News

MORNING NEWS: Morrisons’ biggest shareholder won’t back bid

News

Piers Wehner

28 July 2021

Good morning.

Morrisons’ largest shareholder, Silchester(£), has said it won’t back Fortress’s £6.3bn(£) bid for the supermarket. It said the grocer has already shown it can realise the value of its freeholds.

Meanwhile, one of the top performing fund managers in the US is betting big on property(£) to shield its investors from rising inflation.

The UK’s supply of BTR homes has grown by 17% in the past year to just under 200,000. But only a third have been built.

Birmingham-based SevenCapital is working up plans for its first London scheme – a £200m residential development on Highgate Hill.

And house prices could rise by 9%(£) this year, and 20% by the end of 2025, according to Savills.

CBRE, meanwhile, will pay £960m for a 60% stake in London-based project manager Turner & Townsend.

And it isn’t all bad for retailers(£) – if you take the long view. Sales are still double what they were in 1989!

In Scotland large chunks of the Firth of Forth and Edinburgh airport are being bundled together by Forth Ports(£) as a possible ‘green port’…

A modular student developer has secured £20m of backing from Maslow Capital for a 257-bed scheme in the Scottish capital…

And Edinburgh has been named and shamed as the worst city in the UK for internet outages(£).

Further afield, the trial of Cardinal Becciu(£) and others has started in a makeshift courtroom inside the Vatican Museum in Rome.

Shares in heavily-indebted developer China Evergrande have tumbled a further 12% as it cancels a planned special dividend.

And finally, visitors to a Marble Arch attraction have been given refunds because it looks exactly like what it is – a mound of earth. The punters complained that they were being charged between £5 and £8 – or “6p a step” – to trudge up the “barren eyesore” of Marble Arch Hill, which has somehow cost £2m. One visitor said they could do better after “seven minutes of work on Minecraft”. Part of the dismay seems to be that the publicity images of MVRDV’s mud-clad scaffolding show mature, leafy trees, thick grass and flowers in full bloom. Instead visitors were treated to patchy grass, metal fencing and bare concrete – much like any other construction site. But some of the trees are fully grown and lush with leaves – the ones surrounding the Teletubby ziggarut and blocking most of the views.

Good morning. Morrisons’ largest shareholder, Silchester(£), has said it won’t back Fortress’s £6.3bn(£) bid for the supermarket. It said the grocer has already shown it can realise the value of its freeholds. Meanwhile, one of the top performing fund managers in the US is betting big on property(£) to shield its investors from rising inflation. The UK’s supply of BTR homes has grown by 17% in the past year to just under 200,000. But only a third have been built. Birmingham-based SevenCapital is working up plans for its first London scheme – a £200m residential development on Highgate Hill. And house prices could rise by 9%(£) this year, and 20% by the end of 2025, according to Savills. CBRE, meanwhile, will pay £960m for a 60% stake in London-based project manager Turner & Townsend. And it isn’t all bad for retailers(£) – if you take the long view. Sales are still double what they were in 1989! In Scotland large chunks of the Firth of Forth and Edinburgh airport are being bundled together by Forth Ports(£) as a possible ‘green port’… A modular student developer has secured £20m of backing from Maslow Capital for a 257-bed scheme in the Scottish capital… And Edinburgh has been named and shamed as the worst city in the UK for internet outages(£). Further afield, the trial of Cardinal Becciu(£) and others has started in a makeshift courtroom inside the Vatican Museum in Rome. Shares in heavily-indebted developer China Evergrande have tumbled a further 12% as it cancels a planned special dividend. And finally, visitors to a Marble Arch attraction have been given refunds because it looks exactly like what it is – a mound of earth. The punters complained that they were being charged between £5 and £8 – or “6p a step” – to trudge up the “barren eyesore” of Marble Arch Hill, which has somehow cost £2m. One visitor said they could do better after “seven minutes of work on Minecraft”. Part of the dismay seems to be that the publicity images of MVRDV’s mud-clad scaffolding show mature, leafy trees, thick grass and flowers in full bloom. Instead visitors were treated to patchy grass, metal fencing and bare concrete – much like any other construction site. But some of the trees are fully grown and lush with leaves – the ones surrounding the Teletubby ziggarut and blocking most of the views.