BAM Abbreviated Annual Report 2011 - Siteseeing in the world of ...

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2011
IPMMC Consult is involved in various large
accommodation programmes, such as the total
rebranding of the layout of more than 280 ING bank
shops throughout the Netherlands. IPMMC Consult has
also successfully managed the construction of the De
Brauw Blackstone Westbroek law office and the
renovations of the Allen en Overy and DLA Piper offices
in Amsterdam.
> Kaïros, the high-end office developer, has been part
of the Group since 2007. The company is one of the
largest and most successful players on the Belgian
property market. Despite the difficult economic
climate, Kaïros has been able to further strengthen its
earning capacity by proactively diversifying into various
segments of the development sector.
In the office market, Kaïros completed the Flemish
Administrative Centre in Leuven (24,000 m²) and was
awarded the contract to build an office block in Ghent
(40,000 m²) which is also for the Flemish Government.
Work also started on building a new office (5,700 m²) in
Brussels for the German State of Hessen.
Kaïros is focussing increasingly on development
possibilities outside the office market. This
diversification strategy is proving successful, as is
shown by the range of projects that are in development.
In the residential market, the first phase of the Geneva
project (199 apartments) in Evere is almost complete.
The second phase (157 apartments) will start in January
2012. Various other projects also started or are at the
feasibility study stage, including Hooikaai, Werfkaai and
Gerlache in Brussels.
In the health care sector, the permits were obtained for
the Gallifort and Silsburg projects (300 serviced
apartments) in Deurne. These buildings will be
completed in the course of 2012. Feasibility studies are
underway for numerous other projects.
The company also won the contract to build two new
national archive buildings (9,000 m²) that are under
long-term lease to the Belgian Government Buildings
Agency.
> BAM Properties is a subsidiary of BAM Construct UK.
In 2011, it continued to concentrate on achieving
lettings and sales at full value of its current office and
retail portfolio.
Redevelopment of office and retail
space in Buchanan Street, Glasgow.
BAM Properties, BAM Construction.
BAM Properties sold the final part of its retail
development on Buchanan Street, Glasgow to a German
investor client of La Salle Investment Management for
£24.5 million reflecting a yield of 5 percent in line with
international investor demand for prime property. The
company also achieved significant lettings. Two
international tenants, Sinclair Knight Merz and Insight,
between them took half the space at the Metro
development in Salford Quays, Manchester. Another
floor of the development at St Peter’s Square Stockport
was let to BSkyB and the company now occupies over
60 percent of the building. Early on in the year, the
company secured alternative planning consent for its
land at Parklands, Birmingham, and subsequently sold it
to Redrow plc.
Construction work continued during 2011 on a highly
sustainable office building in Chiswick, West London,
and a marketing campaign is underway prior to the
completion of the building in early 2012.
BAM Properties engaged in a successful public
consultation about the plans for its proposed
development following the purchase of a prime site at
110 Queen Street, Glasgow. A formal planning
application is currently being considered by Glasgow
City Council.
The company is also pursuing a number of joint venture
and pre-let office developments for corporate land
owners and occupiers.
The property market in Britain remains subdued,
although opportunities are emerging for quality,
sustainable developments on prime sites in prime
locations. This has been the main focus of BAM
Properties’ strategy since the economic downturn and
it will continue to pursue this strategy throughout 2012.