MORNING NEWS: Helical sells out of JJ Mack

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. Helical has offloaded its 50% stake in London’s JJ Mack office building to partner AshbyCapital for £139.2m. Chief executive Matthew Bonning-Snook said the deal was “very material” to Helical as the net proceeds of £71.4m provided it with the funds to push on with its 685,000 sq ft development pipeline. He added that the sale was unlikely to be the last from Helical as it sought to recycle capital to drive forward its development projects. Days after government’s pledge to pump billions into the UK housing market, Thriving Investments has teamed up with Gresham House to build a £1bn-plus affordable housing platform. The pair said the partnership would create a “shared ownership platform of scale” with some £200m already deployed and a portfolio of 1,557 affordable homes across England, of which more than 1,100 are operational. Thriving Investments chief executive Cath Webster said: “UK government targets have been set to solve this country’s housing problem. It will take innovation, new approaches and partnerships to get this country building to the scale required. This transformative partnership not only highlights the role private investment can bring into the sector, but delivers immediate opportunities to scale across the property, asset management and regulatory markets.”  Following the announcement that HS2 trains will run into Euston, housing and planning minister Matthew Pennycook has appointed the former development lead at Lendlease to chair a new delivery vehicle for Euston. Bek Seeley, who left Lendlease a year ago, has been appointed as chair of the Euston Housing Delivery Group and is tasked with driving an “ambitious housing and regeneration initiative” around London’s Euston. The delivery group, announced as part of this week’s Budget, will also aim to support a growing life sciences district in the area. It will be made up of industry experts in urban design, landscape architecture, affordable housing delivery and financing large-scale projects, with a core focus to unlock more investment in Euston and drive economic growth across the capital.    Pennycook said Seeley’s appointment was “an important milestone on the journey toward regenerating this historic London neighbourhood and supporting economic growth across the country”. A battle is brewing in south-east London as Lewisham Council and the Really Local Group go head-to-head over the council’s plans to shut its cinema and leisure site at Catford Mews, SE6. The council says the group has run up more than £650,000 in rent areas and that it “simply cannot afford to prop up a private commercial organisation”, while Really Local Group has labelled the statement defamatory, saying its rental areas amount to around £200,000. The council is now on the hunt for a new operator for the site. Elsewhere, for a little Friday cheer, flatpack giant Ikea has opened its first stand-alone restaurant, promising to provide daily access to its iconic Swedish meatballs, while Hollywood actors Ryan Reynolds and Rob McElhenny have expanded their portfolio in the Welsh town of Wrexham, adding the local historic brewery to their football club and stadium holdings. And in this week’s EG Interview, we talk to Manchester-based Northern Group about its latest spending spree, plans to acquire more and why it believes flex has a huge role to play in bringing workers back to the office. All of the news from EG, plus a selection of headlines from the nationals: Helical offloads JJ MackThriving teams up with Gresham for £1bn affordable housing platformEG Interview: Northern Group’s ‘born and bred’ Manchester expansion plansReally Local Group slams council’s move to close Lewisham siteFormer Lendlease boss to lead Euston delivery groupEnergy giant finds new home at AuroraIkea launches stand-alone restaurantL&G spend hits £370m as it snaps up West End officeHyde Group extends reach with Pinnacle acquisitionFirethorn secures loan from Grosvenor for York hotel dealLothbury offloads Manchester industrial estate for £47mMEPC reveals plans for next office scheme at Leeds’ Wellington PlaceM&G asks for offers over £37m for West End estateCommodity trader signs at Pontegadea’s Almack HouseReuben brothers plan revamp of former John Lewis HQHoward de Walden invests £52m to deliver Harley Street Health District hubGMPF finds buyer for Leeds Foot LockerBuyer sought for £19m Solihull officeDfT seeks to offload incident site for residential schemeLondon leads Europe as real estate investment recoversLab take-up slows across the Golden TriangleCommercial real estate outlook will improve in 2025, MetLife says (£)