Patrizia buys First Street
John Hughes’s Ask Developments has sold the £500m First Street project in Manchester to German investor Patrizia Immobilien. The 20-acre, partially developed scheme has capacity for a further 1m sq ft of offices and 500 flats. It represents Patrizia’s entrance into the UK PRS market and will seed a dedicated UK PRS fund.
Hermes appoints Nell
Hermes Investment Management has appointed Aviva Investors’ head of European retail funds, Philip Nell, as fund director. Joining on 20 July, he will manage the UK Private Rental Sector Fund, working with Countrywide. Aviva has appointed Mike Luscombe as lead manager of the Aviva Investors Property Trust to replace Nell.
O’Neil to lead devolution drive
Former Goldman Sachs chief economist Jim O’Neil is to become commercial secretary to the Treasury to lead the government’s devolution agenda. The appointment came as chancellor George Osborne used his first post-election speech to present the Cities Devolution Bill setting out the government’s vision for devolving powers over housing, transport, planning and policing.
Clark replaces Pickles
Greg Clark is to replace Eric Pickles as secretary of state for communities and local government. The former universities minister will drive the northern powerhouse plan. Brandon Lewis remains housing and planning minister.
Brookfield starts in the City
Brookfield has confirmed it will start work on its 900,000 sq ft City tower 100 Bishopsgate, EC2, without a prelet. The North American giant bought out Great Portland Estates’ 12.5% stake in the project in 2014. The move will give Brookfield a headstart over 22 Bishopsgate, EC2, formerly known as the Pinnacle.
