Good morning. Here is your AM bulletin with the latest news and views from EG, along with a few snippets from the morning papers.
WeWork’s share price has plunged by more than 40% after it admitted a “substantial doubt” that it will survive as a going concern. But is it just trying to pressure its landlords?
The Telegraph (£) says the rise and fall of WeWork should serve as a cautionary fable.
Strong lettings and increased rental income have given Derwent London cause to celebrate despite falling values crushing profit.
Blackstone Mortgage Trust and KKR Real Estate Financial Trust have shut off the lending taps.
And small-scale lettings have helped the City outperform the rest of London. More than 1m sq ft was let in Q2, says Avison Young, but nothing over 100,000 sq ft.
Delancey’s plans for a 13,1311 sq ft logistics scheme next to the Cribbs Causeway Mall in Bristol have been given the go ahead.
Savills IM has appointed Knight Frank IM’s Kevin Aitchison to the new role of managing director for equity investments in the UK and Europe. Deputy CEO and global chief investment officer Kiran Patel will retire next year.
Plans have been submitted for the first indoor, purpose-built medicinal cannabis facility, on the Isle of Man.
Meanwhile, the British Chambers of Commerce has called on ministers to give clear advice to small companies on cutting their emissions and end the “fog of conflicting information” on net zero.
S&P Global has stopped handing out scores to corporate borrowers on ESG criteria.
And, according to RICS, the housing market is experiencing a dearth of sales similar to the early days of the pandemic – when, let us not forget, the housing market was effectively closed.
Deposits at the UK’s four biggest banks have fallen by close to £80bn over the past year…
As four large UK lenders are cutting mortgage rates for the second time in three weeks.
But more than 40% of adults aged under 40 have given up on the prospect of owning their own home. The have, apparently, become a generation of “guppies”.
The FT (£) takes a look at Billionaire’s Row – WSJ reporter Katherine Clarke’s chronicle of Manhattan’s super-tall, skinny skyscrapers.
Kirklees Council in West Yorkshire has joined the chorus of councils saying they could go bust, pointing to a £47m funding gap.
And finally, it turns out that the new owners of “Britain’s wonkiest pub”, which was bulldozed after catching fire on Saturday, have a bit of a history of ignoring planning instructions.
