BAHRAIN, UAE-Dredging and reclamation works are about to start on the Dream Island resort complex in Manamah, Bahrain following an agreement between the developers and the Bahrain government. Construction is expected to take two years.

LONDON-HSBC's UK Active property fund has completed a part sale and leaseback with Foseco of its 48 acre industrial facility at Drayton Manor, Staffordshire. The sale price of pounds 8.9 million ($16 million) reflects a net initial yield of under 8%.

LONDON-Canary Wharf shareholders have voted to approve the sale of two of the company's crown jewels in order to cut debt and make the company more attractive to a purchaser. One of Britain's biggest-ever property investment deals will now go ahead.

LONDON-British Land has bought out three separate interests to gain control of the 115,000-sf St. Nicholas Shopping Centre in Aberdeen, Scotland, paving the way for a future redevelopment of the prime site.

LONDON-The Hercules Unit Trust, the UK's largest owner of retail parks, has raised a new $440-million facility arranged by the Royal Bank of Scotland to fund new acquisitions.

LONDON-The Hercules Unit Trust, the UK's biggest owner of retail parks, has raised a new pounds 250 million ($440 million) facility arranged by The Royal Bank of Scotland to fund new acquisitions.

LONDON-British Land has taken control of the massive Blythe Valley business park in Solihull, south of Birmingham, after buying out the 50% stake held by its development partner ProLogis.

LONDON-A 6.5-acre urban regeneration project in Newark, Nottinghamshire, has received a boost with the sale of a 2.7-acre plot to housebuilder Westbury.