MORNING NEWS: Harworth makes record logistics buy

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 nationals, all perfectly curated to set you up for the day ahead. Harworth boss Lynda Shillaw has toasted a record acquisition for the company this morning as it completed the £43.7m acquisition of Catalyst, a 285,000 sq ft urban logistics estate next door to its flagship Advanced Manufacturing Park. Shillaw said: “This acquisition, the largest of an industrial and logistics investment asset in Harworth’s history, aligns with our strategy to grow our high-quality investment portfolio. It also continues our track record of strategic site assembly, providing an opportunity to extend the AMP, further establishing it as one of the leading manufacturing and distribution centres in the region.” Also feeling pretty cheery this morning will be PRS REIT boss (for now) Steve Smith. The residential investor, which has come under fire from shareholders for its poor NAV performance, has delivered a set of “truly excellent” figures. The group recorded a 17% increase in revenue to £58.2m, with net rental income up by 18% to £47.3m. Pretax profit more than doubled from £42.5m to £93.7m. Smith said: “These are truly excellent numbers, reflecting the efficacy of the strategy and the hard work and commitment of the board, our investment adviser Sigma, our investors, banking and housebuilding partners, and local and central government supporters. “To be in position to deliver a set of results of this quality after so many obstructions along the way, notably Covid and debt cost inflation, is a great achievement. The company is perfectly poised for its next phase of growth; investors are in a very strong position, with multiple options and, on a personal note, I sincerely hope that investors grasp the opportunity to enable the business to achieve its full potential.” Smith has said he will step down from the business in December, to be replaced by former Metropolitan Thames Valley Housing chief Geeta Nanda. Elsewhere, student housing company Unite has reported an 8.2% increase in rents and improvements in the value of its portfolio; Native Land and Singaporean investor Shorea Capital have brewed up some fresh green plans for the former Lipton Tea HQ in London’s Old Street; and City of London Corporation planning chair Shravan Joshi has come out fighting for the Square Mile, saying it is “primed” for international investment. And, as if that wasn’t enough, this month’s Demand Barometer lands this morning, giving you a unique insight into exactly what occupiers up and down the country are seeking. All of the news from EG, plus a selection of headlines from the nationals: PRS REIT boasts ‘truly excellent’ figuresHarworth snaps up South Yorks shed in £44m dealRents rise at Unite as supply stays tightCity of London planning chief on selling the UK to the worldLipton Tea HQ gets fresh green brew£40m sought for Berkeley-developed BTL portfolioSecond Home office on the blockDemand Barometer: What occupiers want – September 2024Town architect appointed for HackneyLawes to leave LLDC after 13 yearsLords offloads Heathrow site in sale-and-leaseback dealPwC signs at Forma and HFD’s Aurora in GlasgowFairway gets nod for offices and resi on historic Belgravia siteTikTok star takes 2,000 sq ft at Urban Splash’s Giant’s BasinRetail bosses confront Labour with rates reform pleaMcDevitt Company appoints UK director to lead retail expansionL&G adds pair of tenants to Glasgow officeNational deals round-upDelancey completes £27m north London industrial estate saleSEGRO strengthens leadership team with first CIONetwork Rail to occupy Doncaster’s National CollegeSaudi Arabia secures stake in Selfridges (£)John Lewis scraps chief executive role as new chairman takes charge (£)UK house prices rise for third straight month (£)TGI Fridays rescue overshadowed by closures and 1,000 job losses (£)Give England’s mayors more power over services, says think tank (£)