MORNING NEWS: Grade-A offices up for grabs as sales launch

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the national papers. A buyer is sought for 101 Embankment in Manchester, which counts Swinton Insurance and Covéa Insurance among its main occupiers. CBRE has been appointed to sell the landmark grade-A office building, which carries a £80m price tag and measures 170,653 sq ft across ground, mezzanine and nine floors. The for-sale sign has also been hoisted above Morgan Stanley’s largest office in Europe outside of London, at 122 Waterloo Street in Glasgow. Knight Frank Investment Management has appointed Knight Frank and Cushman & Wakefield to sell the nine-storey, 156,980 sq ft office, which is let to the bank for circa 8.75 years at a total passing rent of nearly £4.8m per annum. It last changed hands in 2017 for £65.5m. Goldman Sachs’ alternatives arm has raised more than $7bn (£5.6bn) for its latest real estate credit fund at its final close, as the firm seeks to take advantage “significant” opportunities driven by “major” market dislocation. The fundraise, for West Street Real Estate Credit Partners IV and related vehicles, closed above target and is the largest to date in its series, with increased commitments from an expanded investor base. AEW UK REIT has warned of the effect of a “fragile economic backdrop” for occupational markets, hoarding cash even as values grow across parts of its portfolio. NAV dipped to £162.7m from £164m at the start of the year, with a 0.4% valuation rise to £210.7m and a NAV total return of 1.16%. Offices values declined, but this was offset by uplifts on its industrial and retail park properties. And Montagu Evans has outlined plans to appoint a new managing partner this summer, as Rob Bower prepares to step down from the role in March 2025. His successor will formally begin the role on 1 April next year. All of the news from EG, plus a selection of headlines from the nationals: AEW UK REIT piles ‘cautious cash holdings’Buyers sought for Manchester’s 101 EmbankmentGoldman reaches $7bn final close for real estate credit fundKey factors to consider when reusing structural steelMorgan Stanley’s Glasgow office hits the marketMontagu Evans to appoint new managing partner as Bower steps downMultifamily rental values rise while capital values fall£1bn Manchester Airport City revised as science hubPatron raises €860m for new fundReworked Hines Soho plans tipped for approvalArchitect launches legal action against Camden CouncilSavile Row tailors say office rejection would be a stitch-upBTR planning backlog squeezes pipelineArch Company cleared for ‘jazz club’-style venue in Square MileNational deals round-upClose Brothers loans £48m for Brent Cross Town regenHines targets £200m self-storage portfolio with debut buyMay resi auction raises £47m for AllsopInvestec lends Realstar £22m for Manchester BTRWet weather and costly mortgages fuel fall in housebuilding (£)Why Hong Kong should put debt restructuring back on the legislative agenda (£)UK pharma giants pledge £430m investment in France after Macron charm offensive (£)Oxford Street 2.0: How £1bn investment will transform candy store blight back into premier shopping destinationPizza Pilgrims to expand to Scotland and Wales after record profit’Serious questions’ for lenders over surge in ultra-long mortgagesTiny beachfront ice cream hut on sale for £1.5m (£)