Good morning,
Home REIT has seen £130m wiped of its share value following a damning report from a short-seller. Viceroy Research, which has placed a £5m bet on the REIT’s value falling, has cast doubt on Home REIT’s tenants and rents. The REIT called the claims “inaccurate and misleading… based on mistaken assumptions, misinformed comments, and disputable allegations”.
Meanwhile, MPs have been told that the gilt market rout, sparked by the disastrous mini-Budget, wiped £500bn off pension funds.
It is easy to get a bit gloomy, writes EG’s editor, reading about chunky chips on prices, spooked funders, mounting losses at listed darlings and malls falling into administration. But from EG’s Future Leaders programme to Publica’s campaign, it is clear there is a lot more hope and belief.
A new survey has found what life science tenants most want from their space. Obvious big ticks include amenities and transport links, but 3D printers and digital twins also make the list.
And, as the Supreme Court states that a second independence vote can only be held with Westminster’s approval, EG heads to Scotland this week.
There is plenty of value to be found in Scotland’s cities, writes Savills’ director Ed Crockett. And despite the rent freeze and eviction moratorium, some of the biggest opportunities are in BTR and PBSA.
Glasgow is the UK’s least green city, according to a new report. The verdict is not based on sustainability, where the COP26 host scores rather highly, but on literal green space.
And we are a year on from Glasgow hosting the COP26 conference, but what progress has actually been made? More than you might expect, writes Derwent London chief Paul Williams.
In other news, Native Land’s plans to redevelop the 1.7-acre former Debenhams department store site in Guildford, Surrey, have been approved. The 300,000 sq ft resi and retail development will be called St Mary’s Wharf.
Fashion retailer Reserved has leased a 20,000 sq ft London flagship at GPE’s 70/88 Oxford Street development.
NewRiver has returned to the black despite a valuation chip.
John Betjeman’s campaign to save Liverpool Street station is being revived in the face of a £1.5bn plan to redevelop the site.
AIM-listed regional office investor Circle Property has continued its disposal strategy with the sale of Somerset House in Birmingham for £15.18m.
But Palace Capital has paused its sell-off plans as it racks up a £12.4m loss.
And Cardiff Bay has landed a squid – a Giggling Squid.
Michael Gove has cut funding from Rochdale Boroughwide Housing after it failed to act on a mould problem which contributed to the death of a toddler.
And the chair of online estate agent Purplebricks could be ousted next month after activist investors forced a general meeting.
Further afield, China’s state-owned banks are seeking to boost the country’s struggling property sector with more than $30bn in new credit lines.
The FT(£) takes a trip to Mar-a-Lago, to the court of “King” Donald.
And finally, Dubai has said it will build the tallest residential building in the world. Developer Binghatti has refused to say how tall it will be, but has vowed it will be taller than the 1,550 ft Central Park Tower in New York. It has also vowed that the “hypertower” will be the most “lavish”, with hotel-style services and Trump-esque interiors, topped by diamond-shaped spires to give the appearance of a gem-encrusted crown. And to be absolutely certain that it will be as “lavish” as possible, the tower will be developed in partnership with the jeweller Jacobs & Co. Burj Bling!
