MORNING NEWS: Shareholder tells IWG to switch or sell

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. Go stateside or sell up is the rallying call from one of flex giant IWG’s biggest shareholders. Buckley Capital Management has sent an open letter to investors in Mark Dixon’s business demanding that the firm switches its listing from London to New York and embarks on a major share buyback to boost its languishing share price. In the lengthy note, managing partner Zach Buckley sings the praises of the business, claiming it is positioned for dominance and high profitability in the flex sector, but says the UK investment community is failing to see or understand its merits. As a result, it wants the firm to head to the US. If that still doesn’t boost the share price, Buckley wants the IWG board to consider a sale of the business. “We are concerned that efforts by IWG’s management to articulate the investment merits of the company have fallen on deaf ears, and further action needs to be taken to unlock the company’s intrinsic value,” writes Buckley. “Therefore, we believe the board should initiate a major share buyback as soon as the company reaches its 1x net debt/EBITDA target. Simultaneously, we believe that the board should expedite the re-listing of IWG’s shares onto a US stock exchange.” Buckley said a shift to a US listing presented a strategic opportunity to enhance shareholder value and would expose IWG to a new and more liquid market with “investors who have greater appreciation of its leverage levels and business model”. “The more efficient capital market in the US can help the company realise intrinsic value in a timelier manner, which the UK market has failed to do over the last five years”, he added. While Dixon prepares for a potential battle with his shareholders, the business of real estate rolls on with the deals market waking up from its summer slumber and planning departments prepping for permissions and refusals. In Midtown, CBRE has picked up the gig to investigate potential new HQs for Trainline ahead of a lease break on its 120 Holborn office in early 2026; in Warwickshire, CBRE IM has snapped up the Leamington shopping park from Abrdn for £57.5m; while planners in Cambridgeshire are preparing to give the nod to Prologis for a £200m life sciences campus next to Addenbrooke’s Hospital. And despite a 3% increase in rental income across its Marylebone holdings, a write-down in the value of its investment properties has left the Howard de Walden Estate in the red. Chairman William Proby said: “We have come through a testing time over the last four years. However, there are signs that we may have reached, or are very close to, the bottom of the current property cycle. Our strong financial position means we can expect good opportunities for the estate to prosper.” All of the news from EG, plus a selection of headlines from the nationals: Howard de Walden cheers resi and retail for rental riseCBRE IM snaps ups Warwickshire retail parkTrainline books ticket to new Midtown officeGreenwich Council takes a View to approve resi developmentPrologis’ £200m Cambridge Biomedical Campus expansion tipped for go aheadMasterplan submitted for Cardiff Peninsula regenerationRightmove rebuffs Murdoch-backed REAWarrington powers up Peel’s 820-acre Fiddler’s Ferry masterplanGlobal Port Services expands in AberdeenHub and Bridges’ Barbican co-living project approvedBloor Homes gets nod for 650-home Crewe schemeFinal phase of Park Hill regeneration tipped for go-aheadTwo ARC Oxford lab schemes lined up for approvalTri7 launches office investment businessHomes England goes to Town with Cambridgeshire co-housing planGIC and Greystar complete £950m Student Roost refinancingPaloma Capital joint venture sets out plans for Bedford industrial siteShort-term tenants sought for former Debenhams storeBPF calls for ‘clear plan for growth’ in Autumn BudgetSavills raises £54m in early September auctionCBRE appoints director of European hotel investmentsRemaining Body Shop stores saved from closureAllsop gears up for brace of big September salesHoney gets thumbs up for 114 Nottinghamshire homesManchester United stadium to become Trafford Wharfside’s regen anchorCOMMENT: Lessons from the Olympics: creating lasting value at paceDWS names new head of UK real estateOxford’s Hythe Bridge Street revamp set for approvalB&Q shines a light on the dark stores revolutionising retail (£)