Aberdeen Investments, on behalf of the Standard Life Pooled Pension Property Fund, has acquired a major retail park in the West Midlands for £69.6 million. The latest addition to the fund’s portfolio is Sears Retail Park in Solihull, a 136,300 sq ft scheme anchored by high-profile tenants Next and Marks
Australian property giant Lendlease is on the brink of sealing a landmark joint venture with The Crown Estate to deliver six transformative UK developments, with an end value exceeding £20 billion. The proposed 50:50 partnership signals a bold new chapter in UK urban regeneration, with wide-ranging implications for housing, commercial
Hammerson is set to take full control of Brent Cross, one of Greater London’s most prominent shopping centres, as part of its ongoing strategy to strengthen its retail portfolio. The real estate investment trust has announced its intention to acquire the remaining 59% stake in the centre, currently held by
Supermarket Income REIT has launched a strategic joint venture with funds managed by Blue Owl Capital, a leading US asset manager with more than $250 billion (£188 billion) in assets under management. The partnership marks Blue Owl’s first major investment into the UK grocery real estate sector. The joint venture,
Mergers and acquisitions (M&A) remain a key priority for UK lower mid-market construction businesses, with 19% identifying it as one of their top three core growth strategies over the next three years, according to new research from business advisory group Dow Schofield Watts. As firms navigate an increasingly competitive landscape,
Liverpool John Moores University (LJMU) has appointed CBRE to bring a 20 acre former campus site to market. The former IM Marsh campus site in Aigburth is for sale as a development opportunity, with CBRE seeking offers by 28th May on either an unconditional or subject to planning basis. Situated
United Trust Bank (UTB) Property Development has completed a £27.8m facility to support a £40m build-to-rent (BTR) scheme in Canary Wharf. The development is being undertaken by Lotus Living, a privately owned and experienced BTR developer-operator with a strong track record of delivering high specification BTR schemes across Greater London
Wates Group, one of Britain’s leading family-owned construction firms, has reported its highest-ever turnover – despite grappling with economic headwinds that squeezed profits. The company’s 2024 turnover rose by nearly 10% to a record £2.4 billion (2023: £2.18 billion), thanks to robust performance across key sectors including construction, engineering, and
A landmark office deal in the City of London has been finalised, with Helical and Orion Capital Managers completing the £333 million forward sale of 100 New Bridge Street to an undisclosed owner-occupier. The buyer, confirmed by several sources familiar with the matter, is understood to be a major US-based
4.7 acre Bromley-by-Bow industrial park is the biggest industrial site within three miles of the City Global real estate investment company Kennedy Wilson announces that it has acquired Bromley-by-Bow Industrial Park, a strategically located East London development site with planning consent for the creation of a highly sustainable, best in
Aberdeen Investments, on behalf of the Standard Life Pooled Pension Property Fund, has acquired a major retail park in the West Midlands for £69.6 million. The latest addition to the fund’s portfolio is Sears Retail Park in Solihull, a 136,300 sq ft scheme anchored by high-profile tenants Next and Marks & Spencer. The site also hosts well-known retailers including TkMaxx, Homesense, Boots, and Mountain Warehouse. This marks the fund’s second retail park acquisition in the past year, following its purchase of the Tandem Centre in Colliers Wood in 2024. David Stewart, fund manager at Aberdeen Investments, commented: “There remain some good opportunities in retail parks where occupational costs have been rebased. Retailer demand for key locations is robust and yields remain relatively attractive. “This asset has all these attributes and reflects our strategy of acquiring prime assets where we can add value through our proven asset management capabilities and strong retailer relationships. It is an excellent addition to the fund’s portfolio.” The acquisition reinforces Aberdeen’s ongoing confidence in the out-of-town retail sector, particularly in strategically located, well-let schemes with potential for future value enhancement. Building, Design & Construction Magazine | The Choice of Industry Professionals
Australian property giant Lendlease is on the brink of sealing a landmark joint venture with The Crown Estate to deliver six transformative UK developments, with an end value exceeding £20 billion. The proposed 50:50 partnership signals a bold new chapter in UK urban regeneration, with wide-ranging implications for housing, commercial real estate, and sustainable city planning. The collaboration will target major regeneration sites across London and Birmingham, including the £4.9 billion Silvertown Quays scheme in the Royal Docks, the extensive Thamesmead and High Road West housing projects, and the ambitious £5.5 billion over-station development at Euston. Also included are Stratford Cross at the Olympic Park and Birmingham’s 42-acre Smithfield Market site. Together, the developments promise to deliver over 25,000 homes and more than nine million square feet of commercial, life sciences, and office space. A strong focus on sustainability and future-ready infrastructure underpins the vision, aligning with both partners’ long-term strategic priorities. This potential deal comes as Lendlease shifts its global strategy, concentrating on capital recycling and scaling back its international exposure in favour of a renewed focus on its Australian operations. The UK partnership, however, represents a continued commitment to key global projects through capital-light models such as joint ventures, land sales, and development management agreements. Lendlease is expected to limit its future investment to around AU$125 million, primarily focused on early-stage site development and planning. The company will act as master developer, earning cost-plus and performance-based fees, with the right to invest in vertical build-outs if public approvals are secured. Development costs are anticipated to be largely offset through land sales within the portfolio, allowing projects to progress without additional capital strain. For The Crown Estate, the deal marks a significant expansion of its development activity. Known for its high-profile holdings on Regent Street and St James’s, the Estate is positioning itself as a central player in long-term, high-impact urban transformation. The move is also noteworthy given that its current CEO, Dan Labbad, previously led Lendlease’s European operations before joining The Crown Estate in 2019. As negotiations approach their final stages, this partnership stands to become a defining force in shaping the future of several of the UK’s most high-profile urban sites. If finalised, the agreement could serve as a model for how public and private sector collaboration can unlock long-term economic value while tackling housing shortages, supporting green growth, and reimagining the fabric of Britain’s cities. An official announcement is expected once a binding agreement is concluded. Building, Design & Construction Magazine | The Choice of Industry Professionals
Hammerson is set to take full control of Brent Cross, one of Greater London’s most prominent shopping centres, as part of its ongoing strategy to strengthen its retail portfolio. The real estate investment trust has announced its intention to acquire the remaining 59% stake in the centre, currently held by Abrdn’s UK Shopping Centre Trust (SCUT), in a deal valued at £200 million. Hammerson already holds a significant interest in Brent Cross and, including the SCUT units it has purchased or agreed to purchase, now controls more than 90% of the asset. The acquisition process is still underway, with Hammerson confirming that further updates will be provided in due course. Brent Cross boasts over 914,000 square feet of retail space across two floors, featuring more than 120 shops and 30 cafés and restaurants. Anchor tenants include M&S, Fenwick, and Zara, with a diverse line-up of brands such as Miele, Superdrug, Reserved, Phase Eight and Ray-Ban also present. This move follows Hammerson’s acquisition of the remaining 50% stake in Westquay, Southampton, last autumn, signalling a continued focus on consolidating ownership of key retail destinations within its portfolio. Building, Design & Construction Magazine | The Choice of Industry Professionals
Supermarket Income REIT has launched a strategic joint venture with funds managed by Blue Owl Capital, a leading US asset manager with more than $250 billion (£188 billion) in assets under management. The partnership marks Blue Owl’s first major investment into the UK grocery real estate sector. The joint venture, which aims to scale to £1 billion over time, begins with a seed portfolio of eight supermarket assets from Supermarket Income REIT’s existing holdings. These properties were transferred into the venture at a 3% premium to their December 2024 book value, representing a combined worth of £403 million. The portfolio delivers an average net initial yield of 6.6% and a weighted average unexpired lease term of 11 years. Supermarket Income REIT retains a 50% stake in the venture and has received approximately £200 million in cash from the asset sale. The company will continue to manage the assets, earning a management fee of 0.6% per annum on the gross asset value, along with a performance-based fee if financial targets are achieved. The REIT, which specialises in grocery-anchored property investment, views the partnership as a platform for future growth, offering access to third-party capital and building on its recent strategic progress. Robert Abraham, CEO of Supermarket Income REIT, commented: “The joint venture with Blue Owl’s managed funds brings a high-quality strategic partner that shares our belief in the strength and resilience of UK grocery assets. With ambitions to scale to £1 billion, this venture is a major endorsement of our expertise and track record in the sector.” He added that the move forms part of a broader strategy announced in late 2024, which includes renewing key leases, reducing operational costs through internalised management, and undertaking further capital recycling to enhance shareholder returns. Marc Zahr, co-president and global head of real assets at Blue Owl, said: “SUPR stands out as the UK’s leading investor in grocery real estate. We are pleased to partner with a company that brings deep knowledge and proven performance in this space. Our collaboration will allow us to tap into an attractive pipeline of assets in what we see as a resilient and growing sector.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Mergers and acquisitions (M&A) remain a key priority for UK lower mid-market construction businesses, with 19% identifying it as one of their top three core growth strategies over the next three years, according to new research from business advisory group Dow Schofield Watts. As firms navigate an increasingly competitive landscape, M&A is seen as a critical tool for expanding market share, diversifying offerings, and strengthening resilience. The UK Growth Census, which surveyed 500 businesses with annual turnover between £10m and £150m, highlights a clear appetite for dealmaking, with 21% of construction firms saying their primary motivation in pursuing a merger or acquisition would be to enter new geographic markets, 21% to increase valuation ahead of a future exit, and 19% to acquire new talent and capabilities acquire new talent and capabilities. For many, M&A is not just a route to scale, it is a strategic imperative to remain competitive in a rapidly evolving market. However, construction businesses face significant challenges when pursuing M&A opportunities. Identifying suitable targets is the most frequently cited barrier (34%), followed by cultural alignment with targets (33%), and competition for attractive targets (33%). Securing financing remains another key hurdle for the construction industry, with 33% of respondents citing access to funding as a primary concern. Other critical challenges include navigating regulatory and legal hurdles (31%), valuation and price negotiations (26%), and post-merger integration (22%). Overall for construction businesses, 52% say that international trade or collaboration is a growing priority, and 33% state that it is a core focus and key part of their growth plans. Harry Walker, corporate finance partner at Dow Schofield Watts, commented: “The M&A landscape is evolving, and businesses are recognising that strategic acquisitions offer a powerful means of accelerating growth. With increased competition, rising valuations, and the complexities of post-merger integration, success requires a clear plan. Businesses that approach M&A with a well-defined strategy – balancing ambition with careful execution – are the ones best positioned to create long-term value.” Beyond M&A, businesses are investing in multiple avenues to drive long-term success. Digital transformation (41%) is the most widely cited strategic priority, while improving customer experience (37%) and new product development (32%) are also high on the agenda. With businesses facing an uncertain economic landscape, many are balancing growth ambitions with strategic cost-cutting (29%) and efforts to strengthen supply chain resilience (25%). Download the full UK Growth Census report here: https://dswcapital.com/uk-growth-census-2025/ Building, Design & Construction Magazine | The Choice of Industry Professionals
Liverpool John Moores University (LJMU) has appointed CBRE to bring a 20 acre former campus site to market. The former IM Marsh campus site in Aigburth is for sale as a development opportunity, with CBRE seeking offers by 28th May on either an unconditional or subject to planning basis. Situated off Barkhill Road in a South Liverpool suburb, four miles from Liverpool City Centre, the overall brownfield site contains a range of buildings varying in age and architectural style which were used as teaching accommodation, halls of residences and indoor facilities along with a number of redundant playing pitches. The buildings, which include two with Grade II listed status, comprise a combined circa 213,000 sq ft. The site sale is in-keeping with the university’s estates strategy which has been focused on bringing all activities into the city centre to work more efficiently and sustainably. Over recent years, students have increasingly opted for city-based teaching and living accommodation. With a student population of over 27,000, LJMU has responded by investing in high quality campus facilities in both the city centre and around the Mount Pleasant area, including the development of the former Copperas Hill site which now features the award-winning student life building and sports facilities. Kieran McLaughlin, Senior Director, UK Development & Residential at CBRE, said; “The university vacated the site a number of years ago with no teaching or other student-facing activity at IM Marsh since 2020. The site has been secured throughout that time and the university has been actively engaged with the neighbourhood to keep local residents updated and informed. The release of the IM Marsh site will allow LJMU to invest further in developing student-facing services, specialist facilities and the continued maintenance of an extensive campus portfolio in the city centre. “Land such as this is in high demand and we are looking forward to reviewing bids from interested parties seeking to bring this vacant site back into use to contribute to the local economy.” Building, Design & Construction Magazine | The Choice of Industry Professionals
United Trust Bank (UTB) Property Development has completed a £27.8m facility to support a £40m build-to-rent (BTR) scheme in Canary Wharf. The development is being undertaken by Lotus Living, a privately owned and experienced BTR developer-operator with a strong track record of delivering high specification BTR schemes across Greater London and Home Counties. The development, known as Bellerive House, comprises the conversion of a redundant office building to 50 rental apartments ranging from studio to 2 bedrooms, and the creation of 9 new rooftop airspace duplex apartments. In addition, the ground floor will offer 3000sqft of commercial space and parking. Like all of Lotus Living’s build-to-rent developments, each apartment will be presented to a very high standard with professional management, consistent policies and Lotus Living Resident friendly app. Rents will range from £2,200.00 to £4,600.00 pcm. The first apartments should be ready to move in by Q1 2026. UTB’s £27.8m facility supports the acquisition of the freehold of the building, conversion and construction costs, S106 and CIL liabilities, professional fees, interest and a 4-month VAT bridge. Paul Flannery, Senior Director – Property Development, United Trust Bank, commented: “We’re very keen to increase our lending to experienced specialist developers of BTR, PBSA and Co-living accommodation and I am delighted UTB is funding this exciting BTR scheme for Lotus Living. Raj and the team have created an outstanding portfolio of attractive homes in sought after locations, and at the same time established a reputation as an excellent landlord. Bellerive House will provide a great place to live in a vibrant area of London, and I look forward to UTB supporting many more successful Lotus Living schemes in the future.” Rajiv Nehru, CEO – Lotus Living, commented: “Paul and the wider UTB property development team have been a pleasure to work with. It’s clear that they share our vision and commitment to creating high-quality, affordable rental homes designed to meet the diverse needs of Londoners. When completed early next year, Bellerive House will provide attractive, well-connected and comfortable homes, conveniently located in the heart of Docklands, just a few minutes from Central London and City Airport.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Wates Group, one of Britain’s leading family-owned construction firms, has reported its highest-ever turnover – despite grappling with economic headwinds that squeezed profits. The company’s 2024 turnover rose by nearly 10% to a record £2.4 billion (2023: £2.18 billion), thanks to robust performance across key sectors including construction, engineering, and property services. However, pre-tax profits dropped significantly to £2.6 million, down from £44.9 million the previous year. Stripping out exceptional costs, underlying profit before tax stood at £31.4 million – still a sizeable fall from 2023. Operating profit also took a hit, with the group posting a small loss of £300,000 compared to a £44.6 million profit the year before. Despite the squeeze on profit margins, Wates remains bullish about the future. Its forward order book has surged to £8.64 billion, with year-end cash reserves up £57.6 million to £195.6 million – a strong platform for continued, sustainable growth. A major driver of both growth and expansion was the acquisition of Liberty Group, a move that added around 1,100 employees and boosted Wates’ total workforce to nearly 6,000. As a result, Wates now maintains around 600,000 social homes – equating to one in seven across England. The company’s profitability was dented by several factors, including higher administrative expenses driven by a major pension fund restructure. In 2024, Wates transferred members’ defined benefits to specialist Clara-Pensions, a move aimed at providing long-term financial security while de-risking the group’s pension liabilities. Chief Financial Officer Philip Wainwright said: “For the 25th consecutive year, Wates Group has delivered a profit before tax – a major achievement given the headwinds we faced. The pension transfer was a landmark step for the business and a key contributor to this year’s exceptional items.” The group’s solid turnover performance was underpinned by large-scale private and public-sector construction projects, SES Engineering Services, fit-out and refurbishment work through Smartspace, and significant growth within Property Services. However, a sharp rise in administrative costs – up £46.7 million – and increased losses from joint venture projects placed pressure on margins. A quieter year for land sales and some loss-making project closures also contributed to the dip in profitability. Still, Wainwright highlighted that gross profit rose by £32 million, with strong performances from SES, Smartspace and Property Services helping to cushion the impact. Chief Executive Eoghan O’Lionaird added: “We are performing well overall, with positive headline results: record turnover, a record order book, and 25 years of profit. 2024 was a year of progress and consolidation – and we’re well positioned to accelerate in 2025.” The company celebrated a number of high-profile contract wins in 2024. These include a major regeneration scheme in Gresham, Middlesbrough; the Victoria House life science hubs for Oxford Properties in London; and Ministry of Justice fit-out projects. Work also began on expanding HMP Highpoint in Suffolk, delivering 741 new prison places. Wates’ Property Services division had a standout year, increasing turnover by 30% to £547.2 million and expanding its forward order book to £2.7 billion – bolstered further by the Liberty Group acquisition. The division also secured work with the Peabody housing association, London Borough of Brent, and A2 Dominion through the Social Housing Decarbonisation Fund. Meanwhile, SES notched up record wins across a range of sectors including sport, education, commercial, and life sciences – reinforcing Wates’ position as a go-to partner for complex, high-spec projects. Building, Design & Construction Magazine | The Choice of Industry Professionals
A landmark office deal in the City of London has been finalised, with Helical and Orion Capital Managers completing the £333 million forward sale of 100 New Bridge Street to an undisclosed owner-occupier. The buyer, confirmed by several sources familiar with the matter, is understood to be a major US-based financial institution, marking one of the largest transactions in London’s office market in recent years. The sale sets the stage for a significant corporate relocation, as the purchaser prepares to vacate its current headquarters in Canary Wharf. This move underscores a growing trend of major tenants shifting away from Docklands in favour of more centrally located, premium office space in the City. Other high-profile firms making similar moves include HSBC and Clifford Chance, with Deutsche Bank also reportedly reassessing its presence in the area. Vacancy rates in the Docklands core market around Canary Wharf reached a record high of 19 per cent in the first quarter, according to data firm CoStar. 100 New Bridge Street is currently undergoing a comprehensive redevelopment, led by Helical and Orion, which is due for completion in April 2026. Once finished, the 10-storey building will provide 195,000 sq ft of office space designed to the highest standards of sustainability, wellbeing, and technology. The refurbishment includes a complete strip back to the frame, recladding, the addition of two new floors, and the creation of a rooftop terrace offering views of St Paul’s Cathedral and central London. The asset has been sold at a capital value of £1,712 per sq ft, reflecting a yield of 5% before transaction costs and rent-free allowances. The building, held on a 999-year virtual freehold lease from Network Rail Infrastructure, is part of a wider joint venture between Helical and a vehicle managed by Orion Capital Managers. Helical had previously sold a 50% interest in the development to Orion for £55 million. The transaction reflects a broader strategy among corporate occupiers to secure long-term control over prime office assets, rather than remaining in leased space. This has been particularly evident post-pandemic, as businesses seek to optimise their workplaces and attract employees back to physical offices through central, high-quality environments. In a statement, Matthew Bonning-Snook, Chief Executive of Helical, said:“This transaction is a true reflection of the quality of 100 New Bridge Street as a London headquarters destination. The very strong interest we received in the scheme over a year ahead of completion is testament not only to its best-in-class characteristics, but also the acute shortage of prime office space within the submarkets Helical has targeted as part of its significant development programme.” Aref Lahham, Founding Partner and Managing Director of Orion Capital Managers, added:“The sale of 100 New Bridge Street, following the leasing success of Panorama St Paul’s, represents a further vindication of Orion’s strategy to gain exposure to leasing risk in new best-in-class offices in the most in-demand locations across gateway cities in Europe.” The purchaser’s current headquarters at 20 Churchill Place in Canary Wharf is expected to be vacated before its lease expires in 2028. The departure follows a wave of corporate exits from Docklands. While some firms—including Barclays and Morgan Stanley—have opted to stay, the shift towards central London locations continues to reshape the capital’s office market landscape. The deal at 100 New Bridge Street highlights ongoing investor interest in high-quality office developments in core City locations, despite broader market uncertainty around office valuations and demand in the post-Covid environment. Building, Design & Construction Magazine | The Choice of Industry Professionals
4.7 acre Bromley-by-Bow industrial park is the biggest industrial site within three miles of the City Global real estate investment company Kennedy Wilson announces that it has acquired Bromley-by-Bow Industrial Park, a strategically located East London development site with planning consent for the creation of a highly sustainable, best in class ultra urban industrial scheme with a GDV of circa £100 million, from Fabrix. Located on a 4.7 acre area, the site was assembled and master planned by Fabrix following a series of land purchases which took place over several years. It subsequently achieved planning consent for the regeneration of the site in September 2024, doubling the current space for a scheme which will deliver 135,000 square feet of highly desirable and sustainable industrial space. Situated within only three miles of the City of London in a prime distribution location, the site benefits from fast access to Central London, a critical consideration for many high-value industrial occupiers, and the rest of the city by virtue of its excellent access to key arterial roads. As one of only two Strategic Industrial Locations in Tower Hamlets, Fabrix designed the redevelopment to set a new standard for how industrial space can be sensitively integrated within the urban fabric and be a positive neighbour to both adjacent industrial estates and residential communities, with a design that significantly improves the appearance, efficiency and sustainability of the site. It was this approach that helped to unlock the regeneration of the most centrally located, undeveloped large-scale industrial site in London, in an area where much of the existing stock of industrial space is being lost to other uses. The site proposals comprise a new-build central block of industrial units arranged in two linear terraces around a central yard (consisting of 10 units of varying sizes from 600 square metres – 1800 square metres), and a re-purposed small brick MOT warehouse building, positioned at the west entrance, designated for use as the Affordable Workspace & a Circular Economy Hub, totaling 11,976 square metres (GIA) of floorspace. The scheme, which will be developed by Kennedy Wilson to EPC ‘A’, and BREEAM ‘Excellent’, is expected to be attractive to a range of future occupiers, but particularly those operating in ‘last mile’ delivery. Fabrix will retain a role as a consultant for Kennedy Wilson during the initial stages of development to drive forward ESG and community initiatives through the partnerships it has generated with local organisations. This latest acquisition expands Kennedy Wilson’s UK industrial platform, which totals nearly 9 million square feet and represents circa $1.6 billion of AUM. “This transaction represented a rare opportunity to acquire a highly desirable industrial scheme in a location with strong underlying fundamentals,” said Mike Pegler, President, Kennedy Wilson Europe. “We are always looking for opportunities to invest capital into industrial assets in thriving urban locations and this is particularly attractive where schemes, such as Bromley-by-Bow, will offer leading sustainability credentials to its future occupants.” Louis Duffield, Partner and Head of Investment at Fabrix said: “Fabrix’s consented scheme for the regeneration of Bromley-by-Bow Industrial Park is a project that will deliver super prime-quality space for ultra urban industrial and logistics uses, and secure genuine benefits for the community in Tower Hamlets. Kennedy Wilson’s purchase of the site will not only realise the value created by this vision, but also means that Fabrix can advance with our plan to rationalise our activity around the living and office sectors, marking an exciting new phase of work. Fabrix developed this project over many years of relationship building with the community and stakeholders, and we look forward to collaborating with Kennedy Wilson in a consultant role to drive forward ESG and community initiatives.” Building, Design & Construction Magazine | The Choice of Industry Professionals
