News in brief: Great Portland signs City tenant, Winkworth to open new office in India, Elan beefs up its US bid defences
Property firm Great Portland Estates scored a major City tenant today as international law firm Bird & Bird agreed to lease the whole of its 12-14 New Fetter Lane scheme, due to be completed in 2015.
Bird & Bird will pay an average of £58.80 a square foot, ahead of the average for the Square Mile and allowing GPE to commit to further developments. GPE’s shares rose 5.25p to 598.25p.
Winkworth to open new office in India
London’s biggest estate agents’ chain Winkworth is dipping its toe into the Indian property market with a new office in Bangalore.
The firm has signed a deal with former Royal Bank of Scotland investment banker Narayanan Soundararajan as it aims to establish Winkworth franchised offices across India. The offices will also offer support to clients looking to buy in the UK.
Elan beefs up its US bid defences
Drugmaker Elan today announced its second major drug deal in days and launched a share buyback scheme as it protects itself from a $5.7 billion (£3.7 billion) bid from Royalty Pharma of the US.
The Irish medicine-maker announced a €263.5 million (£223 million) deal to buy Austrian rare drug specialist AOP Orphan and is paying $40 million for a stake in a Dubai pharma firm.
