Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals.
It’s all action in the world of M&A as battle breaks out for Arbdn Property Income Trust. Just ahead of markets closing on Tuesday evening, Urban Logistics REIT pounced on the company, offering a rival bid to the all-share merger agreed with Custodian Property Income last week.
Urban Logistics is offering 59.2p per share for the business, against the 52.4p offered by Custodian. Urban Logistics says there are “compelling reasons” its offer should be selected, including its in-depth knowledge of API’s £315m industrial and retail park portfolio.
And it’s not just in sheds that takeover battles are hotting up. Things are getting spicy with the potential takeover tussle for Currys, too. Mike Ashley’s Frasers Group could play a vital role in any takeover after amassing an 11% stake in the business. The chain’s largest investor, Redwheel, which holds a 15% stake, has already rebuffed Elliott Advisors’ £680m offer as too low.
And as the big agents start to reveal their full-year numbers, a lack of activity in capital markets has caused Cushman & Wakefield to report a 6% decline in revenue to $9.5bn (£7.5bn). Capital markets revenue was down by 41% in the year ended 31 December 2023.
Chief executive Michelle McKay said the agent remained focused on “unlocking meaningful value in 2024”.
And in the City of London, Dominus has secured £400m of development finance to bring forward two student housing schemes. The projects, with a development value of £800m, will deliver some 1,500 new student beds to the capital.
All this morning’s headlines:
Cheyne pumps £400m into City student beds
Financial crime compliance firm signs for City offices
Capital markets fall pushes Cushman into the red
CBRE raises $500m for J&J acquisition
UK needs 500,000 new homes a year
German offices suffer biggest slump in eurozone
European banks playing for time on commercial real estate debt
Barclays plans £30bn UK lending spree
Mike Ashley gets front row seat for Currys bidding battle
Talks begin on Superdry sale
Is the recession already over?
Net zero will be more expensive than expected
Sovereign wealth fund seeks Heathrow stake
RoundShield Partners exits Puma funding line
Urban Logistics tables rival bid for Abrdn Property Income Trust
Send feedback to Samantha McClary
Follow Estates Gazette
