News

MORNING NEWS: Home REIT extends offer deadline

News

Piers Wehner

16 March 2023

Good morning,

Home REIT has extended the deadline for its suitor, Bluestar Group, to make an offer until 13 April. The extension, approved by the Takeover Panel, will give the embattled REIT another four weeks’ grace. The REIT has also announced that it will part company with its investment adviser, but it is no closer to publishing its accounts, which were due last November.

Savills’ profit has fallen by by 18%, despite revenue climbing by 7%. Group chief executive Mark Ridley said: “Performance in 2022 was slightly ahead of our expectations despite challenging markets. More importantly, perhaps, the group’s performance was substantially ahead of the 2019 ‘pre-Covid’ comparative period.”

Meanwhile, the firm’s former European head of investment, Oliver Fraser-Looen, has partnered with M Core, a collective of family-run big-beast investors, to spend £1bn on UK and European real estate this year.

And investors were wooed at the EG Pavilion at MIPIM by UK investment minister Lord Dominic Johnson. Though, at times, they might have been forgiven for thinking it was a different Johnson they were listening to…

The minister praised yesterday’s Budget. But, despite the promise of greater devolution, 12 investment zones – “potential Canary Wharfs” – and a few more pounds for levelling up, the industry was rather underwhelmed by the chancellor’s “Budget for Growth”. Maybe the lifetime pensions tax break and extra childcare will lure enough people back to work to fill a few more offices?

In other news, Bruntwood SciTech has partnered with Aston University on an “enterprise precinct” that could deliver 1m sq ft of space.

Henry Boot has signed for a new headquarters in Sheffield city centre, as it puts its home of 90 years up for sale.

And locals are furious after more than 100 mature trees in Plymouth were cut down in the dead of night to make way for a £12m regeneration project.

Love it or loathe it, MIPIM always gets the market buzzing, writes EG’s editor. The talk has been of stranded assets and opportunities. “When I left on 8 March, snow stopped us cycling. We were then battered by high winds and torrential downpours. The sun only started shining when we reached the outskirts of Cannes… There’s a metaphor in there somewhere.”

And it is the final day of MIPIM. If you’re in Cannes, come along to the EG Pavilion at stand C20 for our 9am breakfast briefing on diversity and inclusion before our final Invest City Focus session at 10am.

At 11.30am our last spotlight session tackles environmental responsibilities in the built environment.

After lunch our proptech panel kicks off at 1pm, and our final EG Interview Live at 2pm will see Tim Newns, managing director of levelling up in the Office for Investment, sit down with editor Sam McClary. And at 2.30pm we have a fireside chat on the future of London and the capital’s resilience.

And then you can all come back to the British drizzle.

Good morning, Home REIT has extended the deadline for its suitor, Bluestar Group, to make an offer until 13 April. The extension, approved by the Takeover Panel, will give the embattled REIT another four weeks’ grace. The REIT has also announced that it will part company with its investment adviser, but it is no closer to publishing its accounts, which were due last November. Savills’ profit has fallen by by 18%, despite revenue climbing by 7%. Group chief executive Mark Ridley said: “Performance in 2022 was slightly ahead of our expectations despite challenging markets. More importantly, perhaps, the group’s performance was substantially ahead of the 2019 ‘pre-Covid’ comparative period.” Meanwhile, the firm’s former European head of investment, Oliver Fraser-Looen, has partnered with M Core, a collective of family-run big-beast investors, to spend £1bn on UK and European real estate this year. And investors were wooed at the EG Pavilion at MIPIM by UK investment minister Lord Dominic Johnson. Though, at times, they might have been forgiven for thinking it was a different Johnson they were listening to… The minister praised yesterday’s Budget. But, despite the promise of greater devolution, 12 investment zones – “potential Canary Wharfs” – and a few more pounds for levelling up, the industry was rather underwhelmed by the chancellor’s “Budget for Growth”. Maybe the lifetime pensions tax break and extra childcare will lure enough people back to work to fill a few more offices? In other news, Bruntwood SciTech has partnered with Aston University on an “enterprise precinct” that could deliver 1m sq ft of space. Henry Boot has signed for a new headquarters in Sheffield city centre, as it puts its home of 90 years up for sale. And locals are furious after more than 100 mature trees in Plymouth were cut down in the dead of night to make way for a £12m regeneration project. Love it or loathe it, MIPIM always gets the market buzzing, writes EG’s editor. The talk has been of stranded assets and opportunities. “When I left on 8 March, snow stopped us cycling. We were then battered by high winds and torrential downpours. The sun only started shining when we reached the outskirts of Cannes… There’s a metaphor in there somewhere.” And it is the final day of MIPIM. If you’re in Cannes, come along to the EG Pavilion at stand C20 for our 9am breakfast briefing on diversity and inclusion before our final Invest City Focus session at 10am. At 11.30am our last spotlight session tackles environmental responsibilities in the built environment. After lunch our proptech panel kicks off at 1pm, and our final EG Interview Live at 2pm will see Tim Newns, managing director of levelling up in the Office for Investment, sit down with editor Sam McClary. And at 2.30pm we have a fireside chat on the future of London and the capital’s resilience. And then you can all come back to the British drizzle.