MORNING NEWS: Landlords lose out as just 54 Carpetright stores saved

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. Landlords to more than 200 Carpetright stores across the country are set to be handed back the keys and miss out on any unpaid rent as just 54 locations are rescued through a pre-pack deal with rival Tapi. Tapi, run by Martin Harris – son of Carpetright founder Lord Harris of Peckham – agreed a deal with administrators at PwC late last night to buy the brand, 54 stores and two warehouses. The group said: “We are desperately sad not to have been able to save more of the business and customer orders. However, as we looked into the details of the situation, we quickly established that saving the entire business was unviable. “Carpetright has been materially loss-making for a number of years, and it has significant debt held by the owner. We believe that we were the only offer that the administrator received that saved a large number of roles.” While one retail empire crumbles, the owner of another is planning to grow the business. In an interview with EG, Hammerson chief executive Rita Rose Gagné says she is excited about the next phase for the REIT now it has completed its turnaround.  After agreeing a deal with LVMH-backed private equity firm L Catterton, offloading its stake in outlet business Value Retail, Gagné says she is now focused on scaling the business back up. “I’m excited about the next stage for Hammerson,” she told EG. “We have done this turnaround over the past three years, which has been really intense work and now we are turning the page. This is a game-changer for our balance sheet and we can look forward and now we have the capacity to do what we want and to play out there with other players.” Playing out there will largely focus on putting the £350m of capital it has set aside from the deal to work consolidating several of its joint ventures, said Gagné. Elsewhere in the world of real estate, developer Fifth State is working up plans to replace a 163-home consented scheme at Ilderton Wharf in south London with a 477-bed student home development, as demand for purpose-built student accommodation soars, L&Q has started to run the rule over its PRS portfolio and Bath & North East Somerset Council has been forced to sign a new agreement for its Bath Quays North scheme after L&G walked away. The 5.4-acre site has planning for more than 300,000 sq ft of commercial development. Coming up later today, Sheffield’s planners are holding a meeting with plans to redevelop the former Cannon Brewery expected to get the nod. The committee has been recommended to approve Capital & Centric’s proposals to retain and repurpose the building, as well as deliver contemporary new builds to provide over 500 homes on the site, alongside work and cultural spaces. On Wednesday, Primary Health Properties will announce its interim results, with analysts predicting  earnings growth year-on-year as well as an increase in dividend. Last year, the company’s adjusted earnings for the six months to June totalled £45.9m and it paid a dividend of 3.35 pence a share.  The Crown Estate will also publish its results on Wednesday, with Hammerson outlining the first six months of trading for its business on Thursday. All of the news from EG, plus a selection of headlines from the nationals: Warehouse REIT boosts rentsRestore Harrow Green creates bio storage hub in CambridgeFifth State rethinks Ilderton Wharf schemeCOMMENT: The next generation of BTR is born’We scaled back, but now we’re scaling back up,’ says Hammerson bossValue Retail deal gives investor’s new UK boss a promising purchase200 stores close in Carpetright rescuePlans in for major Golden Triangle industrial developmentMace to bring forward £184m Oxford Science Park expansionNew jv for Bath Quays North regen as L&G steps awayContractor picked for £210m phase of Manchester’s Red BankL&Q reviews options for £1.2bn PRS portfolioEnfield Council approves £770m Angel Edmonton regenBerkeley files revised plans for Borough TriangleManchester to launch consultation on Holt Town regenCheyne Capital grants £525m loan to Fattal HotelsPlaces for London appoints Savills as real estate adviserHotel investment climbs 210% in H1 2024National deals round-upWarehouse developer Tungsten Properties appoints directorOval school leads lots sold at Allsop auctionEx-minister Harrington to chair London property group Regal