Good morning. Here’s your round-up of the real estate headlines on EG and in the papers at the start of the week.
Luxury group Kering has agreed to lease an Yves Saint Laurent store from O&H Properties on Bond Street, W1, setting a record rent for the UK. The Gucci owner saw off competition from rivals LVMH and Richemont.
BNY Mellon has warned its staff that “corrective action” will be taken if employees do not attend the office for a minimum of three days per week.
Shareholder advisers have told Hammerson’s investors to vote against resolutions tabled by activist Lighthouse Properties to appoint two new board members, citing a lack of “clear or persuasive case”.
Supermarket Income REIT has acquired a Tesco store in Worcester from the British Steel Pension Fund. The store was sold for £38.3m excluding acquisition costs, with the deal reflecting a 6% net initial yield.
Managed pub and restaurant groups in Britain have recorded a sixth consecutive month of sales growth, according to findings from the latest Coffer CGA Business Tracker. Sales have risen by 1.4% on the same month last year.
US banks have expressed their unease over falling real estate valuations, as rising interest rates continue to take their toll on the office sector.
The average price of a first-time buyer’s home has reached a record £224,963 this month, according to new research from Rightmove.
Cushman & Wakefield has promoted partner Ed Fitch to head of hospitality for the UK and Ireland.
In case you missed it at the end of last week, JLL was among a slew of firms quitting the CBI.
Tune in to the latest episode of EG Like Sunday Morning for a closer look at Landsec’s £20m social impact strategy, the state of play for commercial land values, and how First Base spin-out Socius Development is approaching mixed-use schemes.
And don’t forget to have your say in EG’s fifth annual LGBTQ+ Attitudes and Actions in Real Estate survey.
