Offices news – Page 14
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NewsRegional REIT reports robust Q3 despite office market headwinds
Regional REIT achieved a high tenant retention rate for Q3, with 73.2% of units up for renewal let to the same tenants at an average 6.2% rise in rental income, its trading update for the quarter said.
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NewsGalliard and City Developments JV buys massive Morden Wharf site
Mixed-use developer Galliard Homes has acquired the 13.8-acre Morden Wharf site in London’s Royal Borough of Greenwich to develop around 1,500 homes, in a joint venture with City Developments Limited (CDL), Property Week can reveal.
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NewsGreen light for Gen Two’s Cambridge life sciences hub
Life sciences developer Gen Two has been given the green light to develop a 125,000 sq ft life sciences hub in Cambridge.
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NewsRevolut in talks to move headquarters to iconic Canary Wharf YY building
Fintech banking firm Revolut is in talks to move its headquarters to a 113,000 sq ft space at Quadrant’s YY building at Canary Wharf.
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NewsUK Commercial Property REIT and Picton in merger talks
UK Commercial Property REIT (UKCM) is in discussions with Picton Property Income regarding a possible all-share merger, which would create a company with net assets of around £1.6bn and a portfolio worth around £2bn.
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NewsIndustry could be on the ‘cusp’ of a serious downturn in demand
There is a sense the industry could be “on the cusp of a serious downturn in demand across the markets”, Gareth Lewis, PwC director, said during a webinar yesterday to launch the firm’s joint report with the Urban Land Institute (ULI) titled ’Emerging Trends in Real Estate Europe’.
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NewsWeWork files for bankruptcy in US but ‘business as usual’ for UK operations
WeWork has filed for Chapter 11 bankruptcy in the US but declared it is “business as usual” for its operations in the UK and Ireland.
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NewsDelay in completing London office schemes to push up rents, Gerald Eve report says
London office developments may face further delays due to increased financing margins, putting additional pressure on supply of best-in-class space and pushing up top-end rents, according to the London Markets report from property consultacy Gerald Eve.
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NewsEx-WeWork execs to help landlords with ‘struggling workspace operators’
Flexible workspace firms Re-Defined and Platformspace have formed a new partnership, bringing together several of WeWork’s former executives with the aim of stepping in to take over space from operators struggling in the co-working market.
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NewsLondonMetric completes £24.5m of non-core sales
FTSE 250-listed REIT LondonMetric Property has sold four offices and two long-income assets in separate transactions for a combined £24.5m.
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OnlineWeWork plans to file bankruptcy as early as next week, sources say
WeWork plans to file for bankruptcy as early as next week, according to reports in the US.
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NewsCo-op’s Manchester HQ sells for third less than original asking price at £140m
The Co-operative Group’s 330,000 sq ft Manchester headquarters has been sold to a Middle Eastern investor for around £140m, around two thirds of its original price.
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OnlinePicton wins permission for Angel Gate resi conversion in City
Picton has secured planning permission for a residential conversion of it Angel Gate scheme in the City of London under residential permitted development rights.
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NewsBrookfield working up plans for new City skyscraper at 99 Bishopsgate site
Brookfield Properties is working up plans to replace its 99 Bishopsgate office tower in the City of London with a new 54-storey skyscraper.
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NewsEssensys posts revenue growth but UK activity remains subdued
Essensys, which provides technology to the flexible workspace industry, has reported a 9% rise in revenue to £25m, mainly driven by new site activity, according to its results for the financial year to the end of July.
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NewsHines and Peterson Group secure €80m loan for Dublin Central Plaza fit-out
A joint venture between Hines and Peterson Group has secured an €80m (£69.9m) senior loan from global alternative asset manager Cheyne Capital to fund fit-out works at the mixed-use Central Plaza scheme in Dublin and to refinance an existing facility.
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OnlineWest End prime office rents could hit £300/sq ft by December 2024, claims BNP
BNP Paribas Real Estate has predicted that super prime office rents in London’s West End could hit £300/sq ft by December 2024, as demand continues to outstrip constrained supply.
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OnlineCBRE’s Trammell Crow enters European office market with Candour buy
CBRE has expanded its Trammell Crow Company (TCC) real estate development business in the UK with the purchase of office developer Candour.
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NewsQ3 commercial investment falls 57% but UK industrial sector shows ‘glimmers of light’
European commercial real estate registered the seventh consecutive quarterly fall in investment in Q3, but the UK industrial sector provided a small bright spot, according to the latest research from MSCI Real Assets.
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NewsCanary Wharf owners inject £400m into repositioning plans
The owners of Canary Wharf Group (CWG) have committed £400m of fresh capital to invest in the east London financial district, which has suffered from waning office demand and the loss of key tenants in recent months.
