MORNING NEWS: Realstar seals next buy in Brixton

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. Realstar has acquired Brixton Junction, an operational co-living asset by Node, for more than £20m, representing a yield of 4-5%. The premises have been acquired by the Canadian investor on behalf of a mandate it has with a University of Cambridge pension plan. The deal continues a busy spell for Realstar, which is under offer on two operational build-to-rent assets from LaSalle in Birmingham and Manchester, as revealed by EG earlier this week.  Plans are under way for another office-to-hotel conversion in London, and it’s a big one. The project would see the redevelopment of Custom House, an historic City of London office building most recently occupied by HM Revenue and Customs. Jastar Capital is seeking a change of use from office to hotel for the 212,000 sq ft building. It would then develop a 179-bedroom hotel including a spa, health centre and café as well as a gallery and exhibition space. A consultation website for the project describes the building as “one of the most significant buildings in the City of London”. Our big interview this week is with the top team at P-Three. Five years after setting up shop, founders Justin Taylor, Thomas Rose and Hannah McNamara reflect on the changing face of retail agency and their role in “shaping cities” through their work. There’s also news on the outlook for the value of operational real estate; LRC Group buying a Harrow BTR scheme out of administration; and a warning from Goldman Sachs Asset Management of a “painful but necessary” adjustment as real estate recovers.All of the news from EG, plus a selection of headlines from the nationals:Realstar buys Node’s Brixton Junction co-living schemeP-Three’s retail revolution: ‘We feel lucky to be shaping cities’L&G gets thumbs up for west London shedHotel redevelopment of London’s Custom House launchesLoungers recommends £338m takeover to shareholdersClearbell to offload Solihull officeShopping centre assets to be bagged at next Acuitus saleAberdeen hotel tops Allsop commercial catalogueOperational real estate to triple in valueBBP launches real estate guidance for TNFDLRC Group buys Harrow BTR scheme out of administrationPainful but necessary: Goldman Sachs on real estate’s adjustmentAvison Young promotes new head of industrial and logisticsM&G scores new tenant at Manchester’s LincolnUK Budget shows government doesn’t understand business, says retail veteran (£)M&S and Kingfisher among suitors circling Homebase storesHeineken to open first brewery in Dubai (£)Housebuilding falls to eight-year low in challenge to Rayner’s planning shake-up (£)’Commuter town’ named least affordable place to buy house in UK