Unite Group has raised £450m in a placing, with the proceeds earmarked for a number of student accommodation acquisitions and development projects. A total of 49,686,114 new ordinary shares were placed, raising gross proceeds of approximately £447m. Shares were issued at a price of 900 pence, representing a discount of 2.6% to the closing price […]
Hammerson has sold its retail outlets business Value Retail for £1.5bn, generating cash proceeds of £600m. The disposal of the stake in Value Retail, which holds nine outlet centres across the world including Bicester Village, was at a price that represented an exit cash yield of 3.4% and crystallised a 10-year IRR of 13%. It was, […]
The board of Home REIT has proposed a managed wind down of the company after failing to secure a refinancing of its debt facility. That loan facility with Scottish Widows, which totals £114.6m, will need to be repaid by the end of the year – all the while incurring a charge on the outstanding amount […]
A consortium formed of Hines and Grupo Lar has announced a voluntary cash tender offer to buy Lar España Real Estate – the Spanish shopping centre and retail park owner. The consideration offered to Lar España’s shareholders consists of €8.10 per share, paid in cash, which implies valuing Lar España’s share capital at €678m. The […]
Balanced Commercial Property Trust has sold two office assets for a total of £41.65m, further reducing its exposure to the sub-sector. The sales of 7 Birchin Lane, in London, and 82 King Street, in Manchester, were sold at a discount to book value (as 31 March 2024) of 7.2%. Following the sales, BCPT’s portfolio exposure […]
Sirius Real Estate has announced a proposed £150m capital raise. The placing of shares at an offer price of 94p is in line with its adjusted NAV at 31 March 2024. The capital raise will enable the company, which owns business parks in Germany and the UK, to execute on its ongoing acquisition strategy. Up to […]
Unite Group has upped its rental growth forecast for the forthcoming academic year to 7% (from 6%) due to high demand for its student accommodation, and said that the higher education policy remains stable under a Labour government. The company revealed that 94% of rooms were now reserved for the 2024/25 academic year, ahead of […]
Ground Rents Income Fund has reported large valuations declines having released delayed full year results to September 2023 and updated to March 2024. Portfolio values fell 20.7% to £81.5m in the six months to 31 March 2024, having fallen 2.7% in the year to 30 September 2023. The decline included a negative valuation adjustment of […]
NewRiver REIT has acquired an asset management business, boosting its capital partnerships business to £1.5bn across a portfolio of 21 shopping centres and 18 retail parks, with 13 different partners. The company has bought Ellandi Management Limited, an asset and development management business focused on UK retail and regeneration, for £5m. The Ellandi business brings […]
AEW UK REIT has reported a NAV total return of 5.0% for the year to the end of March 2024. NAV fell 2.6% to 102.73p per share due to the impact of higher interest rates on the value of its portfolio. However, dividends of 8p per share over the year brought its total return into […]
