Essential restructure
Chief operating officer Martin Bellinger and managing director Scott Hammond have left residential rental developer Essential Living following a restructure by its main shareholder M3. The pair had been with the London-focused company since it was started in 2012.
Good news for JLL
The majority of JLL’s shareholders backed management’s proposals at the company’s AGM on 31 May. These included the re-election of chairman Sheila Penrose and the £8.7m exit package for former chief executive Colin Dyer. One of JLL’s largest shareholders, Generation Investment Management, voted against the remuneration proposals.
LondonMetric rise
LondonMetric has posted a 5% improvement in net rental income to £82m for the year to 31 March. The FTSE-250 firm also reported a £21m revaluation surplus, which contributed to a profit of £63m, down from £82.7m a year earlier. Its portfolio is now valued at £1.5bn, with a topped-up net initial yield of 5.4%.
Kier HQ sold
Standard Life is buying Kier Group’s Fitzrovia headquarters at 33 Foley Street, W1, in a sale and leaseback deal for £92.5m. Michael Elliot and Cushman & Wakefield were appointed to seek offers in excess of £92m – a 3.4% yield – for the freehold interest in the 41,833 sq ft property. Montagu Evans is acting for Standard Life.
Intu accelerates
Shopping centre owner intu has launched Accelerate, a programme for start-ups, aimed at identifying businesses for potential investment. The 10-week programme will see start-ups receive mentoring and being given office space in central London.
