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QuotedData’s morning briefing 24 May 2022

In QuotedData’s morning briefing 24 May 2022:

  • Alina Holdings says that due to “the recent collapse in Global Equity Markets, and the board’s relatively bleak economic outlook with the potential for ‘Stagflation’, leading to further stock market declines” it intends to undertake an accelerated strategic review, including the potential sale of the company or liquidation of the company’s assets.
  • Shaftesbury (SHB) says that the recovery in the West End from the pandemic is gathering pace and is reflected in its portfolio, which increased in value by 7.5% in the six months to 31 March 2022 and is now valued at £3.26bn. This means that over one-third of the 26.6% decline in the portfolio valuation during the pandemic has been recovered over past 12 months and the valuation is now 16.9% below the September 2019 level on a like-for-like basis. Valuation increases were across sectors with hospitality and leisure up 7.8%; retail up 7.1%; offices up 8.6%; and residential up 6.4%. The portfolio estimated rental value (ERV) was also up 6.4% to £140.9m (September 2021: £131.7m), with increases across all uses, reflecting letting activity and improved occupier market sentiment. Almost half of the 12.5% portfolio ERV decline suffered during the pandemic has now been recovered and overall the ERV is 6.9% below the level at 30 September 2019, with both offices and residential ahead of pre-pandemic levels on a like-for-like basis. EPRA NTA was up 9.7% in the six months to £6.79.

  • Helical (HLCL) has sold the Trinity office in Manchester, to Mayfair Capital for £34.55m, reflecting a net initial yield of 5%. The sale represents a premium to book value. Helical acquired the property in May 2017 for £12.9m and undertook a comprehensive remodelling and refurbishment to deliver 58,533 sq ft of office space across ground and seven upper floors. The property is currently 76% let to eight occupiers.

  • Capital & Regional (CAL) has exchanged contracts for the sale of The Mall, Blackburn to the retail arm of the Adhan Group of Companies for £40m. This represents a premium to the December 2021 valuation of £38.2m. Completion of the sale, which is subject to local authority freeholder consent, is expected to take place around the end of June 2022. The proceeds will be used to repay debt secured on the property and will reduce the group’s net loan to value (LTV) ratio by 600 basis points (6%). A combination of this disposal, and other activity is set to reduce the LTV, on a proforma basis, from 49%, at December 2021, to around 41%.

  • Residential Secure Income (RESI) has posted a NAV total return for the six months to March 2022 of 2.8%. It says EPRA adjusted earnings was up 37% year-on-year, to £4.2m and net rental income was up 25%, to £7.6m. The group paid total dividends for the half-year of 2.58p, in line with its 5.16p annual target.

We also have results from Warehouse REIT and Helical, and an acquisition by Greencoat Renewables

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