Good morning. Here’s today’s round-up of the real estate headlines on EG and in the papers.
Industry players have pointed to “rising stress” in real estate lending as defaults slowly increase. The average amount of loans in default stood at 3.5% in 2022, an increase on 2.9% in the previous year, according to the latest Bayes UK Commercial Real Estate report.
In case you missed it, Hammerson has completed the sale of its stake in a huge Croydon regeneration project to joint venture partner Unibail-Rodamco-Westfield. The deal is thought to be worth around £70m.
The City of London Corporation has suspended its membership with the CBI, following allegations of workplace misconduct and assault at the business lobby group.
Ocado is set to close its warehouse in Hatfield, putting around 2,300 jobs at risk. Operations at the Hertfordshire shed, which was its first fulfilment centre, will shift to other sites, including its new Luton warehouse, set to open this year.
US-headquartered Vantage Data Centers is set to develop a data centre campus in Park Royal, west London, supported with a £250m investment. The LHR2 site will comprise a single data centre measuring 194,000 sq ft.
In more data centre news, European provider AtlasEdge has secured a €725m (£641m) facility for its push to expand on the continent.
Chinese tech giant Tencent is seeking to up its investment in overseas gaming studios, with European expansion among its primary ambitions.
The co-founder of Planet Organic has acquired the grocery chain out of administration as part of a pre-pack rescue, saving 10 of its 14 stores.
The UK is set to miss out on more than £3bn of spending from tourists this year, according to new data. The government scrapped tax-free shopping for visitors from outside of the EU in 2020.
Activist investor Oasis Management Company has urged shareholders to vote against the Restaurant Group chief executive Andy Hornby’s pay package. It has also upped its stake in TRG.
Builders’ merchant Travis Perkins has posted a 2.8% like-for-like drop in sales between January and March, citing weakness in the new-build housing market and a decline in renovations.
Primark owner Associated British Foods is planning to boost the retailer’s store footprint in the US and expand its click-and-collect trial in the UK, while posting a rise in revenue.
And, is London at risk of cookie-cutter design and placemaking? Mood and Space founder Hanna Afolabi shares her views on how the industry can help prevent that outcome and preserve cultural diversity in urban regeneration.
