Ranger Fire and Security has expanded its presence and services in Scotland with the acquisition of leading security specialists IRN Security – the latest business to join the rapidly growing Ranger Group. With over 14 years of experience serving businesses across and beyond the Highlands, IRN Security has built a
Praxis Group has made a significant move back into the retail sector with the acquisition of St Enoch Shopping Centre in Glasgow. The landmark 12-acre scheme, located at the junction of Buchanan Street and Argyle Street, spans more than 800,000 sq ft of retail and leisure space. Anchored by a
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
Ranger Fire and Security has expanded its presence and services in Scotland with the acquisition of leading security specialists IRN Security – the latest business to join the rapidly growing Ranger Group. With over 14 years of experience serving businesses across and beyond the Highlands, IRN Security has built a strong reputation for delivering high-quality, technology-driven solutions across CCTV, fire alarms, access control, and intruder detection systems. The acquisition will further enhance Ranger’s footprint in Scotland, while providing IRN Security with access to the Group’s wider expertise, resources, and opportunities, including opening up new cross-selling prospects and cross-delivery across all Ranger companies. IRN Security will operate alongside Motherwell-based Secureshield – which was acquired by Ranger in November 2024. A specialist in fire, security and critical services, the geographical locations of both businesses will enable Ranger to provide a broader, more integrated set of fire and security (F&S) maintenance services across the whole of Scotland. Founded in 2011, IRN Security has a strong history of providing high quality security and fire services within both the private and public sectors. It boasts a wide range of high-profile clients including hospitals and educational facilities through a growing loyal team of full-time engineers. With a hugely loyal customer base, IRN Security has high levels of recurring revenue based on maintenance contracts that align closely with Ranger’s guardrails. As part of the acquisition, the founders of IRN Security will stay in their roles and become part of the senior management team at Ranger, driving long-term strategic initiatives for the Group in Scotland. All IRN Security employees will also stay in their current roles, with the opportunity for further growth. As part of this acquisition, and as with previous businesses that have joined the Ranger Group, IRN Security will continue to operate under its current name and will work closely alongside other Ranger businesses, in particular Secureshield, to further Ranger’s mission to deliver a one-stop shop for F&S needs in Scotland and beyond. Mark Bridges, CEO of Ranger Fire and Security, said: “The addition of IRN Security to the Ranger Group marks a significant step in the expansion of our services across Scotland. “With their strong regional presence, technical excellence, and a leadership team committed to delivering a first-rate customer experience, IRN Security is a natural fit for Ranger, complementing and improving the services offered by other Group businesses. “IRN Security’s joining the platform alongside our platform in Scotland, Secureshield, gives Ranger the unique ability to deliver high-quality, integrated fire and security solutions to customers across Scotland through our integrated cross-delivery of service model, enabling us to not only be more efficient, but to deliver an even better service for our customers.” John Hunter, Regional Chairman and Managing Director of Secureshield, said: “We are absolutely delighted to welcome IRN into the Ranger Group. The business and team are well known to me and have an excellent reputation. I see real benefit in IRN and Secureshield working closely together across Scotland to cross-deliver services and can’t wait to formally begin working with the team”. Kenny Smith, Director of IRN Security, said: “Becoming part of the Ranger Group is a fantastic opportunity for IRN Security that will benefit both our team and our customers. “We know John and Billy Hunter from Secureshield well and, knowing their characters and approach, that was a strong pull to join the Group too. Mark and the team have made such great progress that it was an easy decision to join and between IRN and Secureshield we now have the geographical footprint and resources to offer a true turnkey solution for Scotland”. Malcolm MacDonald, Director of IRN Security, said: “IRN has a bright future and with access to an extensive network of expertise and resources, we’re well-positioned to expand our service offering while continuing to operate with the same local knowledge, trusted relationships, and high standards that have helped make us such a success to date. We look forward to collaborating with Secureshield to ensure that we are providing our combined customer bases with an even more efficient service.” The acquisition announcement builds on Ranger Fire and Security’s previous purchases of eight leading F&S businesses throughout 2024 and 2025. Together, these acquisitions have helped Ranger to enhance its offering in all key areas of fire and security services, such as fire detection and alarms, extinguisher maintenance, passive fire and security services. Since launching in Q1 2024, with backing from the private investment firm Hyperion Equity Partners, Ranger has embarked on a mission to establish itself as the leading one-stop solution provider in the fire and safety sector, offering a comprehensive range of services through both regional and national operations, and providing a seamless customer experience. Building, Design & Construction Magazine | The Choice of Industry Professionals
Praxis Group has made a significant move back into the retail sector with the acquisition of St Enoch Shopping Centre in Glasgow. The landmark 12-acre scheme, located at the junction of Buchanan Street and Argyle Street, spans more than 800,000 sq ft of retail and leisure space. Anchored by a strong tenant line-up including Tesco, WHSmith, Next, JD Sports, HMV, Boots, and Superdry, the centre also benefits from 900 car parking spaces, making it one of the city’s key shopping destinations. This purchase marks Praxis Group’s first major direct investment into the retail market in eight years. The acquisition was made from a consortium of lenders including M&G and Morgan Stanley. James Hewitt, chief operating officer at Praxis, commented: “The purchase of the St Enoch Centre is our first significant balance sheet investment into the retail sector in eight years. We are acquiring the asset against a backdrop of an improving tenant mix, footfall growth and increasing average basket spend throughout the scheme. Praxis has waited patiently to re-enter a sector where we have a market leading track record and we are now seeking to invest at scale into a number of discrete opportunities.” Property consultancy GCW acted as adviser to Praxis Group on the acquisition. Building, Design & Construction Magazine | The Choice of Industry Professionals
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
