Good morning, this 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.
Home REIT will be the subject of an investigation by the Financial Conduct Authority, which will begin digging into events between its IPO in 2020 and its decision to suspend trading in January 2023. The FCA, which has the power to make arrests and impose severe fines, only investigates when it believes there is evidence of “serious misconduct”.
The FCA has also fined and banned a former director of London Capital & Finance, which sold minibonds to invest in property developments and took £238m of investors money when it collapsed. Floris Huisamen, who handled compliance for the business, has been fined £31,800 by the City regulator and banned from the industry.
Meanwhile, Homes England has handed Berkeley a £125m infrastructure loan to move forward three schemes providing 8,000 homes in central London.
In other news:
Body Shop administration could close 100 stores
Henley’s plans approved for Thames-side scheme
Semiconductor maker doubles up at Cambridge Science Park
Home Office does deals for 16,000 asylum seeker properties
Vistry to deliver 5,000 homes for Signet’s BTR brand
Legal challenge over plans to relax sewage laws for housebuilders
Harris ditched Abrdn after losing faith
Airbnb revenues exceed expectations
Shopping centre slump is turning around
And finally, London’s skyline is a “jarring” and “cacophonous” collection of “odd skyscrapers with funny names”, the New York Times has concluded. “It’s a bit rich coming from New York,” says former City planning chief Peter Rees.
