Tenant Watch Issue 12 (8th June 2026)

Retail

Debenhams Group, formerly Boohoo Group, reported a return to growth in the first quarter of FY27, supported by improving performance across its core brands and progress with its turnaround strategy. Gross merchandise value increased 0.5% year on year, with May growth of around 8%, while gross margin improved to 53.5% from 52.1%. The group said its transition to an asset-light marketplace model is progressing, with all brands now operating on the marketplace platform and around 25,000 brands and partners in its ecosystem. Management reiterated guidance for double-digit adjusted EBITDA growth in FY27 and plans further cost reductions, including lower lease costs and property disposals to reduce leverage (Retail Gazette, 03 June 2026).

Amazon is investing more than €10bn to expand and modernise its European fulfilment network, with plans to introduce further robotics, faster delivery options and 25,000 additional jobs across the region. The investment includes the latest version of its Proteus robot, expanded use of its touch-enabled Vulcan robot and the launch of Stark, a robotic system designed to support employees with repetitive fulfilment tasks. In the UK, Amazon is also preparing to open a £107m distribution centre in Peterborough, creating 1,400 jobs. The site will be its first UK “One Distribution Centre” and forms part of Amazon’s wider £40bn UK investment programme for 2025 to 2027 (Retail Gazette, 05 June 2026).

Evoke PLC has agreed to a £243m takeover offer from Bally’s Intralot after rejecting five previous proposals. The Gibraltar-based owner of William Hill and 888 will see shareholders receive 0.537 new Intralot shares for each Evoke share, or a 52p-per-share cash alternative, subject to a £117.1m cap. The offer values Evoke at 52p per share and has the unanimous backing of its board, with undertakings and letters of intent covering 29.1% of shares. Evoke launched a strategic review in December after UK gambling tax changes were expected to increase its annual tax bill by £125m-£135m. Intralot said the deal would create a larger, more diversified online betting and gaming group, with expected pre-tax cost and capex savings of around £180m by the end of the second year after completion. Subject to shareholder approval, the transaction is expected to close in Q4 2026 (Alliance News, 05 June 2026).

Logistics

Ceva Logistics has signed a lease with Logicor for Derby 507, a 508,003 sq ft logistics warehouse at Infinity Park Derby. The building offers 18m eaves, 46 dock loading doors, a 2,739kVa power supply and has achieved BREEAM ‘Excellent’ and EPC ‘A’ ratings. Logicor said the letting reflects continued occupier demand for large, specialist distribution centres in key logistics locations (Property Week, 01 June 2026).

DHL Group announced plans to invest around €160m in France during 2026-2027, with spending focused on expanding logistics capacity, upgrading infrastructure and accelerating decarbonisation across its French operations. Separately, DHL Express Europe said its aviation fuel supplies were secure for summer despite disruption risks linked to the Iran conflict, supported by contingency planning, alternative fuelling options and adaptable flight routes (DHL Group, 04 June 2026; Reuters, 02 June 2026).

Office

Stanhope and Mitsubishi Estate London have fully leased 8 Bishopsgate after law firm King & Spalding signed a 12-year lease for 8,479 sq ft on the building’s 47th floor. The deal takes King & Spalding’s total footprint in the 550,000 sq ft City of London office tower to almost 60,000 sq ft across seven floors. Other occupiers include AEW, Access, BancTrust & Co, CFC, First Abu Dhabi Bank, Harmonic and Proskauer, with the final letting seen as evidence of continued demand for high-quality, amenity-rich and sustainable office space (Property Week, 04 June 2026).