Good morning. Here is your AM bulletin, with the latest news and views from EG, as well as a few of the best bits from the morning papers.
WeWork plans to file for bankruptcy protection as early as next week, as debts and liabilities overwhelm the business. Shares in the flex workspace giant fell by 39% in late trading following the news.
Meanwhile, company insolvencies in the UK have risen to their highest levels since 2009, due to a “perfect storm” of headwinds.
But GPE is not deterred, building up its flex business with some changes to its senior team.
What happened to flying the flag? Real estate employers were absent from Stonewall’s top global workplaces for LGBTQ-plus staff, with top performers mainly hailing from the legal and finance sectors.
Muse has been named preferred development partner for the regeneration of the 450,000 sq ft Mell Square shopping centre in Solihull.
While Oxford’s Trinity House site is set to become home to the first StudioLabs co-working lab concept in the UK, after Breakthrough secured consent for a 170,000 sq ft redevelopment.
In other news, hundreds of railway ticket offices across England are to remain open after a government U-turn on closure plans following an unprecedented backlash from the public.
The Scottish government is closing a loophole used by landlords to sidestep rent control rules. Under the plans the 3% increase cap will apply to new and existing tenancies.
And Blackstone is selling a 35% stake in a Spanish hotel group to Singapore’s GIC, valuing Hotel Investment Partners – HIP to its friends – at more than €4bn.
