MORNING NEWS: WeWork prepares to exit Chapter 11

Good morning. Here’s your Friday round-up of the latest news and views from EG, as well as some real estate-focused stories from the papers. WeWork’s restructuring plan has been given the go-ahead by the bankruptcy court, paving the way for the troubled co-working company to exit Chapter 11 by mid-June under private ownership led by software company Yardi. Chief executive David Tolley said the success of the process – which saw WeWork renegotiate leases globally – was “well beyond our initial expectations”. “In one of the largest and most complex restructurings, we have achieved extraordinary outcomes,” Tolley added. This week’s EG Interview is with Richard Parker, the new mayor of the West Midlands. Having beaten incumbent Andy Street by roughly just one vote in each ballot box, Parker knows how tight the fight was and the pressure he now faces to deliver. “I would say I am looking to do things differently from the previous mayor,” he says. “The best way I can make a difference is by working collaboratively with other partners. For me, it’s less about ‘I’ or ‘me’. It’s about ‘we’, and how we work together with key stakeholders to make the biggest difference.” Ahead of the Champions League final tomorrow, we look at whether a club making the grade can lead to more interest in a city’s real estate from international investors. Sounds like a reach, but there’s a clear sign from Leicester’s win in 2016 – and that bodes well for Birmingham given Aston Villa’s fourth-place finish now. All the news from EG, plus a selection of headlines from the nationals: West Midlands’ new mayor: ‘It’s about we, not me’How real estate markets can get a kick from the Champions LeagueWeWork to exit Chapter 11 within weeksCouncil votes to approve Chatham Docks redevelopmentMuse lodges plans for £45m Blackpool office hubManchester approves mixed-use scheme in GortonSavills appointed as sole agent for Mayfair’s Burlington ArcadeGoodhood signs for Truman Brewery storeThriving seeks to raise £2bn for PRS and affordable housing fundsManchester’s Hotspur Press gets nod for PBSA conversionRICS makes permanent SRB hiresWhy a forensic approach to operational real estate is vitalTruman Brewery owners scale back development plansPuma loans £18m for Morrison’s Surrey care homeInvestors bet on property for long-term despite bumpy ride since pandemic (£)British Land beats sector gloom with retail parks betCan US offices collapse without breaking something important? (£)Business confidence highest in nearly a decade (£)