Good morning. Here is your AM bulletin with the latest news and views from EG, plus a few extra bits from the national press.
Moody’s has downgraded its outlook for the world’s real estate from “stable” to “negative”, saying that rental growth of 1% to 3% cannot offset the damage done by rising interest rates.
Meanwhile, French developer Altarea and alternative investment manager Tikehau Capital are attempting to bridge “an anticipated wide liquidity gap” with a €1bn platform.
And the UK government-backed pension protection fund has slashed its exposure to equities by one-third, upping its allocation to infrastructure, forests and farms, as it sees the green economy as a safer bet.
But senior Labour figures are urging Keir Starmer to broaden the scope of its proposed £28bn a year “green prosperity plan” to fund non-green housing and infrastructure.
Toys R Us is making a somewhat muted return to the UK high street. Far from its big-box heyday, it is opening nine branches inside WHSmith stores. How will the giraffe even fit through the door?
Dalata Hotel Group has bought the long leasehold of the Apex Hotel London Wall for £53.4m.
And, in a welcome contrast to all the office-to-resi conversions, plans have been filed to convert a block of flats near London’s Hay’s Galleria, SE1, into offices.
Scotland has extended its rent cap policy by a further six months to March 2024. The BTR lobby is not particularly happy.
Vita Group’s first House of Social PBSA scheme has been approved by Manchester City Council.
And finally, property values on a street in Gloucester have risen by 30% after a local artist gave them a lick of paint. Perhaps British Land could try something similar?
