In QuotedData’s morning briefing 21 September 2021:
- Workspace has sold 13-17 Fitzroy Street, London for £92m. The 92,700 sq ft property has been vacant since Arup moved out in June 2021. The sale price represents a 3.2% discount to the last valuation as at 31 March 2021 and a capital value of £993 per sq ft. Workspace bought the building from Arup for £98.5m in March 2017 – a capital value of £1,063 per sqft and an initial net yield of 4.6%. (Arup bought it for £60m in 2009 from the developer Derwent London). Workspace had intended to offer flexible office space from the site but, post COVID, it seems that this building is no longer needed.
- Stenprop has changed its name to Industrials REIT. Following the sale of the Trafalgar Court office building in Guernsey earlier this month, the multi-let industrial (MLI) portfolio comprises 92% of its total portfolio, based on asset valuations as at 31 March 2021. The company remains on course to achieve its target of being a 100% MLI business by March 2022.
- Baillie Gifford US Growth says that, with effect from 1 September 2021, the annual management fee on net assets in excess of £1bn will be charged at a lower marginal rate of 0.50%. The annual management fee is now calculated as: 0.70% on the first £100m, 0.55% on the next £900m and 0.50% for net assets in excess of £1bn.
We also have a new manager for Schroder UK Public Private and results from Murray Income and City Of London