Property
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Jun- 2023 -20 June
John Lewis writes down head office by £15m
John Lewis Partnership has reportedly written down the value of its head office in Victoria, London by £15.6m, amid a rise in hybrid working. According to The Times, the group has also pushed ahead with the writedown due to depressed commercial property valuations in light of rising interest rates. The…
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Apr- 2023 -28 April
Retailers cautious to invest as retail vacancies plateau
The overall vacancy rate for retail units in the UK remained at 13.8% of Q1 in 2023, the same rate it was at for Q4 2022, according to data from the British Retail Consortium. However, this figure was 0.3 percentage points better when compared with the same period last year.…
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Mar- 2023 -29 March
Aviva acquires Southampton retail park
Aviva Investors, the global asset manager of Aviva plc, has revealed it has acquired the Hedge End Retail Park in Southampton, alongside the separate purchase of an Asda superstore in Hayes, Middlesex. It said the two deals continue Aviva Investors’ desire to act as a strategic buyer of real estate…
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24 March
Fortnum and Mason revamps flagship to appeal to wider audience
Fortnum and Mason is attempting to shed its image as a grocer for the super rich by revamping its flagship store in Piccadilly, according to reports from The Telegraph. The retailer will re-open the third floor of its store on Piccadilly in London as a “creative hub” focused on food…
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21 March
British Land hails £120m in gross capital activity amid acquisitions
British Land has announced that it has made more than £120m in gross capital activity after acquiring three new retail parks and selling 50% stake of its Preston retail park. The company completed the acquisition of three high quality retail parks for a total of £94m and sold its 50%…
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10 March
EG Group revenues jump 25% to $33bn
Asda owners the Issa brothers’ EG Group has revealed its full-year revenues surged 25% to $33.04bn (£22.5bn), which it said was boosted by the contribution of recent acquisitions. For the full year ended 31 December 2022, the group’s EBITDA increased by 1.9% to $1.46bn (£1.28bn). It said its foodservice business…
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Jan- 2023 -26 January
Two major shopping centres secure net zero status
Two retail destinations, Quayside MediaCity in Salford and Gloucester Quays, have become the first shopping centres in the UK to achieve net zero carbon status in line with UK Green Building Council’s (UKGBC) framework. The Peel L&P properties were verified against the UKGBC’s net zero carbon framework based on their…
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Dec- 2022 -23 December
Frasers acquires former Debenhams flagship in Dublin
Frasers group has announced that it has bought a former Debenhams flagship store on Henry Street in Dublin. The 200,000 sq. ft store is currently occupied by Zara but will become a flagship Sports Direct store. The group stated that its commitment to physical retail is “unmatched” as it continues…
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Nov- 2022 -28 November
Oxford Street to see 1m sq ft of retail spaces converted to offices
London’s Oxford Street is set to see 1.32 million sq ft of new office schemes proposed for delivery in the next five years, in a move that has been called a “generational change” by Savills. Analysis from Savills found that the extent of potential in the conversion of former retail…
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Sep- 2022 -26 September
Sainsbury’s property deal with LXi REIT falls through
Property investor LXi REIT has announced it is pulling out from a deal to buy 18 Sainsbury’s stores in southern England after suspending an equity funding, citing stock market volatility. LXi had last Wednesday (21 September) said it was in talks with the grocer to buy 18 supermarkets for £500m…
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