Just Group has completed a £136m refinancing of Oval Real Estate’s ‘Kensington’ portfolio. 

The three-year loan, which is supportive of the UK's productive finance agenda, is secured against a portfolio of seven multi-let Grade A office assets in London, Reading, Birmingham and Bristol. With multiple assets fully let and the remainder income generating, the portfolio is expected to be well-positioned for continued leasing activity. The loan, completed in October 2025, was sourced by Just’s internal team, and arranged by Moorhall Capital, who advised Oval on the financing. This investment is the latest in Just Group's growing commercial real estate investment activity, deploying over £250m in the first nine months of 2025, an increase of £150m compared to the full year in 2024. 
 
The Financial Reporting Council (FRC) has published a report to help support signatories as they prepare to apply to the updated UK Stewardship Code. 

The report provides practical insights and examples of effective reporting to the 2020 code to help asset owners, asset managers, and service providers transition to the updated code's new streamlined reporting structure. It covers key areas including engagement reporting, selection and oversight of external managers, voting in listed equity, and stewardship in non-public equity asset classes. The UK Stewardship Code 2026 was updated to reduce reporting burdens whilst maintaining the high standards that underpin its reputation and impact. In addition to the guidance, the FRC previously confirmed that 2026 will operate as a transition year to help ensure a smooth transition. FRC executive director of regulatory standards, Mark Babington, said: "The new code has paved the way for signatories to streamline their reports, without reducing the quality and usefulness of the information included. The FRC will continue to engage with stakeholders during the transition period, where they have questions arising from the updated code."

The UK economy saw slower-than-expected growth in the three months to September, with real Gross Domestic Product (GDP) rising by just 0.1 per cent. 

The latest figures confirmed that, in output terms, growth in the latest quarter was driven by increases of 0.2 per cent in services and 0.1 per cent in construction; the production sector fell by 0.5%. Real GDP per head is estimated to have shown no growth in the latest quarter and is up 0.8 per cent, compared with the same quarter a year ago. AJ Bell head of financial analysis, Danni Hewson, said: "This latest set of growth figures adds to the immense weight on Rachel Reeves’ shoulders ahead of her second Budget....Growth was held up by this government as a panacea – the way to build back public services and pay out more in benefits and wages without the need to increase taxes. But the sums never seemed to add up and the chancellor is now faced with the prospect of breaking manifesto commitments and then trying to foster the confidence needed to deliver growth whilst taking billions out of people’s pockets through tax hikes. Households and businesses are nervous and the late date for this year’s Budget has allowed time for the Treasury to roll its pitch, but it’s created uncertainty at the exact moment retailers and hospitality venues need people to indulge in festive cheer. Starmer and Reeves need to dust themselves off and be ready to sell what are expected to be uncomfortable decisions to the country if they want to prevent more months of negative growth.”
 

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