This morning sees positive updates from two real estate investment trusts: British Land and LondonMetric.
- British Land (BLND) has had a good start to its financial year with a first quarter update reporting “strong” interest in its City of London assets, particularly Storey space at 201 Bishopsgate, its Broadgate campus, Aldgate Place and Norton Folgate, which is 64% let or under offer, with negotiations taking place to lift this to 77%.
- LondonMetric Property (LMP) issues a trading update following the recent completion of its acquisitions of Highcroft Investment and Urban Logistics. Since its financial year-end on 31 March it has sold 14 assets for £106m at book value and added £3.1m to annual rent from asset management initiatives. A total of 59 rent reviews will bring in an additional £2.4m at an average uplift of 16% above previous passing rent.
- JP Morgan Indian (JII) says its 30% tender offer has been over-subscribed with holders of 38.7% of shares applying to sell. Shareholders who validly tendered more than their basic entitlement will get 63.8% of their excess sold. A total of 19.67m shares will be repurchased by the company. The tender price has not yet been set.
- JPMorgan Global Core Real Assets (JARA), which recently began a managed wind-down, says its net asset value (NAV) dipped 0.6% last month to 89.13p per share at 30 June due to a 1.6% fall in the pound against the dollar. At 73.8p the shares ended the month on a 17.2% discount below NAV.
