Good morning. Here’s your daily round-up of the latest news and views from EG and some real estate-relevant headlines from the national papers.
The latest results from Schroder REIT offer signs of what the team calls a “nascent recovery” for real estate.
“Having experienced a significant correction in values, and whilst uncertainty persists regarding the inflation outlook and the timing of interest rate cuts, the real estate sector should benefit from looser monetary policy going into 2025,” said fund manager Nick Montgomery as the REIT announced results for the year to 31 March.
“A nascent recovery is arguably reflected in the portfolio value remaining unchanged over the quarter to March 2024.”
LondonMetric is set to join SEGRO and Landsec in the FTSE 100, along with housebuilder Vistry Group.
The two companies have been given the nod to join the index of the country’s biggest blue chip names later this month.
LondonMetric has grown through mergers and acquisitions to become the UK’s third-largest REIT, and chief executive Andrew Jones told EG earlier this week that further consolidation could also be on the cards.
Nine months after starting lease negotiations across its UK and Ireland portfolio, WeWork says it has completed its restructuring, just in time for the US group to exit Chapter 11 bankruptcy protection later this month.
The process leaves the co-working company with 39 sites, in London, Cambridge, Edinburgh, Birmingham, Manchester and Dublin.
“Our updated footprint is made up of our highest-quality and best-performing locations in the market,” said chief revenue officer Benjamin Samuels. “WeWork is better positioned to continue defining the future of flexible work, and we’re committed to investing in our spaces and services to deliver the signature experience our members expect well into the future.”
In this morning’s other listed real estate news, Palace Capital’s disposal drive looks set to soon leave it with just six investment properties.
All the news from EG, plus a selection of headlines from the nationals:
Schroder REIT says ‘nascent recovery’ for real estate is here
Palace Capital left with handful of assets as disposals continue
LondonMetric and Vistry to join FTSE 100
Investing for social value: ‘Be bold, be brave’
Should we all be a little more like the Sage of Mayfair?
BGO backs Nordic data centre developer
Jammy deal sees doughnut business change hands
Could a holistic approach to living solve the housing crisis?
Plans in to turn Woolwich’s Riverside House into student digs
Cadogan profit lifts by a fifth
BNP PRE sublets former Aldermanbury Square HQ
Ex-Montagu Evans partners launch Scottish consultancy
WeWork wraps up UK lease negotiations
Paragon reports boost in new development finance pipeline
HFD hires from Knight Frank to boost flex offering
Keyland recruits land and development manager from Yorkshire Water
Plans in for £60m Manchester Airport hotel
Wavensmere Homes seeks buyer for £60m residential portfolio
Melburg refinances West Yorkshire shed with Coutts loan
Puma appoints first head of healthcare
How to get auctions right
Glencar appointed for Chesterford Research Park expansion
Hawkstone Properties gets go-ahead for 384-home Southampton BTR
‘There’s life in the UK economy’ as growth forecast upgraded (£)
Shoppers shrug off wet weather to give Zara a lift (£)
Investors can’t see the bargain in B&M despite record sales (£)
Nail salons and takeaways replace banks on high streets (£)
Housebuilders call for new limits on local politicians blocking developments (£)
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