Good morning.
Leading agents have begun to sever links with their Russian partners. Savills and Knight Frank have made moves to suspend dealings with their Russian arms, but others, from JLL to CBRE, are still operating in the pariah state.
The Times (£) says it will be a difficult balancing act for those businesses that choose to stay…
…As more(£) and more(£) firms cut ties…
…JP Morgan Chase(£) boots Russian debt from its bond indices…
…And the foreign secretary admits that the UK needs to speed up sanctions(£).
Meanwhile, kleptocrats who sell their property to avoid it being listed in a new public register may be forced to declare their details upon sale anyway.
As the Economic Crime Bill finally makes its passage through parliament, here’s a handy guide as to what it all means.
In other news, BentallGreenOak has secured a £400m loan from investors including Allianz and PSP Investments. That will pay for the construction of its greener-than-green 105 Victoria Street, SW1.
Newflex has been appointed to run 14,000 sq ft of flex space at the City of London’s tallest building, 22 Bishopsgate.
And Michael Gove has said he is “disappointed”(£) by the industry’s attempts at a compromise over the £4bn cladding bill. Just three weeks left to get it right, he says, before he starts drafting legislation.
Meanwhile, a fire in a block of flats in east London has sharpened memories of the Grenfell Tower disaster.
Commuters are returning to the high streets, clutching their credit cards(£). But increased spending seems to say more about rising prices that consumer confidence.
House prices(£) rose at their fastest pace since 2007 last month to reach a record high, says Halifax, but a slowdown is coming. (We’ve heard that one before.)
And more people are adding to the value of what they already own, with a record number of planning applications for extensions and home improvements(£) approved last year.
And finally, having just five pot plants in an office could improve air quality by a fifth, a new study claims(£). Easy to maintain plants such as peace lilies seem to do the job just as well as more demanding species, and the more you have ,the healthier your air, the Royal Horticultural Society study suggests. If only all bad air at the office could be cleared up with a few flowers?
