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Criterion Shrugs Off Glaser Sacking

LONDON - Criterion Properties, the UK-quoted property company bought out by the Nordstrom family last year, is close to completing its ambition to create a pan-European property portfolio. And it does not expect to face a loss following its dismissal of Managing Director Aubrey Glaser in April 2000.

By Graham Parker | Updated on April 30, 2001

LONDON – Criterion Properties, the UK-quoted property company bought out by the Nordstrom family last year, is close to completing its ambition to create a pan-European property portfolio. And it does not expect to face a loss following its dismissal of Managing Director Aubrey Glaser in April 2000.

The company reported pre-tax profits for the year to 31 December 2000 up 23% at £814,000. Net asset value grew from 137.8 pence to 145.0 pence per share.

Chairman Rolf L. Nordstrom, said: ‘We have made significant progress during the year towards our stated aim of expansion into Europe. The continental European market presents us with better opportunities for net income yield and asset growth. The ongoing disposal of our UK portfolio has given us the means to pick out exceptional assets in Europe, a good example being our recent purchase of the ITT Tower in Brussels producing an initial 8.9% gross yield, which is expected to increase to 9.6% upon letting the vacant space.’

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