Inglis: fresh capital spurs refurbishments push
Stephen Inglis, the boss of Regional REIT's asset manager London & Scottish Property Investment Management, describes the last few years as a "long, hard slog" as he and colleagues worked to convince people that the office market would spring back to life after COVID.
He says his prediction that most people will use the office most of the time after the pandemic is starting to carry weight, with the firm's data showing that employees are using workspaces more than four days of the week.
With cautious optimism that things are looking up for the office market, Inglis says the REIT's recent capital equity raise is helping to provide the business with the firepower it needs to rework its portfolio and supply "ready-to-go" offices across the UK at a time when there isn't much around.
CoStar News interviewed Inglis to discuss the state of the regional office market, how the business it looking to reshape its portfolio with fresh money and the rents developers need to achieve to build speculative schemes outside of London today.
England World Cup star scores JLL role
JLL has hired Matt Dawson, scrum half for England's 2003 Rugby World Cup winning team, as executive director, strategic clients. After a professional rugby career that included appearances for the British Lions, Northampton Saints and Wasps, Dawson focused on business and media. He has 15 years’ experience of working in the real estate sector, having worked as a strategic sales consultant with flexible workspace broker and managed space group The Instant Office Group. JLL said he will work on account strategies for its portfolio of high-value clients, build C-suite level relationships with key decision-makers and identify cross-selling opportunities across EMEA.
British Land figure joins Real Estate Balance board
Kelly Cleveland, head of real estate and investment at British Land, has joined the Real Estate Balance board of directors. Cleveland joins as British Land chief executive Simon Carter steps down from the board after more than two years and prepares for his tenure as president of the British Property Federation. In her role as head of real estate and investment, Cleveland has overall responsibility for asset management, leasing and investment activity across the British Land portfolio. She joined the executive committee in November 2020, and is executive committee lead for two of British Land’s staff networks: Race, Equality, and Celebrating Heritage, and NextGen.
Vail Williams appoints new managing partner
Vail Williams' managing partner, Matthew Samuel-Camps, is stepping down after a decade at the helm and is succeeded by Danny George. George, a partner and member of the executive board, joined Vail Williams as an associate in 2016 when the firm acquired business rates specialists Bisset Moffatt Hill and became partner in 2018 before being made lead partner for the firm’s business rates practice in 2019. By 2020, he was made regional managing partner for the Gatwick region and led on a significant corporate values project, before being promoted to the executive board in 2023. Samuel-Camps, who becomes chair, joined Vail Williams as a graduate in 1988.
Native Land poaches BGO principal for director role
Native Land has made Phil Haddleton as commercial development director. Haddleton spent around a decade at real estate investment firm BGO, where he was principal in the central London team. It said the recruit was as a core member of the management team for Welput, BGO's central London office fund, specialising in the repositioning of underperforming office assets into best-in-class buildings. He also led the delivery of BGO's Cat A+ tenant-ready offer, repositioning legacy assets to meet the needs of modern occupiers. He will lead Native Land’s commercial development team, "ensuring the successful execution of the company’s diverse and high-profile portfolio".
Hammerson CEO Gagné to retire
Hammerson chief executive Rita-Rose Gagné is to step down and retire in 2026. In a stock market announcement, the real estate investment trust said Gagné will remain with the business for the next 12 months as a successor is identified. Gagné joined as chief executive in 2020 at a period when the shopping centres business had seen its share price fall dramatically as it faced the impact of online shopping on physical retail, and the Covid-19 crisis. Under her leadership the business has focused on selling non-core assets and major cost reductions, as well as creating mixed-use urban centres around the city centre malls, and buying the stakes of joint venture partners.
Frasers Property UK CEO to step down
Ilaria del Beato, chief executive at Frasers Property UK, is set to step down from her role at the end of this month. The property developer confirmed in a statement this week that Del Beato, who joined Frasers Property in 2017, would leave on 30 June to pursue other interests, but would continue to support the group in an advisory capacity. Matt Condren and Adrian Choo have been appointed co-leaders for the UK business. Condren is responsible for business development in the UK, while Choo is responsible for research across the group. Frasers Property described Del Beato as instrumental to evolving its operations in the UK. She has more than 35 years' sector experience.