Good morning. Here is your morning bulletin with the latest news and views from EG, and a few headlines from the national press.
A mixed picture for development, with commercial construction activity rising at its fastest pace in three months, but housebuilding contracting at the fastest pace since the first Covid lockdown three years ago. The latest PMI gives commercial building a score of 54.2, but housebuilding just 42.7.
Just as long as that commercial development is green. More than a third of office workers say working in a building with high sustainability credentials is their top priority – ahead of those saying they wanted a bonus.
But almost half of global firms expect to replace their corporate HQ in the next three years, with half of the largest firms planning to cut space.
Meanwhile, AIMCo, one of Canada’s largest asset managers, has made a major vote of confidence in the UK, with plans to more than double its headcount in London and invest billions.
Woking Council’s property portfolio could be written down by as much as £1bn as it struggles with £2bn of debt.
And PD Ports has accused Tees Valley mayor Ben Houchen of wasting public money on protracted legal action against it. Houchen says the case is about access rights over the Teesworks regeneration site, but PD Ports says it is an attempt to extract money.
Warehouse REIT has fallen to the bottom of the FTSE 250 after its share price fell by 6.48% on the back of a £182.8m loss.
Meanwhile, LXi REIT’s rental income has almost quadrupled to just under £200m since its merger with Secure Income last year.
And as housebuilding hits a new low, the government has been urged to build new towns to solve the housing crisis. Tory peer David Willetts said it needs to look to the 1950s and 1960s for inspiration.
And finally, it seems the beer isn’t the only thing that’s bitter in the UK pub sector. Half of Stonegate’s tied pub tenants are apparently unhappy with how they are being treated by their landlord. In a recent survey, the private equity-owned group fared worst, while most Marston’s tenants are lager-ly content.
