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QuotedData’s other news 7 January 2020

In QuotedData’s other news 7 January 2020

  • Standard Life Investments Property Income Trust (SLIPIT) has completed the sale of a single let office building in Staines. The 26,300 square foot building was sold for a net price of £10.7m, reflecting an equivalent yield of 5.7%. The property had recently been relet after SLIPIT took a surrender of the previous tenant’s lease, and let the whole property for ten years at a rent of £715,000pa. Prior to the asset management there was only two years remaining on the lease and the tenant wanted to downsize. Jason Baggaley, fund manager of SLIPIT noted: “We decided to dispose of the asset after completing the successful asset management which maximised the return on the asset. We will look to reinvest the sales proceeds into a higher yielding asset that offers better future performance prospects for the company.”
  • Tritax EuroBox (EBOX) has signed up a tenant to a new lease at the company’s logistics property in Bochum, Germany. The multi-let property was acquired by EBOX in November 2018 with two leases in place and two unoccupied units benefiting from five-year rental guarantees. Following the letting of the first vacant unit in March 2019 to Gruber Logistics, the company has now let the second vacant unit of 8,335 sq m to Recht Logistik on a five-year term from 1 February 2020 at a headline rent which is higher than both the previous rental guarantee and current passing rent at the neighbouring units. The new rent will be subject to full annual indexation reflecting 100% of the German Consumer Price Index.
  • Harworth Group has bought an industrial unit in Yorkshire for £9.2m and sold a portfolio of freehold land used for solar development for £5m. The purchase of the 253,352 sq ft industrial unit in Sherburn-in-Elmet is let to Esterform Packaging for a further 10.5 years providing a net inital yield of 7% and a reversionary yield of 8.1% after a fixed rental uplift in 2020 comes into effect.
  • Starwood European Real Estate Finance (SWEF) has announced that on 2 January 2020, the group committed to an investment in a circa 6 year floating rate loan secured by a portfolio of assets in Ireland, together with Starwood Property Trust, Inc (through a wholly owned subsidiary) participating in 50 per cent of the mezzanine loan amount, providing the group with a net commitment of €35.2m.  The portfolio consists of 12 properties in central Dublin with primarily office and some small amounts of retail and residential space totalling over 600,000 square feet in total.
  • FastForward Innovations (FFWD), has announced the appointment of Luke Cairns as a non-executive director with immediate effect. The company, which invests in fast growing, industry leading businesses, describes Mr. Cairns as a highly experienced finance professional with a strong network having worked in the City of London for 19 years in corporate finance.

We also have another catalogue addition by Hipgnosis Songs and a property acquisition from Triple Point Social Housing.

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