Here’s a wrap-up of some of the most popular stories on EG from the past week.
Helical has formed a joint venture to redevelop a City of London office, selling half of the asset to Orion Capital Managers for £55m. The pair will refurbish and add two storeys to 100 New Bridge Street, EC4, which was built in the 1990s. The company announced the deal in the same week that chief executive Gerald Kaye confirmed he will stand down this summer, to be replaced by property director Matthew Bonning-Snook.
Helical teams up with Orion for City office scheme
Helical’s Kaye to step down as CEO
British Land has struck a deal to sell its 50% ownership in the Meadowhall shopping centre in Sheffield to its partner, Norges Bank Investment Management. Norges has paid £360m for the stake, which was put up for sale through CBRE last year. BL’s annual results this week saw the REIT back in the black, with chief executive Simon Carter saying operational momentum continued with “high occupancy, strong leasing and good cost discipline driving underlying profit growth”.
Norges buys British Land out of Meadowhall
British Land back in the black
Universities Superannuation Scheme and Assura have formed a £250m joint venture to support investment in NHS community healthcare buildings. The joint venture will be seeded with a £107m initial portfolio of seven properties, transferred from Assura’s existing portfolio at a small discount to March book values.
USS and Assura form £250m joint venture
Real estate agency Compton has launched its own marketing arm, Compton Studio – an offering that co-founder Shaun Simons says will give landlords leasing new space “a much tighter, more informed, more focused approach to how brands are put together”. The new business is led by partner and Compton head of marketing Holly Allenby, who joined the firm last summer from the same role at residential estate agency The Modern House.
Compton launches brand studio
Torbay has been given £20m as part of the government’s Levelling Up Partnerships in an attempt to “turbo-charge” regeneration in the area. The funds will be spent across Torquay, Paignton and Brixham, including refurbishing the Grade II listed Oldway Mansion, converting disused holiday accommodation into permanent homes, and transforming vacant buildings into cultural and creative spaces.
Torbay lands £20m to ‘turbo-charge’ regeneration
Other stories you might have missed:
HGP’s Vic Hepburn on fixing the housing crisis with SME funding partnerships
Why retail’s return is a lesson for all of real estate
Real estate looks to ‘reset’ as Sunak calls election
Public and private sectors unite on 12-point plan to deliver investment
Vukile and NewRiver among suitors for Capital & Regional
Crown Estate backs turnaround of Oxford’s former Debenhams store
GPE bosses on their £3bn acquisition pipeline
Have your say: Is real estate a welcoming sector for LGBTQ+ professionals?
For your listening pleasure from EG’s Property Podcasts
Dealmaker of the month: Rob Elman, Belcor
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