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🌟 Exciting news alert! 🌟 London Tunnels has made a strategic decision to move its IPO plan to Amsterdam, marking a significant shift in the financial landscape. In a recent article by The Guardian, the company's decision has sent ripples through the UK markets. This move opens up new opportunities for London Tunnels and aligns with its vision for growth and expansion. Despite the challenges, the company is ready to embrace this change with confidence, resilience, and determination. Stay tuned as we navigate this transition and capitalize on the potential for future success. #LondonTunnels #FinancialNews #IPOMovement Read the full article on The Guardian for more insights. Let's keep the conversation going! https://ift.tt/XBtrQzh

Good morning. Here’s your daily round-up of the latest news and views from EG all perfectly curated to set you up for the day ahead. Go stateside or sell up is the rallying call from one of flex giant International Workplace Group plc’s biggest shareholders. Buckley Capital Partners has sent an open letter to investors in Mark Dixon’s business demanding that the firm switches its listing from London to New York and embarks on a major share buyback to boost its languishing share price. In the lengthy note, managing partner Zach Buckley sings the praises of the business, claiming it is positioned for dominance and high profitability in the flex sector, but says the UK investment community is failing to see or understand its merits. As a result, it wants the firm to head to the US. If that still doesn’t boost the share price, Buckley wants the IWG board to consider a sale of the business. “We are concerned that efforts by IWG’s management to articulate the investment merits of the company have fallen on deaf ears, and further action needs to be taken to unlock the company’s intrinsic value,” writes Buckley. “Therefore, we believe the board should initiate a major share buyback as soon as the company reaches its 1x net debt/EBITDA target. Simultaneously, we believe that the board should expedite the re-listing of IWG’s shares onto a US stock exchange.” Buckley said a shift to a US listing would expose IWG to a new and more liquid market with “investors who have greater appreciation of its leverage levels and business model”. “The more efficient capital market in the US can help the company realise intrinsic value in a timelier manner, which the UK market has failed to do over the last five years”, he added. While Dixon prepares for a potential battle with his shareholders, the business of real estate rolls on with the deals market waking up from its summer slumber and planning departments prepping for permissions and refusals. In Midtown, CBRE UK has picked up the gig to investigate potential new HQs for Trainline ahead of a lease break on its 120 Holborn office in early 2026; in Warwickshire, CBRE Investment Management has snapped up the Leamington shopping park from abrdn for £57.5m; while planners in Cambridgeshire are preparing to give the nod to Prologis for a £200m life sciences campus next to Addenbrooke’s Hospital. And despite a 3% increase in rental income across its Marylebone holdings, a write-down in the value of its investment properties has left The Howard de Walden Estate in the red. Chairman William Proby said: “We have come through a testing time over the last four years. However, there are signs that we may have reached, or are very close to, the bottom of the current property cycle. Our strong financial position means we can expect good opportunities for the estate to prosper.” All that and so much more in your EG MORNING NEWS ⬇️⬇️⬇️ https://lnkd.in/e3DivY3B

Our investment in Churchill Group has been showcased as an example of a business succeeding in the East of England in Real Deals’ Private Equity Value Report 2024 available in full here - https://lnkd.in/ehmn3EKT.   The article covers how the East of England has a healthy number of fast-growing PE-backed businesses with the business product and services sector being the most successful making Churchill a fitting case study for the region.   Churchill was already a £250m revenue company when it partnered with Soho Square in 2020 to de-risk the founders’ positions and prepare for new management to come in.   Soho Square co-Managing Partner Stephen Edwards led the deal and comments on how well the team managed dealing with the challenges of Covid which while complicated actually increased the demand for cleaning services and needed more creative cleaning and tech solutions than in normal times. This was also the case with Churchill’s security services when offices, although empty, needed good security. The growth persisted after Covid where cleaning to a higher standard has remained a priority.  Covid was not the only growth factor for Churchill however - its focused offering has resulted in better profitability than a lot of its larger competitors.   Soho Square’s exit from Churchill in August 2023 in just three years instead of the expected five years was in the form of an Employee Ownership Trust, only possible because of how the original deal had been structured without a significant equity stake. Soho Square’s more hybrid model of investment means that its portfolio companies don’t need to be sold as a whole for them to realise their investment allowing for refinancing's or management to buy back the business. Stephen Edwards commented, “It’s good to see Churchill recognised as an East of England success story. We are delighted to have partnered with Churchill’s highly capable management team who delivered transformational growth well ahead of plan. When Churchill’s founding team explored early exit options, Soho Square’s minority equity structure enabled the Company to have greater choice of exit routes than would be the case with more traditional private equity structures and it was great that they could exit to an EOT, which resulted in a full exit for Soho Square and Churchill now being fully owned by its management team and employees.”   #privateequity #EastofEngland #successstory #employeeownershiptrust #exitoptions

Here’s your daily round-up of the latest news and views from EG. 🛍 Retail investor Redical is frontrunner in the race to buy a stake in one of the best shopping centres in the UK. The firm is under offer to buy a 25% holding in the 850,000 sq ft retail element of St James Quarter in Edinburgh for around £75m. Nuveen, a TIAA company put its stake in the 1.7m sq ft development up for sale in June, alongside the freehold of the 244-bedroom W Edinburgh hotel. 💼 The chairman of The PRS REIT plc has quit so the company can reach a “near-term resolution” with shareholders pushing for his exit. A group of investors had requested a general meeting at which shareholders could vote to remove two of PRS REIT’s five existing independent non-executive directors, chairman Stephen Smith and Steffan Francis. Smith will step down at the REIT’s annual general meeting in December, with Geeta Nanda OBE Nanda, senior independent director, becoming interim chair and leading the appointment process for a new, permanent non-executive chair. 🏗 Harworth Group plc chief executive Lynda Shillaw has urged the government to help the real estate industry and prioritise fixing an under-resourced planning system. In an interview as the developer published its half-year results, Shillaw said resourcing in local authorities remains the most pressing element of planning reform. “The technical complexity of what has to be submitted [in a planning application] has only increased over recent years,” she says. “Things like biodiversity net gain and other aspects of the planning system as it is being reformed mean that planning applications are just more complicated and harder to work through. “Some local authorities manage that process better than others, where they’ve got the depth and experience of resource. It’s often a real challenge for smaller authorities. If you are going to get the planning system working more efficiently, they’ve got to look at resources. They talked about 300 additional planners, but in terms of overall planning resource and capacity it probably needs to be a whole lot more.” 🏢 The Ministry of Housing, Communities and Local Government has launched a survey looking at how national planning policy and guidance around the demolition and redevelopment or retrofit of buildings should be updated. London Property Alliance (CPA & WPA) chief executive Charles Begley welcomed the move, saying: “Government has an opportunity to progress its economic growth and sustainability ambitions through the planning system, in turn helping local councils take informed and balanced decisions based on reliable and consistent data.” 🗞 There’s also news on Brookfield Properties’s plans for EG’s home at 99 Bishopsgate; the latest London retail lettings for Unibail-Rodamco-Westfield; and a new London restructuring head at Lambert Smith Hampton. All this and much more here. https://lnkd.in/es884KSE

🚀 Hines in the Nordics debuts in Sweden to expand in Nordic. Hines is a global real estate investment, development, and property manager. Hines have entered into an agreement with Nobia, Europe’s leading kitchen specialist. Hines' entry into Sweden, which represents the latest milestone in its growth in northern Europe, means Hines now operates in 14 European countries. “We have been waiting patiently for the right opportunity to enter the Swedish market and this represents an excellent fit for Hines’ ambitions to grow its portfolio of high-quality industrial assets in great locations across the continent." - James Robson, Country Head - Nordics, at Hines “By selling and leasing back the property, we strengthen our financial position while simultaneously becoming long-term tenants in the new highly automated kitchen factory, which will serve as the hub for Nobia's Nordic operations.” - Jon Sintorn, President and CEO of Nobia Read more about Hines' strategy to expand in the Nordics below. 👇 #realestate #PropTech #ceo #dataandanalytics #realestateinvesting ---- 💡 Follow PropTech Connect for daily Real Estate news and insights.

LET’S GET IT STARTED – MOMENTUM FOR CORE DEALS? New year, new deals. Looks like these first weeks of January have been particularly intense, with almost €0.5bn of core deals finalized. Is the market gaining confidence in light of possible rates cut? ECB, your move. No pressure... First of all, good ol’ Statuto is back at it with one more super deal, continuing its hospitality shopping spree. Gruppo Statuto has indeed inked on the acquisition of the Mandarin Oriental Hotel Group in Paris for €205m (€1.5m per room). Pas mal. Statuto, advised by Baker McKenzie (legal) and Three Stars Capital Partners (debt financing), has thus marked its first foray in the French market, just months after buying W Ibiza and Six Senses in Rome. Is he in the hospitality business or, rather, in the empire business? Kryalos SGR, in the meanwhile, has sealed some appealing disposals in quality of fund manager for two major investors. Firstly, Blackstone handed the keys of Palazzo di Fuoco, a 15,000 sqm grade-A office in Milan, to CORUM Investments for c. €70m. Kudos to the advisors involved: Dils, Cushman & Wakefield, PedersoliGattai (legal) and FIVELEX Studio Legale e Tributario (tax). Just few days before, Apollo Global Management, Inc. had disposed of four more office assets, spread in Milan and Rome, for €120m, as part of the Enpam portfolio strategy (if this name doesn’t ring a bell, please check our old articles). Ardian, as reported by the Italian press, is also close to finalize the disposal of its iconic trophy asset in Rome (Via Vittorio Veneto 89), a c. 20,000 sqm office fully let to Deloitte and Amazon. Rumor has it that Deka Immobilien signed a PSPA in 2022 for c. €280m at a 3.25% yield (good old times…). Let’s wait for the final announcement. Finally, Covivio has announced the disposal of a 12,500 sqm asset in the Symbiosis district, its major urban regeneration scheme adjacent to Scalo Porta Romana. The asset is fully let to ICS Milan International School, an international school for particularly wealthy kids, and presents some honestly cool features like a semi-olympionic swimming pool. Wish my middle school was that nice. The transaction was brokered by our friends at Dils. Will the transaction volume pick up? Stay tuned. #primeyield #milan #realestate #investments

Office assets continuing to be attractive in Australia amidst significantly rising interest costs, declining occupancy, and sizeable capex commitments. Mirvac, in the recent months, have been active in disposing assets, with Sydney-based AsheMorgan and Mitsubishi’s MEC Global Partners Asia unit completing a A$777 million acquisition of 60 Margaret Street office tower and its MetCentre retail podium, equally owned by Blackstone and Mirvac. We will potentially see 2 acquisitions in the span of 2 years as Keppel-REIT (SGX: K71U.SI) is expanding its portfolio globally. While the Australia exclusive due diligence is not as exciting as its initial foray into Tokyo's most famous shopping street, getting a steal for the property would be compelling to market watchers. Watch out for this space! #annexionpartners #builtenvironment #poweringpossibilities #recruitment #singapore #australia #ginza #sydney #melbourne #realestate #investment Ethan Tan, Kotomi Mori, Sloane Covey, Xuefen Guan, Daniel Lim, Sharwn Gill, Philbert Anand, Sittie Aisah Nuska

KKR and Hulic (https://www.hulic.co.jp/) have placed a bold bid of US$2 billion for Shiodome City Center, a prominent Tokyo skyscraper owned by GIC. This offer, led by KJR Management and Hulic, represents a significant transaction in Japan's real estate history. The Tokyo office market's resilience post-pandemic, with low vacancy rates, continues to attract both domestic and international investors. Negotiations are ongoing, with the possibility of additional capital partners joining the consortium. Ralph Rosenberg from KKR expresses confidence in high-quality assets in prime locations. The outcome of this negotiation could establish a new benchmark for prime office valuations in Tokyo and highlight international interest in Japanese real estate assets. "This bid represents one of the most significant office building transactions in Japan's history," said Hiroshi Okubo, head of CBRE's Capital Markets team in Japan. "It underscores the continued appeal of Tokyo's premium real estate assets to both domestic and international investors." "The Tokyo office market has demonstrated remarkable resilience compared to other global cities post-pandemic," noted Tetsuya Kaneko, Head of Research at Savills Japan. "With vacancy rates in prime business areas hovering around 5.5% this year, investor confidence remains strong." When approached for comment, Ralph Rosenberg, Global Head of KKR Real Estate, stated, "While we cannot discuss specific transactions, KKR remains bullish on the Japanese real estate market, particularly high-quality assets in prime locations." "These premium assets seldom change hands," explained Takeshi Akagi, Head of Research at JLL Japan. "Local developers typically retain ownership of the properties they construct, making this potential sale particularly noteworthy." As Japan's commercial real estate market continues to benefit from a weak yen and low borrowing costs, the outcome of this high-profile negotiation could set a new benchmark for prime office valuations in Tokyo and signal ongoing international interest in Japanese real estate assets. #Growth #RealEstate #CommercialOffice #KKR #Japan #Investment #PrivateEquity #CapitalMarket #Japan #Tokyo I Bloomberg News I The Business Times

Transforming hotels into high demand apartments: your next smart move with SP10.   Explore the unmatched potential of Phoenix's real estate market with SP 10 Preferred Equity, LLC.  SP 10 is a distinctive investment opportunity set in the thriving Phoenix market, ranked among the top 10 in PwC's 2023 Emerging Trends in Real Estate report.  As the 2nd highest tracked market for in-migration over the last 5 years, #Phoenix boasts an impressive 25% surge in average market-asking rents since 2019, driven by robust local employment growth with a shortage of new apartments to meet demand.    Get Involved in this Growing Market Now: https://hubs.li/Q02BC-gP0 NASDAQ: CWD (https://hubs.li/Q02BCSz80 ) 

🌟 Insightful Share from Peakside Team! 🤝 Our Managing Director, Roman Skowronski, and Head of Investments CEE, Michał Nawrot, recently shared their thoughts and expertise on 2023 in an interview with PropertyNews.pl 🧐📰 Explore this article to stay up to date with the latest market trends and get a glimpse of our ambitious plans for 2024. Read the full article here 👉 https://lnkd.in/dyqeDDBq #RealEstate #MarketInsights #2023Reflections #2024Plans #PropertyNews #PeaksideTeam