MORNING NEWS: Real estate trade bodies in talks to team up

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of real estate-relevant headlines from the national papers. Three trade bodies for the real estate industry – the Association of Real Estate Funds, the British Property Federation and the Investment Property Forum – are in talks to join together, creating what they hope will be “a single powerful convenor and voice” for the sector. The trio has formed a shadow board with representatives from each organisation to run the talks. Each organisation will consult with members over the coming months, with a formal proposal expected next year. BPF chair Jessica Hardman said: “Our sector is changing. Whether that’s the different way in which many of us run our businesses, or the impact of digitalisation, or the emergence and growth of new asset classes such as single-family housing, co-living, life sciences and data centres. “In response to this change the BPF is already working hard to deliver a programme of continuous development and improvement, but the BPF board I chair believes we can go even further working with the boards of AREF and the IPF to deliver a new, larger body building on the strengths of each individual organisation.” Cushman & Wakefield is looking to make fresh hires in its advisory business as dealmaking picks back up. On an earnings call for the third quarter, chief executive Michelle MacKay said: “With regard to advisory for us right now, we are doing a lot of investing in the data and analytics in the capital markets business in particular. And we are also on the hunt for new talent in advisory.” MacKay said the agency had achieved a 260 basis point improvement in top talent retention over the past year, adding that “funding and fueling our brokerage business while leaning into the capital markets recovery” will be the number one priority for the firm. Also upbeat after third-quarter results is Barry Gosin. The Newmark boss said he was “more excited than ever” about the firm’s future as it reported a double-digit increase in revenue in the three months ended 30 September. Newmark said its capital markets division had performed particularly well, with revenue up by 18.5% to $188.7m – the fourth consecutive quarter of growth. Birmingham’s Court Collaboration is set on making a mark on the city’s residential development, with plans to invest up to £250m across new projects. The company already boasts a 1,000-home portfolio. But it has achieved planning consent for a further 4,500 homes across build-to-rent, build-to-sell and student accommodation schemes, of which 1,250 are under construction. Chief executive Alex Neale told EG in an exclusive interview: “We are in the right economic climate now for Birmingham to really push on as a city, and it feels like we are getting the right economic and political environment to do some really exciting stuff.” There’s also news on OpenAI’s search for a post-Fora home in London; a new base for consultancy Rapleys; and a warning from Persimmon that build cost inflation is back. All of the news from EG, plus a selection of headlines from the nationals: Real estate trade bodies kick off merger talksCushman hunts for advisory hires‘Strong pipeline’ of capital markets deals sees Newmark upgrade outlookCourt Collaboration maps Birmingham build-outDalata buys Dublin Airport hotelOpenAI weighs options for post-Fora baseCustodian founder leaves non-exec postHackney office block up for approvalPersimmon warns of build cost inflationPeel Waters cleared for controversial Chatham Docks makeoverAnnual affordable homes shortfall in England set to hit 187,000Schroders and L&G cheer Lexicon leasesRapleys picks new London officeLiverpool PBSA scheme tipped for approvalCushman names new UK head of sustainabilitySouth London hotel scheme offloaded for £21mRevised plans for Liverpool student block set for approvalING and Delancey agree £135m Notting Hill loanUnity Holidays secures £123m from LaSalle to buy two holiday parksCordia UK gets approval for Birmingham shared living schemeBroadwood Capital launches sustainable later living fundX+why sets up shop in W.RE’s Arding & Hobbs buildingGreykite and Gatehouse team up for £750m single-family housing jvCushman & Wakefield sees ‘turning point’ as leasing liftsBurberry’s new CEO faces outlet store and pricing dilemmasCrozier to check out of Premier Inn-owner WhitbreadPrimark owner warns of threat to high street from NI rise (£)HSBC already fears new downsized London HQ will prove too small (£)Six cities, one question: is China’s property market turning a corner? (£)Asda axes jobs and orders staff back to the office three days a week (£)