Morrisons Weighs £1bn Property Financing as Turnaround Gathers Pace
Morrisons is exploring a potential £1bn property financing deal as it looks to strengthen its position in an increasingly competitive grocery market. According to reports in a leading financial news outlet, the Bradford-based supermarket group has appointed property advisory firm CBRE to assess options for raising funds secured against part of its substantial freehold store portfolio. Sources indicate that discussions remain at an early stage and are unlikely to centre on a traditional sale-and-leaseback arrangement of the kind widely used by major grocers in previous decades. Instead, one option under consideration is a medium- to long-term borrowing facility secured against a selection of Morrisons supermarkets. While any transaction could potentially raise up to £1bn, neither the final structure nor the scale of a deal has been confirmed. Morrisons operates around 500 supermarkets across the UK and employs approximately 95,000 people. The business was taken private in 2021 by US buyout firm Clayton, Dubilier & Rice in a deal valued at close to £10bn including debt. Since then, performance has been mixed. Aldi overtook Morrisons last year to become the UK’s fourth-largest supermarket by sales, intensifying pressure on the chain to regain lost ground to competitors such as Sainsbury’s and Aldi. In 2023, Morrisons appointed Rami Baitieh, formerly of Carrefour, as chief executive in a bid to drive a turnaround strategy. One of Morrisons’ distinguishing features is its extensive property ownership. The company holds the freehold on roughly 80% of its store estate, one of the highest proportions in the sector. Industry sources suggest that releasing £1bn through either a sale-and-leaseback or a leverage-based structure would still leave the business with about 60% of its stores in full ownership. The supermarket has also been steadily reducing the debt taken on during the 2021 acquisition, with roughly £1bn of takeover financing reportedly still outstanding. During the competitive bidding battle for Morrisons, Clayton, Dubilier & Rice committed to limiting major disposals of store freeholds for a defined period. Since then, most real estate activity has focused on non-store assets. In 2024, the company entered into a partnership with investment firm Song Capital, which paid £370m for the right to receive income from 75 Morrisons supermarkets over a 45-year period. Alongside Asda, Morrisons is one of the UK’s major grocers now under private equity ownership. Asda is owned by TDR Capital, with former parent Walmart retaining a minority financial stake. Last month, Morrisons reported what it described as strong Christmas trading results. Rami Baitieh said the 2024/25 financial year marked another period of renewal and modernisation, highlighting twelve consecutive quarters of like-for-like sales growth, stable EBITDA and maintained market share despite challenging economic conditions. Morrisons declined to comment on the prospect of a property financing deal. Building, Design & Construction Magazine | The Choice of Industry Professionals
Silk Street scheme scaled back as developers seek City backing
Developers behind the proposed 1 Silk Street office scheme have reduced the height of the project in a renewed effort to secure planning approval from the City of London Corporation and address concerns raised by Barbican residents. Lipton Rogers and LaSalle Investment Management have submitted revised plans for the Skidmore, Owings & Merrill-designed building, trimming more than 10 metres from the western side of the block. Three storeys have been removed from the section facing Cromwell Tower, following criticism over daylight loss, massing and the impact on the neighbouring Barbican Estate. Under the updated proposals, the western portion of the building will now rise only three storeys above the existing Linklaters headquarters it is set to replace, rather than six as previously planned. The eastern side of the scheme will retain its original height, maintaining alignment with the taller commercial buildings nearby. The design team says the revisions significantly reduce visual and daylight impacts. External terraces have been removed to prevent overlooking, while measures including obscured glazing, façade fins and automated blinds have been incorporated to address privacy concerns. Despite the reduction in scale, the scheme will still provide 91,142 sq m of Grade A office accommodation, approximately five per cent less than initially proposed. The development is aimed at large trading-floor occupiers, with market forecasts suggesting a potential shortfall of prime office space in the City by 2028. Public realm and cultural elements have also been strengthened. Plans include a new plaza on Silk Street to create a clearer gateway to the Barbican Centre, alongside a redesigned 2,282 sq m public realm and a pedestrian arcade linking Moorgate and Liverpool Street directly to the Barbican. In addition, nearly 1,300 sq m of retail and restaurant space is proposed, together with a new performance venue, Silk Street Hall, and a community-focused Creative Community Lab, reinforcing the scheme’s ambition to blend commercial development with cultural and civic benefit. Building, Design & Construction Magazine | The Choice of Industry Professionals
Catella APAM strengthens facilities management capability with senior hire Richard Stackhouse
Catella APAM has strengthened its property and facilities Management capability with the appointment of Richard Stackhouse as Facilities Management Lead, further reinforcing the firm’s commitment to delivering high-quality operational performance across its growing portfolio. Richard brings more than 25 years’ experience in property and facilities management, having previously led facilities management teams within major managing agents including GVA and Lambert Smith Hampton. Most recently, he spent over seven years at commercial property developer and investment manager CEG, where he oversaw facilities management delivery and service charge management across its UK portfolio. Throughout his career, Richard has worked across a wide range of asset types, including new-build office developments, mixed-use and regeneration schemes, trophy assets and major refurbishment projects. His experience spans the full lifecycle of assets, from pre-construction and mobilisation through to operational delivery and ongoing asset optimisation. Richard’s key areas of expertise include leading national facilities management teams, improving operational systems and processes, strengthening supplier performance, budget and service charge management, and ensuring robust health and safety compliance. In his new role, Richard will lead Catella APAM’s national facilities management team, focusing on enhancing compliance and service delivery, driving improvements across the supply chain, reviewing operational systems and processes, and supporting the training and development of on-site teams. Kate Hackett, Head of Property Management (North) at Catella APAM, commented:“Richard’s appointment is an important step in the continued growth of our property and facilities management offer. His experience in leading national teams and delivering operational improvements across complex assets will add real value to both our clients and our site teams. We’re delighted to welcome him to the business.” Richard Stackhouse said:“What attracted me to Catella APAM is the collaborative approach between asset management, property management and facilities management teams, as well as the strength and diversity of the portfolio. I’m looking forward to bringing my experience to support the team and continuing to raise service standards for our clients and occupiers.” The appointment further strengthens Catella APAM’s integrated asset, property and facilities management platform, where strong operational delivery directly supports asset performance and income growth across client portfolios. Victoria Morgan, Head of Asset Management at Catella APAM, said:“Property and facilities management are critical to delivering our asset management strategies and driving value for clients. A genuinely integrated approach delivers stronger NOI outcomes than segregated services, as our teams work together to scrutinise performance data, control costs and strengthen tenant engagement. Richard’s experience will further enhance how we unlock opportunities and deliver measurable performance improvements across our portfolio.” Richard’s appointment reflects Catella APAM’s continued investment in strengthening its integrated management platform to deliver enhanced performance and long-term value across client portfolios. Building, Design & Construction Magazine | The Choice of Industry Professionals
Sustainable heating specialists strengthen team with new Business Development Manager
Hewer Facilities Management, a leader in sustainable heating solutions, has appointed Adam Daly as Business Development Manager to support the rollout of its pioneering Heat Saviour™ technology nationwide. Having previously held senior roles at Navigator, Purmo, Westco and Fernox, Adam joins Hewer with over 20 years’ experience in the plumbing, heating and building services sectors. His expertise lies in developing routes to market for new products, driving penetration and growth through targeted training and education initiatives, and increasing sales across installer networks, merchants and national accounts, including specifiers and housing providers. At Hewer, Adam will focus on supporting the rollout of Heat Saviour™, a first-of-its-kind retrofit product that simplifies heat pump installations, reduces installation time and cost, and minimises disruption to homeowners and tenants. Officially launched in 2025, Heat Saviour™ is already installed in over 2,000 properties across the UK. Among these are 1,500 social housing homes in the South West, including those managed by providers such as Two Rivers Housing, Bromford, Green Square Accord, Rooftop Housing Group, Community Housing and Cottsway Housing Association. Compatible with all major heat pump brands, Heat Saviour™ has recently been endorsed by Midea, one of the world’s leading heat pump manufacturers which operates in 200 countries worldwide, highlighting Hewer’s position at the forefront of practical, scalable low-carbon heating solutions. Adam Daly, Business Development Manager, says: “I’m thrilled to be joining Hewer at such an exciting time for both the business and the wider sector, as it continues its transition to greener technologies. “The UK is leading the way in innovation in this space. Heat Saviour is a first-to-market solution that solves real-world challenges around heat pump adoption – tackling key barriers such as cost, disruption and installation complexity – for installers, tenants and homeowners. “My role will focus on helping installers, housing providers and local authorities understand the product and deploy it effectively at scale. Having the endorsement of Midea reinforces the value and impact of what we’re delivering.” Stuart Hesk, Director at Hewer, adds: “We’re delighted to welcome Adam to the Hewer team. His experience in product launch, market education and commercial growth is exactly what we need to support Heat Saviour’s rollout. “Adam’s appointment strengthens our business development capabilities as we help social housing providers, local authorities and homeowners adopt low-carbon heating solutions. With recognition from a global leader like Midea, it’s clear that our technology is not only innovative but also trusted by industry experts.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Bullard puts the ‘ard’ in graft in new Jewson landscaping campaign
Footballing legend turned TV personality Jimmy Bullard will front a new landscaping campaign by Jewson, championing the people behind one of the toughest trades in the industry. Across TV, radio and social media, the former Fulham FC, Hull City and Ipswich Town player portrays a high-energy landscaping ‘coach’, set out to show employees, trade customers and aspiring DIY landscapers that with Jewson products and services, landscaping is made easier, ‘because the job’s ‘ard enough”. The campaign is designed to show that landscapers have all the products they need for their projects thanks to Jewson’s range, its expert team, and complementary services including Jewson Tool Hire. Throughout the spring and summer, Jewson will offer customers a variety of promotions on its landscaping range, including the Dallas, Verona and Nordic porcelain tiles from its exclusive Terralis range. New own-brand product lines including top soil, bark, mulch, compost and grade wood chippings will now be delivered to customers in Terralis-branded bulk bags, while new composite decking products are available as a low-maintenance alternative to timber decking. Jewson colleagues have also played a key role in the campaign, helping shape new ranges including landscaping accessories and fencing, and many of the team will feature in some of the content aired. There’ll also be landscaping themed activities in branch in line with key sporting events including The Masters and the World Cup. Tessa Viller, Marketing Director for STARK UK, Jewson’s parent company, said: “Landscaping is one of the toughest, most hands-on trades out there, and at Jewson we’re proud to partner those who put the work in every single day – often in challenging conditions. Our aim is to make life easier for those customers by being the go-to destination for landscaping materials – with the range, availability and local expertise to get everything you need for a landscaping project in one place. “Jimmy’s energy, credibility and down-to-earth approach make him the perfect fit as our landscaping ambassador. He’s a true champion of the Jewson colleagues who sit at the heart of our branches, playing a vital role in helping them win more work, more often. It’s great to have him on board – there’s a very fun, but busy, few months ahead!” Jimmy said: “I know a thing or two about graft. I’ve built my career on hard work, teamwork and getting the basics right under pressure, and that’s exactly what landscaping is all about. It’s not about shortcuts or showboating – it’s about skill, stamina and doing the job properly, day in, day out. From early starts to heavy materials and tight deadlines, the work’s hard enough already, which is why I’ve got huge respect for the people who do it. “That’s also why I’m proud to be working with Jewson. They really understand what landscapers need – from dependable stock to straightforward advice in branch – and they’re all about making life easier for the people putting the work in. It’s great to be part of something that truly champions landscapers. Bring on the summer.” Explore Jewson’s landscaping range here. Building, Design & Construction Magazine | The Choice of Industry Professionals
City of London unveils vision of future skyline as development boom gathers pace
The City of London Corporation has released a new CGI revealing how the Square Mile’s skyline is expected to look in around six years’ time, once the latest wave of towers under construction or with planning consent are complete. The computer-generated images illustrate the evolving cluster of tall buildings in the City’s financial district, reflecting what will be delivered following a record year for planning approvals in 2025. According to the Corporation, 2026 has already marked the busiest start to a year in seven years in terms of both planning submissions and decisions, as demand for high-quality, sustainable Grade A office space continues to grow. More than half a million square metres of office space was granted planning permission in 2025 alone – the equivalent of more than ten Gherkin-sized buildings – with roughly half of that total already under construction. The result is a development pipeline that will keep the Square Mile firmly in growth mode for the remainder of the decade. Major schemes contributing to the future skyline include 1 Undershaft, which is already progressing on site, alongside 85 Gracechurch Street and 60 Gracechurch Street, both due to start shortly. Together, these projects will add more than 200,000 square metres of commercial space. Chris Hayward, Policy Chairman of the City of London Corporation, said strong demand for amenity-rich, premium office space was reinforcing the City’s global appeal. He noted that vacancy rates in the City Core continue to fall, prime supply remains tight and leasing activity has reached its strongest annual performance since 2019. He added that the City continues to demonstrate its ability to deliver complex, large-scale developments while responding to evolving patterns of work. Tom Sleigh, Chairman of the Planning and Transportation Committee, described commercial development in the Square Mile as “all systems go”, pointing to a particularly active start to the year and sustained investor confidence in the City’s long-term prospects. Building, Design & Construction Magazine | The Choice of Industry Professionals