EG’s must reads: 13-17 January

Here’s a wrap-up of some of the top stories on EG from the past week. The company behind Octopus Energy has signed a deal with Norway’s sovereign wealth fund to take new office space in central London. Octopus Group has agreed to prelet the entirety of Norges Bank Investment Management and developer Simten’s 20 Giltspur Street, EC1.Octopus inks deal with Norges for London office Grosvenor’s plans to retrofit and extend an office asset in Belgravia are up for approval at Westminster Council’s planning committee meeting next week. The proposals would extend Ebury Gate, 23 Lower Belgrave Street, SW1, by 15,855 sq ft through extensions of the first to fifth floors and a new set-back sixth and seventh floor.Grosvenor’s ‘largest’ office retrofit up for approval The golden quarter lived up to its name, with UK retail showcasing a huge success during the busiest trading period of the year. Landsec reported an impressive final quarter of 2024, with more than £800m spent across its portfolio of prime retail assets, surpassing expectations.Landsec and retail giants celebrate surge in sales and footfall The co-head of global listed real assets at £750bn asset manager Schroders says artificial intelligence has “revolutionised” his equities division in a matter of months.Schroders boss: AI has ‘revolutionised’ our business Real estate is the second-most distressed sector in Europe, behind only industrials, according to law firm Weil, Gotshal & Manges. The firm’s latest Weil European Distress Index said overall levels of corporate distress over the final quarter of 2024 stabilised but remain above their long-term average, and that a recovery is likely to be “uneven” due to structural vulnerabilities, geopolitical tensions and industry-specific headwinds.Real estate among most distressed sectors Other stories you mustn’t miss: DWS takes a chance on 70 Chancery LaneFifth Wall launches latest flagship fundClearbell set for £25m King’s Cross life sciences hub makeoverAlternative uses could yield top results for Surbiton education campusGPE prepares third attempt at St Thomas Yard redevelopmentM&G nets Wimbledon retail park for £33mStrettons buys east London rivalEaling flats expected to be top lot at Allsop January resi auctionCBRE goes all in for Industrious in $400m dealReal estate bosses on zombie REITs, the downside to NAV and merger urges Image © Morrow + Lorraine