MORNING NEWS: US investment in London real estate rebounds to new high

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 national papers. US investment in London real estate has hit an eight-year high after reaching £1.9bn in the first quarter, according to BNP Paribas Real Estate. The total was the highest recorded since Q4 2015, when it amounted to £2.7bn. The agent found that 63% of the total £3bn invested by US buyers into UK real estate in the first quarter was spent on commercial property acquisitions in the capital. Total UK inward investment from US-based buyers soared by 64% year-on-year in Q1, from £1.9bn. Researchers said US-based investors are seeing more value in asset pricing in the UK market than they are domestically, citing “more favourable” leasing fundamentals and the strength of the dollar against the pound. Elsewhere, investors are waiting to deploy more than £16bn of dry powder into the UK industrial and logistics sector, according to the latest data from Cushman & Wakefield. Appetite for industrial and logistics acquisitions has outstripped landlords’ willingness to sell for the first time in the past two years, with Cushman’s figures showing “very little” industrial product on the market. Custodian Property Income REIT is upbeat that recovery is around the corner after its fourth quarter was boosted by solid leasing activity. The listed owner, which was forced to abandon a merger with Abrdn Property Income Trust in March after failing to secure shareholder approval, posted a 1.7% rise in like-for-like passing rent during the quarter. And, M&G has put an office tower in Birmingham up for sale for more than £101m, reflecting a 9% net initial yield. JLL has been appointed to seek a buyer for the 310,000 sq ft building, which is leased to law firm Gowling WLG and HS2. Other occupiers include Carter Jonas. All of the news from EG, plus a selection of headlines from the nationals:Custodian confident as new rent rocketsSpringfield inks affordable housing dealRegional REIT secures Swindon and Stoke-on-Trent office tenantsDesigns picked for LSE Bankside affordable student schemeUS spending on London properties hits eight-year highM&G puts £100m Birmingham office tower up for saleIndustrial investors wait to deploy £16bn of dry powderPunch buys Milton Three Pub GroupUK Infrastructure Bank commits to WhitehallGMS Estates gets go-ahead for Southwark office conversionMontagu Evans hires CBRE strategic advisory directorManchester’s Exchange Quay campus set for plug-and-play upgradeRapleys hires head of new Cambridge consultancy teamCortland BTR director moves to GAABlackfinch invests in Glasgow resi schemeUK healthcare sector set for growthDeveloper bags Manchester office from Canada Life AMUK mortgage approvals hit 18-month high in March, says Bank of England (£)COMMENT We Need to Talk About Capital Gains Taxes