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QuotedData’s other news 6 June 2019

In QuotedData’s other news 6 June 2019:

  • Regional REIT has announced the sale of an office building in Sheffield at a price 25% higher than when it was last valued. Bought in 2016 for £6.3m, Aspect Court, Pond Hill, Sheffield was sold to Sheffield Hallam University for £8.8 million, reflecting a net initial yield of 6.6%.
  • Primary Healthcare Properties has published its first quarterly figures since the MedicX merger. The portfolio has 484 properties with a gross book value of over £2.3 billion (31 December 2018: £1.5 billion) and a contracted annualised rent roll in excess of £125 million (31 December 2018: £79.6 million). The portfolio includes 15 properties in Ireland including developments at Bray, Athy, Rialto and Mullingar representing 6% of the total portfolio (31 December 2018: 6%). The portfolio’s weighted average lease length at 31 March 2019 was 13.4 years (31 December 2018: 13.1 years) and only 1.6% of income expires over the next three years. As at 31 March 2019 the enlarged group’s net debt stood at £1,115 million (31 December 2018: £673 million) with a loan to value ratio of 48.1% (31 December 2018: 44.8%) and an average cost of debt of 4.0% (31 December 2018: 3.9%). The weighted average debt maturity was 7.2 years (31 December 2018: 5.4 years).
  • Worldwide Healthcare lagged its benchmark by 7.4% over the year ended 31 March 2019, returning 13.7% in NAV terms and 14.3% in share price terms against 21.1% for the MSCI Wold Health Care Index. The chairman says that about 70% of the relative underperformance was the consequence of the trust’s underweight exposure to the global pharmaceutical sector. During the year, stocks in that sector outperformed the benchmark significantly, providing very strong returns. Worldwide Healthcare’s portfolio favours emerging markets and emerging biotechnology. Both of those sectors underperformed. Exposure to healthcare services, speciality and generic pharmaceutical sectors also detracted during the year, while positive relative performance arose from exposure to the medical devices sector and Japan.

We also have results from Personal Assets and Custodian REIT

 

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