Good morning. Here’s is your AM bulletin with the latest news and views from EG, and a couple of interesting headlines from the morning papers.
British Land has dropped out of the FTSE 100 after 21 years. The relegation comes after the REIT declared a £1bn loss and shares fell by 12.5%.
Meanwhile, Landsec chief executive Mark Allan is writing in EG about the need to focus on more than just profit. From enhancing social mobility to rethinking public realm, “the sector has the scale and the reach to be an engine for growth as well as change”.
But despite the many leaders in the industry thinking beyond their own bank accounts, there are constant reminders that there is further to go, writes EG’s editor. One of the saddest things about the Home REIT saga is that it shows the “persistent perception that the sector is full of greedy, returns-obsessed fat cats turns out to be somewhat true”.
And four former cabinet ministers and 50 Tory MPs have called for inheritance tax to be scrapped. Former chancellor Nadhim Zahawi, worth approximately £100m, says the tax is “morally wrong”, even though 93% of estates don’t pay it.
Departing Barratt chair and former CBI president John Allan has been supported by 11 City figures following allegations about his behaviour.
The Treasury’s sanctions police have been reviewing the finances of property investor and Everton Football Club owner Farhad Moshiri.
And property owners could face criminal prosecution following a tax investigation into Airbnb hosts.
Coventry City Council has secured planning to turn the former Ikea store in the city centre into an arts venue.
A new agency has been born in the North. Louise Emmott will lead the newly forged Kingsdene, after completing a buyout of JLL’s residential operation in Manchester, Leeds and Liverpool.
Niche London agency EiA Real Estate has hired two new senior team members.
And finally an eleventh-hour offer for Purplebricks has been withdrawn, leaving Strike’s £1 play the only deal in town. Lecram said it had pulled its £1.53m bid just five days after making it because the online estate agent’s financial condition “was found to be significantly worse than expected”.
