X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Chesterton International Chairman Peter Brooks painted a gloomy picture at the Annual General Meeting of the troubled estate agency group. “Conditions remain uncertain in each of the markets in which the company operates,” he said. And although he did not make the connection directly, this could be behind the painfully slow pace of negotiations for the sale of Chesterton’s various businesses.

Earlier this year the company confirmed that it has in talks with potential buyers for its commercial and residential businesses, at least one of which is understood to be a management buyout proposal. But as property heads into a downturn the negotiations appear to be taking longer.

In his AGM statement Brooks said: “The company has experienced a weakening in its commercial agency function in London, although our valuation and advisory functions continue to perform well. Residential sales have started the financial year well, whilst our lettings activity has seen a fall off in demand, in line with the market. Management Services is trading broadly in line with our expectations.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.