EG’s must reads: 9-13 September

Here’s a wrap-up of some of the top stories on EG from the past week. Redical Holdings is the frontrunner in the race to buy one of the best shopping centres in the UK. The firm is under offer to buy a stake in the 850,000 sq ft retail element of St James Quarter in Edinburgh for around £75m. The 25% stake was put up for sale by Nuveen earlier this year.Buyer revealed for Nuveen’s £1bn Edinburgh St James OpenAI, the developer of ChatGPT, is close to a deal to take space at flexible office operator Fora’s York House at 221 Pentonville Road, N1, which EG understands could extend to multiple floors. The move comes just over a year after the company said it had chosen London as a location for its international expansion.OpenAI picks Fora’s York House for first overseas HQ Buckley Capital Management, a top 15 shareholder in flex office group IWG, has written to the company’s board of directors urging that the business switch its listing from London to New York or consider a take private of the firm.Switch or sell: IWG investor demands action to boost share priceEditor’s comment: Surely, we should be fighting for businesses to remain here in the UK? Fitch Ratings has downgraded Canary Wharf Group Investment Holdings further into junk status. The agency has lowered the issuer’s long-term issuer default rating from BB to B and its senior secured rating from BB+ to BB-. Both remain on rating watch negative given what Fitch calls the “continuing short-term refinance risk” of £350m in bonds due in April 2025.Fitch downgrades Canary Wharf Group Martin Landau, the founder of Development Securities, has died at the age of 87. Described by those who knew him as an “industry doyen”, “a titan”, “loud”, “a colossus” and “an inspiration”, Landau was still doing deals to the end. EG looks back at his career.Industry pays tribute to property ‘titan’ Martin Landau Other stories you mustn’t miss: Trainline books ticket to new Midtown officeEmpire strikes back at landlord in Leicester Square cinema lease disputeAbrdn set to sell Berkshire shopping centre to Eton pension fundBNY Mellon signs largest regional office lease since 2020 at Manchester’s NOMACourt reform critical to success of Renters’ Rights Bill, warn industry chiefsGovernment launches survey on retrofitting real estateFully fitted labs set to bear fruit as asking rents skyrocketHoliday park dealmakers bet on the staycation For your listening pleasure from EG Property Podcasts Voice of the Region: Holiday Parks – Hi-de-High ROI Photo © Savills