In the spotlight this week:
The Russian invasion of Ukraine and its ramifications have, obviously, dominated news.
Among the effects on the real estate universe, MIPIM has announced that Russian attendees would be excluded from the show as it strongly condemned the actions of Russia. Social media has revealed many companies will exit the Russian market. Among them, Swedish furniture retailer Ikea has announced the closure f its stores there.
In the UK, the government is stepping up sanctions on Russian oligarchs by progressing the long-awaited register of property interest, although the practicality of suggestions that property could be expropriated from Russians in the UK and used to house Ukrainian refugees, has been questioned.
In other news, while Cain international acquired a UK logistics portfolio, marking the company’s debut in the sector, Europa Capital has launched €150 million CEE logistics fund.
Hong Kong firm Knight Dragon announced it is to develop 5,000 homes in south east London’s Greenwich in a £2.5 billion project that is part of a larger regeneration of the area.
In the retail markets, Amazon has revealed that it is to close bricks-and-mortar stores selling books, toys and home goods in the UK and US, to focus physical stores on grocery and department store-style retailing.
While Amazon had been disappointed with results, optimistic forecasts by US department stores Nordstrom, Kohl’s and Macy’s are giving hope of a similar retail bounce in Europe. Savills data has at least now quantified the rising fortunes of the grocery retail property investment sector.
Elsewhere, Milan continues to attract major foreign investment and JP Morgan has acquired a portfolio with local partner Maston.
UK-headquartered Segro announced massive community projects targeting environmental and social impacts.
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