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Aware Super and Delancey to invest up to £1bn in London’s office sector

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Aware Super and Delancey to invest up to £1bn in London’s office sector

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One of Australia’s largest pension funds is making a major bet on central London offices alongside property group Delancey, marking a vote of confidence in a sector hit by high interest rates and questions over post-pandemic demand.

Aware Super plans to invest up to £1bn in offices across the capital with the real estate group founded by Jamie Ritblat, which this month agreed to buy investment bank Lazard’s new base at 20 Manchester Square, opposite The Wallace Collection museum, for about £120mn.

The partnership comes as investors take diverging views on the office sector, with some seeing depressed valuations as a buying opportunity, and others put off the asset class by the shift to hybrid working.

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“We get most excited where there is a real contrarian opportunity,” said Damien Webb, Aware’s head of international and deputy chief investment officer. Webb said the £1bn could be deployed over as little as 12 to 18 months, depending on market conditions. 

Aware opened its first international office in London in November with a pledge to invest £5.25bn across the UK and Europe. This year it took a minority stake in London-headquartered fibre platform euNetworks and Octopus Energy. 

Aware Super has partnered with Delancey, founded by Jamie Ritblat

Those deals came after the fund bought Qatari Diar’s 22 per cent in Get Living last year, a rental landlord launched by Delancey whose properties include the east London Olympic estate.  

Support from Australia’s third-largest pension scheme comes as the government has been courting global investors, with UK Prime Minister Sir Keir Starmer vowing to “rip up” bureaucracy at a summit earlier this month. 

“We are very pleased with our choice of the UK . . . there’s still lots of opportunity in the UK and we’ve got a lot more to do,” said Webb. 

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Aware’s latest move also marks a major vote of confidence in London offices from a large international investor following two years when such buildings proved difficult to sell amid a wider market slump in commercial property.

The downturn was triggered by higher interest rates, which increased financing costs in a sector heavily reliant on debt to fund deals. Added uncertainty over the post-pandemic future of hybrid working has pushed European office values down about 37 per cent on average from their peak in 2022, according to Green Street research.

Aware and Delancey said prices were looking cheap at present, adding that a lack of investment in new developments combined with strong demand for the best buildings — those in central locations with high sustainability ratings — would lead to a supply crunch and rising rents in the years ahead. 

Investors buying into the sector claim that any slowdown in demand is disproportionately hitting the bottom segment of the market, while the best buildings will remain sought after. Land Securities estimates that just 10 per cent of buildings account for 90 per cent of London’s vacancy rate.

But given the lack of big deals, there is still uncertainty around where office prices will settle now that many more companies allow working from home. 

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“We think London has repriced well. There haven’t been a lot of transactions to date. As you start to see some traditions and you start to see some pricing, you will gather momentum,” said Webb, adding that there was “not perfect harmony . . . just yet” between buyers and sellers on what prices offices should command. 

Several large buildings in London have come on the market in recent months, including Brookfield’s Citypoint tower and Nuveen’s “Can of Ham” — which will help to establish a baseline for larger sales. 

Stafford Lancaster, Delancey’s chief investment officer, said “the market is quite illiquid at the bigger lot sizes” and that the two investors could differentiate themselves by “being able to write those cheques”. 

The strategy could include investing via joint ventures or preferred equity — and backing schemes to fix up older blocks, or buying good quality assets such as 20 Manchester Square. 

The block, bought from Invesco, was once the headquarters of EMI records and features in the cover photo of The Beatles’ album Please Please Me. Lazard is expected to move in next year.

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Satellite images show Iran school strike hit more buildings than earlier reported

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Satellite images show Iran school strike hit more buildings than earlier reported

The bombing of an Iranian elementary school that killed some 165 people, many of them schoolgirls, included more targets near the school than has been initially reported, a review of commercial satellite imagery by NPR has found.

The images suggest that the school was hit on Saturday as part of a precision airstrike on a neighboring Iranian military complex — and that it may have been struck as a result of outdated targeting information.

The new images come from the company Planet and are of the city of Minab, located in southeastern Iran. They show that a health clinic and other buildings near the school were also struck. Three independent experts confirmed NPR’s analysis of the additional strike points.

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The strike points “look like pretty clean detonation centroids,” said Corey Scher, a postdoctoral researcher at the Conflict Ecology laboratory at Oregon State University.

“These certainly appear like detonation sites,” agreed Scher’s colleague, Oregon State associate professor Jamon Van Den Hoek.

Jeffrey Lewis, a professor at Middlebury College who specializes in satellite imagery, said the imagery was consistent with a precision airstrike.

The images show “very precise targeting,” Lewis told NPR. “Almost all the buildings [in the compound] are hit.”

A satellite image of an Iranian Revolutionary Guard compound taken on March 4.

A satellite image of an Iranian Revolutionary Guard compound taken on March 4, several days after an airstrike destroyed a school on the edge of the compound. The image reveals that half a dozen other buildings in addition to the school were struck.

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Iranian state media said 165 people died in the bombing, which struck a girls’ school. The school was located within less than 100 yards of the perimeter of an Iranian Revolutionary Guard naval base, according to satellite images and publicly available information. The clinic was also located within the base perimeter, although both facilities had been walled off from the base.

Israel has denied involvement. “We are not aware at the moment of any IDF operation in that area,” Israel Defense Forces spokesperson Nadav Shoshani told NPR on Monday. “I don’t know who’s responsible for the bombing.”

At a press conference Wednesday morning, U.S. Defense Secretary Pete Hegseth said that the U.S. is looking into what happened at the school. “All I know, all I can say, is that we’re investigating that,” Hegseth said. “We, of course, never target civilian targets.”

Given Minab’s location in the southeastern part of Iran, Lewis believes it’s more likely the U.S. would have conducted the strike than Israel. As one gets farther south and east in Iran, “a strike is much more likely to be a U.S. strike than an Israeli strike because of the type of munitions and the geographic location,” he said.

Esmail Baghaei, the spokesman for Iran’s Foreign Ministry, called the strike “deliberate” and said that the U.S. and Israel bombed the school in part to tie up Iranian forces in the region with rescue efforts. “To call the attack on the girls school merely a ‘war crime’ does not capture the sheer evil and depravity of such a crime,” he said.

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But Lewis said it’s more likely that the strike was the result of an error. Satellite images show that the school and clinic buildings were both once part of the base. The school was separated from the base by a wall between 2013 and 2016. The clinic was walled off between 2022 and 2024.

Lewis believes it’s possible American military planners had not updated their target sets.

“There are thousands of targets across Iran, and so there will be teams in the United States and Israel that are responsible for tracking those targets and updating them,” he said. “It’s possible that the target didn’t get updated.”

The Pentagon did not immediately respond to NPR’s request for additional information about the strike.

NPR’s Arezou Rezvani and NPR’s RAD team contributed to this report.

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Mojtaba Khamenei, son of former supreme leader, tipped to become Iran’s next head of state

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Mojtaba Khamenei, son of former supreme leader, tipped to become Iran’s next head of state

Mojtaba Khamenei, the second son of the assassinated Ali Khamenei, is being heavily tipped to succeed his father as supreme leader of Iran, which would pitch a hardliner into the task of steering the Islamic republic through the most turbulent period in its 48-year history and offer a powerful signal that, for now, it has no intention of changing course.

No official confirmation has been given and the announcement may be delayed until after the funeral of Ali Khamenei, which was on Wednesday postponed.

His son is believed to have been the choice of the Islamic Revolutionary Guard Corps (IRGC), and the Israeli defence minister, Gideon Saar, has warned he will be assassinated.

Ayatollah Seyed Khatani, a member of the Assembly of Experts, the body that chooses the new supreme leader, said the assembly was close to selecting a leader.

Rigid in his anti-western views, Mojtaba Khamenei is not the candidate Donald Trump would have wanted. Marco Rubio, the US secretary of state, said on Tuesday that Iran was run by “religious fanatic lunatics” – and Khamenei’s appointment is hardly likely to dispel that opinion.

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‘They were going to attack first’: Trump gives update on Iran – video

The choice of supreme leader is made by the 88-strong Assembly of Experts, who in this case are picking from a field of six possible candidates. His election would be a powerful if unsurprising symbol that the government is not looking to find an accommodation with America.

Trump has said the worst-case scenario would be if Khamenei’s successor was “as bad as the previous person”.

There has been speculation for more than a decade that he would be his father’s successor, which grew when Ebrahim Raisi, the elected president and favourite of Khamenei, was killed in a helicopter crash.

Mojtaba Khamenei was born in 1969 and studied theology after graduating from high school. At the age of 17, he went to serve in the Iran-Iraq war, but it was not until the late 1990s that he came to be recognised as a public figure in his own right.

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After the landslide defeat of Khamenei’s preferred candidate, Ali Akbar Nategh Nuri, in the 1997 presidential election, where he won only 25% of the final vote, various conservative Iranian groups realised the need to make changes to their structures and Mojtaba Khamenei was central to that project.

He was also seen as instrumental by reformists in suppressing the protests in 2009 that came after allegations the presidential election had been rigged, with his name chanted in the streets as one of those responsible. Mostafa Tajzadeh, a senior member of Iran’s reformist parties who was imprisoned after the vote, alleged that his and his wife, Fakhr al-Sadat Mohtashamipour’s, legal case was under the direct supervision of Mojtaba Khamenei.

In 2022 he was given the title of ayatollah – essential to his promotion. By then he was a regular figure by his father’s side at political meetings, as well as playing an influential role in the Islamic Republic’s Broadcasting Corporation, the government’s official media outlet often criticised for churning out dull political propaganda that many Iranians reject in favour of overseas satellite channels. He has also played a central role in the administration of his father’s substantial financial empire.

His closest political allies are Ahmad Vahidi, the newly appointed IRGC commander; Hossein Taeb, a former head of the IRGC’s intelligence organisation; and Mohammad Bagher Ghalibaf, the current speaker of the parliament.

His rumoured appointment and its hereditary nature has long been resisted by reformists. The former prime minister Mir Hossein Mousavi, referring to the long history of rumours about Mojtaba Khamenei succeeding his father as leader, wrote in 2022: “News of this conspiracy have been heard for 13 years. If they are not truly pursuing it, why don’t they deny such an intention once and for all?”

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The Assembly of Experts, in response, denounced “meaninglessness of doubts” and said the assembly would select only “the most qualified and the most suitable”.

Israel on Tuesday struck the building in the Iranian city of Qom, one of Shia Islam’s main seats of power, where the assembly was scheduled, but the building was empty, according to IRGC-affiliated media.

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Video: Senators Question Kristi Noem on ICE Immigration Tactics

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Video: Senators Question Kristi Noem on ICE Immigration Tactics

new video loaded: Senators Question Kristi Noem on ICE Immigration Tactics

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Senators Question Kristi Noem on ICE Immigration Tactics

Homeland Security Secretary Kristi Noem repeatedly refused to apologize for suggesting that Alex Pretti and Renee Good, two U.S. citizens shot and killed by agents, were domestic terrorists.

What we’ve seen is a disaster under your leadership, Ms. Noem. A disaster. What we’ve seen is innocent people getting detained that turn out are American citizens. I could talk about the culture that’s been created here. After the killings of Renee Good and Alex Pretti, when I spoke to Alex’s parents, they told me that you calling him a domestic terrorist — this was directly from them — the day after he was killed, a nurse in our V.A., Alex — one of the most hurtful things they could ever imagine was said by you about their son. Do you have anything you want to say to Alex Pretti’s parents? Ma’am, I did not call him a domestic terrorist. I said It appeared to be an incident of — I think the parents saw it for what it was. In a hearing — recent hearing before the HSGAC committee, C.B.P. and ICE officials testified under oath that their agencies did not inform you that Pretti was a domestic terrorist — during that hearing, stated during that hearing, I was getting reports from the ground, from agents at the scene, and I would say that it was a chaotic scene. How did you think that calling them domestic terrorists at that scene was somehow going to calm the situation? The fact that you can’t admit to a mistake, which looks like under investigation, it’s going to prove that Ms. Good and Mr. Pretti probably should not have been shot in the face and in the back. Law enforcement needs to learn from that. You don’t protect them by not looking after the facts.

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Homeland Security Secretary Kristi Noem repeatedly refused to apologize for suggesting that Alex Pretti and Renee Good, two U.S. citizens shot and killed by agents, were domestic terrorists.

By Christina Kelso and Jackeline Luna

March 3, 2026

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