MORNING NEWS: Home REIT to be wound down

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, the troubled investment firm established to invest in accommodation for the homeless, is to be wound down. Last month the company confirmed it had been unable to refinance its existing debt with Scottish Widows. Home REIT said in a stock market notice today that its stabilisation strategy now faces “considerable challenges”. Non-executive chairman Michael O’Donnell said: “It is clear that Home REIT continues to face extensive challenges, including in respect of its debt position and pursuing and defending litigation action, and responding to an FCA investigation. Against this backdrop and the expected reduced size of the company’s portfolio, following an extensive review the board has concluded that the best course of action for shareholders is to propose a managed wind-down strategy.” The growth of the B Corp movement, not least among real estate firms, has been rapid. But what benefits have those adopting the label gained, and what other frameworks have a place in helping companies better their ESG strategies? Last week, TFT and Coutts brought together leaders from several real estate companies for a panel discussion on the topic chaired by EG’s Julia Cahill.  Here’s a recap of the conversation. As Nils Rage, head of ESG at Stanhope (a B Corp since 2023) put it: “We didn’t need a north star to guide us on ESG – we had that in our own framework. But B Corp was a way to crystallise our culture of doing the right thing, not the easy thing, and to encapsulate that in a way that is easily comprehensible for various audiences.” Islington Council has given the go-ahead for Delancey’s proposals to bring forward a 200,000 sq ft science and technology building in London’s Knowledge Quarter, N1. The proposals for 176-178 York Way in King’s Cross, N1, centre on a 130,000 sq ft research and laboratory space, as well as 13,000 sq ft of affordable workspace.  And in the latest episode of the EG Property Podcast, we meet some of this year’s cohort of Future Leaders to find out how they are feeling at the beginning of an intense journey that will culminate with a 10-minute, TedX-style talk in front of hundreds at EG’s Real Estate Futures event this September (which you can register to attend free here). All of the news from EG, plus a selection of headlines from the nationals:Home REIT to be wound downIT consultancy signs for Reading business parkSalford’s 100 Embankment secures another occupierL&G rolls out £125m affordable housing fundNod for £400m King’s Cross service station-to-lab conversionFinding the best framework for sustainabilityCriterion to redevelop Edinburgh Debenhams storeDeveloper cleared for £330m industrial-to-resi plansGreggs plans national distribution hub at Symmetry Park KetteringWant a life changing experience? Better become an EG Future LeaderAviva and Packaged Living back delivery of 101 Cambridge homesVita sheds light on PBSA tower at Manchester’s First StreetBillionaires scale back real estate deals in central LondonScience occupier activity slows across the Golden TriangleBain and CIT sync with shipping company for Chelsea officeLiverpool’s northern docklands regeneration to get £55m boostHammerson brings Sephora to Birmingham’s BullringChancerygate gets nod to develop former Sony logistics hubReal estate remains Europe’s most distressed sectorTeesside freeport gets planning for transport upgradeCBRE names advisory and transaction services boss for EuropeBidwells appoints former CBRE exec to lead sustainability teamGleeson Homes hires from Keepmoat for regional operations director roleNational deals round-upLloyds to convert old buildings into social housing (£)James Bond studio expansion held back by UK power grid delays (£)Just 7pc of bosses say they go into the office full-time (£)Revealed: The landscapes in Ed Miliband’s sights as he plots onshore wind revolution (£)UK economists doubt Labour government’s ability to boost growth (£)