Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of real estate-relevant headlines from the national papers.
British Land has acquired a portfolio of seven retail parks from Brookfield for £441m, adding to what chief executive Simon Carter calls a “market-leading position” in the asset class.
The deal, which the company will pay for with the proceeds of a £301m equity raising, is priced with a net initial yield of 6.7%.
The portfolio includes Elliott’s Field Shopping Park in Rugby; Central Retail Park in Falkirk; Wellington Retail Park in Waterlooville; Ravenhead Retail Park in St Helens; Cleveland Retail Park in Middlesbrough; Forge Shopping Park in Telford; and Chilwell Retail Park in Nottingham.
The board of Residential Secure Income has proposed that the company is wound down, telling shareholders there are “no quick fixes” to the problems besetting smaller listed real estate investors.
In a stock market notice, the seven-year-old company said its market capitalisation of £101m means it is “of a size which might deter some potential investors due to lower share liquidity and the increasing demand from investors for larger listed funds”.
It added that over the past two years its shares have traded at a “persistent, material discount” to the net asset value.
Cushman & Wakefield has identified “green shoots of recovery and growth” across all sectors of the European real estate market – including offices.
The agency’s TIME – or Timing Investment Market Entry/Exit – Score Index uses historical data and economic indicators to track the cycle. Scores range from 1 (contraction) to 5 (expansion), with a higher reading suggesting that conditions for deals are favourable.
Offices, which had lagged other sectors, now has a score of 2.7. Logistics and industrial, residential, retail and hospitality have scores ranging from 3 to 3.2. The “all property” figure is 3.
There’s also news on a Greenwich retail site up for grabs; a Square Mile office for sale that could be yet another hotel conversion; and new occupiers at a Bruntwood SciTech scheme in Birmingham.
And today you can read about – and watch – the talks from all seven of this year’s EG Future Leaders, exploring the impact real estate can have on all of our lives for the better. Enjoy.
EG’s Future Leaders: The talks
Why it’s time for real estate to be the ultimate yimby
How to overcome a sexist and ableist built environment
Third spaces add value for all, we must fight to preserve them
Data literacy will take you from two beers to a whole feast
Understanding human sustainability can tip the balance in the war for talent
Why it’s important to deviate from the traditional route into real estate
A short history of horse shit – and what it teaches us about AI
All of the news from EG, plus a selection of headlines from the nationals:
British Land buys retail park portfolio from Brookfield for £441m
Residential Secure Income plans wind-down
Swiss Life looks for buyer for trio of Greenwich shops
Cushman sees ‘green shoots’ across asset classes
Plans in for Blackpool data centre campus
Historic buildings could provide up to 670,000 homes in England
Change isn’t just coming in real estate, it’s here
EG Future Leaders: Breaking barriers for a more inclusive industry
Bruntwood SciTech signs four occupiers at Birmingham innovation hub
Alternative Income REIT plans investment policy change
LaSalle offers Square Mile office as hotel conversion play
Canada Water co-living scheme set for approval
LSH expands living division service offering
Developer One Heritage rebrands as Zentra
Ares duo join Nuveen
Enterprise Land boosts team with trio of senior hires
Tower Hamlets poised to decide on Whitechapel Road science hub
Harbour Exchange office-to-resi conversion set for third planning run
BPF’s Ian Fletcher to retire after 22 years
Virgin loan kick-starts later-living scheme
London’s Canary Wharf sets sights on hotels to fill empty offices (£)
Stuart Lipton: We need a plan to revive Canary Wharf (£)
Bank of England says global asset prices remain ‘stretched’ (£)
Private sector dominance raises fears for Britain’s care homes (£)
UK house sales rise at fastest pace in three years, data shows (£)
Ex-Harrods executive has Fenwick job offer ‘withdrawn’ amid Fayed sex abuse claims (£)
Sizewell C nuclear project hit by fresh delays as investment talks drag on (£)
JD Sports reassures investors over full-year targets (£)
Restaurants like mine are ‘hanging by a thread’, says Leeds chef (£)
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