Good morning. Here is your AM bulletin, with the latest news and views from EG, and a few of the best bits from the morning papers.
Carter Jonas has seen its operating profit drop by more than a quarter, as costs rise and inflation takes its toll. The agent and consultant said turnover had risen by 4% to £84.4m, and gross profit by 15% to £69m. But this performance was reversed by a rise in administrative expenses by £9m to £69m.
Meanwhile, Yoo Capital’s plans for the redevelopment of Shepherd’s Bush Market, W12, have been recommended for approval. As well as measures to improve the market itself, which Yoo says is far from profitable, the scheme will include a 240,000 sq ft office building and 40 flats.
Plans have also been lodged for a £65m “multiversity” campus in Blackpool.
And The Office Group has opted for a change, extending the Fora brand across its flex portfolio.
In other news –
More space needed as Manchester and Liverpool get creative
Business closures overtake openings for first time since 2010
Saudi’s PIF and Ardian take 25% stake in Heathrow
Failed real estate lender owes millions to church congregation
Tycoon loses property empire to ex-partner
And Warren Buffett’s right-hand-man, Charlie Munger, has died aged 99. The FT (£) has his last interview, in which he warns of the storm brewing in the US commercial property markets.
