MORNING NEWS: British Land returns to profit

Good morning from Leeds. Here’s your daily round-up of the latest news and views from EG and some industry-relevant headlines from the national papers. British Land is back in the black on the back of estimated rental value growth, although its portfolio value has declined. The owner made an IFRS profit of £1m in the year ending 31 March. That compares with a loss of more than £1bn in the same period last year. ERV growth reached 5.9%, with underlying profit up by 2%. Portfolio value fell by 2.6% to £8.7bn. EPRA net tangible assets per share was down by 4.4% to 562p in the year. Today, EG through its Public Sector Forum, launches an indispensable guide for private investor and public bodies that are serious about developing valuable partnerships. The Working in Partnership guide delivers a 12-point plan aimed at facilitating proper partnerships that will drive investment across the UK. “We live in unprecedented times,” said Jackie Sadek, EG public sector forum chair and chair of the UK Innovation Corridor. “Foreign direct and domestic investment has become ever more important, nay crucial, to our local and national economies. Put simply, the need to align potential investors with local leaders and form on-the-ground partnerships is greater than it has ever been. “The EG public sector forum has come together as a group of local authority leaders, networkers and facilitators, to think afresh about how we can work with investors more productively.” The guide will be launched at UKREiiF this afternoon, with support from Lord Richard Harrington. Join the conversation and pick up your free copy by joining the conversation at 3pm in the Tournament Gallery. Agency Compton has launched its own marketing arm, Compton Studio – an offering that co-founder Shaun Simons says will give landlords leasing new space “a much tighter, more informed, more focused approach to how brands are put together”. The new business is led by partner and Compton head of marketing Holly Allenby, who joined the firm last year from the same role at residential estate agency The Modern House.  And, in the FT, The Crown Estate is turning a department store in Oxford into laboratory space (£), as part of a £1.5bn science and technology investment drive. The group will invest £125m to buy and redevelop the former Debenhams site. All of the news from EG, plus a selection of headlines from the nationals:British Land back in the blackInflation fall has Regional REIT positive despite softened tradingPublic and private sectors unite on 12-point plan to deliver investmentDeveloper picked to transform Leeds’ Old Medical SchoolCompton launches brand studioCOMMENT: Real estate communication strategies in an election yearHomes England inks £1bn South Village Leeds MoUARC Oxford gets nod for Ascent lab schemeBPF calls for cross departmental government logistics forumTorbay lands £20m to “turbo-charge” regenerationIndustry welcomes Labour’s new towns strategyWavensmere unveils plans for Wolverhampton CanalsideRICS: Members must have a vote for our organisation’s presidentPlans submitted for fresh Battersea homesDeveloper sought for Blackpool Enterprise Zone landR&F sells Vauxhall Square development againFiera and Wrenbridge bulk up Heathrow holdingsGlasgow gives go-ahead to MRP for 432 new student bedsWeeks reunites with former Protego partner to support Newcore growthTravelodge preps for strong trading after encouraging Q1Commercial rent disputes rise in Scotland as prime supply tightensJLL appoints new data centres leadSEGRO Wapping shed gets green lightScape secures £55m loan for Walthamstow schemeWatkin Jones enjoys return to profit in H1Bellway FD to call it a dayRents continue to rise at healthcare propcoApache Capital taps Watkin Jones for CFO hireGPE ups carbon price in new net zero roadmapCrown Estate to turn Oxford Debenhams store into science lab (£)PwC faces crisis in China over audit of failed property giant Evergrande (£)China is trying to end its ‘epic’ property crisis. The hard work is just beginning