MORNING NEWS: Refis a go-go as Dundrum and Mailbox rebalance

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. There’s a notable pick up in refinancing deals in the market as the cost of debt starts to edge down. In Ireland, Hammerson has secured a €350m (£300m) refinance of its €570m facility on the 1.3m Dundrum town centre scheme. The new debt comes from Rothesay, BNP Paribas and Deka and is topped up with €220m from Hammerson and its joint vetnture partner Allianz. In Birmingham, Richard Croft has come to the rescue of the Mailbox again, securing £90m of fresh debt to pay down the circa £100m Deutsche Bank wanted repaying. The 700,000 sq ft Birmingham icon had been put up for sale through JLL for £120m in November last year as a route to settle the debt, but the refinancing – with the bulk of the debt being provided by Leumi UK – means the sale process is now cancelled. The Mailbox was one of just three assets that Croft had sought to list through the now-defunct IPSX. The property is currently home to the BBC in Birmingham, although the corporation will move out of the building to new digs in Digbeth when its lease expires in 2026. In Newcastle, EG can exclusively reveal that investor and developer Pioneer Group is close to be chosen for the next stage of the city’s £1.7bn life sciences development ambitions. The group, which recently teamed up with the Crown Estate to form a long-term life sciences jv, is expected to be selected by Newcastle City Council to deliver the development and growth of the city’s health and life science commercial cluster over the next ten years.  The opportunity was launched in May last year and comprises the expansion of the 90,057 sq ft bio-science centre, known as the Biosphere at Newcastle Helix, and three potential development plots on 1.7-acres of brownfield land. Elsewhere, there’s a host of fresh people moves across the sector. A rejig at CBRE has seen Rob Madden step up into a new role of head of UK leasing, in which he will be responsible for establishing and driving CBRE’s growth strategies to enable continued expansion of its leasing line of business across the UK, covering offices, industrial and retail. The RICS has appointed a new chair of its valuation committee, with former chief executive of the Council for Licensed Conveyancer Victor Olowe tasked with making the valuation process more responsive and independent. And London mayor Sadiq Khan has appointed a new chief executive and chair at the London Legacy Development Corporation, the Ministry of Housing, Communities and Local Government has launched a search for a chief executive of the Office for Place, tasked with helping to create attractive, sustainable and healthy spaces, and EG is on the hunt for a property strategy minister that we can put forward for the new Labour cabinet.  All of the news from EG, plus a selection of headlines from the nationals: Hammerson secures €350m refi on DundrumPlans in for Chelmsford riverside redevelopmentPioneer closes in on Newcastle life sciences developmentDeutsche out as Martley refis MailboxHMRC plans new Portsmouth HQR&D hub on Cambridge Science Park set for approvalSocial Sports Society puts Stockport padel plans in playRunway East doubles down with Soho EstatesBellway withdraws Crest Nicholson takeover offerLondon Legacy Development Corporation appoints new teamLandsec launches CO.LAB pop upCBRE appoints Rob Madden as head of UK leasingEnergy transition investor buys £120m Cheshire science parkLuxury fashion brands pick King’s Cross for distribution hubOffice for Place kicks off search for chief executiveCampus Living Villages plans demolition of Salford towers for PBSA schemeRICS appoints chair of new valuation committeeLondon Square gets green light for 301 Willesden homesCapital & Centric seeking contractor for Liverpool’s £70m media hubMuse picked for £500m Wythenshawe town centre revampStarbucks outs Laxman Narasimhan as chief executive (£)Asda suffers decline in grocery market share (£)