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The UK’s state-backed pension scheme has agreed a tie-up with insurer Legal & General and Dutch pension fund manager PGGM to invest up to £1bn in build-to-rent properties, in a deal hailed by the UK government as an example of how the country’s retirement savings can be directed towards its homebuilding effort.
The groups are today announcing a partnership with an initial £350mn commitment of combined investment, expected to grow to £1bn in the coming years, to build and manage rental properties on city-centre brownfield sites. It expands on an existing joint initiative between the UK insurer and the Dutch group.
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“We can see there’s a critical shortage of housing supply, coupled with increasing demand for high-quality rental homes,” said Elizabeth Fernando, chief investment officer at Nest, the state-backed UK workplace pension fund, which now has assets of £43bn from its 13mn savers.
The tie-up comes as the UK government seeks to unlock billions of pounds of investment from the country’s pension funds to boost the economy.
UK pensions minister Emma Reynolds said the announcement “highlights the opportunities for our pensions sector to contribute to our communities and grow the economy”.
“By building more properties, we can extend to our [scheme] members a great investment opportunity while helping to meet this demand and bolster the rental market,” said Nest’s Fernando.
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Increasingly, the focus is on so-called defined contribution pension schemes, which are now the mainstream offering for private sector workers, and where the investment risk sits with the saver.
Nest, a DC scheme, was established to support the 2012 auto-enrolment reform that required employers to enrol all eligible workers into a workplace pension scheme.
After feedback from its members saying more than half were not sure how much of their savings were invested domestically, it plans to publish a quarterly summary.
L&G has plugged £3bn of capital into the build-to-rent sector, creating more than 10,000 rental homes since it began a partnership with PGGM eight years ago.
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The groups said locations for the investment had already been identified but did not name them. PGGM said it would generate stable financial returns for its client PFZW, a pension scheme for healthcare workers.
L&G chief executive António Simões said the latest deal was a “strong step forward in putting pensions to work” and he highlighted the significant gap between housing supply and demand. “Institutional investment has an important role to play, and we expect investor demand in the UK’s build-to-rent sector to continue to grow,” he added.
Reading your editorial on the situation in the Middle East is rather depressing, for two reasons (“Israel’s reckless pager attack on Hizbollah”, FT View, September 19).
First, it is absolutely accurate to describe the seriousness of the situation and how it could further degenerate into an all-out war, taking an appalling toll in terms of casualties, displaced peoples and destruction.
Second, the editorial seems to follow an inescapable logic, although it ends with a prudent hint of hope in the US plan. Unfortunately, this applies to other conflicts around the world too.
The sense of ineluctability and resignation appears widespread among governments, at the UN — whose main objective is averting the scourge of war — and at the EU, which was established to promote peace and stability through economic integration and prosperity.
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Diplomacy and the peaceful settlement of disputes seem to have been dismissed in favour of a race towards armament and militarisation. This is not to say that governments and relevant international organisations should not upgrade, test and strengthen their military defensive capacities. Obviously, they have to take such steps, and we are grateful they do so. But they cannot afford to neglect any suitable peaceful means to prevent and defuse international conflicts, however difficult and complex the task may be.
Needless to say, a diplomatic solution to the crises in the Middle East — or in Ukraine or elsewhere — unavoidably requires, from the parties involved, a willingness to make mutual concessions and sacrifices, and from any mediator or broker both vision and perseverance. Territorial disputes, individual criminal responsibilities, liability for the damages caused throughout the crisis, reconciliation and reconstruction are all formidable challenges but not inexorably insurmountable obstacles.
Diplomacy cannot surrender and must claim and honour its role.
Tarcisio Gazzini Professor of International Law, University of Padua, Veneto, Italy
With an influx of buzzy new hotel and restaurant openings, new direct flights from the U.S. and a focus on sustainability, Mallorca, Spain shows no sign of slowing down. While peak summer months cater to those seeking a lively Mediterranean atmosphere, fall in Mallorca provides a more serene and laid-back vibe. Notable autumn events include grape harvest festivals, traditional fairs, the Mallorca International Film Festival and the Port de Sóller Classical Music Festival.
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The abundance of the constantly evolving island is personified at the five-star Zafiro Palace Andratx, the crown jewel of the Mallorcan family-owned Zafiro Hotels portfolio. Resplendent in authentic island character, secluded terraces give way to sweeping views of the rugged Serra de Tramuntana mountains and white sand beaches. Just a short stroll away from the serene seaside village of Camp de Mar and a quick drive from the lively harbor town of Port d’Andratx, the resort is the perfect destination for a fall getaway.
Zafiro Palace Andratx
A variety of restaurants to suit every taste, gorgeous garden and skyscape pools, a luxurious spa and wellness center and bespoke amenities bring the splendor of the island into the grounds of the hotel. Zafiro Palace Andratx’s 304 generously sized suites are resplendent in authentic Mallorcan character and adorned with locally sourced décor. Standout artwork is from female-owned ABA ART and take-home vanity cases are designed by Teixits Vicens. Each suite is appointed with a private pool or hydro-massage bathtub and a secluded terrace offering unrivaled views.
Zafiro Palace Andratx
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Designed for guests seeking access to over-the-top service and enhanced amenities, the new Zafiro Club Suites – debuted in 2024 – showcases the very best that the hotel has to offer. Guests who book a Zafiro Club Suite receive exclusive access to a private pool and bar area, Jo Loves in-room amenities (created by Jo Malone), daily fresh flowers, a personalized concierge service, massage for two, romantic dinner, and more. In addition, the resort unveiled one of the first luxury all-inclusive options on the island last season with its All-Inclusive Redefined package.
Zafiro Palace Andratx
Hotel guests can now book a sustainable excursion on a 100% electric-powered llaut, the traditional boat of the Balearic Islands. Available exclusively for Zafiro guests, the experience consists of a trip for up to 6 people along the southwest coast of Mallorca, with opportunities for water activities such as SUP and underwater scooters, as well as onboard food and drinks featuring locally sourced products. This innovative and sustainable experience causes no emissions, has no carbon footprint, and causes no stress to local marine wildlife.
Zafiro Palace Andratx
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As Mallorca continues to blend luxury with sustainability, visitors have the unique opportunity to immerse themselves in both cultural events and eco-friendly experiences. Whether indulging in the island’s culinary delights or exploring its pristine waters on a zero-emission boat, Mallorca offers a perfect balance of relaxation and responsible tourism. The resort is open through early November and now is the ideal time to experience this Mediterranean gem
Delphine Strauss reports on union warnings that employers could sidestep Labour’s workers’ rights upgrade by hiring people as self-employed contractors (Report, September 16). While I agree this is a palpable risk, a Supreme Court ruling last week has made it harder to prove that someone is genuinely self-employed. This is not the positive development that it may appear to be to some.
In an employment status dispute between HM Revenue & Customs and Professional Game Match Officials Limited, the body that assigns referees to professional football matches, the court ruled that some casually self-employed referees should actually have been paid and taxed as employees. The judges looked at whether PGMOL and the referees had “mutual obligations” to each other to offer and complete work — a key indicator of employment. HMRC has long argued that merely by agreeing to take on work, a contractor has established “mutual obligations” with their client, regardless of the length or frequency of that work. This view was backed by the court.
This will not only affect future employment status rulings, but also the advice that employers will receive before attempting to classify their workforce as “self-employed contractors”. However, those who want to be self-employed have just lost one of the legal avenues to prove that this choice is legitimate.
Having a thriving self-employed sector is great for the economy, for hirers, and for the people that choose to work independently. But while workers with employment contracts are set to be granted greater flexibility in work, the traditionally flexible freelance sector is being placed in a bind.
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The unions are right — our employment status rules are in dire need of reform. If government proceeds with its plans for a single status of “worker” without updating the rules that decide who that status should and shouldn’t apply to, it risks placing even more strain on a struggling labour market and shutting down the ambitions of those who one day may wish to work for themselves.
Andrew Chamberlain Director of Policy, IPSE — The Association of Independent Professionals and the Self-Employed, London WC1
Sometimes, clients come to Ultimate Library with a simple request: make me look smart. “We received this as feedback in a recent questionnaire,” explains Mollie Wood, marketing and sales boss at the bespoke book-curation service based in London. “This was obviously not an avid reader, but someone who wanted to look authoritative, to reflect an interest in books they might not actually have.” The decline of reading may be a perennial concern, but the bookshelf has lost none of its power to convey status and refinement.
That’s not to say the company caters only to those trying to convince acquaintances that they’re keen fans of Henry James. On the contrary, many clients arrive at their first consultation with a highly specific set of preferences. “It’s always good to work with somebody who is really engaged in the process and sets us interesting challenges,” says founder and director Philip Blackwell. Ultimate Library designs book collections for hotels, resorts, spas and co-working spaces, but its work on private homes can be divided into two main categories: people for whom their property is their main residence, who may be looking to enhance an existing collection; and those buying a luxury property — sometimes one of many — who are looking to start from scratch.
In either case, it’s about connecting people with the books that best reflect their taste. “We’ll ask a number of leading questions designed to tease out someone’s interests and reading preferences, which may involve where they spend their time, things about their background, where they travel, what their passions are, their favourite genres and writers,” says Blackwell. “To give you an example, if somebody is very interested in crime and thrillers, and their property is going to be in a specific city, there’s usually a great thriller series set there.”
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Library collections are often required to respond to both a content and design brief
The briefs are often far more niche and idiosyncratic than an attempt to look clever. One client was looking for novels about war which had been adapted into films; another wanted a library dedicated to books about Manchester City Football Club — among more contemporary titles, the team tracked down an obscure but fascinating biography of Bert Trautmann, a German goalkeeper who played for the team in the postwar era. “He was just the most amazing character, a truly remarkable figure,” says Blackwell. “Being able to surprise and delight a client by finding that sort of book is wonderful.”
The owner of a private apartment in north London requested a library devoted entirely to witchcraft. “Among the team we’ve got around 100 years of combined bookselling experience. When it comes to witchcraft, there are older people like me who will think of [occult novelist] Dennis Wheatley, and younger ones who are perhaps more into Dungeons & Dragons,” says Blackwell. Drawing from this combined knowledge, the resulting library covered witchcraft from just about every conceivable angle.
Prior to founding Ultimate Library in 2008, Blackwell spent decades working in bookselling and the publishing industry, and the expertise he acquired is integral to the service he now provides. “If someone is looking to build a book collection for a property in Bulgaria, what do we know about that? Well, we know about their leading poet, we know about the International Booker Prize-winning author Georgi Gospodinov, and we know about the people who’ve travelled there who will be able to provide a cultural insight,” he says.
As well as this insight into subject matter, Blackwell’s knowledge of the industry itself allows Ultimate Library to work with the entire spectrum of publishers, from the largest and most established houses to independent start-ups and boutique specialists. “We were looking for a book on the history of Japan the other day, and we came across Old Street Publishing — they produce these very good, shortish histories that you can read in a day and remember for a lifetime,” he says. “We are able to identify books that not only cover the subject, but do it in an amusing and engaging way.”
Book choice can respond to and complement specific colour palettes and designs in a room
Ultimate Library’s work often has to take into account design alongside curation: “One of our skills is being able to tick the aesthetic box while ensuring that the content is good, so it’s about style and substance”, says Blackwell. The interior designers they work with may have detailed requirements, particularly if it is a development site and the ultimate purpose is to sell the property. “A brief will often say ‘it’s a New York apartment, we’ve got 10 linear metres of shelving to fill, we want a muted colour palette, greys and blacks and beiges, and books on art and architectural photography’,” says Blackwell.
When it comes to ensuring that a client’s needs are met, the installation process is vital. The curators spend a lot of time thinking about how a book collection — whether library, snug or single bookshelf — can best match the surrounding space. The collections are designed according to a preprogrammed grid, which has occasionally led to some last-minute surprises. During one project, the team had prepared a selection of classic titles with dark spines to complement a square space in the middle of a room, which they had been told would surround a black, rectangular television. When it turned out the space actually featured a bright, fluorescent art installation, they had to go back to the drawing board, completely refiguring the collection with bright-spined books about art and architecture.
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Philip Blackwell’s unrivalled knowledge of the publishing industry makes him the ideal book hunter
According to Blackwell, there is no single secret to a great personal library — it very much depends on character and taste. “When we’re curating a collection, whether it’s private or institutional, we try to find interesting, quirky books that people don’t necessarily know about, where the titles will leap off the shelf and make people say, ‘Oh, I never knew there was a book about that.’ ”
Leatherbound classics have their place, but it’s the surprising and unexpected choices that transform a collection of books into a truly unique library.
Cloudland at McLemore Resort has a backstory that is as good as its accommodations, restaurants, spa, and golf courses. Tucked away on a 2,000-foot elevation in northern Georgia, the resort has become a vacation magnet for travelers seeking fresh mountain air, world-class golf, to die-for views, and a touch a luxury throughout their stay.
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The name McLemore claims a rich history for those calling Rising Fawn, GA, home. Located 30 miles south of the Chattanooga Regional Airport, the resort based the McLemore name on the mystical legend of a true 18thcentury Scot, who settled in Georgia, and rose to the position of Cherokee chief, as well as a captain in the U.S. Army. This Scottish link lends itself well to the three McLemore golf courses whose reputations grow by the day.
Today’s Cloudland at McLemore Resort is the perfect hub for those looking to explore the region’s climbing, hiking, and paragliding, as well as visiting the national park, and a museum. For guests wishing to simply relax, consider that Cloudland at McLemore is home to 245 hotel rooms, 20,000 square feet of event space, a spa, four restaurants, an outdoor pool, and views that soar all the way to Lookout Mountain.
Cloudland at McLemore
Golf with an Altitude
If you like golf, you’ll love The Highlands, The Keep, and The Cairns golf courses. The Bill Bergin and Rees Jones-designed Highlands Golf Course placed McLemore firmly on the world map when the golfing public became aware of the course’s 435-yard, Par 4, 18th hole. The hole’s entire left side sits on a cliff, and the vista view of Lookout Mountain is stunning.
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This fall, there is great anticipation for The Keep, the Cloudland at McLemore’s newest 18-hole course. Positioned on the eastern cliff’s edge of Lookout Mountain, this 7,700-yard links layout is a walking course with caddies. A real-life painting of mountain views, limestone outcroppings, Billy bunkers, and a blanket of Zoysia grass, The Keep is sure to become an international draw.
Cloudland at McLemore
Dining with a View
Situated next to the Cloudland at McLemore infinity pool, the Skyside open air restaurant stretches out from a cliff. The panoramic views from this al fresco dining and cocktail venue gives new meaning to the term “happy hour.”
The restaurant Auld Alliance’s name pays homage to a pact between Scotland and France in 1295. Dining guests can expect exquisite cuisine, the best wines and bourbon, top shelf service, and Cloudland at McLemore’s signature views.
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Cloudland at McLemore
Say Ahhh at Selah Spa
A mountain vacation is a chance to rejuvenate, reflect, and reset your mind, body, and soul. At Selah Spa, guests choose from a wealth of massage, facial, and body treatments. Steam, sauna, and hydrotherapy are also at your fingertips.
Cloudland McLemore
Hilton’s Highest Standards
Cloudland at McLemore Resort is part of the Curio Collection by Hilton. This means that the resort was handpicked by Hilton to deliver one-of-a-kind moments. From driving the winding mountain roads in a Porsche, to hang gliding above the mountains, or attending a special singer-songwriter concert, guests staying at Cloudland at McLemore discover a resort destination where there’s every opportunity for making a magic moment.
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Cloudland McLemore
Write Your Own Mountain Story
Your stay at the Cloudland at McLemore Resort may start out as a well-deserved escape with the goal of breathing the freshest mountain air. There’s a good chance that by the time you checkout, this resort featuring a front-row seat with nature will become your new vacation favorite. Come to Cloudland for the mountain views and its fascinating backstory, return to this above the clouds resort to make a story all your own. https://www.staycloudland.com/
Monday: Malaysia and Singapore announce August inflation data while New Zealand publishes its latest trade figures. Financial markets in Japan will be closed for the Autumn equinox.
Tuesday: Former Singaporean transport minister S Iswaran’s corruption trial is scheduled to begin. The Reserve Bank of Australia announces its interest rate decision.
Wednesday: The EU is set to vote on proposed tariffs for Chinese electric vehicles. Australia publishes August inflation data. Nine Dragons Paper, Asia’s largest paperboard producer, announces quarterly earnings.
Thursday: The Tokyo Game Show, one of the world’s largest gaming exhibitions, begins. Hong Kong property developer New World Development announces earnings.
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Friday: Japan’s ruling Liberal Democratic Party votes to choose its next leader. Chinese industrial profits figures for August are due. Sri Lanka’s central bank announces its interest rate decision.
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