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.
Tributes from across the public and private sectors have poured in for Sir Howard Bernstein, who died this weekend aged 71.
The ultimate public servant and powerbroker, Bernstein played a pivotal role in shaping modern Manchester and is credited with spearheading its economic renaissance.
He was chief executive of Manchester City Council from 1998 to 2017, creating a legacy for the city’s people, its built environment and its business community. His impact is felt far more widely too, as a champion of the Northern Powerhouse strategy and of devolution.
In the property sector, he was regarded as “regeneration royalty”. He believed passionately in the benefits of partnership and collaboration and in Manchester’s place as a global city – themes he extolled at MIPIM.
Bev Craig, leader of Manchester City Council, said: “Sir Howard served Manchester with remarkable distinction. He will be remembered as a driving force in the city’s turnaround from post-industrial decline to the growing, confident and forward-looking city we are today.”
Chris Oglesby, chief executive of Bruntwood, added: “Much will be said about Howard but possibly his greatest legacy is the culture he created in the city. Over the years we worked together, his commitment to strategy, the belief in collaboration and sheer hard work was unwavering. It left me and so many others with a personal sense of obligation to do our best to ensure that legacy continues to live on and is reflected in everything we do.”
Bernstein was married to Lady Vanessa Bernstein. He leaves two children – Jonathan and Natalie – three stepdaughters – Danielle, Francesca and Dominique – and seven grandchildren.
Elsewhere, Fitch Ratings has upgraded the EMEA real estate sector from “deteriorating” to “neutral” as it believes that the “great recalibration” of values has largely taken place.
It said its growing confidence in the sector had come as most of its issuers had “gradually chipped away” at their refinancing walls over the past 12 months, highlighting new issuances of equity from SEGRO and Canary Wharf Group and new long-dated bond issuances from Unibail-Rodamco-Westfield.
It warned, however, that a number of companies still face near-term refinancing risks, including Canary Wharf Group.
Lothbury Property Trust has called time on the fund, proposing to liquidate its circa £850m of assets as the “most equitable solution” for its investors.
The trust’s investment manager said the needs of its primary investors, namely the UK defined-benefit pension schemes, had shifted over recent months, with many “substantially reducing” their requirement for property.
And EG’s former home at 110 High Holborn, WC1, is causing a few issues for its owner.
Singaporean real estate investor UOL Group is hoping to drum up more interest in the block it paid £98m for in 2016, after lacklustre occupancy since Covid.
Documents lodged with Camden Council say UOL has struggled to find tenants for the ground, first and second floors in recent years, “despite investing significant time and capital”.
A report from Savills – which has marketed the office space alongside Farebrother since flexible office operator Knotel vacated in 2021 – describes the three floors as “problematic” due to factors including low ceilings and window heights.
Plus, IYCMI, last week EG revealed which of you had made the shortlist for this year’s EG Awards, make sure you’ve spotted yourself on the list and remember to shout about it. We’ll look forward to celebrating with you on 21 November.
All of the news from EG, plus a selection of headlines from the nationals:
‘Regeneration royalty’: The life and legacy of Sir Howard Bernstein
CLS plans major mixed-use scheme
Warehouse REIT offloads c£60m of property
Fitch upgrades real estate outlook to neutral
‘Big John’ Forrester joins Innovo
Singapore investor tries new pitch for “problematic” Holborn office
COMMENT: What’s next for high street heritage
Lothbury Property Trust to be liquidated
Cushman closes further $1bn term loan repricing
Plans in for Cornish housing scheme
EG Awards 2024: This year’s shortlist revealed
COMMENT: When Taylor comes to town – a developer’s TAYke-away
Property group boss likens UK office values to ‘melting ice cubes’ (£)
The real estate giant that wants to bring Dubai’s ‘audacity’ to the UK (£)
Labour will allow renters to offer higher prices ‘voluntarily’ (£)
UK nuclear power plants rollout may be hit by planning hurdles (£)
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