MORNING NEWS: Brookfield set to scupper SEGRO’s EuroBox deal

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. Brookfield has made a £557m cash offer to buy Tritax Eurobox, a bid that looks set to scupper SEGRO’s own agreed takeover, which would be paid for with shares. Brookfield has offered 69p in cash per Tritax EuroBox share, which Tritax said marks a premium of approximately 6% to the implied value of SEGRO’s earlier offer as at 9 October. Tritax EuroBox’s board said that “while the deliverability of the two offers is now similar, a cash offer from Brookfield would provide increased certainty for Tritax EuroBox shareholders as compared to continued market risk between now and completion for the SEGRO offer”, and has switched its recommendation, telling shareholders to accept the Brookfield bid. US business news TV channel CNBC is closing in on a deal to take new studio space in London. The NBCUniversal-owned channel leases a floor at Crosby Group’s 10 Fleet Place, EC4, as its European headquarters, which it has shared with sister channel Sky News since 2019. But the channel now plans to move out, according to a source familiar with the matter. Plans lodged with the City of London Corporation propose turning the ground floor and mezzanine levels into a new live broadcasting studio for the channel of roughly 2,650 sq ft. Discussions between the landlord and CNBC “are at an advanced stage”. Merlin Entertainments, the company behind leisure attractions including Alton Towers, Legoland and the Peppa Pig theme park, has taken more space at the Arbor building at Native Land’s Bankside Yards scheme, SE1. EG revealed last year that the company had struck a deal to move to the building, taking 13,500 sq ft on the 16th floor. It has now secured half of the 17th floor, citing “increased office attendance”. Office leasing and investment in the South East and Greater London both rose in the third-quarter, according to Knight Frank. Take-up edged up by 2.5% year-on-year, with new and grade-A space accounting for the lion’s share of deals, while the £237m of investment deals was up by 70%. Simon Rickards, head of national offices capital markets, said: “Deal flow this quarter suggests that nimble, opportunistic buyers have confidence around prime asset values with strong occupier profiles. However, there is still a shortage of motivated sellers.” There’s also news on BTR investment; flex office operator Work.Life’s largest site yet; and a sit-down with Scarborough Group International’s Kevin and Simon McCabe. All of the news from EG, plus a selection of headlines from the nationals:Brookfield trounces SEGRO in Tritax EuroBox takeoverAmerican TV giant nears deal for new London studioFlex operator Work.Life to open largest site yetLeasing and investment rises in South East officesGPE preps to spend with £1.6bn watchlistDalata seals €600m refi to fuel growthMerlin Entertainments upsizes at Native Land’s Bankside YardsEDITOR’S COMMENT Canapés, FOMO and hopes for Q4BTR investment on track for a record year despite slower Q3Real estate remains Europe’s most distressed sectorScarborough Group’s McCabes on expansion, partnership and reasons to be cheerfulCan multigenerational communities solve a multitude of problems?Bruntwood SciTech bags Manchester’s PinnacleCOMMENT: Reflections on leading London’s Olympic legacyGlenbrook launches consultation on 44-storey resi scheme in ManchesterDuo of occupiers join Guildford’s Cathedral Square communityDowning submits Wandsworth student resi scheme planEleanor Healthcare homes in on Bromley office blockCarter Jonas appointed as joint agent on Manchester logistics schemeDeveloper set to offload Cambridge life sciences hubResi-revamp planned for former Birmingham Council officesWigan deal brings Casa by Moda rentals to the North WestGrosvenor and Crown Estate lead push to improve accessibilityGLA overturns Wandsworth’s rejection of Tooting hospital redevelopmentShine returns to European CRE, says MorningstarDPD agrees prelet at £100m North East business parkFormer GPE innovation head launches real estate tech consultancyFood packaging giant appoints adviser to review global portfolioAPC Series: Competencies and career planningBritish pub group Marston’s reduces debt, outperforms broader marketUK property market strengthens, pressure on renters intensifies, RICS says Time called on Banks’s Black Country brewery after 150 years (£)Borrowing plans breathe new life into once-dead UK projects (£)Barclays calls for downsizers tax break to free up homes (£)