MORNING NEWS: Landsec looks to buy after disposal drive

Good morning, and welcome to your Friday round-up of news, analysis and interviews from EG. Landsec is looking for its next acquisitions as it nears the end of its £4bn disposal strategy. The REIT has sold around £3.1bn of the £4bn of disposals it had targeted. Chief executive Mark Allan said: “As such, our focus for the rest of the year is now on acquisitions, as we aim to recycle the proceeds of our hotels disposal into additional opportunities in major retail. “In London and mixed-use, our own investment in new development commitments is likely to be funded principally through future disposals of mature or standalone assets, alongside other, complementary sources of capital.” The National Audit Office has published its report on the government’s new biodiversity net gain scheme for developers, warning that its long-term effectiveness is at risk because of uncertainty about how rapidly the market for biodiversity units can scale up. Gareth Davies, head of the NAO, said: “The statutory biodiversity net gain scheme is the first national scheme of its kind to build requirements for enhancing biodiversity into planning approval. However, it was launched with risks to the long-term effectiveness of the policy. “These include uncertainty about whether the fledgling market for biodiversity units scales up to satisfy developers’ demand, risks to enforcement and gaps in its information. Defra must address these issues.” This week’s EG Interview is with Lord Richard Harrington, six months on from the publication of his review of what the UK needs to do to attract more foreign direct investment – and the role real estate must play. The Tory peer says the industry must realise that “things are changing in this country”. “Whichever party is in power, I think there will be a move towards policies that help investment, and I would ask [real estate] to take advantage of it,” says Harrington. “I’m very conscious with property that, although self-evidently real estate itself is fixed, the pounds and dollars and euros that property companies have can go anywhere in the world. It’s for government to make it attractive to do it here.” And in case you missed some of our exclusive stories and interviews from yesterday, catch up on the latest Birmingham PBSA scheme to hit the market, new funding deals from GRE Finance and an interview with Grainger chief executive Helen Gordon on the outlook for acquisitions. All the news from EG, plus a selection of headlines from the nationals: Landsec turns to acquisitions as disposals total top £3bnLord Harrington on real estate’s role in bringing investment to the UKDefra urged to plug gaps in biodiversity schemeRisks and rewards in roadside investment 8 Bishopsgate just the job for STEM recruiter£130m Birmingham student scheme hits the marketBarbells out, bowling balls in at Nottingham’s podDandara gets go-ahead for 1,300 Birmingham homesBristol clears office-to-student schemeSt Mods gets the nod for 80,000 sq ft technology hubColliers’ Gorman to join Cushman & WakefieldGrainger on acquisition hunt for rivals’ BTR portfoliosGRE Finance lends against office conversion and hotelContentious Orpington Walnuts resi plans to be halvedSuperdrug plans store expansionLandmark Thames leisure site set to make a splashB&M takes former Wilko store at Manchester ArndalePuma pounces on life sciences scheme with £21m loanRental income dips as disposals add up at Tritax EuroBoxLiverpool Council picks AY as property partnerUK councils win power to auction off shops vacant for more than a year (£)Arup lost $25mn in Hong Kong deepfake video conference scam (£)Bank closures hit 6,000 — so where are the hubs? (£)