MORNING NEWS: GPE eyes next acquisitions

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. Don’t expect any let up in GPE’s dealmaking. Announcing interim results this morning, chief executive Toby Courtauld said the company had steered through “challenging political and economic conditions and fluctuating sector sentiment over the first half” and is keen to keep on the acquisition trail. “With a circa £1bn pipeline of potential purchases under review, we expect to transact further in the second half, supplementing our exceptional on-site and near-term development programme, which already covers 1.2m sq ft and will generate significant surpluses,” Courtauld said. Listed peer Derwent London is celebrating 40 years in business and chief executive Paul Williams has been reflecting on the “amazing journey” of building its portfolio across the capital, as well as thinking about what the next 40 years could hold. Some things won’t change, he predicts. “In 40 years’ time, people will still want to congregate, to be together,” he says. “We see more and more people want to be together, to collaborate, to learn from each other, to be part of whatever they’re going to do.” The government’s Office for Place is to be closed down and redeployed within the Ministry of Housing, Communities and Local Government. The department was launched in 2021, originally as part of the MHCLG, as a specialist public body to work alongside government, local government, the property industry and communities to understand and promote best practices. Its aim was to help create places that were not only attractive but sustainable, popular and healthy. Housing minister Matthew Pennycook said: “In taking the decision to wind up the Office for Place, the government is not downgrading the importance of good design and placemaking, or the role of design coding in improving the quality of development. “Rather, by drawing expertise and responsibility back into MHCLG, I want the pursuit of good design and placemaking to be a fully integrated consideration as the government reforms the planning system, rolls out digital local plans and provides support to local authorities and strategic planning authorities. There’s also news on Palace Capital’s upcoming disposals; a secondary stock listing for Assura; London’s next embassy move and more. All of the news from EG, plus a selection of headlines from the nationals: GPE to keep acquisitions coming in second halfDerwent at 40: Lessons on succeeding in LondonGovernment to scrap Office for PlaceAssura seals secondary listing in JohannesburgPalace Capital to market next sales in early 2025CDS deal saves 70 stores as Homebase enters administrationRailpen hits full occupancy at Square Mile officeCapital & Regional shareholders approve NewRiver takeoverSixth Street and Copley Point team up for logistics ventureMore than money: the urgency of tracking social valueEDITOR’S LETTER: Will it be all change at Homes England?Cambridge Council develops proposals for civic quarterAtlas Property office block to house new Côte d’Ivoire London embassyCentral London office vacancy rates fallGreen light for final piece of Liverpool’s troubled Fox Street schemeDublin resi scheme gets go-aheadNode gets nod for Woolwich’s 494-home Island SiteBad press and too few deals: investors aim to cut real estate allocationLiverpool approves 103-bed PBSA in Fabric DistrictLaSalle IM’s vice chairman to retireTelford Homes rebrands as Telford LivingUK house price growth quickens but Budget clouds outlook, RICS survey showsFull list of Post Office crown branches that could close under transformation planReeves to force UK council pensions to consolidate into eight ‘megafunds’ (£)UK renters hit by housing supply squeeze (£)UK construction executive sues Saudi-owned developer for $100mn (£)