Latest loan brings combined total financing commitments to £1.1 billion Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, and Vita Group, a leading UK and European developer and operator of premium student and residential co-living brands, today announced the continued expansion of their long-standing partnership. This marks their tenth transaction, with a combined total of £1.1 billion in financing commitments. Since 2020, Eldridge and Vita Group have partnered on ten developments across purpose-built student accommodation (“PBSA”) and co-living, delivering more than 7,500 beds across the UK and Spain. The partnership has helped scale Vita’s investment-grade living platform, which unites development, operations, and brand to deliver high-quality, service-led assets across Europe’s key cities. Each brand within the Group responds to a different stage of modern urban life, together meeting the growing demand for high-quality, experience-driven living. Eldridge Real Estate Credit focuses on investing in opportunities throughout the US, UK, and Europe, including term, construction, transitional, and special situation opportunities across the capital structure. The platform has originated over $10 billion in loans, leveraging an experienced team with a disciplined approach seeking to create long-term value. “Over the past five years, our partnership with Vita has been a testament to our shared vision and commitment to long-term success,” said Graham Keable, Managing Director at Eldridge Capital Management. “This tenth transaction together not only underscores Vita’s proven expertise in the space, but also reinforces our confidence in the continued growth and resilience of the UK and European living sector.” “The developments we’ve delivered together have consistently outperformed benchmarks, validating the strength of our model across student and co-living assets,” said Max Bielby, Chief Operating Officer at Vita Group Our relationship is a powerful example of how long-term financing partnerships, combined with our integrated approach to design, development, and operation, address a clear market need and deliver sustainable value.” Backed by ongoing undersupply and continued strong international student demand, Eldridge and Vita have delivered high-quality PBSA assets in a high-growth market. The teams believe their partnership demonstrates best-in-class execution, combining stable returns and robust downside protection underpinned by resilient credit structuring. The latest transaction is a £146.1 million senior development loan for Vita Student First Street, an 861-bed PBSA scheme in Manchester’s First Street regeneration area. Construction is already underway following Building Safety Act approval, with completion targeted for June 2028 ahead of the 2028/29 academic year. The 170,000 sq ft development expands Vita Student’s presence in Manchester, where its existing developments maintain occupancy rates of 95 to 99 percent. “We are delighted to complete this plot sale to Vita which will continue the delivery of the First Street masterplan at this strategic gateway into the city,” said John Hughes, Managing Director at Ask Real Estate, the landowner and developer of the First Street Estate. Now one of Manchester’s most vibrant neighbourhoods, this latest Vita development will further add to the exciting mix of businesses and residents already located at First Street, all of which are supported by a rich blend of amenities and facilities.” Building, Design & Construction Magazine | The Choice of Industry Professionals

Kier has begun its new financial year on a strong footing, with trading in line with expectations and its order book rising by £600m to £11.6bn. New chief executive Stuart Togwell (pictured), who formally stepped into the role this month, said he was starting his tenure with 94% of this year’s revenue already secured – a position he described as among the strongest in the sector. Togwell said he was excited to steer the business into its next phase of growth after what he called a robust start to FY26. The increased workload follows a series of major contract wins. These include Norfolk County Council’s highways and infrastructure deal, worth up to £700m over as long as 14 years, seven lots on the Crown Commercial Service’s Transport Technology Framework, and a £205m reservoir improvement contract for United Utilities under AMP8. In its construction division, Kier has secured four education schemes with a combined value of about £190m, along with £116m of new prison expansion work at HMP Lancaster Farms through the Ministry of Justice’s Small Secure Houseblocks Alliance. The property business is also active, having obtained planning permission for a 452,000 sq ft logistics development in Andover and begun work on the pre-let Riverwell Town Square project in Watford, where tenants include Travelodge, Tesco and Greggs. Kier has further bolstered its financial position with a new £190m revolving credit facility running to 2030, which it said reflects lenders’ confidence in the group’s long-term outlook. The company added that strong cash generation remains on track and that, as in previous years, its performance is expected to be weighted towards the second half. Building, Design & Construction Magazine | The Choice of Industry Professionals

Network Rail has launched Platform4, a new property development company tasked with transforming brownfield rail land into homes, commercial space and new communities across the UK. Formed through the merger of London & Continental Railways Ltd and Network Rail’s Property Development business, Platform4 will lead infrastructure-led regeneration projects designed to boost economic growth, create jobs, and support the Government’s housing targets. Over the next ten years, Platform4 aims to deliver 40,000 new homes and more than 10 million square feet of commercial space, while generating £1 billion in public value annually. The company’s work will span 47 towns and cities and 22 London boroughs, focusing on transforming underused railway land — from major stations and goods yards to station forecourts — into vibrant, sustainable communities. The launch represents a major step forward in how the rail estate is managed, integrating property, infrastructure, and operational rail expertise to unlock land for development and regeneration. Both of the newly combined development teams have a strong track record, having delivered over 7,000 homes in the past year. Platform4’s approach will build on this success, driving investment while supporting Network Rail’s commitment to sustainability and community benefit. Platform4’s creation adds to Network Rail’s established property operations, which include a retail estate generating over £914 million in sales last financial year across 19 managed stations. Through its national programme, Platform4 will enable: The initiative underscores Network Rail’s ambition to make better use of rail-connected land, supporting regeneration and economic development while helping towns and cities across Eastern, North West & Central, Southern, and Wales & Western regions to grow. Building, Design & Construction Magazine | The Choice of Industry Professionals

John Sisk & Son (Sisk) has completed all legal and regulatory requirement for the acquisition of Farrans Construction, following Competition and Consumer Protection Commission (CCPC) approval last month. As announced in September, Sisk reached an agreement to acquire Farrans, a leading Northern Ireland based, building and civil engineering contractor, with over 600 employees, delivering world-class projects in core sectors including aviation, water and renewable energy in Ireland and the UK.  The Farrans business will continue to trade under its own brand, and all project operations will continue as normal. The consideration will not be disclosed.Sisk is Ireland’s largest construction and civil engineering company, operating across Ireland, the UK and Europe.  The coming together of these two successful contracting businesses will unlock new opportunities for delivering major infrastructure projects across the UK and Ireland. Sisk acquired Farrans from the building materials provider CRH. Building, Design & Construction Magazine | The Choice of Industry Professionals

Two major regeneration projects worth £25 million have been approved for Moston, marking the next phase of a long-term £90 million investment programme designed to revitalise the neighbourhood, deliver new homes, and create a vibrant public square. The investment forms part of Manchester City Council’s Neighbourhood Development Framework (NDF), launched in 2023, which sets out an ambitious vision to unlock Moston’s potential through improvements to housing, green spaces, infrastructure, and local amenities. So far, the multi-million-pound regeneration across Moston has delivered new social housing, pocket parks, road safety upgrades, alley-gating, and measures to tackle fly-tipping and environmental issues. Over the summer, enhancements were completed to three pocket parks on Moston Lane, alongside improvements to the Simpson Memorial Hall and Community Hub. More than £3 million in government grants has also supported the delivery of new social and affordable homes for local residents in recent years. One of the flagship projects under the NDF is the creation of a new public square on Moston Lane, designed as a focal point for the high street and a flexible community space for markets, events, and gatherings. The new square will include seating, lighting, trees, and planting, providing a welcoming green space in the heart of the neighbourhood. The Council has acquired several properties between Pym Street and Hartley Street, which will be cleared to make way for the development. As part of the regeneration, the Moston Superstore will relocate from its current site to the Kenyon Lane car park, with a planning application expected shortly. Replacement parking will be provided across several nearby locations, including spaces dedicated for supermarket users. Plans for the site also include around 80 new homes, made up of apartments and townhouses, including social and genuinely affordable housing. Ground floor areas will offer retail, commercial, health, and community facilities, supporting a more vibrant and sustainable high street. The Council has now started the developer disposal process for the site, with a planning application to follow after community consultation. A second regeneration site, between Watermans Close and Ebsworth Street, is also being brought forward through the same process. The location has been identified for 30 to 40 new family homes, addressing local demand for larger properties and incorporating new green space. The successful developer for both sites is expected to be appointed by March 2026, with community consultation and planning submissions to follow. To ensure local input into the regeneration, the Council is establishing the Moston Regeneration Partnership, a new advisory group chaired by Cllr Paula Appleby. The group will work with residents, businesses, and the appointed developer to guide design decisions and help shape future investment priorities for Moston Lane. Together, these initiatives mark a major milestone in Moston’s transformation — delivering new homes, community spaces, and economic opportunities that will benefit local people for generations to come. Building, Design & Construction Magazine | The Choice of Industry Professionals

Helical plc has reported a period of significant progress across its development portfolio, with several landmark London projects advancing towards completion and strong market trends supporting its investment strategy. The company issued its latest trading update for the period from 1 April to 16 October 2025, ahead of its half-year results due on 26 November. Chief executive Matthew Bonning-Snook said the past six months had been defined by “significant activity” across Helical’s development pipeline, with construction well underway on three major office projects — 100 New Bridge Street, Brettenham House, and 10 King William Street — all scheduled for delivery in 2026. Helical is also making headway on future schemes, including enabling works at Paddington ahead of the formal site acquisition in January 2026 and further design development at Southwark, where a purpose-built student accommodation (PBSA) project is planned. Terms have been agreed with Places for London to forward fund the PBSA element and with the London Borough of Southwark for the acquisition of the affordable housing block, with legal completion expected in the coming weeks. The company remains confident in the outlook for the London office market. With 465,000 sq ft of new, best-in-class office space due to complete in 2026, Helical expects strong occupational demand and limited supply to drive rental growth in prime central locations. Bonning-Snook added that improving investor sentiment towards the sector and renewed global capital interest should translate into higher transaction volumes, creating further opportunities to deliver shareholder value. Among Helical’s key developments, 100 New Bridge Street has reached a major milestone, with all external structural works now complete. The 194,500 sq ft redevelopment will serve as the new headquarters for State Street Corporation, with handover scheduled for April 2026. The £333 million forward sale (Helical share: £166.5 million) will conclude upon completion. At Brettenham House on London’s South Bank, the comprehensive refurbishment of the 128,000 sq ft landmark building is progressing well, with completion expected in summer 2026. The design introduces dual feature receptions, contemporary workspaces, and sweeping river views, blending modern functionality with historical architecture. Construction is also advancing rapidly at 10 King William Street, located above the new Bank station entrance. The eight-storey, 141,000 sq ft scheme is targeting completion in December 2026 and has already attracted encouraging pre-let interest from occupiers seeking high-quality, sustainable space in core City locations. Preparatory works are underway at Paddington, where Keltbray has begun enabling activity ahead of Mace’s appointment as main contractor. The 235,000 sq ft office development is targeting completion in the third quarter of 2028. Sustainability continues to sit at the heart of Helical’s strategy. The company retained its EPRA Gold status and achieved strong GRESB ratings, scoring 88/100 for standing investments and 94/100 for developments. It also secured BREEAM Outstanding design stage certifications for both 10 King William Street and Brettenham House, alongside WELL pre-certification and NABERS Design for Performance accreditation. Helical said these achievements underscore its commitment to delivering highly sustainable, best-in-class developments that combine design excellence with long-term environmental performance. Building, Design & Construction Magazine | The Choice of Industry Professionals

Lloyds Living has completed the acquisition of Start Living, a 610-home portfolio established through a joint venture between Gatehouse Living Group and TPG Real Estate. The deal increases Lloyds Living’s total portfolio to more than 7,300 properties across the UK. The newly acquired homes, developed by Countryside and Vistry, are located in key employment and commuter hubs including West Bromwich, Nottingham, Liverpool, Grimsby, Scunthorpe and Coseley, near Bilston. The portfolio consists of 578 single-family houses and 32 low-rise apartments, with the latter based in Fairham, Nottingham. More than 550 of the homes have already been delivered and stabilised, with the remaining properties in Fairham and Padstow set to complete in Q4 2025. All properties meet a minimum EPC B energy rating and are designed to support modern, sustainable living. The mix of one, two, three and four-bedroom homes places the portfolio in the top 10% of energy-efficient homes in the UK. Matthew Burgess, Chief Investment Officer at Lloyds Living, said: “This new deal is another significant step in our growth journey. The secondary market for PRS portfolios is still in its infancy but is vital to the wider success of the sector by allowing a freer flow of capital and continued investment in new developments. “The homes we have acquired provide quality living in places people want to live, work and grow their families – exactly what we offer our customers.” Building, Design & Construction Magazine | The Choice of Industry Professionals

Europe’s €500 billion logistics real estate market faces a structural supply gap of more than €150 billion, according to a new Prologis Research white paper, Persistent Supply Constraints Position Europe For Value Growth. Regulatory hurdles, infrastructure bottlenecks, environmental requirements and political resistance are constraining new development across Europe. At the same time, demand for modern logistics space continues to grow, fuelled by e-commerce, supply chain resilience strategies and expanding urban populations. Meeting this demand is becoming increasingly difficult as barriers mount. Europe’s Modern Logistics Concentration (MLC) index, which tracks logistics space relative to households, stands at 30 compared with 75 in the U.S. Because Europe’s cities are denser and networks more efficient, a perfect comparison is misleading; a benchmark closer to 50 is more realistic – still implying a major shortfall. Eva van der Pluijm-Kok, vice president, Prologis Europe Research: “Even if Europe were to reach a more balanced level of logistics space, the shortfall would remain significant. At today’s pace of construction, closing the gap would take around eight years and require more than €150 billion of investment” Development in urban locations faces the greatest challenges, pushing logistics construction further from cities — even though demand is strongest in urban markets. This is reflected in performance, with facilities close to consumers yielding higher rental growth. “City” and “Last Touch” sites have delivered rent growth of 150 to 240 basis points above the European average over the past three years. Quality matters too, with modern facilities commanding around a 9% rent premium in markets where occupiers have a choice. While vacancy rates have risen, modern stock remains scarce. Supply of high-quality, well-located facilities is being kept close to frictional levels by structural barriers, and occupiers consistently prioritise sustainable modern buildings in prime corridors. This dynamic is already supporting rental growth and is likely to drive continued outperformance of modern assets over the long term. The Netherlands illustrates how these forces converge. Grid capacity there is among the most constrained in Europe, a national nitrogen crisis has limited permitting, and public opposition to warehouse expansion – often described as the “boxification” of the landscape – has intensified political resistance. As a result, construction volumes for logistics real estate are well below peak levels. Ben Bannatyne, President, Prologis Europe: “Scarcity in European logistics real estate is structural, not cyclical. For customers, access to modern, sustainable space in the right locations is more critical than ever. For investors, it reinforces the long-term value of well-located facilities, where scarcity continues to drive performance. At Prologis, our scale, strong networks and executional capabilities allow us to deliver where others struggle – ensuring durable, long-term returns for our stakeholders.” Building, Design & Construction Magazine | The Choice of Industry Professionals

Lismore’s latest investor research indicates growing confidence in Scotland’s prime city centre retail and leisure markets, with both Glasgow and Edinburgh seeing renewed investor interest. Strong tenant demand, attractive entry yields and signs of rental growth are helping to re-establish the investment rationale for these markets. Vacancy levels on Buchanan Street in Glasgow and George Street in Edinburgh are virtually zero, while Princes Street in Edinburgh is below 10% and continuing to fall. This tightening supply is underpinning investor confidence, despite wider economic headwinds. Lismore’s quarterly investor sentiment survey highlights that 59% of respondents would consider investing in high street retail, with the strongest appetite among property companies (65%), followed by investment managers (56%). Funds remain more cautious, with only half expressing interest, often citing small lot sizes as a barrier. Across all groups, investors stressed that opportunities must be in prime micro-locations, particularly Scotland’s key high streets, where rebased rents and demonstrable demand create a compelling case. Secondary and tertiary towns remain largely out of favour. Expectations for prime high street yields over the next 12 months are broadly stable, with 55% of respondents predicting no change. A further 41% expect yields to harden, while only 3% anticipate any softening. Investor opinion is overwhelmingly in favour of mixed-use as the key to creating vibrant high streets in Scotland’s prime city centres, with 93% of respondents preferring it to pure retail/leisure. This view is consistent across all investor types, with 86% of property companies, 83% of funds and 90% of investment managers agreeing. Investors also warned that mixed-use schemes cannot succeed without addressing wider challenges, including parking charges, planning constraints, fragmented ownerships and poor shopping environments. Positive examples in Edinburgh and parts of Glasgow show how combining residential and well-occupied offices can help attract high-quality retailers and support leisure uses. Chris Thornton, Senior Associate at Lismore added: “We’re seeing renewed momentum in retail investment, as pricing becomes compelling relative to sectors like logistics. The future of high streets lies in making them true destinations, blending retail, leisure, hospitality and culture. Prime streets and dominant centres are already showing rental growth as retailers compete for the best space, but success remains highly location-specific and reliant on mixed-use strategies alongside public sector engagement. “Investor sentiment towards prime retail and leisure in Glasgow and Edinburgh is clearly improving, but selectivity remains key. With strong demand for the very best streets and rebased rents supporting early signs of growth, there are reasons for cautious optimism. The full Lismore Quarter 3 2025 Review, including Research Findings & Expert Views is available to download from: HERE Building, Design & Construction Magazine | The Choice of Industry Professionals

United Trust Bank (UTB) and Iron Bridge Finance are celebrating a substantial milestone in their 10 year relationship with the successful completion of a solution supporting a 42 unit development in North London taking the total number of new homes created through their collaboration to 558 and a combined GDV of over £213m. Since late 2015, UTB and Iron Bridge have jointly funded 17 developments, with UTB providing over £129m of senior debt and Iron Bridge providing £37m of mezzanine debt on a wide variety of residential and mixed-use developments and conversions. The 558 new homes created are located across England from Cambridgeshire and the Midlands down to the South Coast. Four further developments to be funded by UTB and Iron Bridge are also in the pipeline with a combined GDV of £90m and a further 212 units. The most recent jointly funded scheme was for the acquisition and eventual development of a redundant office building in North London with planning to convert the building to 42 new apartments and potential for an additional 18 units on two additional floors via airspace development. UTB is providing just over £7m of funding towards the acquisition, and Iron Bridge over £4m. The project has an estimated GDV of over £20m once enhanced planning has been obtained. Adam Bovingdon, Head of Property Development, United Trust Bank, commented: “We are delighted to celebrate this fantastic milestone with Iron Bridge Finance. Reaching 558 new homes with a GDV of over £213m financed together is a testament to the strength of our long-standing partnership. Since our first meeting with Lance, it was clear that he and the team shared our commitment to supporting ambitious housebuilders and developers. Over the last 10 years, our collaboration has consistently delivered innovative funding solutions that help bring much-needed homes and regeneration projects to life. Successful solutions like the one supporting this exciting North London scheme show just what can be achieved when two specialist lenders work together with a common goal – helping to create outstanding places for people to live. We look forward to many more successful years working together.” Lance Joseph, CEO of Iron Bridge Finance, commented: “This milestone means a great deal to all at Iron Bridge Finance. From my first conversations with Adam and the team at United Trust Bank, it was clear we shared the same vision – to back ambitious developers with innovative funding solutions and create real places for people to call home. Our partnership extends beyond funding, shown in our joint charity work supporting rough sleepers. Over the past 10 years, we’ve built not only a strong professional relationship but lasting friendships, enabling sites that might otherwise never have been delivered. With a strong pipeline ahead, supporting developers to create 212 new homes and with a GDV of £90m, we’re excited about what the next chapter with UTB will bring.” Building, Design & Construction Magazine | The Choice of Industry Professionals