Tenant Watch Issue 16 (06 July 2026)

Retail

TG Jones, the former WH Smith high street business now owned by Modella Capital, has secured High Court approval for a restructuring plan that could see up to 150 stores close as part of efforts to avoid administration. The plan is expected to reduce lease liabilities across the store estate and unlock new funding to support the turnaround, although it faced opposition from several landlords over the scale of proposed rent cuts. Revised terms, including improved landlord concessions and a greater share of potential future upside, helped reduce opposition before approval was granted (Retail Gazette, 01 July 2026).

Ocado is facing an escalating boardroom dispute as major shareholders push back against efforts to accelerate succession planning for founder and chief executive Tim Steiner, with several top-10 investors reportedly backing his continued leadership. The row has intensified after a leading shareholder called for the removal of chair Adam Warby, warning that investors representing around a quarter of Ocado’s shares support his exit. The dispute comes as Ocado seeks to rebuild investor confidence following a sharp share price decline, setbacks with international partners including Kroger, and ongoing efforts to broaden its technology offering, including a recent software licensing deal with Asda (Retail Gazette, 30 June/03 July 2026).

Matalan has secured extensions to its existing debt facilities, with anchor investors Invesco, Tresidor, Man Group and Napier Park agreeing to push maturities from December 2027 and January 2028 to April 2029. The retailer said the move reflects continued investor confidence in its turnaround strategy, following recent results showing its pre-tax loss narrowing to £55m and adjusted pre-IFRS 16 EBITDA rising 24% year-on-year to £69m, supported by higher sales volumes and improved margins (Retail Gazette, 29 June 2026).

Pavăl Holding has completed its €823m acquisition of Carrefour Romania, including the retailer’s operations, real estate assets and commercial funds in the country. The deal covers 55 hypermarkets, 191 supermarkets, 202 convenience stores and 30 Supeco discount stores, which together generated gross sales of €3.2bn in 2024 and 2025, representing around 3.5% of Carrefour’s sales. The transaction, financed by Banca Transilvania, forms part of Carrefour’s strategy to exit selected competitive markets and focus on France, Spain and Brazil (Eurobuild CEE, 01 July 2026). 

Logistics

CMA CGM agreed to acquire FedEx Supply Chain for an enterprise value of US$1.4bn, in a deal expected to significantly expand CEVA Logistics’ North American contract logistics operations. The combined business would operate around 150 warehouses and employ approximately 20,000 people across more than 240 locations, while CMA CGM and FedEx are also expected to enter into multi-year air and ocean freight agreements (CMA CGM, 01 July 2026).

Office

Barclays has acquired a long-term leasehold interest in its global headquarters at One Churchill Place from Canary Wharf Group, in a transaction valuing the leasehold interest at £750m. The deal gives Barclays control of the building beyond its current lease term, which runs to 2039, provides greater certainty over long-term occupancy costs, and supports continued investment in the 1m+ sq ft workplace, which has served as the bank’s global headquarters since 2005 (Canary Wharf Group, 30 June 2026).

PwC UK has agreed to take 350,000 sq ft of office space at One Eden in Canary Wharf, with completion expected in autumn 2026. The move follows plans to redevelop the firm’s Charing Cross headquarters at Embankment Place and represents a major office letting for Canary Wharf Group (CoStar News, 02 July 2026).