MORNING NEWS: Printworks rises as API sells out

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals, all perfectly curated to set you up for the day ahead. Revellers across the UK – if not the globe – will be celebrating today after Southwark Council gave the go ahead for the Printworks venue at British Land and AustralianSuper’s Canada Water to be reinstated. The popular venue is considered vital for the success of Canada Water town centre and is now expected to be back up and running from 2026. While one business rises again, another calls it a day. The saga of Abrdn Property Income Trust is seemingly drawing to a close as a managed wind-down of the business nears completion. API has agreed a deal to sell all its assets – bar an almost 4,000-acre estate in the Cairngorms in Scotland – to Travelodge owner GoldenTree Asset Management. GoldenTree will pay £351m for the entire share capital of API’s Abdrn Property Holdings, giving it 39 investment assets. Landlords to Cineworld have come out fighting against the beleaguered cinema operator’s plans to restructure the business. Cineworld has been in financial difficulties on both sides of the Atlantic, with US debts of more than $1.8bn (£1.4bn). The US company emerged from Chapter 11 insolvency last year and has been supporting the unprofitable UK business. However, Cineworld lawyer Tom Smith has now said the US company will “no longer throw good money after bad” and will only continue to financially support the currently unprofitable UK business if it restructures to reduce its overheads. Cineworld UK has a £16m rent bill due at the end of this month that it can’t pay without help from the US, so is seeking approval from its creditors to restructure the company. Although creditors approved the deal – which includes significant rent cuts – at a private meeting last week, landlords including the Crown Estate and UKCP are refusing to support it. Elsewhere, MEPC has lodged plans to convert the Grade II listed New Century House at its NOMA estate in Manchester into a 196-bedroom hotel, a former Freemasons lodge in east London has been put up for sale as a student accommodation development and the merry-go-round of agents nabbing talent from each other continues with people moves at JLL, Green & Partners and CBRE. And in this week’s EG Interview, Akanksha Soni sits down to talk takeovers and being taken over with Nigel Hugill, chief executive of master developer Urban&Civic. Plus, Landsec boss Mark Allan shares his thoughts on ensuring the real estate community creates places where everyone can belong and why his REIT has launched a set of design principles. All of the news from EG, plus a selection of headlines from the nationals: Travelodge owner GoldenTree picks up API portfolioPrintworks to return as Southwark sees value in night-time economyEG INTERVIEW: ‘Our time has come,’ says Urban & Civic’s Nigel HugillMake or break as office landlords test techMEPC reveals plans for 196-bedroom hotel at Manchester’s NOMABuyer sought for east London Freemason’s siteLife Science REIT ramps up retrofitsHortons gets thumbs up for West Midlands industrial hubBarratt gets Rayner’s approval for 1,000-home Cambridge resi schemeJLL adds former BNP PRE director to industrial and logistics teamUK Power Networks picks adviser for five-year planCineworld landlords oppose court restructuring planWinning design announced for new Wolverhampton neighbourhoodPlans lodged for new Birmingham food hallCinnamon spices up Leicester care home plans with £17m loanGreen & Partners grows further with new hireHackney Wick co-living scheme given go-aheadFor sale sign hoisted on potential Scots PBSACapital & Centric to turn multi-storey car park into flatsCBRE hires from JLL for PBSA capital markets teamCOMMENT: Creating places where everyone belongsInvestors urge Rightmove to start takeover talks (£)HS2 Ltd could fall under direct state control after government review (£)Developers of UK regeneration project refuse to renegotiate ownership (£)Praxis CEO settles High Court fight with neighbour No quick recovery for Hong Kong’s property slump (£)