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26 May 2023

QD view – REIT mergers could combat vicious discount circle

Another week in property, another M&A announcement. This time it is LondonMetric pouncing on smaller peer CT Property Trust (CTPT) with an all share offer that values the company at around £200m. In recent weeks we have seen Industrials REIT taken private by Blackstone, Civitas Social Housing also recommending a bid for the company and […]

26 May 2023

UK Commercial Property REIT sells Wembley logistics scheme at 3.5% yield

UK Commercial Property REIT has sold its 186,455 sq ft Wembley180 logistics asset in London for £74m, which reflects a net initial yield of 3.49% and is broadly in line with the 31 March 2023 valuation. The buyer was Covent Garden IP Limited, a registered charitable company that supports The Church of Jesus Christ of Latter-day […]

24 May 2023

LondonMetric to buy CT Property Trust

LondonMetric and CT Property Trust (CTPT) have reached agreement on the terms of a recommended all-share offer that will see LondonMetric acquire the entire share capital of CTPT. Under the terms of the acquisition, CTPT shareholders will receive 0.455 new LondonMetric shares per share. On the basis of the closing price of LondonMetric of 188.0 […]

23 May 2023

Home REIT appoints AEW as new manager

Home REIT has appointed AEW as its new manager as the company looks to turn around its fortunes after a series of damaging revelations involving malpractice and allegations of fraudulent activity. The board has entered into an agreement with AEW UK Investment Management LLP under which, effective immediately, AEW will act as the company’s property […]

16 May 2023

Workspace sells £82m industrial portfolio

Workspace Group has sold five non-core properties in the South East of England for a total of £82m. These disposals were from the portfolio of assets acquired as part of the McKay acquisition completed in May 2022. The properties sold comprise light industrial and logistics properties in Bracknell, Crawley, Poyle, Theale and Weybridge. The site […]

15 May 2023

Tritax Big Box REIT ventures into urban logistics

Tritax Big Box REIT has acquired a urban logistics park in Birmingham for £58.5m, at a 4.5% net initial yield and a reversionary yield of 6.7%. The group has bought Junction 6 Industrial Park, one of the UK’s leading urban logistics estates of scale totalling 384,000 sq ft across 12 assets. It is located less than […]

12 May 2023

QuotedData’s morning briefing 12 May 2023

In QuotedData’s morning briefing 12 May 2023: Tritax EuroBox (EBOX) has agreed a new 10-year green lease to a leading logistics company at its recently completed property in Dormagen, a prime logistics location in the Düsseldorf region of Germany. The 36,000 sqm letting was 17.8% ahead of the rental guarantee that EBOX was receiving from […]

11 May 2023

Home REIT board ‘ghosts’ potential bidder

Bluestar Group, which has bid for Home REIT, has launched a scathing attack on the board of the embattled homeless accommodation provider accusing it of effectively ignoring it or ‘ghosting’ it. The group complained that the board had not been in contact in weeks, despite offering 40p per share to buy the company on 14 […]

10 May 2023

QuotedData’s morning briefing 10 May 2023

In QuotedData’s morning briefing 10 May 2023: UK Commercial Property REIT (UKCM) posted a 1.1% uplift in NAV to 80.6p for the quarter to 31 March 2023. With dividends of 0.85p, the group’s NAV total return for the quarter was 2.2%. Valuations within its portfolio grew slightly by 0.9% to £1.32bn, further evidence of value […]

09 May 2023

Civitas Social Housing receives £485m bid for company

Civitas Social Housing (CSH) has agreed the terms of a sale of the company to Wellness Unity Limited for £485m. Although the bid price, of 80p per share, is a 44.4% premium to the closing price of 55.4 pence on Friday (5 May 2023), we believe this is too low. The company’s unaudited NAV at […]

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