Here’s a wrap-up of some of the top stories on EG from the past week.
Two big M&A deals were announced this week. SEGRO agreed the terms of a £552m takeover of Tritax EuroBox, while Starwood Capital Group is set to buy Balanced Commercial Property Trust for £673m. The latter deal would mark the end to a challenging period for the fund, which pushed it to put itself up for sale.
SEGRO agrees £552m Tritax EuroBox takeover
Starwood to buy BCPT for £673m
Risk versus reward in the REIT regime
Workers in central London now spend more than half of the working week – an average of 2.7 days – in the office. But although that marks a rise over recent months, it still places the capital behind several other major European cities. A report from think tank Centre for Cities surveyed employers and employees in six cities on four continents. In Paris, workers are in the office for an average of 3.5 days per week, with the figure standing at 3.2 days in Singapore, 3.1 in New York, 2.8 in Sydney and 2.7 in Toronto.
London lags in the return to the office
Legal & General has confirmed its move to a new London headquarters, signing a 15-year lease for 190,000 sq ft at Stanhope and Cathay Life Insurance’s redeveloped Woolgate, EC2. EG revealed that the deal was being lined up back in March.
Legal & General confirms deal for new London HQ
The real estate industry has reacted to the release of the Grenfell Tower Inquiry Phase 2 report this week, the conclusion to the inquiry launched after the 2017 fire that claimed the lives of 72 residents. It highlighted a history of complacency and defensiveness within government departments towards safety, and advocated a fresh approach to reviewing and revising Building Regulations, emphasising that safety should be the primary consideration. The property sector is now asking what further steps need to be taken.
Industry reacts to Grenfell Inquiry report
This week we revealed EG’s Rising Stars for 2024, nine individuals who join the more than 120 Rising Stars in our alumni. These individuals are showcasing the best of the real estate industry, driving change and delivering excellence. Book your ticket to the EG Awards on 21 November to find out which is crowned our Rising Star of the year.
Meet EG’s Rising Stars 2024
EG Awards 2024
Other stories you mustn’t miss:
Law firm nears deal for new HQ in the City
Cubo books into new London site at former Foyles store
L&G and Oxford University get the nod for Begbroke Innovation District
Blackstone pushes on with mammoth AI data centre plans
Demand Barometer: What occupiers want – August 2024
Art-Invest reveals first look inside Canada Water scheme
Mile End retail park up for sale with £30m price tag
Birmingham Council delays decision on PBSA scheme
For your listening pleasure from EG Property Podcasts:
Ealing Council’s leader on investment, delivering homes and a Labour triumvirate
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