MORNING NEWS: Grosvenor hit by America losses

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the national papers. Grosvenor has reported another year of shrinking revenue profit on the back of challenging economic conditions, largely driven by declines in its North American business. The UK property business was the star performer for Grosvenor last year, however, boosted by some £20m of new rent from 176,500 sq ft of developments completed across the UK estate. Net income across the urban estate fell to £239.3m last year, and a £56.7m write-down on the value of the estate and sale of investment properties saw the division slip into the red. The group recorded a pretax loss of £28.6m for the year, down from a profit of £110.4m in 2022. For Cushman & Wakefield, leasing activity in the EMEA shone in its first quarter after the region’s leasing revenue growing by a third year-on-year, amid a 5% global increase. Across all divisions, global revenue for the quarter fell by 3% to $2.2bn (£1.7bn). The Americas was the only region in which revenue declined on Q1 last year, down 6%. In EMEA, revenue grew by 8% during the same period. The agency made an overall net loss of $28.8m, narrowing from a $76.4m loss in Q1 2023. And, bucking the declines seen from other businesses this morning, community shopping centre owner Capital & Regional has recorded like-for-like growth in values and rental income, with solid occupier demand cited among the key drivers. Revenue grew to £59m in the year ending December 2023, from £56.8m in the previous year, while net rental income rose by 5% to £23.9m. Like-for-like valuations were up by 2.6% over 2023. All of the news from EG, plus a selection of headlines from the nationals:Whitbread plans restaurant to rooms conversions to drive growthMorrisons offloads £2.5bn forecourts businessCapReg posts income growth as values riseHines gets approval for Southwark schemeCOMMENT How build-to-rent draws movers from further afieldLeasing lift helps EMEA shine at CushmanAmericas drags on Grosvenor as UK business outperformsUS giant buys Golden Triangle logistics siteBTR operator buys Manchester office from Palace CapitalCBRE grows rating team with Montagu Evans hireLloyds and Barratt partner on Gloucestershire housing schemeLGIM buys Poole Tesco Extra superstoreThomas & Adamson makes key hire in expansion driveAvant lodges plans for Leicestershire housing schemeCollegiate UK appoints managing directorBidwells hires head of operational livingLazari lights up Lantern with two new lettingsHerbert Smith Freehills promotes partner to lead global real estate teamNational deals round-upL&G launches £500m PBSA platformOffice occupier ‘clarity’ sees under-offers jumpChancerygate gains consent for Leatherhead logistics schemeGPA appoints Kier as Darlington campus development partnerAPC Series: Know your marketWeWork agrees restructuring deal that shuts out Adam Neumann’s comeback bid (£)Average rents in Great Britain climb to record highDelivery apps Getir and Gorillas to quit UK with 1,500 jobs at riskThe Body Shop buyer paid just £3.5m for collapsed chain (£)