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 week ahead.
Retail investment figures have already surpassed the depressed totals of 2023, according to fresh research from Savills, compiled exclusively for EG.
Shopping centre investment in the first nine months of 2024 has surpassed 2023 totals, with more than £700m more deals yet to be done. Almost £1.2bn of deals completed in 2023, with several big-ticket sales being pushed into 2024.
While the numbers could be seen as a fillip for the resurgent retail sector, with confidence growing and investors such as Landsec labelling it a conviction theme, warnings have been raised over the supply of good quality, large malls due to a lack of development over the past two decades.
EG can also exclusively reveal this morning that developer Socius has launched a new company, Populate, to specialise in place management, with a focus on maximising the long-term social and economic value of mixed-use developments for occupiers, communities and investors.
Olaide Oboh, who will lead the new business, told EG: “We are passionate about addressing local needs through development, but one of the fundamental challenges the industry faces is ensuring that the operational infrastructure and expertise is in place to realise the true value of projects over the long term.
“We are here to ensure that all of the good intentions when a development is designed and delivered translate into tangible social and economic benefits for communities, occupiers and investors for years to come.”
A flurry of trading updates from Grainger, Assura and Sirius this morning reveal confidence in the market. Assura’s big play into healthcare has it ready to take advantage of an “inflection point”, says chief executive Jonathan Murphy, while for Sirius, the flex market offers opportunity for expansion, says boss Andrew Coombes. While the firm’s UK assets may be lagging its German business a little, the group says an improving transactional market will build confidence.
At Grainger, chief executive Helen Gordon is anticipating its rent roll will more than double when compared with 2023 figures as the group continues to add to its portfolio. While growth rates in rental income may have slowed year-on-year, Gordon said the business still expected growth levels to be above the long-term average.
And don’t forget, if you need to stay one step ahead of the competition this week, EG has you covered with a look ahead to what to expect in UK real estate with the EG news agenda.
All of the news from EG, plus a selection of headlines from the nationals:
Rental growth slows but Grainger remains confident
Canary Wharf Group’s Montgomery Square revamp rejected
Acquisitions boost rent roll at healthcare REIT Assura
Sirius targets acquisitions as rents increase
Retail rebounds as 2024 total adds up
EG’s news agenda: What to look out for this week
Socius launches place management company
COMMENT: Is a deal upturn more noise than signal
Kier tweaks Arena Central plans
Dublin office rebound could propel take-up past 2m sq ft
Rockwell refreshes plans for One Battersea Bridge
Giant Mind ponders £75m London hotel sale
CBRE partners with Johnson Controls for energy efficiency drive
Work to start on £4bn Net Zero Teeside carbon capture facility
COMMENT: How will the growth of AI impact demand for office space in cities?
Luxury London office portfolio comes to market in potential £400m deal (£)
Manchester authority delays approval of £140m skyscraper loans amid legal row (£)
William Rucker’s pressing challenge to revive British Land (£)
Civil servants reject office work with a quarter of desks left empty (£)
Saudi tycoon plans comeback with world’s tallest tower (£)
Rachel Reeves plans spell mortgage misery for millions (£)
Where landlords will be hardest hit by a rise in capital gains tax (£)
Building new UK towns needs radical approach, says task force chair (£)
Rachel Reeves vows to ‘invest, invest, invest’ (£)
Builders step up supply of new homes (£)
Will Starmer’s ‘mini-Davos’ jump-start investment in Britain? (£)
TGI Fridays close to being rescued (£)
Doubts over inhaler research centre after tobacco company sells up (£)
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