News

MORNING NEWS: Arnault putting on the Ritz, as Hines finds an heir

News

Piers Wehner

03 March 2020

Good morning. While the seitan bacon sizzles in the pan, gorge yourself on the morning’s property news.

France’s richest man, Bernard Arnault, wants to add the Ritz hotel(£) to his luxury portfolio. The boss of LMVH is thought to be bidding in excess of £800m for the Barclay brothers’ trophy asset.

Incidentally, for a great slow-read all about the Barclay brothers – the family, the feuds and the finances – have a look at this Tortoise article.

Across the pond, Hines has handed the baton to a third generation. The US developer has promoted Laura Hines-Pierce to new senior managing director, to work alongside president and chief executive (and father) Jeff Hines. No pressure.

Intu has taken the unwelcome prize as the FTSE’s biggest property faller, as its share price tumbles to a new low of 10.55p. The 13% fall made it the fourth biggest faller across the FTSE All Share Index. Hammerson was the next biggest faller, dropping 6.54% to 195.95p.

The retail and leisure element of Battersea Power Station(£) is looking healthier, with more than 45% of space let.

Deloitte has shortlisted nearly every major development in Manchester as an option for its new base. Or it might just stay put, the tease.

And a quartet of former JLL agents have formed a Scottish agency, to be known as Lismore.

Residents of South Queensbury in Scotland are objecting to plans to build a walkway and a viewing platform on the Forth Bridge(£). They fear the 85,000 visitors will spend their entire time gawking through their windows. One wonders what they have in their homes that could command such an audience?

More links have been uncovered between collapsed mini-bond company Asset Life(£) and even bigger collapsed mini-bond company London Capital & Finance. Of course, the fact that both heavily invested in Prime Resort Development could just be a massive coincidence.

Mortgage approvals are on the up(£), but are still below expectations…

And Sadiq Khan wants the London mayoral election on May 7 to be a referendum on rent controls(£). Actually, he’s studiously avoided using the word ‘referendum’. Can’t think why?

The firm of architects(£) who clad Grenfell Tower have told the inquiry they had no experience of high buildings(£) and should not have won the contract.

The FT’s Lex column (£) has a look at the future of Rightmove and asks how much longer it can go on making 75% margins. (Spoiler alert: Not long.)

The government will reverse David Cameron’s block on onshore wind and solar subsidies(£), paving the way for dozens of new developments(£)…

… But Britain will lose more than a quarter(£) of its sandy beaches, even if climate change targets are met.

And finally, as MIPIM moves to June, private equity appears to be unfazed by the coronavirus outbreak. The SuperReturn conference in Berlin(£) went ahead last week with only a few small changes, as private equity partied with its potential prey. Well, when you are sitting on $2.5tn of dry powder, you need all the dealmaking opportunities you can get.

Good morning. While the seitan bacon sizzles in the pan, gorge yourself on the morning’s property news. France’s richest man, Bernard Arnault, wants to add the Ritz hotel(£) to his luxury portfolio. The boss of LMVH is thought to be bidding in excess of £800m for the Barclay brothers’ trophy asset. Incidentally, for a great slow-read all about the Barclay brothers – the family, the feuds and the finances – have a look at this Tortoise article. Across the pond, Hines has handed the baton to a third generation. The US developer has promoted Laura Hines-Pierce to new senior managing director, to work alongside president and chief executive (and father) Jeff Hines. No pressure. Intu has taken the unwelcome prize as the FTSE’s biggest property faller, as its share price tumbles to a new low of 10.55p. The 13% fall made it the fourth biggest faller across the FTSE All Share Index. Hammerson was the next biggest faller, dropping 6.54% to 195.95p. The retail and leisure element of Battersea Power Station(£) is looking healthier, with more than 45% of space let. Deloitte has shortlisted nearly every major development in Manchester as an option for its new base. Or it might just stay put, the tease. And a quartet of former JLL agents have formed a Scottish agency, to be known as Lismore. Residents of South Queensbury in Scotland are objecting to plans to build a walkway and a viewing platform on the Forth Bridge(£). They fear the 85,000 visitors will spend their entire time gawking through their windows. One wonders what they have in their homes that could command such an audience? More links have been uncovered between collapsed mini-bond company Asset Life(£) and even bigger collapsed mini-bond company London Capital & Finance. Of course, the fact that both heavily invested in Prime Resort Development could just be a massive coincidence. Mortgage approvals are on the up(£), but are still below expectations… And Sadiq Khan wants the London mayoral election on May 7 to be a referendum on rent controls(£). Actually, he’s studiously avoided using the word ‘referendum’. Can’t think why? The firm of architects(£) who clad Grenfell Tower have told the inquiry they had no experience of high buildings(£) and should not have won the contract. The FT’s Lex column (£) has a look at the future of Rightmove and asks how much longer it can go on making 75% margins. (Spoiler alert: Not long.) The government will reverse David Cameron’s block on onshore wind and solar subsidies(£), paving the way for dozens of new developments(£)… … But Britain will lose more than a quarter(£) of its sandy beaches, even if climate change targets are met. And finally, as MIPIM moves to June, private equity appears to be unfazed by the coronavirus outbreak. The SuperReturn conference in Berlin(£) went ahead last week with only a few small changes, as private equity partied with its potential prey. Well, when you are sitting on $2.5tn of dry powder, you need all the dealmaking opportunities you can get.