Both Government sources and those from the EU claim that well over 90% of the work for Britain’s exit from the EU has been completed but everyone agrees that the most difficult issues remain, in particular resolving the question of the ‘Irish border’.
Cordatus Property Trust (“CPT”) has acquired the ‘Mercor Portfolio’ – a package of 33 individual trade counter units let on long leases to Travis Perkins
The travails of the retail sector has been one of the most talked about features of the UK economy since the financial crash. Regular articles in the trade press and the national and local dailies and weeklies are full of the ‘high street’ woes but how deep are the problems and is conventional retailing in terminal decline, or are these issues merely temporary with better times ahead?
Perhaps it is just as well that the House of Commons is now in recess for the last few months have been as bad for the government as could be imagined. Attempting to chart a course towards Brexit has proven even more challenging than expected, particularly given the government’s slim majority, with any hopes of consensus following a Chequers think tank lasting all but one day before the Brexit Secretary resigned, quickly being followed by the Foreign Secretary, both of whom declaring that they could not accept the Prime Minister’s vision of the way ahead.
It went right to the wire but finally the UK and the EU agreed the so-called divorce issues in December, allowing discussions to move on to what is likely to be even more contentious, that of the future relations between the two, including transition arrangements. The UK is hopeful of having these transition arrangements agreed by March, but that may be rather optimistic given the rather slow pace of negotiations so far. Only after these transition arrangement have been agreed will debate move on to trade talks between the two after Britain’s formal departure. It is impossible to second guess how these negotiations will proceed: the UK government unwilling at present to show its hand.
The Cordatus Property Trust is a programmatic venture between CBRE Global Investment Partners (CBRE GIP) and Cordatus Real Estate (Cordatus). Cordatus purchased the hotel at Rotary Way, Gosforth, from Compass Estate Co (a private syndicate) paying £4,650,000. The price reflects a net initial yield of approximately 5.25%.
It seems that the stances of Britain and the EU are still poles apart, and that is just on the matter of settling the UK’s “divorce” payment. It appears that there has been little, if any, discussion on the future trade positions of both parties – the EU’s chief negotiator, Michel Barnier, stating quite clearly that he is not willing to move on to trade talks until the financial settlement has been agreed. Meanwhile the clock on Britain’s exit is ticking and it is looking more certain that a transition deal will be necessary, possibly one lasting two years.