on what is now a 6000 hectare exclusive - use concession within the world famous kruger national park , offering guests a five star experience in one of africa’s last remaining true wilderness area .
dubai : the 14th dubai international film festival ( diff ) , held under the patronage of his highness sheikh mohammed bin rashid al maktoum , uae vice president and prime minister and ruler of dubai , today unveiled its rich and diverse lineup of films and events . this year the festival will introduce audiences to the most highly anticipated new films from around the world , alongside a diverse events
after an explosive rally since march , many analysts were already warning that world equity markets looked overvalued .
here we are now , four and a bit weeks from year - end , and there would be a desire to lock in profits . what dubai does is accelerate that process ,
says nick parsons of nab capital .
markets are going to be hugely volatile .
dr . shuja ali has over two decades of experience in private equity , operations and strategic management consultancy . as chief investment officer , shuja heads all investments and his specific focus , spanning across the entire portfolio , is to marry the financial / leverage aspects of each investment with its operations and strategic plan . this has been a key task in the recent restructuring . shuja has worked across the gamut of deals from sourcing to acquisitions to asset management , refinancing and restructuring , to exits . shuja started at istithmar world as managing director heading the portfolio operations & strategy group . the team was created in 2006 to enhance the capabilities of the investment teams to deliver value to the assets under management and also actively participate in the pre - acquisition stage – from idea generation , to concept stage , due diligence . the skill - set brought to the assets by shuja and his team was a mix of tangible strategic viewpoint , functional operational depth , and operations risk assessment .
marka’s food and beverage lineage will kick - start with the world’s first harper’s bazaar café and taste of italy by heinz beck casual restaurant , having partnered with the global fashion magazine and the michelin - starred chef . both are due to open in spring — at dubai design district ( d3 ) and the galleria on al wasl road , respectively — and will be the first of a chain .
in 1970 , mr . burns founded regent international hotels in hong kong . in the company’s 22 - year history , regent international opened 17 luxury hotels around the world . in 1992 , he sold his interest in regent to four seasons hotels & resorts . in 2001 , after a five - year restoration , he opened the 21 - room grand hotel a villa feltrinelli in gargano , italy .
“even though it is going to be tough to restructure $ 26b of debt , dubai world’s creditors have an incentive to do so in order to reduce the haircut that they will have to take , ” rachel ziemba , an analyst at roubini global economics , told bloomberg .
time is short but they might still avoid defaulting on nakheel’s $ 3 . 5bn bonds due on december 14 . ”
fadi marouf , is a seasoned real estate & private equity professional with extensive experience in cross border transactions in us , uk , europe , asia and the middle east . he has held senior management positions at large investment groups : • managing director of investments at tharwa capital : dubai based investment holding company that asset manages current and future projects on behalf of its investors and provides advice to companies owned by its investors relating to investment , divestment , funding and joint venture opportunities . projects include real estate and hospitality developments in the middle east region , oil and gas projects and real estate investments in the uk and us . • director and head of investments at meraas capital : set up and was in charge of the investment function at meraas group ( one of dubai government investment arms ) . responsible for investments in the real estate , hospitality , retail , healthcare and infrastructure sectors . investments at meraas capital include the acquisition of a stake in four prime new york office buildings in manhattan including the general motors building and adjacent apple store in a consortium with goldman sachs and boston properties at a total transaction value of usd 4 billion . • director of transactions – real estate at istithmar : worked at istithmar since inception and was involved in numerous investments across the world including prime income producing real estate assets , development joint ventures , launch of third party funds , pre - ipo investments and indirect investments in middle east , asian & us based funds . mr . marouf holds a bachelor in business administration from the american university of beirut and a masters in accounting and finance from the london school of economics .
stephen lewis of monument securities says clearing up the bad debts hidden throughout the world ' s financial system will put the brakes on recovery for a long time .
the latest dubai problem is typical of the obstacles that stand in the way of sustained economic expansion , while the financial situation remains fragile ,
he says .
in simple language , the dubai crisis is symptomatic of an economic depression .
the warning signs have been coming for some time . property prices in the emirate had fallen 50 % from their peak and follies including a set of man - made islands in the shape of the world map have been left half - built . according to the bank for international settlements , banks have claims totalling $ 123bn on debtors in the united arab emirates , $ 88bn of which are held by european banks and $ 50bn by uk banks alone .
mr shaheen believes there will be a knock - on effect as dubai seeks to raise capital for another round of rapid expansion . in addition to expo 2020 , which could cost as much as $ 43bn to develop , other “mega - projects” have also been announced by government - related enterprises ( gres ) in the emirate , like dubai canal , the mall of the world and mohammed bin rashid city , as well as the ongoing construction of al maktoum airport .
ahmed shaheen , dubai - based associate director of investment firm exotix , which deals in “distressed debt” , said : “dw has taken a very proactive stance towards asset realisations – atlantis , palm utilities , gazeley and now ezw [ economic zones world , the owner of jafza ] . this is a demonstration of the company’s willingness and ability to meet the upcoming 2015 maturity , but it more importantly breeds goodwill among its lenders as it attempts to restructure the 2018 maturity . ”
if anywhere is emblematic of the debt - fuelled extravagance of the past decade , it is surely dubai , which strove to have the tallest , the biggest and the best of everything . if it collapsed , it would have profound effects on other emerging nations , the relationship between the west and the middle east , and the ownership of scores of well - known businesses . in the worst case , it could wreck fragile confidence and pitch the world back into recession .
iran has prepared an updated nuclear package and is ready to hold talks with the world powers on its nuclear program , press tv has learned . the package will be offered to the veto - wielding members of the united nations security council - - britain , china , france , russia and the united states plus germany ( p5 + 1 ) . the six world powers will meet in the german city of frankfurt on wednesday to discuss iran ' s nuclear issue . confirming the report , iran ' s top nuclear negotiator saeed jalili told reporters on tuesday that the tehran government has updated its proposed nuclear package in view of last year ' s global developments , including the economic downturn and the georgian crisis . jalili , who also heads iran ' s supreme national security council , added that the islamic republic is ready to cooperate with western countries to ' remove common concerns [ about its nuclear program ] in international arena ' . . . . ( more )


foxtons group plc is a british estate agency company dealing with both lettings and sales .

it is listed on the london stock exchange .

foxtons

every person who works at foxtons makes a difference . hear what they have to say about working at foxtons .
michael brown joined foxtons in september 2002 as chief operating officer of foxtons and chief executive officer of alexander hall .
uk estate agent foxtons makes $ 1 . 2 billion stock market debut | reuters
foxtons produces a dedicated lettings magazine for londoners and opens its sixth office in putney .
foxtons … coming to a neighbourhood near you . photograph : dan kitwood / getty images
foxtons hired credit suisse , numis securities and canaccord genuity to handle the ipo in june .
foxtons chief executive nic budden blamed “unprecedented economic and political uncertainty” for the fall in profits .
1991 marks a change in branding for foxtons with the introduction of the first roundel logo design .
1996 sees foxtons move into north london with offices in st john ' s wood and hampstead .
a foxtons estate agent sign is seen outside a branch in north london september 3 , 2013 .
a foxtons car passes a branch of the estate agents in chelsea west london september 4 , 2013 .
foxtons : london estate agents , uk . properties for sale , london rentals , short lettings and new homes
foxtons helped me to sell my home of many years . they understood the emotional attachment , as well the practical reasons for selling . even after a couple of setbacks everyone at foxtons stayed enthusiastic and interested .
foxtons said it was well placed to
benefit from any future recovery in the residential property sales market
.
foxtons open offices in dulwich and pinner , bringing the total number of offices to 23 . both offices launch with foxtons ' trademark 0 % commission offer . urltoken wins more prestigious awards , including best estate agency website in the uk .
in early 2001 foxtons opened its state - of - the - art headquarters in chiswick , west london . at foxtons hq , hundreds of business professionals provide a vital support service enabling our front offices to focus on what they do best : selling and letting property . 2001 also sees the first branded foxtons minis zipping around the capital , prompting many imitations .
thank you to the foxtons agent who found me a great apartment . i needed to find an apartment in 2 weeks and foxtons found me a home just like i wanted . very efficient service , great communication and excellent customer experience .
profits at london - focused estate agent foxtons have plunged by 64 % , hurt by slowing demand and increased economic uncertainty .
foxtons chief executive michael brown stands to pocket 52 . 3 million pounds from reducing his stake to 8 . 1 percent .
foxtons ' s american operation started as the independent company urltoken and was later bought by mr . hunt ' s business .
foxtons ' executive directors , who are reported to have own as 20pc of the equity , will also be able to sell shares .
foxtons opens a new office in camden and relaunches their successful website , scooping more awards in the process . space mini was launched !
foxtons saw profits recover to £16 . 7 million in 2009 after the slumping housing market pushed it into the red the previous year .
the company was part of foxtons ltd . until earlier this year , when the london - based parent accepted a buyout offer from the british firm , bc partners ltd . foxtons ' s british founder , jon hunt , retained the american branches as part of the transaction .
foxtons paid real estate agents a salary and a 3 % commission rather than the traditional 6 % , according to its web site . the idea failed to catch on because agents from other companies , who worked solely on commission , were reluctant to show homes listed by foxtons .
we regret what has happened . we regret that tim ' s friends at foxtons can ' t really speak to him any more . we regret we have upset foxtons , and regret the costs on our side . it is going to be damaging financially to the company .
in 2009 , the office for fair trading successfully sued foxtons for extracting
unfair
charges from landlords . no matter how the latest lettings dispute concludes , it is a reminder that foxtons is more vulnerable than it looks . for foxtons , as for many british companies founded in the thatcher era , new ways of doing things and a measure of ruthlessness have brought success ; but of a volatile sort - and at a cost .
foxtons’ pre - tax profits in the first half dropped to £3 . 8m from £10 . 5m in 2016 . photograph : alicia canter for the guardian
foxtons’ offering , which was oversubscribed , raised 335 million pounds for selling shareholders , including majority owner private equity group bc partners , and company employees .
in july , draker allegedly emailed at least 31 landlords on the database , announcing the new company in competition with foxtons and touting for their business .
foxtons , known for its distinctive fleet of branded mini coopers , is floating at a time when data points towards an revival in the uk housing market .
foxtons is suing a former senior director and his partner amid claims they stole the property giant ' s secret client list to set up a rival agency .
foxtons is suing mr hassell , mr andrew and draked for alleged infringements , including breach of contract and confidence , procurement , conspiracy and breach of copyright .
a spokesman for foxtons said :
because we are in the legal process at the moment it is not appropriate to comment until it is concluded .
he was appointed as chief executive officer of the group in 2007 when bc european capital acquired a majority interest in the foxtons business . michael started his career as a solicitor at slaughter and may . prior to joining foxtons , michael spent 6 years at enron europe as general counsel and latterly as chief operating officer .
crumbs . i guess a lot of people just want a piece of that foxtons magic . yes . or a pile of cash . traders clearly expect the london property market to continue on its recent trend of rapid growth , and foxtons plan to take advantage by opening loads of more branches over the next five years .
foxtons was founded with a single branch in notting hill in 1981 by entrepreneur jon hunt and quickly became one of the most recognised high - street estate agents .
a revival in foxtons ' fortunes recently has reportedly prompted the company to buy back around £20 million of debt in the firm it lost control of last year .
i joined foxtons in 2011 , just after my a - levels . my sister , who was an intern at the time , introduced me to the company and although i had a small amount of sales experience from part time retail roles , it wasn ' t essential as foxtons invest training in you from day one . more
bc partners , which oversees a €5 . 8bn ( £5 . 2bn ) fund , lost control of foxtons after creditors reorganized the real estate broker’s debt last month .
the opening of new offices continued into 2011 with blackheath , marylebone and stratford . foxtons awarded best lettings agency of the year at the prestigious sunday times property awards .
revolutionising the rental industry , my foxtons is upgraded to offer tenants and landlords the option of setting up their new tenancies online , vastly speeding up the rental process .
since david cameron became prime minister in 2010 , foxtons has almost doubled its number of branches , and more than trebled its annual profits , to £42m . when foxtons became a public company in 2013 , it was initially valued at £650m ; within six months , demand for its shares had swelled that value to £1 . 1bn .
working at foxtons is energetic , sociable and rewarding . we reward hard work , providing the opportunity for talented and enthusiastic individuals to thrive in an incentive driven environment .
foxtons was founded in notting hill gate , london , as a two - person estate agency determined to make its mark on the local property scene by doing things differently .
foxtons creates an innovative , animated 3d property search which lets you ' fly ' between properties , adds google street view to properties on urltoken and wins more prestigious awards .
both have seen their shares rise more than 50 percent since going public , but some investors said last week foxtons was late to the party and too exposed to london .
foxtons ' approach was really professional and effective . i appreciated your endeavours in finding me a suitable place to live in . unfortunately a better value / money option arose elsewhere .
he set up a second branch in fulham and hired rollings . by this time the hunt / foxtons philosophy was already well ingrained : work longer , sell harder , do whatever it takes to get the business and then sell the property . foxtons ' internal motto was already in place :
our clients want us to go to war for them
.
this month a larger threat to the company emerged . chris townley , a former landlord of a property managed by foxtons , became the first claimant in a c lass action against the estate agent . it alleges that foxtons has overcharged landlords for repairs and maintenance , by deliberately hiring expensive contractors , and then adding to their bills an undeclared commission of up to a third . townley ' s solicitors , leigh day , claim that foxtons could face a cumulative legal bill of up to £42m - the equivalent of its entire 2014 annual profit .
the opening of new offices continued into 2013 with brixton , barnet , enfield , hackney , west end , twickenham and crystal palace . foxtons also had a successful ipo in september .
right . and of foxtons in particular ? apart from their fouling of london with smug shops and tacky minis , their history of overvaluing houses and faking signatures , as exposed by the bbc in 2006 , and recent allegations they lock rental clients into exorbitant utilities contracts from which foxtons themselves take commission ( bbc again ) , i ' ve got no problem with them .
foxtons , the upmarket estate agent , has formally announced its intention to float and raise £55m from the sale of new shares as it looks to take advantage of the recovering housing sector .
in the longer term , while recent political events have produced uncertainty for buyers and sellers , foxtons said it expected london to remain a highly attractive property market for both sales and lettings .
a discount realtor that brokered home sales for a 3 % commission , foxtons , shut its american operations and may file for bankruptcy amid the slowing housing market . the company laid off 350 of 380 employees , west long branch , new jersey - based foxtons said thursday in an e - mailed statement . it had realty offices in new york , new jersey and connecticut .
by january last year , foxtons had breached its loan covenants . bank of america and mizuho financial group arranged £270m of leveraged loans to fund the buyout , according to data compiled by bloomberg .
we recently sold our house though foxtons . i was impressed with the marketing of our house across london and the amount of interest that was quickly generated . a very good service .
once known for its pioneering coffee shop - style outlets and fleet of mini cars , foxtons floated in 2013 ahead of a market peak and has since failed more than once to meet market expectations .
we are recognised for being highly motivated , ambitious and hard - working . every person who works at foxtons makes a difference to our company . do you have what it takes to join us ?
mark joined foxtons as chief financial officer in november 2016 . prior to joining foxtons , mark held a number of positions at ftse 250 recruitment business hays plc . after early roles in internal audit and as head of m & a , mark became european finance director in 2006 , in which he was responsible for businesses across 15 countries . in 2011 mark was appointed as group financial controller , a position in which he acted as deputy group finance director and held until joining foxtons . mark has extensive international experience across many areas of finance and over ten years ' experience working in an agency business .
nowadays , foxtons sometimes presents itself as an ethical business . a recent advertisement for a
graduate property consultant
says that
a clearly defined moral compass is a must
, and that the company is
an environment where we compete … but support each other
. yet foxtons ' approach to outside scrutiny makes such claims hard to judge .
we don ' t do interviews ,
nicky chute , the company ' s head of communications , told me when i contacted her . foxtons ' current ceo , nic budden , she went on ,
is a fairly private person
.
dealing with foxtons was a pleasure throughout the process of selling my flat in putney . excellent in proving regular updates and following up on all open items with the solicitors and with the buyers .
daniel bellau , head of corporate at law firm hamlins , said :
foxtons ' ipo may be taken as an indicator of renewed confidence in the uk residential market , especially as it comes just months after rival estate agency countrywide’s return to the stock exchange . yet foxtons is a london - based agency and this ipo may well say more about the london real estate market than the wider national market .
the offer price valued foxtons at around 18 times next year’s forecast earnings , compared with 17 times for countrywide and a median of around 12 . 3 times for uk housebuilders , according to thomson reuters data .
the brixton anti - foxtons campaign has continued to escalate regardless . in july 2013 , protesters managed to get into the branch and unfurl a
yuppies out
banner . this april , the branch was briefly occupied again by demonstrators holding placards that read
social housing not social cleansing
. a few weeks later , during a generally peaceful anti - gentrification march on 25 april , half the frontage of foxtons was smashed in .
) enjoyed a strong stock market debut on friday , seeing its stock rise well above its offer price in what could be seen as a vote of confidence in the housing market particularly in london where foxtons is focused .
whilst studying my geography degree at bristol university i had become very interested in many aspects of the uk property market . i was recommended by friends and family to apply for a summer internship at foxtons . . . more
foxtons said pre - tax profits in the first half of this year dropped to £3 . 8m from £10 . 5m in the same period of 2016 . group revenue fell 15 % to £58 . 5m in the period .
bc , which ceded control of foxtons to its lenders in 2010 before taking majority ownership again last year , is on track to make a return of close to three times its investment , a person familiar with matter said .
mr andrew , 37 , described in court papers as mr hassell ' s
husband and business partner
, would have known the information was confidential and conspired to use it steal foxtons ' business , the papers state .
my recent experience of selling a property with foxtons was a very positive one . understandably selling a property is a stressful period , therefore having a professional and a proactive agent is a must . thank you very much !
now foxtons is demanding a minimum of £300 , 000 in damages from mr hassell and mr andrew , a co - director and shareholder of the new firm , who is also the chief executive of a boutique wealth management company .
he said the couple are now in the final stages of negotiations with foxtons to reach an out - of - court settlement .
we are trying to settle so it does not have to go to court ,
he said .
before joining foxtons i worked for a large , well known , international agency where i worked my way up to being an associate of the firm . although i was happy in my previous company i wanted something more challenging . . . more
foxtons claims mr hassell has so far admitted obtaining the business of one its landlords , a mr l neumann , to the value of nearly £2 , 000 , and it believes draker has many more
poached
clients on its books .
the opening of new offices continued into 2012 with london bridge , crouch end , pimlico & westminster , earlsfield and shepherds bush . foxtons launched a new service which introduces the ability for landlords and tenants to conduct their rental deals completely over the web .
before foxtons i was working in the affordable housing sector in scotland where i was born and raised . in 2004 i graduated from queen margaret uni in edinburgh where i specialised in housing studies and developed a passion for the property market . . . more
the 32 - year - old was an operations director and lettings manager with 12 years at foxtons but resigned in january and started a rival business with his partner , christopher andrew . the business specialised in rental properties in chelsea , belgravia and kensington .
it focuses on property sales of between £200 , 000 and £1 . 4m - a price range that made up 78pc of london sales in 2012 - and operates 40 foxtons branches in london , two in surrey , and one alexander hall office in london .
i ' m so pleased i chose foxtons ! my property was given a great valuation - and sold quickly , the perfect outcome . you were fantastic throughout - giving great advice , keeping me fully informed and acting efficiently and with great professionalism .
a general view of foxtons estate agent on brixton high street on august 14 , 2013 in london , england . according to figures released yesterday by the office for national statistics , londons house prices are rising at an 8 . 1 per cent annual rate .
previous revelations about foxtons ' s illegal fly - boarding and other dubious business practices have done nothing to hinder its inexorable growth . the simple practice of overvaluing properties continues to pull in clients , even if those high prices are not then achieved at sale .
a similar surface orderliness - with its implication that foxtons will bring order to the messy property market - marks the company ' s carefully choreographed initial dealings with clients . if you phone a branch as a new customer , you will quickly be redirected to the in - house call centre at headquarters in chiswick . there , a
new business consultant
, always polite , usually well - spoken and slightly caffeinated - sounding - red bull is popular with foxtons staff - will try to extract personal details from you .
i graduated from loughborough university with a degree in printed textiles . that summer , i applied for a role as a tenancy manager with foxtons . my only previous office experience was a two month summer placement working in marketing for a wholesale company . . . more
a few months later , in 2008 , for the first time in a decade and a half , london property prices began to drop . for the next three years , foxtons suffered collapsing sales and staff culls . there were hasty and acrimonious shifts of ownership between bc partners and the banks that had lent it the money to buy the company . at bc partners , senior people began referring to foxtons as
the f word
. there were predictions in the press - sometimes thinly disguised hopes - that it would go bust .
after building up the company for 26 years , employing 1 , 600 people in london and 500 in the us , hunt sold foxtons in 2007 for £370 million to private equity firm bc partners , just weeks before the credit crunch hit and the property market slumped .
“our strengths and future potential lie behind the capital reorganisation , and we are delighted we will continue to have the support of bc partners and our banks going forward , ” foxtons chief executive officer michael brown said in a statement posted on bc partners’ website on dec 31 .
in july foxtons opened a new office in the business heart of docklands at 20 canada square in canary wharf . further offices opened in kingston , guildford and woking marking the start of an expansion into surrey . 2006 also saw the punk mini hit the streets of london .
foxtons has a more individualistic culture than its rivals , who generally pay higher basic salaries and sometimes hand out commission on a team basis . at foxtons branches , the negotiators ' telephones are arranged facing each other , in gladiatorial rows . despite this , or perhaps because of it , the young men in suits are always ducking outside to make calls . in 2006 , anna adams , an undercover reporter for the bbc1 series whistleblower , filmed a friday meeting where , when individuals ' sales or lettings figures were announced under - performers were heckled .
foxtons , which last year earned more than half its revenue from its lettings business , is focused on expansion within london , home to 40 of its 42 branches , and has said it is aiming for five to 10 new branch openings a year between 2014 and 2018 .
“we remain the largest shareholder , but decisions will require the input of all parties , ” andrew newington , a partner at bc partners in london , told bloomberg on friday . bc partners has “no overall control” over foxtons , he added . he declined to give further details .
sales revenue crashed 29 % to £22 . 2m in the period , with foxtons saying the performance was set against a surge in the first quarter last year , when transactions were brought forward ahead of the stamp duty surcharge on buy - to - let investments and second homes .
in early 2010 foxtons launched its new ' x - ray mini ' which was created in collaboration with one of the uk ' s most exciting contemporary artists , nick veasey . new offices were also opened in north finchley , temple fortune , streatham , willesden green and clerkenwell .
as a result of my hard work , i have been lucky enough to go to top restaurants in london , drive amazing super cars and visit several international destinations . most importantly though , i have learnt invaluable skills at foxtons and am still looking forward to new challenges ahead .
there was already a foxtons in nearby beckenham . what if , i asked , a property came on the market midway between the two branches ? which one would deal with the seller and any buyers ? she instantly turned deadpan :
it depends on who they call first .
in the 469 - acre gardens once landscaped by capability brown , hunt is recreating more than a mile of the original lakes , a bridge , boathouses and a new garden of fanned grass terraces . it was at heveningham that steve hewitt , who has convictions for theft and violence and had allegedly been hired by foxtons to tear down rival agents ' for sale boards , suffered a serious accident while riding quad bikes with hunt . he then sued hunt , but the foxtons boss was cleared of any blame for the accident after his lawyers accused hewitt of blackmailing him .
after graduating from university with a 2 : 1 in forensic biology i was unsure what to do next . i went for my interview at the foxtons headquarters and as soon as the lift doors opened i knew that this was the company i wanted to work for . . . more
in papers filed at the high court , foxtons accuses the couple of stealing
large amounts
of information relating to 2 , 500 clients , including the addresses of properties , landlords ' bank and contact details , rental figures , fees charged and start and end dates for tenancies .
the float marks a milestone for bc , which has had a chequered history with foxtons since first buying it for about 360 million pounds in 2007 . the agency came to epitomize the woes of the private equity industry as plummeting sales pushed it into breach of the terms on its debt .
prior to joining foxtons , nic had an international career in business development , operations , marketing , strategy and finance , having held positions at bt group plc ( 1990 to 1997 ) , cable & wireless group ( 1997 to 2002 ) and severn trent group ( 2003 to 2005 ) .
foxtons recruits constantly and unfussily for its junior positions .
sales experience is beneficial but not essential ,
says a recent ad for a
trainee property negotiator
. burgess remembered her fellow interviewees as
from all over the country , from scotland , from wales , from tiny villages . quite well - educated people , and people who had dropped out of uni . foxtons said to us , ' we ' ll give you a car and a phone . you ' ll get to know london like the back of your hand . ' and it gave you a friendship group .
bc partners acquired foxtons , known for its fleet of green mini coopers used by employees to show houses and apartments , in may 2007 for £390m , in one of private equity ' s most ill - timed deals – just as the london housing market slumped , slowing the number of home sales .
i graduated in 2005 from kingston university with a degree in sociology and began my foxtons career as an office co - ordinator in the putney office . one of the best things about the role was that i was part of a fantastic office , helping to make it run smoothly . . . more
very impressed with the service - our flat was let to a high calibre tenant within 4 working days of us instructing - before it was even photographed and advertised online . foxtons were extremely helpful , courteous and very quick to respond to calls and emails , which was great for us as first time landlords .
i have been helped by klaudia to find a place in shoreditch / hoxton area . i just wanted to highlight that she has been amazing during the whole process . very helpful and full of knowledge . even though i have found a place with foxtons stoke newington i would like to give a feedback about how amazing she was .
really professional and friendly service throughout ! joshua has been wonderful in helping me find my first home and supporting me through the sometimes - stressful process . he ' s been approachable , knowledgeable and quick in dealing with my queries and meeting my needs . i am completely satisfied with how everything has turned out thanks to josh and foxtons !
foxtons seems to have two modes : either overconfident expansion or panicky retrenchment . since 2011 , as the london house price bubble has reinflated , the business has resumed its upward path . but now it is a public company , with a fickle share price , and more of the detail of the estate agent ' s performance is publicly available
burgess ' s workplace still took some adjusting to .
it was so clean . in a foxtons branch , you will not find a piece of paper anywhere . you ' re not allowed to leave anything on your desk - everything gets cleared away every night . and you move desks every few weeks . you never feel you can relax .
right from my first contact with foxtons to the sale of our house the service was first class and we cannot praise natalie and ben enough they were extremely professional and very helpful too . natalie and ben kept us informed every step of the way and this made such a difference to the whole experience making it far less stressful than it could have been .
the company declined to comment
on the specifics of this case
; but went on to say that
our fees are clearly laid out within our terms and conditions
; and that work on properties let through foxtons was carried out by
carefully vetted and trusted contractors
who offered
competitive value
. the case may end up in court next year .
foxtons even advised tony and cherie on the purchase of their £3 . 65m property in connaught square , and then won the job of letting it , presumably claiming they could get the eye - popping £15 , 000 a month . predictably , and embarrassingly for the blairs , this was later reduced to £8 , 000 to get shot of it after a dearth of takers .
i graduated from leeds university with an economics and philosophy joint honours degree in 2004 . after travelling for a month , i returned to london and started researching job opportunities . the graduate recruitment advertisement described foxtons as an innovative , young and highly driven sales company . this , coupled with the opportunity to earn a very competitive salary - at 21 years of age - meant i was sold !
i got at least three or four phone calls today ,
an attorney in the queens borough of new york city who represented sellers listing property with foxtons , richard lovell , said .
they were all very concerned . it ' s going to make the logistics more complicated . the attorneys and buyers and sellers are going to have to jump in and do a little more work .
this rigid singlemindedness saw him lose his long - time right - hand man , last year - managing director peter rollings . foxtons ' seemingly softer public face and fixer used to deal with the all too regular complaints and is no doubt sorely missed at the moment as dirty secrets such as the doctoring of landlord agreements , lying to customers , and inflating values are caught on camera for the first time .
eight months after the broadcast , and after threatening the bbc with lawsuits , hunt admitted to the guardian that there were
several things we had done in [ the documentary ] that were wrong
. but he went on ,
i don ' t think [ they ] were pervasive … and we straightened those out .
he dismissed the allegation that foxtons and alexander hall illegally shared information as
total nonsense
.
but even the briefest of conversations with him quickly demonstrates that behind the white - tooth smiles , there is an inner steeliness that has made him top dog in the world ' s most vibrant residential property market . as the head of one rival agency , ivor dickinson at douglas & gordon , has observed , fellow estate agents are
very scared
of criticising foxtons .
it ' s like being rude about the kray twins .
a single big sale in nearby knightsbridge kept foxtons afloat . in 1982 , with the economy finally growing again , as the thatcher government ' s heavy - handed move away from manufacturing towards property and service industries belatedly began to yield results , the one - year - old estate agent opened a second office , in nearby fulham : like notting hill an inner - city area that was part of the emergent , glossier london . hunt also hired a lieutenant , peter rollings .
but then foxtons ' owner and chairman , jon hunt , who last year moved into
billionaires ' row
in kensington palace gardens and promptly restyled himself jonathan , is not a man to be embarrassed by his employees . not unless they start to affect business , that is . and in the past few days staff say there have , astonishingly , been no signs of that .
far from it ,
says one employee ,
it ' s as if the publicity has helped us .
so , although last week ' s docu - mentary caught some of foxton ' s less admirable practices on film , it may not spell disaster for the agency at all . those who use foxtons probably even expect their estate agent to be less than perfectly honest - so long as it negotiates the best price . as one admirer of hunt ' s puts it :
he has a way of doing business that doesn ' t appeal to everyone but certainly works . he doesn ' t need to be liked to succeed .
in 2005 , hunt ' s lieutenant peter rollings left to set up a competitor , marsh & parsons . by 2007 even hunt had had enough .
i was working 14 hours a day … i was in my 50s and it ' s a young man ' s game ,
he told business life later . he sold his creation to a private equity firm , bc partners , and shifted his energies to renovating heveningham hall , a country estate in suffolk , successfully investing his foxtons fortune in london property and , as if awarding himself a final
car target
, collecting ferraris .
overall last year , foxtons earned £60m in commission , and even after hunt paid himself a £4m dividend ( plus a £302 , 171 salary ) it made £1 . 78m in profits . now said to be worth £350m , at first sight the reclusive 52 - year - old does not cut an imposing figure . slightly built , obsessively neat , with understated suits and ties , he is rarely photographed and has gone to great lengths to keep his name , and especially his wife and their four children , out of the press . so it is not unknown for him to be mistaken by visitors for a junior employee .
this site uses cookies , to find out how click here . by continuing to use this site you agree to our use of cookies .
html public
- / / w3c / / dtd xhtml 1 . 0 transitional / / en
urltoken
private equity firm bc partners loses control of london estate agent , less than three years after buying it for £390m .
the london - focused company , majority owned by private equity firm bc partners , said the offer would comprise new shares as well as a partial share sale by a bc partners - controlled unit , adnams bbpm holdings .
proceeds from the initial public offering will be used to pay down all the estate agent ' s outstanding debt , the company said in stock market statement .
earlier this month , two of the private equity backers of countrywide – which floated in march – tapped into investor appetite for housing - related shares by selling down part of their stakes in the estate agency earlier than agreed .
countrywide shares have performed strongly since the initial public offering . they were sold at 350p but closed at 586½p on friday , a jump of 68pc .
housebuilder crest nicholson also floated in february and achieved a top of the range valuation of £550m . like countrywide , its shares have also performed well since the ipo and have surged 50pc
first - half revenue at the group rose 10 . 5pc to £62 . 6m , while adjusted earnings before interest , tax , depreciation and amortization rose 14 . 3pc to £19 . 4m .
the business has already made a fortune for its founder jon hunt , who set up the company in 1981 in notting hill gate and sold the business on to bc partners for about £375m , a matter of months before the housing market crashed .
the buy - out group later lost control of the company after it breached the terms of its debt , but bought back a majority stake last year .
the move is being read as another sign of improving activity in the housing market , after a slew of data has in recent months pointed to rising prices and .
our purchaser had a slightly complicated background and you managed the process extremely well and were relentless in keeping contact with both myself and the buyer to push the transaction along , critical to holding the chain together .
we are a voluntary member of the key governing bodies , abiding by the strictest codes of practice .
we also believe in fee transparency , helping you make informed decisions with no last minute surprises .
we understand that getting an update on your property ' s value or rental potential can help you make better informed long - term decisions .
we are a voluntary member of the key governing bodies , abiding by the strictest codes of practice .
our purchaser had a slightly complicated background and you were relentless in keeping contact with both myself and the buyer to push the transaction along , critical to holding the chain together .
excellent communication throughout the transaction . kept me informed and liaised really well with all parties to conclude my sale at its earliest opportunity .
antoniya was helpful in finding us a rental apartment . she responded quickly to our enquiries , whether by phone or email and was practical in setting up the viewings and finalising the offer and contract .
searching for my new place within 2 weeks time , which is obviously too short , and having visited about 40 flats - having had many contact with other agencies as well , i want to highlight that the service that you have provided was exceptional . many thanks especially to antoniya , who filtered properties perfectly , showed many good options and was in general very supportive and most professional . her management and communication skills are absolutely outstanding . looking forward to the next flat search with you guys , the effort is absolutely appreciated .
gavie was enthusiastic and helpful throughout the process and it would have been a lot slower without him .
matthew showed myself and my boyfriend around several properties and couldn ' t do enough to make the whole process easy for us ! he had a great attitude ( even when we were indecisive and changing our minds about things ) and went out of his way to find us other suitable properties and offer advice . thanks for all your help !
matthew was excellent . he did everything within his power to make the booking work , was available at all hours ( including sunday ) , was extremely flexible with viewings and worked extremely hard to fit my criteria . he is a brilliant employee and i hope he gets recognition for this !
estate agents often get a bad press but my dealings with ashraf in the shoreditch office reassured me that there are some great agents out there . ashraf was very helpful throughout the purchasing process and went out his way to make sure the transaction was as smooth as possible .
eleonora from the shoreditch branch was the best agent we have had . found exactly what we were looking for , arranged great viewings and was extremely kind .
eleonora was an excellent agent . would recommend her specifically to friends . she did a fantastic job .
service was excellent . alex was always available to update me during the whole sale process , making everything run nicely and smoothly , from flat viewings to completion .
eleanora was a fantastic , warm , caring and honest person who went out of her way to help me . exceptional person and excellent service from the get go .
helen found us a property that most closely match our criteria . it was indeed close to what we were looking for , we just ended up choosing something we felt was more value for money . still helen , did not push us in any way and in any step of the process - always calling to check in but with no pressure . also , helen was kind enough to drive us home after the viewing . very , very nice overall
we had a great experience looking for a new home . eleonora took care of all our needs and questions and understood clearly what we are looking for . we were very happy to have her as a lettings agent and we ' d happily contact her if we were to look for new apartment again . thank you .
the best estate agent i have worked with so far . very professional . brilliant with communication . shelley sold our house and at the time of the viewings i had a baby only a few weeks old and she made sure she always did viewings around feeding and nap times . natalie has been great in keeping us updated and our buyers happy . thank you all .
thank you so much for your efforts . communication between natalie and her team and myself was brilliant . always called back when they said they would . natalie and her team were very professional . i wish natalie and her team all the best for the future .
shelley has been brilliant throughout the whole process and is a genuinely nice person and easy to do business with . natalie has been super and kept us informed all the way through .
the company has been warning since 2014 that double - digit price rises and strong demand in london were cooling , hitting its profits .
budden said in march that the london market was “severely impacted” by the brexit vote , which he claimed had led to a “substantial reduction in property sales transactions” .
the numbers come after official figures showed annual house price growth cooled down further in may .
britain’s housing market has slowed sharply since last june’s vote to leave the eu , when prices were growing by almost 10 % a year .
the uk’s third - largest housebuilder , taylor wimpey , said earlier that it believed the risk of material impact on the market from the eu referendum in the short term has significantly reduced .
revenue from lettings , a strong area for the firm that could be hit as the government introduces a ban on one - off tenant fees , fell by 2 % to £32 . 1m .
the letting fees , which are to cover the cost of conducting viewings , verifying references and drawing up contracts , have become an increasingly important money - earner for the industry , averaging £337 .
“as the lettings market grows , it is becoming more complex too , with significant new regulation , legislation and tax changes introduced in recent years , ” the company said in a statement .
© 2018 guardian news and media limited or its affiliated companies . all rights reserved .
the estate agent has more haters than followers on twitter . now sales are falling , can it get a positive message across ?
estate agent’s pre - tax profit fell to £10 . 5m in the first six months of year from £18 . 1m a year earlier , with brexit uncertainty blamed
estate agent reported 28 . 5 % rise in property sales in first quarter amid rush to complete deals before deadline but brexit fears weigh down expectations
the flag - ship park lane office is opened to serve central london and a new office is also opened in islington .
the first café - style offices are launched in ealing , richmond , balham and wimbledon marking a turning point in the estate agency industry . in addition the hot rod mini was launched .
further café - style offices are opened in sloane square , muswell hill and shoreditch during 2004 . in addition the hippy mini was launched .
the 2005 camo mini was inspired by contemporary london street fashion . urltoken is awarded many high profile awards , recognising innovation , quality and ease of use .
early 2014 saw the launch of our iconic ' anniversary edition ' mini design , plus new offices in beckenham , greenwich , earls court , harrow , stoke newington , tooting & wapping .
early 2015 saw the launch of new offices in barnes , walthamstow , west hampstead , ruislip and bromley . later in the year we opened offices in surbiton and croydon .
early 2016 saw the launch of new offices in loughton , sutton , new malden , fulham bishops park , maida vale , peckham & vauxhall .
* copyright © 2018 insider inc . all rights reserved . registration on or use of this site constitutes acceptance of our
a house is seen on january 23 , 2015 in an affluent area of west london , england .
jon hunt . he is a lean , reined - in man with a strong jaw , a drawling , slightly distant voice , and impatient , whirling hand gestures .
my old man was extremely tough ,
he told the website business life
.
he was irish and came to london when he was 13 . he was a runner for a legal firm … then he got into the army .
hunt junior , born in 1953 , soon learned to be just as adaptable and self - contained : while his father took up a succession of end - of - empire foreign postings , hunt was sent to millfield boarding school in somerset from the age of seven . he loved millfield ' s emphasis on sport , but left the school at 16 . he briefly joined his father ' s regiment , the royal artillery , then moved on restlessly again , to work on building sites in france , and then back to england , to a job at a small estate agent in woking .
he was 18 . it was the early 70s , the brief boomtime of edward heath ' s doomed tory government , and one of britain ' s periodic property bubbles was inflating . woking , wealthy in parts , full of lush properties , but with a london satellite town ' s transient population , was a good place to learn the trade . hunt has a cautious side -
i will sit outside a property for six hours watching the traffic flow before i decide [ to buy it ] ,
he told the mail in 2009 - and he stayed in woking through the property collapse of the mid - 70s . he came to realise that the final stages of such downturns , when prices were low but had stopped falling , was a good time to buy and sell houses -
when there ' s blood on the street but it ' s drying
, as he put it in the mail .
burgess went to chiswick for an interview in 2011 .
the head office is so vibey when you ' re 18 or 19 ,
she remembered .
there ' s music playing . it ' s colourful inside - bright green . everyone ' s good - looking , everyone ' s smartly dressed , everyone ' s so happy ! there ' s buzzers going , people are collecting chocolates for making sales . you think , ' this is a whole world i want to be part of . '
a row of houses are seen in london , britain june 3 , 2015 . british house prices rose at their slowest annual rate in nearly two years in may , as growth continued to moderate after double - digit increases in the middle of 2014 , figures from mortgage lender nationwide showed on wednesday .
in its latest annual report , a small graph at the bottom of page 19 shows that since 2010 , as the company has opened branches faster than ever , its average revenue has dropped year by year , and by more than a fifth overall .
gain a global perspective on the us and go beyond with curated news and analysis from 600 journalists in 50 + countries covering politics , business , innovation , trends and more .