Good morning.
Matterport, the “Google Maps for buildings”, has been bought by special purpose acquisition company Gores Holdings. The $2.3bn deal will list the group on the Nasdaq and is expected to be the first in a flurry of proptech acquisitions by SPACs.
Bank of England governor Andrew Bailey(£) has hit back at suggestions that he tried to have his name removed(£) from a damning report on the LC&F minibond scandal.
The economy will take another two years to recover(£) from the pandemic, a leading think tank has warned…
… But Covid offers a welcome opportunity to reshape our cities, says architect supremo Lord Norman Foster in The FT (£).
Tenacity is proving it has staying power as its second City skyscraper – 70 Gracechurch St – looks set to win planning permission next week.
Meanwhile, Lambeth Council is on the prowl for a developer for its south London market, Pop Brixton. One option is to replace the shipping container structure with affordable housing.
At least 12 English councils are in rescue talks with the government, but that could be “the tip of the iceberg”(£).
London developer Strawberry Star is pushing ahead with its £500m pipeline, with plans for 2,000 homes across four schemes.
Housebuilder Inland Homes saw its share price plummet yesterday after revealing a 16% drop in revenue. Shares in Foxtons rose by 14%.
Word on the street is that private equity firms have set their hounds to chase Foxtons(£), betting on a revival of London’s high-end resi market.
But house prices in London and the Midlands may be heading for a nasty fall thanks to a “mass exodus of foreign workers”(£).
And resi rents in Edinburgh(£) have fallen to their lowest level in six years as tenants head for the countryside.
It is official. The ‘rescue’(£) of Arcadia(£) will close 444 stores.
Frasers Group sold its near-25% stake in French Connection(£) shortly before it emerged the retailer was being targeted for a takeover. Which either implies a nice little deal(£) with one of the bidders, or really unfortunate timing.
As cash flows dry up, EG takes a look at how Covid is reshaping hotel lending.
The owner of Franco Manca(£) and the Real Greek has entered negotiations to acquire ten new sites(£)…
… As Italian chain Prezzo(£) looks at options to cut its rent bill.
Pub owners are taking advantage of the pandemic to re-establish the centuries-old beer tie(£), with fewer than 100 pubs shifting to a market rent only model.
Who says flooded land isn’t worth anything? The Crown Estate(£) will earn nearly £9bn from the auction of Britain’s seabeds(£).
The Times (£) has an interview with the heroine of Handforth, the unflappable Jackie Weaver.
And finally, just as we all get used to working from our kitchen tables, the French have declared that workers can eat at their desks(£). Apparently dining a la desk has been illegal in France, as well as desperately un-chic, ever since the publication of the ‘lunch code’ in 1910. No longer! As part of provisions to tackle la peste, French workers will now be permitted a tired sandwich in front of their computer. Huzzah! Thankfully the code’s other chief provision, that wine, beer and cider can be quaffed at one’s desk, will remain.
