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 nationals.
Swiss Life Asset Managers is mapping out big plans for the UK self-storage market, where it wants to double its fund to £260m by the end of this year.
The group has already made some £130m of investments, mainly located in the North West of England, but is looking to double this with the help of an equity raise.
More proof of just how big the impact of energy inefficiency is, courtesy of CBRE. The agency has found that inefficient commercial properties recorded a 6% fall in capital value growth in 2023, compared with a 3.8% decline for efficient assets.
Researchers underlined a correlation between the energy efficiency of properties and their investment performance across the office, retail and industrial sectors. Total returns were 0.8% for efficient properties during 2023, compared with a 1% reduction for inefficient assets. The investment performance gap was most pronounced in the office sector.
And in people moves, GPE has lost one of the architects of its growing flex office business, as head of flex customer experience Jack Kelly moves to a tech advisory firm working with landlords and workspace operators.
All the news from EG, plus a selection of headlines from the nationals:
Swiss Life sets sights on doubling £130m UK self-storage fund
Landlords look to leisure to fill vacant Square Mile sites
London online grocery demand is underestimated, study suggests
GPE’s head of flex customer experience departs
Energy inefficient shops and offices suffer capital value falls
Harworth boss says £1bn business goal is within reach
Birmingham approves 234-home canal-side community
Inclusive design should lead next iteration of London Plan
Freshwater to submit revised plans for City tower
Gove hits out at Khan over shortage of homes as London’s population surges to new record (£)
Rachel Reeves to call for ‘stability’ as she outlines economic vision for UK (£)
Britain’s levelling up agenda is failing to deliver (£)
Investors open door to firm taking Soho House private (£)
Signa creditors agree deep haircuts in wind down deal (£)
Trump may have assets seized after failing to raise £357m fraud case bond (£)
Evergrande accused of £60bn fraud by Chinese authorities (£)
Want to clock off early? Get a job at the top of a skyscraper (£)
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