In QuotedData’s daily briefing for 20 March 2023:
- City of London (CTY) has applied for a block listing of 26m shares, equal to 5% of the current circulation.
- Scottish Mortgage (SMT) has confirmed that Professor A Bhidé remains a director of the trust and has not resigned or been removed.
- Schroder European REIT (SERE) has acquired an industrial warehouse in Alkmaar, the Netherlands, for €11m, reflecting a net initial yield of 5.6%. The deal was a sale and leaseback with occupier W.A. Schuurman Beheer B.V., an electrical engineering and renewable energy specialist. It has signed a 20 year, triple net lease at the 9,115 sqm property, with a break at 15 years. The lease benefits from annual inflation-linked indexation.
- AEW UK REIT (AEWU) has completed the sale of an industrial holding at Clarke Road, Milton Keynes, for £2.75m, reflecting a 6.3% net initial yield. The sale price exceeded the 31 December 2022 valuation of £2.58m by 6.6%. AEWU acquired the 30,262 sq ft industrial unit in October 2015 for £1.526m, reflecting an 8.3% net initial yield. Since acquisition, the property has been re-let to FMG Repair Services Limited, with a guarantor from Northgate Vehicle Hire, on a 10-year lease, with a five-year tenant break option. After completion of the sale, AEWU will have around £7.5m to deploy on a pipeline of higher yielding assets.