LondonMetric eyes smaller rival as portfolio push continues
LondonMetric's roll-up of listed property companies looks set to continue after Urban Logistics confirmed it had been approached about a possible takeover.
The board of Urban Logistics told shareholders on Friday afternoon that it had received a 'preliminary, indicative proposal … regarding a possible offer for the company' from LondonMetric, whose acquisition spree over the past couple of years has propelled it into the FTSE 100.
LondonMetric, which said the deal would give shareholders exposure to 'a larger, more diverse portfolio' has built up £6 billion of investments including the land on which Alton Towers sits to Tesco supermarkets and a dozen or so private hospitals, from which it earns close to £350 million a year in rent.
About half of its portfolio is warehouses,
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The Guardian
20 minutes ago
- The Guardian
How every Premier League club's summer business is shaping up
Recruitment was cast as the main reason for the club's disappointment last season. Mikel Merino playing as an auxiliary centre-forward after Kai Havertz had broken down made that apparent. This will be a summer with a marked difference with Andrea Berta ready to go as the club's new sporting director. Berta spent 12 years at Atlético Madrid, supplying the players and foundation behind Diego Simeone's dynasty. Arsenal seek to avoid friction between Arteta dictating as he did previously and Berta wielding the same kind of power that was so effective in Madrid. Benjamin Sesko of RB Leipzig is heavily linked to the striking vacancy with Sporting's Viktor Gyökeres seen as too costly. Martin Zubimendi is expected to reunite with Merino in Arsenal's midfield, though Real Madrid may yet turn the midfielder's head. Kepa Arrizabalaga will come in as a back-up goalkeeper within a squad well set for success but missing the final pieces. John Brewin There is another profit and sustainability-shaped hole to fill this summer, though the picture is not thought to be as pressing as last year, when Villa's director of football operations, Damian Vidagany, compared the situation to a ticking timebomb before they sold Douglas Luiz to Juventus. At the same time, another big sale would be a welcome relief to the bottom line, which is why Villa are preparing for the departure of Emiliano Martínez. Villa are targeting the additions of two goalkeepers, with Lille's Lucas Chevalier among those on the shortlist, and will need to replace the loanees who arrived in the winter window, with none of Marcus Rashford, Marco Asensio and Axel Disasi expected to return permanently. Villa immediately targeted a young striker after agreeing to sell Jhon Duran in January and have agreed a deal for the 18-year-old Zépiqueno Redmond to join from Feyenoord next month. Ben Fisher No wonder the Bournemouth technical director, Simon Francis, recently conceded they are victims of their own success. Even before last season ended, the club were being mined for their prized assets, with Real Madrid triggering the £50m release clause in Dean Huijsen's contract. Milos Kerkez, who has been a superb signing from AZ Alkmaar, is poised to join Liverpool, so a left-back is high on the agenda. Paris Saint-Germain have also inquired about Illia Zabarnyi, another consistent performer. The official line is Zabarnyi is not for sale but it will be tough to keep him if PSG stump up. Regardless, Bournemouth will generate significant funds to strengthen and view a new goalkeeper as perhaps the most important piece of the puzzle. Kepa Arrizabalaga, who spent last season on loan from Chelsea and remains the world's most expensive goalkeeper, has a modest £5m release clause in his contract but Bournemouth are exploring all options in their search for a permanent No 1. BF This could be a summer of change at the Gtech. Thomas Frank continues to be touted as the next Tottenham manager and there is a possibility that Brentford will be forced to replace the goals and assists of Bryan Mbeumo and Yoanne Wissa. Both forwards have interest from elsewhere – Mbeumo is likeliest to leave, with United circling, while Wissa was targeted by Nottingham Forest in January. But Brentford will back themselves to bounce back. They recovered from losing Ivan Toney last summer and tend to use their funds wisely. They have already made an eye-catching addition in goal, signing Caoimhin Kelleher from Liverpool after selling Mark Flekken to Bayer Leverkusen. Michael Kayode, the 20-year-old Italian defender, has joined from Fiorentina for £14.8m. Jacob Steinberg Summer 2025 recruitment will have been planned some time ago with the ad-hoc approach some clubs still favour a stranger to Tony Bloom's set-up. Tommy Watson scored the playoff final goal that sent Sunderland to the Premier League when the teenage winger was already set to become a Brighton player. Note that Brighton refuse to loan to other Premier League clubs, which may see Watson returned to the north east. The Olympiakos striker Charalampos Kostoulas, for whom a bid is logged, fits the brand of hot property bigger clubs will end up paying more for in the coming years. Brighton can be a selling club but only at the right price, so moves for Kaoru Mitoma will have to be credible, though could fund a defensive rebuild where Lewis Dunk and Joël Veltman are both 34. Olivier Boscagli, 27, out of contract at PSV, is signed as a centre-back. JB As one of the six clubs to have won promotion to the Premier League and suffered an immediate return to the Championship in the past two seasons, Burnley are painfully aware of the leap they need to make this summer. Two years ago, having won the Championship with 101 points, the Clarets invested more than £100m in Vincent Kompany's squad, only to finish second from bottom of the Premier League with 24 points. This summer, having won automatic promotion with 100 points, Scott Parker intends to keep the core of his squad intact while strengthening in several departments. He may also have holes to fill in goal and in central defence should James Trafford and Maxime Estève depart. Burnley have already signed last season's loanees Marcus Edwards, Zian Flemming, Jaidon Anthony and Bashir Humphreys on permanent deals and released veterans Nathan Redmond and Jonjo Shelvey. A big summer is required to buck a worrying trend at the top of English football. Andy Hunter Champions League qualification and Conference League glory should be followed by another flurry of activity. The aim is to move quickly given that Chelsea compete in the Club World Cup this month, and there is satisfaction at winning the race to sign Liam Delap from Ipswich for £30m. A new striker was the top priority, but other positions are being targeted. Chelsea want a right-footed winger after sending Jadon Sancho back to Manchester United, view Ajax's Jorrel Hato as a good option in defence and have checked on the Milan goalkeeper Mike Maignan. Another striker is a possibility, too. The pace is relentless. Chelsea will look to make a lot of sales – Noni Madueke could leave for the right price – and a lot of business was done before this window, with deals concluded for youngsters such as Dario Essugo, Willian Estêvão, Mamadou Sarr, Kendry Páez and Mike Penders. JS Selhurst spending power is likely to be decided by the ongoing dispute over the club's participation in the Europa League. Should Palace be excluded, their status as a destination – and a place to stay – will be much reduced. Anyone wishing to buy Eberechi Eze will have to pay a release clause of £68m, a hefty premium following the previous practice of pricing Wilfried Zaha highly. Jean-Philippe Mateta, Adam Wharton and Marc Guéhi will have similar premiums; Wharton would cost significantly north of £60m for interested parties like Liverpool. Who makes the decisions? Dougie Freedman was a hugely admired sporting director but departed to Saudi Arabia, a combination of deputy Ben Stevens and the experienced consultant Iain Moody has stepped in, a hotline to Freedman kept open, too. Oliver Glasner needs bodies if European football happens, particularly in defence and midfield. JB The theory that a new stadium plus new owners equals a new start for Everton is appealing, but the reality is not so straightforward. The mess left by the previous regime still lingers. The contracts of 13 members of last season's squad, including loanees, expire this summer. Eight departures have been confirmed and the futures of four others are yet to be resolved. On the bright side, the impressive Carlos Alcaraz has been signed on a permanent deal. A comprehensive rebuild is unavoidable, there are profitability and sustainability rules (PSR) issues to contend with, Jarrad Branthwaite is coveted again and both the club's head of recruitment and director of football have left, the latter at Everton's behest. David Moyes has admitted being worried at the scale of the overhaul required and no wonder. The Friedkin Group need him to perform heroics in the transfer market once again. AH The most important thing is to hold on to Marco Silva. The manager has been linked with Juventus, Spurs and Saudi Pro League clubs in recent months and would not be easy to replace if he leaves. Silva's influence at Craven Cottage is vast and he will want Fulham to show ambition. A new striker is wanted to compete with Raúl Jiménez and Rodrigo Muniz. PSV Eindhoven's Ricardo Pepi has been linked, although he suffered a serious injury in January. The Benfica winger Rafa Silva is also on the club's radar. Fulham need a new wide player following the end of Reiss Nelson's loan from Arsenal. They are also waiting to see if Kenny Tete and Tom Cairney sign new deals. Willian and Carlos Vinícius have been released. JS Daniel Farke will aim to strengthen the spine of his promoted side. The Newcastle goalkeeper Nick Pope and central midfielder Sean Longstaff loom large on his wish list, while the Leeds manager is also a fan of the Millwall defender Japhet Tanganga. A forward is also being targeted, with Lecce's Nikola Krstović under consideration. Manor Solomon, excellent as the Championship was won last season, is likely to return to Spurs after the end of his loan deal and there could be other high-profile exits, including those of Patrick Bamford and Illan Meslier. Farke should have around £100m to spend, although it is not ideal that the transfer window's opening has coincided with the departure of the club's influential chief executive, Angus Kinnear, to Everton. Louise Taylor The busy summer that Virgil van Dijk predicted – or was promised during contract negotiations – has commenced in impressive style as the Premier League champions revamp Arne Slot's squad from a position of strength. The disappointment of losing Trent Alexander-Arnold has been quickly offset by the arrival of Jeremie Frimpong from Bayer Leverkusen, although, Liverpool do not consider the £29.5m signing a like-for-like replacement. Moves are afoot to strengthen on the opposite flank with a deal close for the Bournemouth left-back Milos Kerkez. But it is the pursuit of Frimpong's former Leverkusen team-mate Florian Wirtz that promises to be the most spectacular piece of business by a club that has kept its powder relatively dry in the last three transfer windows. Wirtz will cost Liverpool a club record fee whatever the final sum proves to be and will bring the creativity and finishing touch that Slot believes can elevate his champions next season. And a new striker is wanted. There will be several exits to help fund a statement of intent this summer. AH The Manchester City chair, Khaldoon al-Mubarak, promised the club would be 'aggressive' in this summer window despite the fact they still await the outcome of their hearing into alleged breaches of the Premier League's financial rules. City certainly have not been shy with their early moves in the market, agreeing a £46.3m fee for Milan midfielder Tijjani Reijnders and pursuing Wolves' Rayan Aït-Nouri, who is expected to move for around £30m plus add-ons. City were admirers of Liverpool-bound Florian Wirtz as they eye attacking midfield reinforcements in the wake of Kevin De Bruyne's departure. Lyon's Rayan Cherki looks set to fit the bill instead, although City have until 7pm on 10 June to finalise all three deals if the trio are to feature in the Club World Cup. In terms of outgoings, James McAtee and Jack Grealish could follow De Bruyne through the exit door. Dominic Booth Bruno Fernandes' decision to reject a move to the Saudi Pro League side Al-Hilal, who were prepared to offer Manchester United £100m for their captain, was an early boost in the window for Ruben Amorim's side. Although the fee may have helped United's delicate PSR situation, the club's priority was always to keep Fernandes. That, coupled with the arrival of Matheus Cunha from Wolves, with United meeting the Brazilian's £62.5m release clause, has given supporters cause for summer optimism. Bryan Mbeumo is next on United's radar, but Brentford have rebuffed an initial bid, requiring a fee similar to the one paid for Cunha. The club would still like a striker, central midfielder and possibly a goalkeeper to go with the attacking midfield pair. They won't get them all without significant sales, with Marcus Rashford, Jadon Sancho, Antony and Alejandro Garnacho among those deemed surplus to requirements. DB Newcastle are in a state of flux. The club's sporting director, Paul Mitchell, is leaving at the end of June, with chief executive, Darren Eales, also poised to depart on health grounds. While the club's Saudi Arabian ownership consider replacing Eales with David Hopkinson, a Canadian with previous executive experience at Real Madrid, Eddie Howe seeks a new goalkeeper, a right-sided centre half, a right winger and a striker to understudy Alexander Isak. The Burnley keeper James Trafford and the Crystal Palace defender Marc Guéhi remain at the top of his wish list. Having missed out on Bryan Mbeumo, Matheus Cunha and Liam Delap, Howe is likely to target Bournemouth's Antoine Semenyo, Nottingham Forest's Anthony Elanga and Brighton's João Pedro. Fraser Forster or Tim Krul could also return as back-up goalkeepers, boosting the squad's homegrown contingent demanded by Uefa's Champions League rules. LT Nuno Espírito Santo wants to add depth after returning Forest to European competition for the first time since 1996. Providing support for Chris Wood is a priority and Forest could revisit a move for Brentford's Yoane Wissa, for whom they bid £22m in January. There is a familiar figure working in the shadows – Edu Gaspar, the former Arsenal sporting director, who, for now, is working for Evangelos Marinakis on an unofficial basis. First up? A triple signing from Botafogo is in the pipeline, with striker Igor Jesus, centre-back Jair Cunha and left-back Cuiabano being pursued. A backup goalkeeper and a central midfielder are also on their wanted list. Murillo and Morgan Gibbs-White are of interest to the elite but Forest are hopeful of holding on to their best players. BF Régis Le Bris has already made his first summer signing following promotion, with Enzo Le Fée's loan from Roma becoming a £20m record transfer. Although Sunderland would like to keep Jobe Bellingham, the England Under-21 midfielder is poised to join Borussia Dortmund for an initial fee of around £28m, while winger Tommy Watson, scorer of the winning goal in the playoff final against Sheffield United, has already joined Brighton for £10m. While Sunderland's sporting director, Kristjaan Speakman, will not be drawn on suggestions that the Ajax captain Jordan Henderson could return to the club where he began his career, he has indicated that a handful of high-calibre recruits capable of stepping straight into Le Bris's youthful team are being sought. The idea is that four or five new arrivals will solidify the spine ofthe starting XI. Those targeted could include the Monaco defender Wilfried Singo. LT There had been only one story at the club since the end of the season – whether Ange Postecoglou would stay on as the manager or go. We now have the answer. However, the hierarchy have been pushing on with moves for transfer targets, with the technical director, Johan Lange, prominent. There is also the possibility that Fabio Paratici, the former recruitment chief, who has been working for them in a consultancy role, will return in a more formal capacity. With a Champions League campaign to come, it will be important to add depth. The future of the captain, Son Heung-min, must be resolved – he has one year on his contract and turns 34 next summer – and a decision must be taken on Cristian Romero, who is a target for Atlético Madrid. Will Mathys Tel be added permanently? The 18-year-old Croatian defender Luka Vušković will join from Hajduk Split in a deal put in place in 2023. Fraser Forster, Alfie Whiteman and Sergio Reguilón have been released. Timo Werner's loan has ended. David Hytner Money is tight because of PSR concerns caused by years of costly, ill-advised deals. The recruitment team have been told that little can be done before sales are made. The problem, though, is that West Ham have few lucrative assets. Much will depend on whether a buyer appears for Mohammed Kudus. Lucas Paquetá could also leave if he is declared not guilty of breaking the Football Association's betting regulations. As it is, though, Graham Potter knows that he has to be creative as he looks to revamp an ageing squad. West Ham need more legs and youth in midfield, and have scouted Sunderland's Chris Rigg, Sheffield United's Sydie Peck and Middlesbrough's Hayden Hackney. There is also interest in the Sunderland forward Eliezer Mayenda. West Ham want a goalkeeper but are lukewarm on Southampton's Aaron Ramsdale. A new left-back is needed. JS This summer has so far taken on a familiar theme: headline departures. Matheus Cunha is the latest key player to exit, Manchester United triggering his £62.5m release clause, while Rayan Aït-Nouri is primed to join Manchester City. Twelve months on from Max Kilman leaving for West Ham, Wolves look likely to lose another captain, with Nelson Semedo out of contract this month. It is shaping up to be another rebuild, which Vitor Pereira will oversee. He wants to focus on bringing in at least one forward, while new full-backs will be necessary if Aït-Nouri and Semedo depart. The departure of sporting director, Matt Hobbs will likely give Pereira greater autonomy, with the Italian Domenico Teti, whom Pereira worked with in Saudi Arabia, poised to take on an influential role. The intriguing bit will be whether Jorge Mendes, who represents Pereira, also gains greater control. BF
The Independent
21 minutes ago
- The Independent
Healthcare firm Totally collapses but divisions sold
Former NHS 111 urgent care provider Totally has collapsed into administration, but said a deal to sell its main divisions will see the 'uninterrupted provision' of all its services. The Derby-based healthcare firm – which lost the NHS 111 support contract in February this year – has appointed Ernst & Young partners Tim Vance and Sam Woodward as joint administrators after failing to secure bids or strategic investors for the entire firm. It said that following the appointment, the sale of its selective care and corporate wellbeing subsidiaries, as well as the urgent care division, was completed to rival PHL Group. 'This transaction sees the continued and uninterrupted provision of all services previously delivered by the group,' Totally said. Totally employed more than 1,400 employees, according to its 2023-2024 annual report. The group added: 'PHL Group will make separate announcements shortly, including communication with the customers, suppliers and employees of the elective care and urgent care divisions, and the corporate wellbeing business, which are all continuing to provide all services as normal following the transaction.' The company's failure comes after a difficult past year, with the firm losing the NHS 111 contract worth £13 million and then revealing last month it was facing a potential medical negligence claim related to an incident in January 2018. At the time, it warned the size of the liability for the claim could be more than the £10 million claim limit on its insurance policy. It launched a strategic review to look at options, including the sale of subsidiaries 'receiving strategic investment or undertaking some other form of comparable corporate action'. Shares in the firm plummeted at the time. On June 6, it announced its intention to appoint administrators after the review had failed to see any 'solvent' offers for parent firm Totally and suspended its shares from trading on London's junior Aim market. PHL – the buyer of its trading divisions – was launched in 2009 and runs services in the UK and overseas, including integrated urgent care, urgent treatment centres, surgical insourcing, custody healthcare, ADHD services and general practice.
Telegraph
24 minutes ago
- Telegraph
Stocks rally ahead of US-China trade talks in London
Stock markets jumped in Asia ahead of US-China trade talks due to get under way in Britain today. Shares were up from Hong Kong to Tokyo following a call late last week between US president Donald Trump and Chinese leader Xi Jinping. Representatives from the world's two largest economies are due to meet at a still undisclosed location in London in an attempt to revive a preliminary trade agreement reached in Geneva last month. The US delegation will be led by treasury secretary Scott Bessent, commerce secretary Howard Lutnick and US trade representative Jamieson Greer. The Chinese contingent will be helmed by vice premier He Lifeng. Relations soured earlier this month after President Trump accused China of violating the terms of the deal. Beijing accused Washington of doing the same. Latest updates 09 June 2025 8:15am 8:15AM Government borrowing costs fall amid trade hopes The cost of government borrowing edged lower in Britain ahead of the talks between top US and Chinese trade officials in London. The yield on 10-year UK gilts – a benchmark for the cost of servicing the national debt – declined two basis points to 4.62pc on bond markets. Yields were also lower across the eurozone after the European Central Bank last week cut interest rates by a quarter of a percentage point to 2pc, as expected. Germany's 10-year bund yield was down nearly three basis points to 2.54pc. 8:06AM UK stocks muted ahead of trade talks The FTSE 100 opened slightly higher as the US and China prepare to hold trade talks in London. The UK's blue-chip stock index climbed 0.1pc to 8,845.73 while the mid-cap FTSE 250 was flat at 21,159.10. 8:03AM Trump says China talks 'should go very well' Donald Trump said the talks in London 'should go very well'. The negotiations come just a few days after the US president and Xi Jinping finally held their first publicly announced telephone talks since the Republican returned to the White House. Trump said the call, which took place on Thursday, had reached a 'very positive conclusion.' Xi was quoted by state-run news agency Xinhua as saying that 'correcting the course of the big ship of Sino-US relations requires us to steer well and set the direction'. The call came after tensions between the world's two biggest economies had soared, with Trump accusing Beijing of violating a tariff de-escalation deal reached in Geneva in mid-May. Mr Trump's press secretary, Karoline Leavitt, told Fox News on Sunday: 'We want China and the United States to continue moving forward with the agreement that was struck in Geneva.' 7:46AM China export growth plunges as Trump tariffs bite China's export growth slowed to a three-month low in May as US tariffs hit shipments. Total exports from the world's second largest economy expanded by 4.8pc year-on-year last month, down from 8.1pc in April and below analyst expectations of 5pc, according to customs data. China's exports to the US plunged by 34.5pc in the sharpest drop since the outbreak of the Covid pandemic in February 2020. Imports dropped 3.4pc, deepening sharply from the 0.2pc decline in April, despite the trade deal agreed between Beijing and Washington in Geneva at the start of last month. Zichun Huang of Capital Economics said: 'The slowdown in export growth in May should partially reverse this month, as it reflects the drop in US orders before the trade truce, which took time to feed through to actual shipments. 'But with tariffs likely to remain elevated and Chinese manufacturers facing broader constraints on their ability to sustain rapid gains in global market share, we think export growth will slow further by year-end.' Exports YoY in China decreased to 4.80 percent in May from 8.10 percent in April of 2025. — TRADING ECONOMICS (@tEconomics) June 9, 2025 7:35AM Trade war 'in nobody's interests' says UK Government Top US and Chinese officials will sit down in London today for talks aimed at defusing the high-stakes trade dispute between the two superpowers. Their trade war has deepened in recent weeks beyond tit-for-tat tariffs to export controls over goods and components critical to global supply chains. At a still-undisclosed venue in London, the two sides will try to get back on track with a preliminary agreement struck last month in Geneva. The US delegation will be led by treasury secretary Scott Bessent, commerce secretary Howard Lutnick and US trade representative Jamieson Greer. The Chinese contingent will be helmed by vice premier He Lifeng. A UK Government spokesman said: 'The next round of trade talks between the US and China will be held in the UK on Monday. 'We are a nation that champions free trade and have always been clear that a trade war is in nobody's interests, so we welcome these talks.' 7:22AM FTSE 100 on track to open flat Investors in Europe appear more sceptical about the prospects of the US-China trade talks kicking off in London today. The FTSE 100, France's Cac 40 and Germany's Dax are all on track to open flat when trading gets underway later. Kathleen Brooks, research director at XTB, said: 'Asian stocks are rallying at the start of the week; however, European equity futures and US futures are taking a breather and are pointing to a slightly lower open later today.' She added: 'Stocks may need a new driver to extend last week's rally after investors scaled back their expectations for Federal Reserve interest rates cuts for this year. There are less than two cuts priced in by the Fed Fund Futures market by the end of this year. 'The number of rate cuts from the Fed could be determined by the outlook for US inflation, which is released later this week. As the growth data remain unaffected by tariffs for now, inflation could hold the key for US monetary policy.' 7:15AM Good morning Thanks for joining me. Asian stock markets rallied overnight in the lead up to fresh trade talks between the US and China which will kick off in London later. Here is what you need to know. 5 things to start your day 1) Ukraine plots fracking revolution | Ukraine is working to unleash natural gas fracking with the goal of becoming a major exporter and revolutionising Europe's energy market 2) John Lewis to slim down staff committee to accelerate decisions | Retail giant to cut size of partnership council to 43 in bid to boost turnaround 3) British manufacturing is dying before our eyes | Labour needs to take bold action to lower energy costs in this week's industrial strategy 4) How £7 pints are destroying Britain's pubs | Rising costs are forcing beleaguered publicans to raise prices, driving cash-strapped customers away 5) Lawyer who acted for Gerry Adams to pursue chatbots for libel | The high-profile media lawyer who represented Gerry Adams in his libel trial against the BBC is now preparing to sue the world's most powerful AI chatbots for defamation. What happened overnight Shares rose in Asia ahead of the second round of trade talks between Washington and Beijing, due later today in London. In South Korea, the Kospi added 1.9pc to 2,865.52. Chinese markets rose even though the government reported that exports slowed in May, growing 4.8pc from a year earlier after a jump of more than 8pc in April. Exports to the United States fell nearly 10pc compared with a year earlier. China also reported that consumer prices fell 0.1pc in May from a year earlier, marking the fourth consecutive month of deflation. Hong Kong's Hang Seng picked up 1.4pc to 24,119.64 while the Shanghai Composite Index climbed 0.4pc to 3,397.13. Tokyo's Nikkei 225 gained 1.1pc to 38,137.09 as the government reported that the Japanese economy contracted by 0.2pc in the January-March quarter. Australia's market was closed for a public holiday. On Friday, stocks gained ground on Wall Street following a better-than-expected report on the US job market. The gains were broad, with every sector in the S&P 500 rising. That solidified a second consecutive winning week for the benchmark index, which has rallied back from a slump two months ago to come within striking distance of its record high. The S&P 500 rose 1pc to 6,000.36. The Dow Jones Industrial Average added 1pc to 42,762.87 while the Nasdaq gained 1.2pc, to 19,529.95.
