MORNING NEWS: Lendlease vows to push on with UK projects

Good morning. Here’s your daily round-up of the latest news and views from EG. As Lendlease prepares to restructure its operations and sell its international construction business, EG sits down with European chief executive Andrea Ruckstuhl to understand the implications for the UK business. “We are definitely not exiting Europe. We’re here for the long term,” said Ruckstuhl, He added that “in no instance are we considering rounding the business down”. Ruckstuhl insisted that the business remains committed to its existing projects in the UK and Europe, including its 60-acre Euston station scheme and the £1.9bn Smithfield development in Birmingham. Developments traditionally funded from Lendlease’s balance sheet will be brought forward though partnerships. Real estate leaders have called for the next government to focus on planning reform and the housing crisis to help “unlock growth across the UK”. Landsec chief executive Mark Allan, Barratt Developments chief David Thomas, Dolphin Living chief Olivia Harris and Get Living boss Rick de Blaby were among the industry leaders sharing their views with EG. Cadillac Fairview and Stanhope have launched plans to develop a new office-led tower in the City of London. The pair’s joint venture bought 70 Gracechurch Street, EC3, from Hong Kong’s Tenacity in 2022. The site had planning permission for a 34-storey scheme, approved by the City of London Corporation the year before. Now, the owners envisage a partial demolition of the existing eight storey building and the development of a 32-storey tower comprising office and retail space. And, McDonald’s has set out to reclaim its golden arches at King William Street, EC4, after lodging plans to turn an empty ground floor space into a restaurant. The space, most recently occupied by Boots, was occupied by the fast food chain around two decades ago and was its seventh opening in the UK. All of the news from EG, plus a selection of headlines from the nationals:Revolution shareholders ‘highly likely’ to lose all if fundraise failsFuller to sell 37 tenanted pubs to AdmiralHome REIT agrees lease surrender on 600 sitesCity Fringe benefits: Belcor’s Rob Elman on selling the sub-marketSavills IM names chief sustainability officerMcDonald’s to take back Square Mile site after two decadesBlackpool unveils Silicon Sands data campus masterplanCOMMENT: Let’s make this the ‘built environment election’Cushman taps JLL for new global FM leadAlderley Park launches scheme to boost life sciences start-upsHousing crisis will be ‘front and centre’ of coming electionBPF: Leasehold Reform Act will be ‘one of the least celebrated laws ever’Cadillac Fairview and Stanhope launch City tower projectRegional REIT chair among business leaders backing LabourLender backs X1’s 34-storey Salford Quays resi towerVukile says it has ‘no intention’ to bid for Capital & RegionalTech trumps price on workspace wishlistsStaffordshire Council picks developer for town centre revampFriday feeling: end-of-week office attendance climbsMapletree posts loss as office values declineLendlease restructures with divestment of international construction businessesBlackstone closes deal on $1bn loan portfolio purchaseNational deals round-up