Good morning. Here’s your round-up of today’s real estate headlines on EG and in the papers.
Blackstone co-founder and chief executive Stephen Schwarzman has accused remote workers of not working hard, and outlined concerns that occupier cutbacks will lead to empty offices that are “not survivable” as “economic entities”.
St James’s Place’s decision to suspend dealing in its £826m property unit trust is the latest in a series of gatings that have prompted fears such funds have reached “the point of no return”.
More workers are returning to the office as energy costs continue to soar, according to new research.
Concerns have been raised over the possibility of a mild recession, after the private sector contracted for a third consecutive month.
The chief executive of HSBC has warned the world is at a “tipping point” on debt that will “hit hard” following years of government borrowing binges.
GRESB has adopted Social Value Portal’s real estate social value index as a building certification for its international assessments. It is hoped the move will bolster the links between making a positive social impact and financial returns.
Z Hotels has lined up a loan from OakNorth Bank and Ask Partners to buy and refurbish an empty office block on Charing Cross Road, WC2.
Barclays is embarking on a major cost-cutting drive in the wake of a profit drop in Q3.
Furniture retailer SCS is set to be taken private by Italy-based rival Poltronesofà, in a deal valuing the UK company at £99.4m. If approved, the acquisition will add SCS’s 100 shops to the Poltronesofà group’s store portfolio.
And, global private individual investors are on the hunt for commercial real estate acquisitions with higher risk-reward profiles.
