Good morning. Put the kettle on as EG takes you through the best of this morning’s property news.
More trouble at WeWork, as Adam Neumann’s former chief of staff, Medina Bardhi, is launching a class action against the company(£) and its erstwhile chief executive. She claims the drug-fuelled culture at its New York HQ created a sexually aggressive work environment that discriminated against women.
Toronto, meanwhile, has made its peace with Sidewalk Labs, after the Alphabet subsidiary agreed to scale-back its waterside development plans (£).
Slough appears to have chosen its regeneration partner as well, with Morgan Sindell tipped to bring forward the £650m North West Quadrant.
The government is looking to a different North West, with a £3.6bn regeneration funding package aimed squarely at ‘Workington man’(£). Anyone would think there was an election next month.
Profits have fallen at Foxtons and Crest Nicholson has issued a profit warning(£) as both businesses are buffeted by Brexit’s chilly winds…
…But Europe’s listed property sector has defied the Brexit bad-news bears to bounce back, rising to a mighty $499bn in Q3.
Also big in Europe is EG Group (no relation). The petrol station empire has grown from a single pump in 2001 to 5,900 site behemoth, by becoming Europe’s fourth biggest borrower of collateralised loan obligations. It is now mulling a float.
Carpetright could go the other way (£), with major shareholder Meditor Capital (£) offering 5p a share in a cut-price rescue bid.
Spirit has flown to the rescue of Bombardier’s Short Brothers factory in Belfast.
And Mike Ashley will be calling for the referee(£), after Soccerworld says its purchase of Goal Soccer Centres(£) is unlikely to return any value to shareholders.
And finally, estate agents in California have eschewed open days, baking bread or a fancy car in the drive and are opting for a much simpler way to lure buyers to multimillion dollar homes in the Hollywood Hills. They are giving them drugs!(£)
