Good morning. What better way to get that Friday feeling than with a selection of property stories from the national press and EG?
Boris Johnson’s pick to help lead the Grenfell inquiry turns out to have been paid by the firm responsible for the tower’s deadly cladding. Benita Mehra’s former organisation was given a £71,000 grant by Arconic(£), just months after the 2017 tragedy.
Meanwhile, the PM’s head of strategy, Sir Eddie Lister, has made a strategic error by failing to declare his directorship of modular housebuilder TopHat(£).
Russia’s band new prime minister, Mikhail Mishustin, is being asked about his secret property dealings, after the former tax official was revealed to own £7.4m of property, despite claiming to own nothing(£). Nyet! He was, however, the former head of Russia’s property management agency(£)…
And Lancer Property Asset Management have been accused of “dishonesty and fraud” by their former clients, the Abu Dhabi royal family, who want “tens of millions of pounds” in damages. Ouch.
Hermes is to buy MEPC from BT’s pension scheme(£), retooling the industry survivor as its development arm.
And demand for mortgages fell(£) in the last quarter of 2019, as political uncertainty made potential buyers sit tight.
Meanwhile, Manchester’s burgeoning built-to-rent sector appears to have lost its mojo, with next to no growth recorded in the last year.
The costs for two hospital developments hit by Carillion’s collapse have risen over 40% to £2bn(£). The Liverpool and Birmingham hospitals are now five years behind schedule(£).
Fifth Wall has launched a $200m carbon impact fund, saying that 2020 will be the year that everyone realises that climate change is a real estate problem. Prepare for the pitchforks, warns boss Brendan Wallace.
And the retail sector is still having a horrible time, despite Primark’s prediction that it will hit £1bn profit(£). The low-cost clothing giant has said it will hold back on UK expansion for now.
British Land’s new-ish head of real estate, Darren Richards, talks to EG about turning around the tanker.
London First’s Sue Brown has become the new managing director of Real Estate Balance, attempting to boost women in the sector…
… Which is much needed, says Navana chief Kelly Bream. The property sector – one of only two sectors to have companies without women on their boards – must double-down on diversity.
And finally, the Aga Khan has decided to fold the company he set up to restore one of France’s most famous châteaux. After 15 years rebuilding the state owned Château de Chantilly with £70m of his own money, the 83-year-old spiritual leader has called it a day. Well, even billionaires have their limits. Au revoir!
