MORNING NEWS: Home REIT finally publishes accounts – for 2022

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. Home REIT, set up to invest in accommodation for the homeless and now likely to be wound down after years of troubles, has finally published its annual accounts for 2022. The REIT posted a loss of almost £475m for the year to 31 August 2022, with net asset value per share more than halving to 43.7p. The company said in today’s statement that it had faced “unprecedented challenges”, including investigations into allegations of wrongdoing; tenant arrears and liquidations; a change in investment adviser; the suspension of its shares; a potential threatened group litigation action against the company and directors in office at the time that the shares were suspended; refinancing struggles; and an FCA investigation. “Our priority now is to optimise the value of the portfolio and maximise returns to shareholders, while keeping any disruption to residents to an absolute minimum,” said chair Michael O’Donnell.  The UK’s operational living sectors could more than double in value by 2029 “if market forces align”, reckons the team at BNP Paribas Real Estate.  With the right planning policies, development viability, data transparency and sector liquidity, the value of the country’s student housing, build-to-rent, single-family rental and senior living sectors could rise to £470bn from £190bn today, the agency said. Rebecca Shafran from the alternative markets research team said the potential “places an emphasis on the crucial role these sectors can play in addressing the housing crisis and supporting the living needs of the future”. Aboria Capital, the real estate investment manager established earlier this year by developer Downing and led by ex-DWS UK boss Jessica Hardman, has picked a London base. The firm has taken roughly 2,000 sq ft at Grosvenor’s 24 Grosvenor Street. W1. Hardman told EG the site was right for the firm due to its “well recognised location, easily reached for staff, contacts and domestic and international investors to come visit”. There’s also news on a new minister for investment; London Square’s next resi conversion; and the latest scheme bulking out British Land’s logistics portfolio. All of the news from EG, plus a selection of headlines from the nationals:Home REIT publishes long-delayed annual reportBellway appoints new CFOValue of living sector set to soar ‘if forces align’Hardman’s Aboria Capital signs for London officeGovernment names new minister for investmentNative strength: Alasdair Nicholls on expansion in the capital and beyondLondon landlords urged to embrace AI and tech transformationsLondon Square bags County Hall in Kingston for £250m resi conversionBetter place management can help restore faith in the planning systemWill Labour’s three wishes boost the UK commercial real estate sector?Valor and QuadReal joint venture snaps up logistics hubNext phase of South Cambridge Science Centre approvedGaming start-up logs on at Bruntwood Manchester schemeCanada Water co-living sails through planningBritish Land’s next logistics scheme approvedMuse bolsters Yorkshire and the North East teamPlatform_ teams up with HGP on 451-home Leeds BTR schemeUnite acquires Stratford site for 950-bed PBSACamden confirms partners for £500m Knowledge Quarter schemeCan Gray help the UK get serious on growth?Legal firm becomes latest occupier at DWS’s Glasgow officeBlackstar joins ATCM network for town centre transitionsLGIM appoints tech firm to implement waste strategy across its portfolioDamning report reveals extent of exec-level gender biasUK lenders see mortgage default rates rising, Bank of England survey showsUK housebuilders to be given deadline to fix dangerous cladding (£)Cheapest UK mortgage deals hit by rise in government borrowing costs (£)Come into the office if you want a promotion, say bosses (£)Scottish Power owner pledges £24bn to upgrade UK’s green energy (£)