Good morning. Here is your AM bulletin, with the latest news and views from EG as well as a few of the best bits from the morning papers.
WeWork has started discussions with landlords around the world to renegotiate almost all of its leases and exit any that are deemed “unfit”. The flex giant has around 777 leases worldwide, worth $13bn, and is still London’s largest tenant.
Meanwhile, as the RAAC crisis continues, Landsec has said it will order checks on all of its older buildings to search for crumbling concrete.
PGIM Real Estate has shaken up its leadership, naming Cathy Marcus and Raimondo Amabile as co-chief executives.
Another of Home REIT’s tenants has entered liquidation. Supportive Homes CIC accounted for 11.3% of the REIT’s rent bill but had not paid a penny for several months.
Meanwhile, Grosvenor has launched a new social enterprise, which will provide up to 750 homes for the young and vulnerable.
The peak for interest rates may have been reached, says Bank of England governor Andrew Bailey. “There was a period where it seems to me it was clear that rates needed to rise… we’re not I think in that phase any more.”
And, as we mourn the demise of the IPSX platform, the lesson learnt can’t be that it isn’t worth trying, writes EG’s deputy editor. The exchange was a good idea (probably) at the toughest of times (definitely). But despite the good will, reality just didn’t come close.
The Guardian takes a look at the continuing issue with local government finance and why councils keep going bust.
New UK lender Perenna will launch mortgages with fixed rates for 20 and 30 years by the end of the year, after receiving full regulatory approval.
And finally, councillors in the Lake District have said no to plans for an underground zip-wire. They overruled planning officers, who pointed out that at least this one wouldn’t ruin views.
