In the spotlight this week:
In the UK, nightclub owner Ministry of Sound announced plans to transform Westfield London’s former House of Fraser department store into a gym, restaurant and office development; the Royal Institute of British Architects has released the Sterling Prize shortlist; Canary Wharf Group has formed a partnership with Love Open Water which is opening up part of the docks so workers can take a dip at lunchtime; and Blackstone and Hudson Pacific have gained planning permission for a new film studios in Broxbourne, north of London. Meanwhile, Tritax Big Box has let 1 million sq ft in Rugby in the UK to data storage company Iron Mountain.
In continental Europe, The European Central Bank has meanwhile announced its first interest rate increase in 11 years; Bloomberg Intelligence has warned that recent rate rises could hit office values by as much as 30%; and Savills has stated that Germany’s 12-year bull run of yield compression and high transaction volumes is over.
However, P3 Logistics Parks announced that it will develop one of the biggest data centre campuses in Europe.
In Italy, prime minister Mario Draghi resigned but, in a well-timed briefing to investors, Milan-based Coima said Italy’s political crisis will not derail the economy’s positive growth trajectory – transactions reached a record volume of €6.2 billion in the first six months of 2022.
Elsewhere, the redevelopment of Dock A at Zurich Airport has taken a step forward, although work on the $700 million project might not start until 2030.
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