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, all perfectly curated to set you up for the day ahead.
Shopping centre manager Praxis has pulled out of the race to take over Capital & Regional, confirming this morning that it had “no intention” to make a bid for the mall owner. The group had signalled its interest in the company in early July and had until 12 September to make a firm offer. NewRiver REIT now remains the only potential suitor left in the race for Capital & Regional.
Despite Praxis’ change of heart, there does seem to be continued and growing positivity in the retail market as budget supermarket chain Aldi announces its largest package of annual investment to accelerate its expansion across Britain. The group is to invest some £800m in expanding its 1,000-strong store portfolio across the UK, with at least 23 new locations opening before the end of the year.
The £800m investment this year is part of a £1.4bn, two-year investment plan in the UK, which will see the group open new stores, refurbish 100 existing stores and expand its network of distribution centres, and comes off the back of record trading.
Aldi UK chief executive Giles Hurley said: “British shoppers are voting with their feet and choosing Aldi as their first-choice supermarket. We are responding with our biggest ever annual investment in Britain. For every £1 of profit generated last year, we are investing £2 this year – opening more stores and building the supply infrastructure to bring high-quality, affordable groceries to millions more families the length and breadth of Britain.”
Elsewhere in the world of retail and leisure, Drake and Samuel L Jackson-backed fried chicken chain Dave’s Hot Chicken has found its first UK roost, opening a 3,500 sq ft outlet at Criterion Capital’s Trocadero. The site is the first of 60 planned openings in the UK from the US chain. KLM is leading the hunt for the brand, P-Three advised Criterion on the deal.
And the team at Scarborough Group International have failed to be spooked by the tough world of cinema and have brought the Odeon back to Scarborough after a near 30-year absence. The chain will anchor the redevelopment of the Brunswick Centre in the Yorkshire town.
All of the news from EG, plus a selection of headlines from the nationals:
Praxis pulls out of CapReg race
Regional REIT signals ‘inflection point’ after ‘challenging year’
Admiral Taverns buys Marston’s pubs portfolio
Aldi plans £800m investment in UK stores
Internet firm logs in at Gloucester
Council poised to approve Fairview’s beds and sheds
Scarborough scores Odeon for Brunswick anchor
COMMENT: The UK Innovation Corridor is on a mission to access the ‘big money’
Drake-backed Dave’s Hot Chicken finds first UK site
Tungsten Properties recruits London-based investment manager
Office owner plans resi conversion after ‘non-existent’ recovery
Lichfields hires M&S town planning veteran
Kadans hires director to put UK portfolio ‘on the map’
COMMENT: The right questions to ask when future-proofing buildings
National deals round-up
Indurent appoints head of portfolio management
Four & Co buys Evans Pearson’s agency arm
Summix consults further on Maybury Quarter Edinburgh resi-led scheme
Beaufort finances delivery of LNT’s £100m care home portfolio
Stories hires project director from Grosvenor
Energy firm invests £42m in North Yorkshire hub expansion
TGI Fridays’ parent on brink after takeover deal collapses (£)
Revolution Bars enjoys refresher with new chairman Luke Johnson (£)
Mountain Warehouse to open 50 more stores (£)
Luxury brands hit by weak consumer spending in China (£)
HSBC considers cost-cutting merger of commercial and investment banking units (£)
UK councils face £4.3bn ‘black hole’ in financing next year, data shows (£)
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