QuotedData’s morning briefing 28 February 2024 – GR1T

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In QuotedData’s morning briefing 28 February 2024:

  • Grit Real Estate Income Group (GR1T) has reported a 6.4% fall in EPRA net reinstatement value (NRV) to $68.1 cents per share in the six months to 31 December 2023. This was predominantly driven by a 2.7% fall in the value of its portfolio. Net operating income increased 0.6% (up 15.6% excluding the impact of disposals). During the period, Grit acquired a controlling stake in developer Gateway Real Estate Africa (GREA – which has an extensive pipeline including US embassy-let diplomatic housing schemes, data centres and hospitals) and asset manager APDM. These were consolidated on Grit’s balance sheet for 1 January 2024. The company has resumed the payment of dividends, declaring $1.50 cents per share for the period. Group LTV increased to 47.6% (from 44.8%) with the weighted cost of debt increased to 9.62%, resulting in a $1.5m increase (8.2%) in finance costs for the six-month period.
  • Custodian Property Income REIT (CREI) has agreed the sale of two industrial assets in Warrington and Weybridge. It did not reveal how much the assets were sold for, but stated that it now has four assets under offer for sale, including a vacant former car dealership in Redhill and a vacant office in Castle Donington, for an aggregate £19.5m, representing a premium of 29% to their 31 December 2023 aggregate valuation of £15.0m. These disposals are scheduled to complete during the next two months, with proceeds expected to be used to reduce variable rate borrowings. As a result, and following the previously announced sales of an industrial unit in Milton Keynes and an office building in Derby in January 2024 for an aggregate £10.1m, the company has sold or agreed to sell £29.6m of assets this calendar year.

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