University Mall boasts 100 percent occupancy

first_imgUniversity Mall has announced a 100 percent occupancy rate, as of September 2010, in itsr 612,000-square-foot, 75-store shopping mall located on Dorset Street in South Burlington, Vermont. The full occupancy comes with the addition of several new stores including a 6,778 sf Rue21, opening August 26, a 585 sf Lids and a 25,500 sf Spirit Halloween, both opening in September, and the temporary relocation of Bath & Body Works while their current space undergoes renovation.  Also, Things Remembered, an engraving kiosk will open next to McDonald’s in September.  Avenue A, a locally owned women’s clothing store, has relocated to the mall’s south end to accommodate Rue21.  University Mall is family-owned by Finard Properties LLC of Burlington, Massachusetts and was founded by William Finard in 1979.Source: University Mall. 8.19.2010last_img read more

South Yorkshire returns 14% despite shift to short-duration bonds

first_imgJohn Hattersley, fund director at South Yorkshire Pensions Authority (SYPA), which runs investments and administration for the scheme, said the fund’s pursuit of short-duration bonds had affected the overall performance.However, he added: “[The scheme was] mindful of the detrimental effects lower yields were having on the deficit, but also well aware of the potential capital loss of an increase in yields to overall return.’The scheme’s best results came from its US and Japanese equity holdings, which returned 25.3% and 24.9% respectively, while falling short of benchmark targets.North American equities accounted for a third of the 41% international equities bucket, with Japanese holdings claiming an 8% share of the international portfolio.UK equities, which account for 19.1% in assets, returned an above benchmark 7.1% over 12 months to March, with the scheme adding a low-volatility strategy during the year.Its 2.3% absolute return strategy returned 8.8%, five percentage points above the benchmark.However, this did not stop the scheme agreeing to reduce its allocation to the strategy in favour of more “specialist and income orientated vehicles”, which Hattersley said would be introduced this year.The 20.4% fixed income portfolio, the majority of which is invested in UK index-linked bonds and a quarter in corporate bonds, returned 18.5%.Hattersley said SYPF had nevertheless decided to overhaul from its conventional corporate bond strategy, and move towards a more suitable buy-and-maintain strategy, overseen by Royal London Asset Management.A 4.3% allocation to private equity returned 19.3%, well above its 2.4% benchmark.Real estate returned 13.1%, 3.8 percentage points below benchmark, and accounted for 10.8% of the fund’s portfolio.“The Fund’s commercial real estate portfolio performed well,” Hattersley said, “although the overall property return suffered because of a disappointing agricultural valuation and the adverse currency effect on the European fund holdings.”The scheme did not change asset allocation radically over the year, however, it will now move to a new customised benchmark after it underwent an asset and liability review. The £6.3bn (€8.6bn) South Yorkshire Pension Fund (SYPF) returned 14% up to April 2015, despite its changing exposure to short-duration bonds hampering its return strategy.The pension fund for public sector workers in the south of Yorkshire began shifting towards a short-duration bond strategy over concerns a rise in interest rates would significantly affect asset valuation.The local government pension scheme’s (LGPS) 14.2% return was 20 basis points below its benchmark after fixed interest bonds and property, which returned 18.5% and 13.1% respectively, were not as buoyant as expected.Its overall return was significantly higher than the 5.7% seen in 2013/14.last_img read more

We need “forward looking” members – Harmon

first_imgGuySuCo Board– says consultations ongoingState Minister Joseph Harmon has said that while Cabinet would want to see the Board of the Guyana Sugar Corporation (GuySuCo) installed, it wants to have “forward looking” members to head the entity.At the post Cabinet press briefing on Friday last, Harmon disclosed that discussions are still ongoing on the appointment of a new GuySuCo Board.“Cabinet would certainly like to see that Board in place. In fact, it is important for good corporate governance that there is a board in place, but we also have to ensure that we have a Board that is forward looking, or not just some persons who many have had some experience in sugar; it requires more now,” the Minister posited.He said, “In the current environment, you need a mix of persons who have the expertise in that area, but also people who can actually look forward to see whereState Minister Joseph Harmonwe are going to take this industry; a three- estate industry that has a specific target for sugar production, and how best we can achieve that. How best do we adjust to the changing situation in the industry? How do we focus on the other value-added [products] other than just sugar? How do we focus on molasses? How do we focus on other issues that the world market is actually demanding?” he asked.The State Minister further reiterated about other opportunities in sugar cane production. He pointed out that there is need for the local sugar industry to be more cognisant and proactive to take advantage of overseas markets. For instance, he noted that with the region having experienced all of those hurricanes and natural disasters, Guyana is in a unique place to be able to provide and produce these items that were need.Nevertheless, he posited that among the 70 plus Expressions of Interests (EoIs) that have been submitted to Government for GuySuCo’s assets that have been identified for divestment, there were proposals to diversify into much more value-added products.Last year, Government announced plans to minimise the local sugar industry and divest the corporation’s assets. To this end, a Special Purposes Unit (SPU) which falls under the National Industrial and Commercial Investments Limited (NICIL) was set up to oversee the divestment plans by way of either selling off or restarting factories with minimal staff to attract investors, both domestic and foreign.The SPU is currently managing the now closed Skeldon, East Demerara (Enmore), Rose Hall and Wales estates. However, there have been reports of an apparent tug-a-war within the Coalition of recent over the sugar industry, parts of which are now under the control of the SPU for the divestment process. In fact, reports had surfaced about disagreements allegedly between ministers from the two coalition parties regarding the chairmanship and members of the GUYSUCO Board.Back in March, NICIL’s SPU had published the new board, naming Colvin Heath-London Chairman, while the other members were Fitz McLean, Komal Singh, Verna Adrian, Vishnu Panday, Annette Arjoon, Arianne Mc Lean, Roshan Khan (Jr) and George Jervis. Two other names were to be added to the 11-member body.The ad had detailed that the new Board was approved by Cabinet on February 26, 2018.However, Minister Harmon had said the same day that there were some issues regarding the timing of the publication, and Cabinet was reviewing the matter. Since then, “consultations and considerations” of the new GuySuCo Board have being “ongoing”.In the meantime, Heath-London has confirmed that, over the next few months, special emphasis would be placed on transforming GuySuCo’s economic misfortune into a situation wherein a fully self-sufficient, viable and competitive enterprise operates. In order to do this, the NICIL sub-body has secured $30 billion, being sought in the form of a syndicated bond, to support GuySuCo and its remaining estates, that is, Uitvlugt, Blairmont and Albion.Meanwhile, concerns have been raised about Government’s vision for the industry and the genuineness of its actions thus far, since that very $30 billion could have gone into restructuring the industry while keeping all of the estates open and GuySuCo’s workforce employed and engaged.In fact, the Private Placement Memorandum for GuySuCo’s $30 billion bond has received much criticism from Opposition Leader Bharrat Jagdeo. He recently said he was shocked by the contents of the agreement, which now leave more questions than answers.last_img read more