Good morning. Here’s today’s round-up of the real estate headlines on EG and in the papers.
Dragons’ Den star Steven Bartlett has leased an 11,000 sq ft office building within the Truman Brewery estate in Spitalfields, E1, for his new headquarters, EG can reveal. The millionaire entrepreneur has signed a 10-year lease at 17 Hanbury Street.
Grosvenor has outlined plans to up its investment in industrials, student digs and life sciences spaces. Chief Mark Preston expects its diversified investments business to double in size to £1.5bn of equity over the next five years. Revenue profit at the owner was down by a half during its latest financial year.
Hammerson has posted 5% rental income growth for the first quarter of the year, in a trading update issued ahead of its annual meeting.
Modular housebuilder TopHat has raised £70m from investors including Persimmon, which will help fund the development and fit-out for its homes factory in Northamptonshire. As part of the investment, TopHat will provide some homes to Persimmon.
Lidl is eyeing some of London’s wealthiest neighbourhoods for new locations, with Chelsea, Kensington and Mayfair among its desired areas for expansion.
Senior executives from firms including Blackstone and Brookfield Asset Management have met with Labour leader Sir Keir Starmer and shadow chancellor Rachel Reeves to discuss UK investment, as the party confirms a £440m tax plan for private equity players. The policy, focusing on carried interest, is set to be included in the party’s election manifesto.
In case you missed it, EG revealed that residents at the iconic Dolphin Square estate in Pimlico, SW1, have criticised what they believe to be a significant decline in living standards following the site’s acquisition by AXA IM Alts in 2020. The owner, which made its debut in the private residential market when it bought the property, is two years into a £200m-plus strategy to revamp the property.
Around 60% of businesses in Britain are struggling to hire staff despite the rising number of layoffs, according to research from the British Chambers of Commerce.
The King’s coronation weekend is set to drive a 4% uptick in annual footfall across all UK retail locations, according to the latest MRI Springboard forecast. High streets are set to post a 5% increase, compared with an expected 4% uplift at retail parks, and 3% increase at shopping centres.
And in the US, the FT (£) takes a closer look at the project to transform the iconic Tiffany & Co flagship on New York’s Fifth Avenue. The 107,600 sq ft, 10-storey store reopened last month after a comprehensive renovation managed by LVMH.
