Good morning,
Hammerson’s former board member and largest shareholder, Des de Beer, has said he will vote against “at least two” of the board’s non-execs as he attempts to force changes at the REIT. His Lighthouse Properties, which owns 22.8%, wants Hammerson to sell its value retail division and tone down development.
Officials at the European Central Bank have called for a clampdown on commercial property funds, fearing a liquidity crisis in the €1tn sector.
Rathbones Group is to buy the UK wealth management arm of the Anglo-South African bank Investec for £839m, creating a £100bn AUM giant. Rathbones says it will achieve £60m annual synergies, partly by shrinking the property portfolio.
Continuing our coverage of the best of MIPIM 2023, EG talks to a panel of experts about why, despite its success and agility, London needs levelling up too.
JP Morgan boss Jamie Dimon has told shareholders that governments should CPO land for wind and solar farms. “We simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives.”
Meanwhile, remote working could send San Francisco into a “doom loop” of financial collapse, experts have warned.
In residential news, Vistry’s Countryside Partnerships has bought a 31-acre site in Coventry to deliver the first 250 homes of a 2,400-home development.
Salcombe in Devon has overtaken Sandbanks in Dorset to become the UK’s most expensive seaside town.
And finally, who would have expected, when ministers launched a pilot scheme in the Lake District for locals to list their favourite – and least favourite – new developments, that it would turn into a platform for internecine, neighbour-bashing nimby nastiness? Oh, that’s right – everyone.
