MORNING NEWS: British Land strikes Triton Square tie-up with Royal London

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. Royal London Asset Management has struck a deal to buy a 50% stake in British Land’s £400m redevelopment at 1 Triton Square, NW1. The eight-storey, 370,000 sq ft tower hit the market last October last year. British Land wants to reposition the wider Regent’s Place as a life sciences hub and has lodged plans to convert the office block into flexible fitted-out laboratory space. The new joint venture is expected to speed up that redevelopment. The building was once leased to Facebook owner Meta, which paid £149m to surrender the lease last year.  Elsewhere in the Golden Triangle, Bruntwood SciTech has won planning permission to deliver up to 390,000 sq ft of lab and office space at Melbourn Science Park in Cambridgeshire in a £250m scheme. Three existing buildings will be refurbished to accommodate up to 75 firms, ranging from start-ups to international research and development centres. The plans also feature a new 18-bedroom hotel and a gastropub. The first phase of redevelopment is expected to begin later this year and complete in 2026. The wider masterplan should be finished in about 10 years. Deborah Cadman is to step down as chief executive of Birmingham City Council next week after nearly three years in the role. Her departure comes after the council issued a section 114 notice last year, effectively declaring bankruptcy. Since then, the council has been on a drive to raise crucial funds, with plans to make £300m of cuts to public services and a 21% rise in council tax. Cadman said: “It has been the honour of my life to be the chief executive of the city in which I was born and raised. I wish my colleagues every success in transforming the council into one that this great city deserves.” Graeme Betts, deputy chief executive and director of adult social care at the council, will take up the role on a temporary basis while plans are made for a permanent appointment. In this morning’s listed real estate news, Savills has posted its annual results and said the market is now past “peak uncertainty”, while Abrdn Property Income Trust’s board has rebuffed Urban Logistics’ proposed takeover offer, sticking with a recommended deal with Custodian Property Income REIT. All the news from EG, plus a selection of headlines from the nationals: Royal London takes 50% in BL’s £400m Triton Square Savills sees real estate move past ‘peak uncertainty’API rejects Urban Logistics merger bidBirmingham Council chief Deborah Cadman steps down EDITOR’S COMMENT: A change of theme at MIPIM as those of Cannes doBruntwood gets nod for £250m Cambridge science and tech masterplanHousing minister says resi sector needs ‘all tenures’ to workCOMMENT: Getting to grips with the priorities driving change in our citiesIRES picks new chief executiveIn pictures: All the way from London to Cannes Moody’s joins exodus from Canary Wharf (£) Anger at plan to build skyscraper over listed Birmingham landmark (£) Estate agents fear interest rate rise will derail market recovery (£) Britishvolt buyer hit with winding up petition (£) UK estate agents more optimistic about house price outlook (£) Deutsche Pfandbriefbank’s US woes are coming to Europe (£) Nama and Oaktree face North Dock investment squeeze as receiver seeks €130m (£)