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Tenants fail to insure their personal items due to the cost of living crisis 

Voice Of EU



Cutting back on a household essential: Nearly half of tenants haven’t bothered with contents insurance driven by the cost of living crisis

  • Nearly half of tenants have not insured their belongings in a bid to save money
  • A fifth of tenants mistakenly believe their landlord’s insurer covers them

Nearly half of tenants have not insured personal belongings in a bid to save money amid the cost of living crisis.

A total of 48 per cent have no contents insurance, with 44 per cent adopting this approach to save cash, new research by Compare the Market shows. 

The research was carried out as many households across Britain feel the squeeze financially due to significant rises in energy, food and fuel costs.

Tenant shun: Out of those who haven't insured personal belongings, 44% say it's to save money

Tenant shun: Out of those who haven’t insured personal belongings, 44% say it’s to save money

But by cutting back on insurance, tenants potentially face even greater financial pressure if they end up needing to replace or repair stolen, lost or damaged possessions.

The research also found that 32 per cent of tenants say that they are less willing to take out home contents insurance due to the rising cost-of-living.

More than half – at 54 per cent – who have previously had items lost, damaged or stolen say that the value of their impacted possessions is at least £200.

For more than one in five – at 22 per cent – this figure rises to at least £500 worth of items.

A total of 2,003 adults were surveyed between April 19 and April 21 by the comparison website.

Nearly a fifth of tenants have no contents insurance as they mistakenly believe that their landlord's home insurance policy covers their personal possessions

Nearly a fifth of tenants have no contents insurance as they mistakenly believe that their landlord’s home insurance policy covers their personal possessions

Home contents insurance differs from landlord home insurance, which covers the building itself, necessary repairs, as well as the landlord’s own contents.

Nearly a fifth – at 18 per cent – of tenants have no contents insurance because they mistakenly believe that their landlord’s home insurance policy covers their personal possessions, such as their mobile phone, tablet, wallet and bicycle.

Tenants are responsible for having their own contents insurance policy for personal items.

Alex Hasty, of Compare the Market, said: ‘The ongoing cost-of-living crisis is placing a substantial strain on many people’s finances. 

‘As a result, many renters are having to cut back not only on certain luxuries, such as dining out, but also on critical expenses, like contents insurance, to help relieve the burden of soaring living costs.

‘As household bills and inflation continue to rise, we understand that people will be looking to cut back on expenditure during this difficult time. 

‘However, not having cover on personal possessions within your rental property could be costly, should these items unfortunately be misplaced, stolen or damaged.’


Here are some of the ways in which tenants can save money by not forking out for unnecessary expenditure.


If any furniture and upholstery in the rental property fails to meet certain standards, make sure that the landlord pays for replacements that do.

This includes every piece of furniture, which must be fire-resistant or treated with fire retardant coatings. 

This should be detailed on the manufacturer’s label, which legally must be attached to the item. 

If the label has been removed or does not indicate that the furniture is fire-resistant, the landlord is legally obliged to remove or replace the item.


On renting a property, the landlord should provide you with an inventory of items that is included.

It needs to list all of the furniture and appliances in the property, with notes on their condition.

Existing marks and damage to items that were there before the start of the tenancy may be missing from the list. If this is the case, it is important that they are added – otherwise you could end up being charged for them when you move out as there will be no proof that the damage was there before you moved in.

Gas and electricity 

It is also important for tenants to understand their rights when it comes to electricity suppliers.

If a tenant pays for the energy that they use, it is their right to choose the gas or electricity provider. During that process. tenants can negotiate the best price from suppliers.


Don’t pay for something that isn’t a tenant’s responsibility to fix.  

Generally speaking, a landlord is responsible for repairing most appliances that come with a property, as well as permanent elements of the property.

 This includes the roof, drains, windows and doors, as well as appliances such as gas pipes, wiring, boilers, radiators and fitted heaters.

There may be more details on this in the tenancy agreement. 


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Verdion starts on logistics development in Nettetal (DE)

Voice Of EU



Verdion has started the development of a new €30m logistics facility on the outskirts of Nettetal near the German-Dutch border and Rhine-Ruhr metropolitan region. The speculative project is part of the value-add strategy of the Verdion European Logistics Fund (VELF) 1, which invests in last-mile logistics and value-add assets in northern and central Europe.


On completion in Q2 2023, the new facility at Herrenpfad-Sud 40 will offer 21,560m² of Grade A logistics space in up to four units, with 18,575m² of warehousing with 20 loading bays as well as 950m² of office and mezzanine space.


Verdion is targeting a DGNB Gold sustainability certificate for the highly energy-efficient building, which will not be using fossil fuels as a primary energy source and provides charging points for electric vehicles and cycle parking for a carbon-neutral commute. Additionally, the roof and electrical infrastructure will be prepared for solar energy generation. The site itself is located in the established Herrenpfad Sud industrial estate in Nettetal between Monchengladbach and Venlo, directly on the German-Dutch border and within striking distance of Germany’s largest conurbation, the Rhine-Ruhr metropolitan region.


Florian Stobe, Head of Investment – Germany at Verdion, said: “Within the framework of Verdion’s sustainability strategy, we determined that rather than modernising and extending the existing building as originally planned, a full-scale redevelopment would better serve this market and meet the fund’s ESG standards. We are already seeing a great deal of interest in the new space, based on its strategic location and the strength of demand for last-mile distribution space for customers in the Rhine-Ruhr metropolitan region. With this strategy in Nettetal and other assets in the VELF 1 fund coming forward, we are creating value at the same time as providing new space in undersupplied markets.”



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LaSalle and Accumulata to develop Munich’s first hybrid timber office building (GB)

Voice Of EU



LaSalle Investment Management, acting in collaboration with ACCUMULATA Real Estate Group, will develop Munich’s first hybrid timber office building. The building is being constructed on behalf of Encore+, LaSalle’s flagship pan-European fund. Situated on Elsenheimerstrasse in the city’s Westend district, the office building will have a floor area of approximately 16,000m². With dismantling of the existing building on site already underway and construction due to begin in the third quarter of this year, the project is scheduled for completion during the first quarter of 2024. Lettings are already being marketed in collaboration with CBRE, the lead estate agent.


Designed by the leading Munich-based architectural firm Oliv Architekten, the asset will provide flexible, multifunctional spaces including a ground-floor café/bistro and landscaped roof terrace, as well as various wellness amenities, including a yoga studio and a relaxation lounge. Tenants will also enjoy bicycle parking, electric charging points and a smart underground car parking facility. Furthermore, the building will provide customisable office units and creative collaboration spaces, ensuring the asset is well-positioned for the future.


In terms of its environmental credentials, the project meets the highest sustainability standards across all areas, including construction, materials and operations. Having already received a DGNB “Platinum” precertification, the asset will be constructed using concrete reclaimed from the existing building currently situated at this location. All materials used in construction will be documented in a material passport, showing where and how the various components were sourced and installed, ensuring they can be repurposed at the end of their service life. These measures are projected to reduce embodied carbon by up to 25%. Embodied carbon will be low at 366kg CO2e/m², significantly below the RICS Building Carbon Database (offices) average benchmark of 1291kg CO2e/m².


The use of timber in the building’s load-bearing structure will ensure that approximately 1,100 tonnes of carbon will remain stored in the building fabric, rather than emitted into the atmosphere. During the course of the asset’s lifespan, emissions associated with the building’s operation will be reduced by 65% in comparison to a typical office building through the integration of a photovoltaic system, efficient heating, cooling and ventilation systems and the use of a ground water heat pump. The building will also harvest and store rainwater, supplying irrigation systems for the benefit of surrounding green areas.


David Ironside, Fund Manager of Encore+ at LaSalle Investment Management, commented: “This is an industry-leading and best-in-class project. The first of its kind in Munich, its design in accordance with circular economy principles and resource-conserving operation will serve as a benchmark in sustainable real estate. Located in one of the most sought-after office submarkets in Munich, the property will be extremely well placed to meet the ever-evolving demands of future tenants around sustainability, quality, amenities and infrastructure while providing attractive long-term returns for our investors.”


Markus Diegelmann, Managing Partner at ACCUMULATA Real Estate Group, added: “The start of demolition marks an exciting first step in the development of what will be one of the most sustainable office projects in Munich. At ACCUMULATA, we aim to promote the concepts of urban mining and the circular economy within the construction sector and this project is firmly aligned with this objective. By utilising ultra-high-quality and recyclable materials, we are creating an office building that can meet occupiers’ shifting requirements, both in terms of flexible working environments and sustainability standards.”


Georg Illichmann, Managing Director at CBRE GmbH, said: “As the first hybrid timber office building to be constructed in Munich, the project achieves all the modern-day requirements tenants demand from office buildings: easy accessibility to public transport, sustainability credentials and working spaces that promote communication, creativity and innovation. The building’s use of timber, unique to the Munich office market, will not only support the building’s sustainability credentials but also the wellbeing of occupiers. At CBRE, we are proud to be leading on the marketing of this unique asset and be involved in ground-breaking project in the German real estate market as the lead estate agent.”

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Cain provides €99.7m for London office development (GB)

Voice Of EU



Cain International has agreed an €99.7m (£86m) development loan with BauMont Real Estate Capital  and YardNine for the development of a 95,000ft² highly sustainable, best in class office-scheme at 100 Fetter Lane in central London known as ‘Edenica’. The asset was acquired by BauMont in January 2021 with development partner, YardNine. Located in City Mid-town, in close proximity to Farringdon, the development benefits from easy access to the newly opened Elizabeth Line via Farringdon, as well as City Thameslink and Chancery Lane stations, with a diverse range of cultural, leisure, retail and educational amenities nearby.


The asset received planning consent in September 2021 for the delivery of a new 12-storey development, with over 8,000ft² of roof gardens, a new pedestrian route and garden square at ground level, alongside more than 230 cycle spaces. In addition to the light filled workspace the scheme will include a new café and F&B uses.


The building, situated at 100 Fetter Lane, has been named ‘Edenica’, a reference to the extensive outdoor spaces which form part of the scheme and adjoin it. The project is targeting the highest environmental standards of BREEAM Outstanding, WiredScore, SmartScore and WELL certifications.  Sustainability, technology and wellbeing are extensively incorporated into the design. This includes voluminous office space with clear heights of over 3 metres, openable windows to enable mixed-mode ventilation, extensive planted terraces to encourage biodiversity and provide significant external breakout spaces, facilities to encourage active modes of travel, and high-performance 100% electric building designed with the Waterman Group to ensure the building uses as little energy as possible and achieves Net Zero carbon emissions in use. Construction work has commenced on site and the scheme is due for completion in Summer 2024. 


Tanja Yerolemou-Ennsgraber, Senior Vice President – Real Estate Finance at Cain International, said: “We are excited to partner with an experienced sponsor and developer duo, joining their journey to deliver a best-in class office scheme. The project embraces the needs and desires of the future occupier, being mindful about their experience and bringing it to the fore. BauMont and YardNine have successfully unlocked a fantastic development opportunity and we are pleased to bring our construction financing expertise to the table and see Edenica unfold.” 


Damien Pasini, Director at BauMont Real Estate Capital said: “Following the recepit of planning permission last year, securing development financing is another significant milestone for 100 Fetter Lane. We look forward to working with Cain and YardNine to deliver a highly sustainable and innovative workplace in one of Central London’s most vibrant submarkets.”

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