Singapore investor Elite Partners Capital pays Telereal Trillium £165m for three government-let portfolios; Westminster Council rejects British Land's planning application for a new office tower at Paddington Central; fashion retailer Jigsaw demands a 30% rent cut from landlords; Watkin Jones shelves plans to create a separate BTR investment vehicle; Grosvenor Britain and Ireland chief executive Craig McWilliam unexpectedly steps down a year before he was due to take over as group chief executive; Quadrant teams up with Mark Phillipson to launch a JV promising to breathe new life into department stores; Sidra Capital closes in on deal to buy The Ritz from the Barclay Brothers; Property Week launches The Climate Crisis Challenge in collaboration with UKGBC; British Land ditches plans for a mega shopping centre at a mixed-use scheme in Slough in favour of a 3.5m sq ft office-led scheme; real estate and construction see a sharp rise in number of businesses in "significant financial distress". August Deteriorating relations between China and the UK stoke fears Chinese investors will pull the plug on UK property investments and office deals; housing secretary Robert Jenrick unveils radical overhaul of planning system; critics call for tighter regulation to prevent illicit Russian investment in UK property; investors show renewed interest in UK residential REITs, according to EPRA data; Property Week reveals that Israeli billionaire Igal Ahouvi is set to embark on a residential spending spree in London with an "unlimited war chest"; and local authorities lose significant sums of money investing in out-of-constituency retail assets. [Extracted from the article]
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