Date: 13th June 2006
Norwood Property Lunch: Building Better Lives
Tuesday 13 June: Nick Leslau (Chairman and Chief Executive of Prestbury Investment Holdings Ltd) and Jon Asgeir Johannesson (Chief Executive Officer of the Baugur Group) were the Guests of Honour today at Norwood’s annual Property Lunch.
Addressing an audience of 500 influential players in the commercial property sector and associated businesses, at London’s Savoy Hotel, Nick Leslau said: "Life and markets often do to us what we least expect, when we least expect it. The difference is that those things that happen to us in life are usually more profound, distressing and immutable than those in the markets. Thank goodness for organisations like Norwood.”
During an ‘in conversation’ between Johannesson and Leslau which was facilitated by Giles Barrie, editor of Property Week, Leslau went on to say: “I find it fascinating that I have apparently become the so-called 'soothsayer of doom and gloom' in the market when, in fact, what I have been doing for more than twelve months now, is preaching severe caution. When I predicted a year ago that oil prices might reach £4 per gallon people laughed. Well at £5 per gallon are they still laughing? Do they still feel the impact of oil prices will be negligible? Has the much heralded rental growth, outside of the few hotspots in the UK including parts of Central London, justified unprecedented low yields? Does the US, the World's biggest economy, running its largest ever budget deficit whilst the country is busy refinancing itself every ten minutes, not concern you?”
There are too many questions to cover here but most seem to justify today's market by citing low interest rates as the cause. I think they're wrong. I would like to put the proposition to investors that it was never the cost of money that created a property bull market but its availability. Make your own minds up. Just because there are such incredible amounts of cash out there chasing real assets does not make it smart cash in anything, other than the short term.”
Speaking after the event, Susan Freeman, Co-Chair of the Property Lunch Committee, said: “The money raised at this event will help Norwood to maintain its portfolio of specialist services for some of the most vulnerable members of our community. We are immensely grateful to Nick Leslau and Jon Asgeir Johannesson for joining us and helping to make this year’s lunch so successful. I am sure that everyone in the room found what they had to say both enlightening and inspiring.”
The Property Lunch was sponsored by Merrill Lynch Real Estate Finance and Securisation, AXA and Property Week and raised £350,000 for Norwood.
For further information, please contact Ronit Shebson, Public Relations Manager at Norwood on 020 8420 6900 or email ronit.shebson@norwood.org.uk
