EG’s most-read and must reads: 19-23 February

Here’s a Friday wrap-up of some of our most popular stories from the past week. We’re in the middle of earnings season for the big agencies, and the latest figures from CBRE and Cushman & Wakefield have shown just how tough 2023 was – but also some signs of a turnaround as the year drew to a close. CBRE noted that even in a difficult year, it delivered its third-highest earnings on record, while the team at Cushman pointed to leasing revenue growth in the final months of the year as a reason for optimism. JLL is up next week.CBRE full-year earnings drop on interest rate woes Capital markets fall pushes Cushman into the red  Almost half of The Body Shop’s store portfolio has been earmarked for closure by its administrators as part of a restructuring plan, including sites owned by British Land, Landsec and Canary Wharf Group. We’ve pieced together a list of which other landlords will be affected by the company’s woes, with more number-crunching to come next week.The Body Shop to close almost half of UK stores What The Body Shop’s collapse means for landlords  Here’s a story about two trends reshaping city centres that have come together in one scheme – the struggles of pubs and the rise of cycling to work. At Dukelease and Henderson Park Capital Partners’ Ibex House in the City of London, the owners wants to redevelop and shrink the empty Peacock pub to make room for cycle storage for the office occupiers. A study from Newmark lodged as part of the planning application delves into the trends that are driving the project.Bikes vs booze: developer to shrink City office block’s pub  And as M&A picks up, a takeover battle seems to be on the cards for Abrdn Property Income Trust between Custodian Property Income REIT and Urban Logistics REIT. With two proposals now on the table, API’s team is weighing not only those, but also “the other options available”. This one could run for a while yet…Urban Logistics tables rival bid for Abrdn Property Income Trust Custodian shares rally after Urban Logistics bid for API API pushes back Custodian merger meetings Custodian stands by API merger as investors back away  Other stories you might have missed: The EG Interview: Opportunity knocks again for Neil Sinclair Ex-WeWork real estate boss to help hotel group crack London Financial crime compliance firm signs for City office Medical tech firm eyes Cambridge HQ expansion British Land to turn former Meta office into labs The London sub-markets where flex rents have rocketed  For your listening pleasure from EG’s Property Podcasts: School of Hard Knocks: JLL’s Katie Kopec Bricks & Mortar: RICS Matrics Surveyor of the Year, Carolyn Brady discusses her career in property Dealmaker of the Month: Patrick Matheson, Knight Frank