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QuotedData’s morning briefing 25 August 2021

QuotedData Morning briefing

In QuotedData’s morning briefing 25 August 2021:

  • Pershing Square Holdings (PSH) has released its half-year report for the six months to 30 June. During the period under review, it returned 7.3% in NAV terms and 4.7% in share price terms, behind its S&P 500 benchmark return of 15.2%. The discount currently stands at c. 25%, to which the board said PSH shares are undervalued at current levels and believes that continued positive NAV performance, increased awareness of PSH, and the associated incremental demand for PSH shares should narrow the discount over time. Chair, Anne Farlow, addressed the recent lawsuit filed against Pershing Square Tontine Holdings, stating: “We believe that this lawsuit is without merit, but while it is unresolved it could impact the ability of PSTH to enter into a business combination.”
  • Warehouse REIT (WHR) has released a trading update covering the period since 25 May 2021. During this time the company completed four acquisitions, in separate transactions of which the majority were off-market, for a total consideration of £13.1m, reflecting a blended net initial yield of 5%. The acquisitions take WHR’s portfolio past 8.5 million sq ft. Contracts have been exchanged to acquire a further 16 acres of land immediately adjoining the existing Radway Green multi-let estate located at junction 16, M6 motorway, outside Crewe.
  • Great Portland Estates (GPOR) has pre-let 121,800 sq ft of office space at its 50 Finsbury Square development, in the City of London, to telecommunications company Inmarsat Global Limited.

We also have news of an acquisition by Ediston Property Investment Company and AVI requisitions Third Point Investors again.

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