Good morning, this is your AM bulletin with the latest news and views from EG, as well as a few of the best bits from the morning papers.
Barratt and Redrow have agreed terms for a £7bn merger that would create one of the UK’s largest housebuilders. The proposal, effectively a takeover of Redrow by its larger rival, has been approved by Redrow’s founder and largest shareholder, Steve Morgan.
Adam Neumann is attempting to buy back WeWork, but claims his efforts are being frustrated by his former company. A letter from lawyers acting on behalf of his new outfit, Flow, states that there has been a “lack of engagement” over his bid – which it says is far more generous to shareholders and landlords than WeWork’s own bankruptcy plan. And with firepower provided by Andreessen Horowitz and Dan Loeb’s Third Point, Neumann certainly seems to have the funding to pull it off, nearly five years after he was ousted as CEO.
Meanwhile, Michael Gove has finally given the all-clear to the redevelopment of the former ITV Studios on the South Bank. The £700m scheme, by Mitsubishi Estate London and Co-Re, was called in in 2022, despite approvals from Lambeth Council and the GLA.
And R&F Properties is in talks on a deal to ditch its £1.3bn Nine Elms development in a bid to avoid loan defaults. The Hong Kong-listed developer plans to sell the resi-led scheme to London One, a special purpose vehicle owned by Chinese billionaire Cheung Chung-kiu, who is chairman of CC Land Holdings and the scheme’s joint venture partner.
In other news:
HUB and Bridges agree £88m forward funding deal for west London co-living
Logicor gets thumbs up for 330,000 sq ft North West scheme
Lotus Group head office hits the market
Rapleys appoints head of investment
Apprenticeships offer an abundance of opportunity
Optimism rises for construction and housebuilding
Dutch-style mortgage comes to Britain
