In the spotlight this week:
Capital investment worth £5 billion lines up for London’s West End district in an impressive show of commitment, a significant amount of it targeted at mixed-use projects with a more “experiential” flavour. Infrastructure improvement has been key, notably the forthcoming opening of the Elizabeth Line/Crossrail.
And, while Moda has put co-living in the spotlight, Debenhams department stores’ owner has gained consent for a major switch from retail to office space at much of its flagship Oxford Street store. Fashion retailer has Next announced the closure of 13 UK stores that have not achieved targets and figures indicate that only 11% of retailers in the UK appear to be paying their rent on time. In positive news from the retail sector though, toymaker Lego opened 60 stores in the first half of 2021.
Elsewhere, while the German property market has responded positively to the country’s election results, Germany’s residential market was also in focus when Sweden’s Heimstaden Bostad announced its €9.1 billion portfolio acquisition of 29,000 homes there and in Scandinavia. Domicil also made a substantial portfolio acquisition in Germany and a Catella residential impact fund has attracted major new investment as it made its switch to being “dark green”.
Meanwhile, we hear that more real estate events are getting back on their feet with strong turnouts at London Real Estate Forum, Completely Retail as Real Asset Media events in Frankfurt and Lisbon.
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