LONDON-Chancellor Gordon Brown spared property investors from tax rises in his budget speech yesterday, but reform of stamp duty on leases will hit business occupiers.

NEW YORK CITY-The city wants its tax money from foreign governments that are allegedly using city properties for more than tax-exempt purposes. At least one embassy says that the city's interpretation is wrong while another says a settlement is in the works.

LONDON-Teesland's fund management division, Equity Partnerships, has acquired a mixed portfolio of properties for pounds 42.5 million ($67 million) from a retained Pension Fund client of King Sturge.

RESEDA, CA-Pacific Properties of Los Angeles sells the 97%-leased Villa La Paloma Apartments to a Southern California-based private investor for more than $10.5 million. The deal is touted with upside potential from a rent hike.