MORNING NEWS: Panther pounces and Picton offloads Angel asset

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 nationals. A big read for those interested in driving meaningful change across the sector lands in your inbox as part of today’s Morning News from the team at EG. Late last month a government-commissioned report highlighted corporate confusion and misguided spending on EDI. The Inclusion at Work Panel chaired by Pamela Dow, chief operating officer at Civic Future and a former senior civil servant, and advised by Harvard academic Iris Bohnet, highlighted the rapid growth of EDI jobs, external training providers and the millions being spent on the drive to make Britian’s workplaces more inclusive. The report found organisations are continuing to make interventions that have been shown to have little or no impact, and in some cases are counterproductive or unlawful. Amid the ensuing debate, EG asked three figures who are helping to shape EDI practices in UK real estate how they are navigating this complex area – and what steps they believe are crucial to driving real change in the sector’s workplaces: Hannah Awonuga, group head of diversity, equity and inclusion at Knight Frank; Brona McKeown, HR director, general counsel and company secretary at British Land; and Sue Brown, managing director of campaigning organisation Real Estate Balance. Read more here and share your thoughts with the team by dropping us an email at newsdesk@egi.co.uk And in the world of “hard” news, planning – or the lack of it – continues to come in for a beating with Essex outed as the most anti-development county in England. Beating even Westminster, which an EG exclusive last week revealed was at risk of a “catastrophic decline” in employment space after losing some 4m sq ft of offices. In the deals world, Picton has offloaded its half-let Angel Gate office block in London to QSquare (Brighton) for close to £30m – a 5% premium on its most recent valuation. The circa 65,000 sq ft block has potential for residential conversion. And Panther Securities has completed a £68m refinancing of its debt with a new four-year facility from HSBC and Santander. Elsewhere in the world of debt, however, things aren’t so rosy. Troubles continue in the Chinese real estate world as Country Garden suspends trading. The developer, which is struggling under more than £150bn of debt, has delayed its full-year results as it tries to restructure. In the UK, the developer is trying to offload assets, including the £450m Calico Wharf in east London where 950 new homes are planned. Knight Frank is advising on the disposal. And, if you’re playing along with the “when will we have a general election” game, the latest dates – from none other than levelling up secretary Michael Gove are 14 or 21 November. Although even he’ll admit that is an entire guess and he as “no inside knowledge”.  All of the news from EG, plus a selection of headlines from the nationals:Picton offloads Angel for £29.6mPanther pounces for £68m refinancingHow do you solve a problem like EDI?Homes England funding to unlock 820 homes in OxfordshireEmbattled Country Garden suspends sharesGovernment updates guidance on second staircase ruleCOMMENT: Navigating Newcastle’s dynamic real estate investment landscapeEssex is most anti-development county in EnglandDeloitte reverses Covid cuts by expanding its office space in London (£)Justin King backs £50m fund to invest in hospitality firms (£)Banks face $2tn of maturing US property debt over next three years (£)Bill’s chief Richard Caring tests appetite for café bar (£)Smythson quits Bond Street to cut costs (£)Covid debt is haunting restaurant chains – but Wahaca has a lifeline (£)Home of Gareth Southgate’s former agent is repossessed after debt default (£)Cambridge innovation hub at risk from lack of infrastructure, warn businesses (£)China’s Vanke vows to cut debt by $14bn as property woes mount (£)UK property market shows hard-learned lessons on leverage (£)The lights are coming back on for a resurgent Oxford Street (£)New fears for high street after latest string of shop closures (£)UK clubs and music venues battle midweek blues (£)