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The responsible investment charity ShareAction welcomed the move but urged the bank to go further

Mermaids says its interim chief has been given the role to 'enable the ongoing stabilisation of the charity' while it undergoes a Charity Commission inquiry

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For the first time, a plot of London real estate belonging to the Russian Federation has been seized by the former shareholders of a defunct Russian oil giant. 

Amid a $60bn (£47bn) legal battle, a prime plot of London real estate belonging to the Kremlin – the Russian government – has been grasped by former shareholders of defunct oil giant Yukos. 

Located at 245 Warwick Road in Kensington, the plot of land was bought by the Russian Federation in 2006 for £8m. According to calculations from The Telegraph, properties on the site are said to cost around £200m.

However, Transparency International, a global movement to end the injustice of corruption, has estimated that £1.1bn worth of London property owned by Russians has been accused of corruption or with links to the Kremlin.

In 2003, Yukos was illegally seized by the Kremlin on grounds of tax evasion after the organisation’s former boss, Mikhail Khodorkovsky, fell out with Vladimir Putin.

Following this, the major Russian oil firm filed various claims in international courts seeking compensation for their expropriation, and in 2014 a Dutch court ordered Russia to pay them more than $50bn (£40bn) – a decision Russia is still fighting.

Commenting on the news, Tim Osborne, chief executive of GML, which through its subsidiaries was the majority shareholder of Yukos, said: ‘This historic first charge over Russian property in England is a testament to our commitment to hold Russia accountable for its actions by pursuing Russian state assets worldwide until justice is done.

‘Russia makes it a point to ignore court judgments, making it very difficult if not impossible for its victims to get justice.’

Against this backdrop, Russia has argued that their motives were protected by sovereign immunity, but this claim was rejected, and the London High Court ordered Russia to reimburse Yukos for its legal costs.

Yet, Russia ultimately failed to pay these costs, and shareholders were able to obtain a charging order over the real estate.

The Russian Federation has the right to challenge the interim order at a hearing on 12th April, however, should they fail, the former Yukos shareholders will acquire ownership of the land.

Image: aukett swanke 

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The decision to implement a new North East mayor and ratify a multi-billion pound devolution deal is set for approval by parliament.

For years, councils across the North East have discussed the benefits of signing a devolution deal and introducing a mayor with ministers in the Houses of Parliament. Finally, the decision has reached the final hurdle. Yesterday, an order was laid in parliament which will pave the way for a new authority to be formed.

Once formally approved, the North of Tyne and North East Combined Authorities will be abolished to make way for a new North East Combined Authority, with the election of a mayor set for May this year.

The new authority is being set up under the leadership of the seven council leaders in County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside, and Sunderland.

In a joint statement, the seven council leaders, and North of Tyne Mayor, welcomed the next steps in the process.

‘It’s exciting that the devolution deal we secured is now moving through parliament. It’s an important final step before the formation of our new combined authority,’ officials said. ‘As a group of leaders we are working together already to put plans into place to deliver for our residents, businesses, and communities.’

The leaders added: ‘That collaboration means we will hit the ground running and deliver results for the people of this region.

‘The new powers and funding we negotiated will mean important decisions about our region will be made here, in the North East. This is set to be a transformative year for the North East.’

Despite the decision bringing substantial new changes, it will not impact the services that local councils are responsible for. However, the functions of the North East Local Enterprise Partnership, Transport North East and Invest North East England will be delivered by the new combined authority.

These new features were introduced as part of the devolution deal, which received positive feedback during a public consultation last year and was agreed with government in December 2022.

The investment package, which is worth £4.2bn, includes:

• An investment fund of £1.4bn, or £48m a year, to support inclusive economic growth and support regeneration
• An indicative budget of around £1.8bn, or £60m a year, for adult education and skills – to meet local skills priorities and improve opportunities for residents
• A £900m package of investment to transform the transport system, with £563m from the City Regional Sustainable Transport Fund, on top of funding already announced for buses and the metro system
• £69m of investment in housing and regeneration, unlocking sites to bring forward new housing and commercial development

Jacob Young, minister for levelling up, said: ‘[Yesterday was] an important milestone for communities across the North East as their landmark devolution deal moves one step closer to becoming a reality.

‘The reason we’re so excited for this to get over the line is because a major part of levelling up is giving local people, who know their areas best, the levers and money they need to improve their areas.

‘That’s exactly what this deal does – from Sedgefield to the Scottish Border – providing new decision-making powers, billions in funding and a new mayor who can champion their area on behalf of the two million who live there.’

Image: Ryan Booth

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Central government is poised to axe plans to introduce ‘boiler tax’ if targets to fit sustainable heat pumps in homes are missed.

Back in 2020 Boris Johnson, former Prime Minister of the UK, introduced plans to install 600,000 heat pumps per annum by 2028 as part of the government’s plans to phase out gas boilers for their clean heat strategy.

As part of this plan the government were set to introduce a ‘boiler tax’ which, from April, would have included manufactures of fossil fuel boilers face a quota for heat pump installations relative to their gas or oil installations. Companies are required to match or face a fine of £3,000 for every insulation they fall short by.

However, at the beginning of this week ministers announced potential plans to boycott the idea. A government source informed the Sunday Times: ‘Boiler manufactures have saddled with families with indefensible price hikes – this is not right. We’re looking again at the policy and expect manufacturers to do the right thing and remove their price hikes immediately.’

Currently, a formal decision on the matter is yet to be announced. However, energy secretary Claire Coutinho has said that ditching the policy could be the only way to get manufactures to drop their prices again and that the government can still achieve its goal of 600,000 heat pumps through other schemes and incentives.

‘We remain committed to our ambition of installing 600,000 new heat pumps a year by 2028,’ Coutinho said. ‘We want to do this in a way that does not burden consumers, and we’ve increased our heat pump grants by 50% to £7,500 – making it one of the most generous schemes in Europe.’

Despite optimism shown by the government, environmentalists have expressed their disappointment about the decision. The news has come just several months after current Prime Minister Rishi Sunak announced a watering-down of the UK’s net zero policies, which included pushing back the deadline for banning new petrol and diesel cars.

In addition, the news has also been announced as the Labour Party are due to ditch their policy of spending £28bn a year on its green investment plan which details intentions to secure more green jobs and reach climate targets.

Images: Jamie Street and Heidi Fin

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Adam Neumann, founder of WeWork, is trying to buy back the company despite being pushed out as CEO five years ago.

It’s often these points in a movie when people being rooting for the underdog, however, when Adam Neumann expressed interest in buying back WeWork after the organisation declared themselves as bankrupt in November 2023, it wasn’t met with the cheer he’d been looking for.

On Monday, 5th February 2024, lawyers representing Neumann’s new venture, Flow Global, sent a letter to WeWork advisors explaining that he has been trying to meet with the company for months to negotiate a fair deal to buy back the organisation.  

In addition, the letter detailed that if Neumann wasn’t able to buy back the co-working space company, then he would alternatively offer debt financing.  

However, it has been reported that WeWork advisors have been hesitant to revisit the negotiating table with Neumann, WeWork’s former CEO, as they claimed the establishment has had a ‘lack of engagement’ with him and had not provided the information needed to make an offer to purchase the company or finance its debt.

According to the New York Times, who were the first outlet to report on this matter, WeWork has more than $4bn in debt.

In the letter to WeWork, Neumann’s lawyers painted an overview of what the former CEO has in mind should he get the company back.

The letter said: ‘In a hybrid work world where demand for WeWork’s product should be greater than ever, my clients believe that the synergies and management expertise offered by an acquisition could significantly exceed the value of the debtors on a stand-alone basis. WeWork should at least educate itself about that potential and not preclude itself from maximizing value.’

In 2019, Neumann was pushed out of the company after WeWork failed to get on to the US stock market. The organisation was founded in 2010, and with Neumann as the major company stakeholder he was able to discuss an exit package worth almost half a billion – $245m was given in company stock and $200m in cash to leave the company.

Against this backdrop, since WeWork filed for Chapter 11 bankruptcy in November, as a result of rising interest rates amidst a lack of demand for office space, they have faced frustration from their landlords who have taken the company to court over doubts about its stability. This suggests the organisation may not have a choice but to strike a deal with Neumann. Only time will tell. 

Image: Sargent Seal

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Bridges have joined forces with City Development Limited to deliver Yardhouse, an innovative mixed tenure scheme in Wood Lane, London.

The new development, which was conjured up between Bridge, alongside development partner HUB, and Singapore-based real estate developer City Developments Limited (CDL), is set to deliver 209 co-living homes and high-quality amenity spaces.

In addition, two roof terraces, which will provide picturesque views across London will also be included.

However, although the development will provide beautiful scenery, it is also set to deliver 60 new, high-quality, affordable homes for single women – an act that is full of kindness. This decision has only been made possible through a partnership with Women’s Pioneer Housing (WPH), who will likewise be receiving a new HQ through the development.

Speaking of organisations that have helped bring this plan to life, the close collaboration with Hammersmith and Fulham Council played a huge part. Local residents and business owners have campaigned to bring forward a co-living and affordable housing scheme supported at all levels in the borough.

It will replace 36 existing WPH homes and 300 sqm of office space, creating a vibrant and dynamic living environment that aligns with modern lifestyle preferences and better serves the needs of local people.

Commenting on the news, Simon Ringer, Bridges’ head of property said: ‘This landmark deal reflects the strong demand in London for lower-cost, high-quality co-living space.

‘We have worked extensively with the local community to make sure that Yardhouse caters to local needs – in line with our ongoing commitment to support best-in-class developments in needs-driven sectors. We can’t wait to see this pioneering scheme come to life.’

One of the reasons this new deal has been struck is to address the growing demand for sustainable housing solutions, particularly in urban areas.

‘This forward funding deal will be instrumental to our delivery of this next gen co-living scheme,’ Damien Sharkey, managing director at HUB said. ‘We’re thrilled to partner with CDL on its first co-living development in the UK and move forward with the first project in our growing co-living pipeline.’

Damien added: ‘Not only does this further strengthen our commitment to innovative and inclusive housing solutions that meet the evolving needs of communities, but it reinforces our confidence in the resilience of the real estate market and the appeal of this emerging asset class.’

Situated within easy reach of Westfield, White City Place, Television Centre, and Imperial College London’s campus, and with excellent transport links, no better site could be thought of for co-living.

Image: Bridges 

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