Here’s a wrap-up of some of the top stories on EG from the past week.
Going, going (almost) gone, one way or another. After months of offloading assets via auction, Home REIT is hoping to sell its last properties in a bulk portfolio. The company is set to be wound down after facing what its current team calls “unprecedented challenges” over the past few years. The company has approximately 1,100 properties left, valued at around £200m, and those are now set to be marketed as a single portfolio.
Home REIT preps portfolio sale of remaining properties
A supermarket chain has put real estate deals on hold until at least January, citing the “considerable” impact of last week’s Budget. In a letter seen by EG sent to landlord-side agents on the day of the Budget, Farmfoods said it would suspend “all work/progress” on certain transactions until January 2025 at the earliest. The company is understood to have been looking at a number of former Carpetright stores following that retailer entering administration.
Supermarket chain puts property deals on hold in Budget aftermath
Cushman & Wakefield is looking to make fresh hires in its advisory business as dealmaking picks up. On an earnings call for the third quarter, chief executive Michelle MacKay said: “With regard to advisory for us right now, we are doing a lot of investing in the data and analytics in the capital markets business in particular. And we are also on the hunt for new talent in advisory.” MacKay said the agency had achieved a 260bp improvement in top talent retention over the past year, adding that “funding and fuelling our brokerage business while leaning into the capital markets recovery” will be the number-one priority for the firm.
Cushman hunts for advisory hires
Cushman & Wakefield sees ‘turning point’ as leasing lifts
OpenAI, the company behind ChatGPT, is exploring where to establish a long-term base for its international office as its London-based team grows. Following the establishment of the company’s first international office in flex operator Fora’s York House at 221 Pentonville Road, N1, it now has a requirement for a permanent home of around 50,000 sq ft, but with the potential to stretch up to 100,000 sq ft.
OpenAI weighs options for post-Fora base
And as the Association of Real Estate Funds, the British Property Federation and the Investment Property Forum begin merger talks, EG’s Samantha McClary argues that the reasons to do a deal far outnumber the reasons not to.
Better together: what a united real estate could really mean
Real estate trade bodies kick off merger talks
Other stories you mustn’t miss:
- Meet the man running the biggest propco you’ve probably never heard of
- Prologis nears prelet at next Cambridge Biomedical Campus block
- Life sciences market starts to release handbrake in Q3
- Court Collaboration maps Birmingham build-out
- Resi developer Hub sets sights on £4bn portfolio
- GPE doubles down on flex office push
- Gym chain set to work out deal for Peterborough Carpetright store
- Derwent in deal drive as it offloads Angel office
- Domino’s Pizza slows expansion plans due to planning delays
For your listening pleasure from EG Property Podcasts:
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