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.
Fintech firm Revolut has committed to Canary Wharf, upsizing its London office space by 40% and taking four floors in Quadrant and Oaktree Capital Management’s YY building.
However, the company said it will remain a “remote-first” business. When it moves in May 2025, it will use the space for product launches, workshops, team-building activities and other events.
Virgin Hotels has teamed up with the Reuben Brothers to open its first London hotel, readying to open a 120-room location at 45 Curtain Road in Shoreditch on 1 August.
It said the hotel “will form part of a long-term agreement between Virgin Hotels and Reuben Brothers”.
In this morning’s listed real estate news, Custodian Property Income REIT has become the latest investor saying the bottom of the market may have been reached.
The REIT’s portfolio value fell by 4% over the year to £589.1m but was flat over the last quarter. The company said this suggests “a turning point in sentiment and valuations has been reached”.
All of the news from EG, plus a selection of headlines from the nationals:
Revolut confirms deal for new Canary Wharf HQ
Custodian sees ‘turning point’ for values
Crest Nicholson suffers half-year earnings slump
BlackRock buys into GPE rights issue
Branson and Reuben Brothers link up for Virgin Hotels deal
Why commercial real estate needs to be front and centre of the party manifestos
Looking to the future: how data trends are redefining real estate investment
HBD picks design partner for second phase of Cheltenham’s Golden Valley
Royal Albert Dock developer secures trio of lettings
Driving school switches up a gear with Exchange Quay move
AEG Europe gets go-ahead for Edinburgh Park Arena
Avison Young appoints regional head for the Midlands and South West
Canadian National Resources’ Aberdeen HQ up for sale
Plans filed to turn former Manchester college into sheds
CBRE names new head of UK valuation
Curation Capital acquires £29m Newcastle PBSA scheme
Get Living sells £200m Glasgow mixed-use scheme
Special Opportunities REIT cancels IPO
Mainly for Students: DCF models for market valuations – a match made in heaven
UK rental market faces ‘growing challenges’, survey finds (£)
UK economy slows to a halt in April in bad timing for Sunak
Bank of England to cut rates in August, at least one more expected this year
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