Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals.
Blackstone has teamed out with Digital Realty for a $7bn (£5.5bn) data centre joint venture in which it plans to develop major campuses in Frankfurt, Paris and Northern Virgina. Blackstone will invest some $700m of initial capital in the venture, taking an 80% stake.
The investment giant said data centres were one of its highest conviction investment themes due to the “once-in-a-generation” demand growth of the sector, caused by cloud adoption and the AI revolution.
While Blackstone is splashing the cash on data storage, its fellow investor Brookfield is counting the cash after offloading a block on Paris’ Champs-Élysées for around €200m more than it paid for it just 18 months ago. LVMH is understood to have paid €950m (£814m) for 150 Avenue de Champs-Élysées.
Closer to home, social impact developer Capital & Centric is being lined up to transform a former Sainsbury’s site in Wolverhampton into a creative new neighbourhood. The firm is expecting to be selected by the city council next week to develop a masterplan for the five-acre St George’s site.
Berkeley boss Rob Perrins has said that until the planning and regulatory system sorts itself out, the housebuilder will not commit to new development.
As party season arrives and – for some – the need for a dirty burger or egg McMuffin increases, fast food giant McDonald’s has announced plans to have a whopping 50,000 restaurants around the world by 2027. Plus a new chain of coffee shops.
And for your big read of the morning, why not sit back and enjoy this week’s EG Interview where Cluttons’ James Gray and John Gravett share more about the new story they plan to write for the world’s oldest operational surveying firm following their MBO this week.
All of this morning’ headlines:
Planning woes turn Berkeley off new development
Cluttons bosses on its new chapter of growth
Blackstone teams up with Digital Realty for $7bn data centre jv
Capital & Centric set to deliver fresh look for Sainsbury’s site
Ringley Group appoints new chief executive
The regeneration of Birmingham: custard, innovation and culture
LVMH splashes €1bn on Champs-Élysées block
McDonald’s to launch chain of coffee shops
Hybrid working hits Leon figures
House prices nudge up in November
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
