Good morning,
Amigo Loans founder James Benamor has built up a £36m stake in Hammerson, betting on a “bright future” for bricks-and-mortar retail. His family vehicle, Richmond Group, tends to invest in proptech start-ups, but Benamor says the retail REIT has made “strong progress”.
Amazon’s Fresh concept appears to have grown stale, as the retail giant halts the aggressive expansion of its checkout-free convenience stores.
Cineworld could close hundreds of cinemas as it performs “root and branch surgery”.
And the word from Whitehall is that Jacob Rees-Mogg would become levelling up secretary in a Liz Truss cabinet.
This week’s EG Like Sunday Morning chats about a potential glut of space in the capital, with a side portion of life sciences and McCain’s chips.
And homebuyers should be given a 50% discount on stamp duty if they agree to install heat pumps, a Conservative think-tank has said.
The boss of Britain’s largest privately owned logistics group plans to take his £1bn listing elsewhere, after a string of float flops in London.
In infrastructure news, the boss of Britishvolt has quit, putting plans for its £3.8bn gigafactory in jeopardy.
As the government has been told to stop dithering and produce a semiconductor strategy by the boss of Arm Holdings.
And Boris Johnson has secretly committed the UK government to taking a 20% stake in Sizewell C.
Marks & Spencer has softened its stance over its Oxford Street redevelopment, ahead of a public inquiry. It still wants to knock the existing buildings flat, though.
While plans to remodel the Sainsbury Wing extension of the National Gallery have been described as “vandalism” and “needlessly destructive”.
Dubai’s developers are planning to restart scores of dormant luxury projects as wealthy buyers return.
China(£) has slashed its five-year mortgage rate as the country’s property crisis continues.
And finally, with a private terrace on the north-east tower of Battersea Power Station(£), it is unsurprising that this penthouse should be one of the most coveted pieces of real estate in London. With its two front doors, river views and exposed brick walls, it does sound achingly on trend. And it is cheap too, having cost just £45,000 to build. Or should that be “cheep”? After all, the apartment is just 95cm long and 81cm wide and is strictly for the birds – having been built to house a pair of peregrine falcons.
