SEGRO has exchanged contracts to sell a portfolio of UK big box warehouses for £241m, in line with book value. The company said it would recycle the capital into its existing and future development programme. The portfolio, which comprises seven assets, has generated a blended ungeared IRR of approximately 11% since SEGRO acquired them. Morgan Stanley Real […]
Capital & Counties has converted to a UK REIT following the sale of its interests in Earls Court. Under the REIT regime, the group will no longer pay UK direct tax on profits and gains from qualifying rental business. Following the sale of Earls Court for £425m, the company has positioned itself as a prime […]
Ediston Property Investment Company, the real estate investment trust, has reported a fall in net asset value (NAV) of 5.7% in full year results. The drop was largely due to a 3.5% fall in the value of its property portfolio, which now stands at £319.2m, and its exposure to the retail sector. All of its […]
Primary Health Properties (PHP), one of the UK’s leading investors in healthcare facilities, will provide development funding for the construction of a purpose built medical centre in Eastbourne, East Sussex for a total cost of £8.4m. The facility, which will be wholly owned by PHP upon its completion, will be used by two merged GP practices […]
Urban & Civic saw its EPRA net asset value (NAV) jump 9.6% in full year results after successfully progressing residential sites through the planning system. EPRA NAV rose from £481.2m a year ago to £527.5m with the revaluation of its Waterbeach site, where the company gained outline consent for 6,500 homes earlier this year, contributing £24.6m […]
St Modwen has sold a chunk of its non-core retail portfolio for a total of £34m, as it continues to shift its focus to the industrial sector. The sales, in Doncaster, Crosby and Kirkby, were sold at a discount of 9% compared to the May 2019 book value of the three assets. The disposals follow […]
LondonMetric has reported a 16.6% uplift in net rental income to £54.9m in half year results following the acquisition of A&J Mucklow in the period. The company, which saw net asset value (NAV) remain flat at 174.9p per share, said the acquisition has significantly increased its portfolio weighting to the urban logistics sub-sector that has […]
Palace Capital, which owns a diverse portfolio of property in the UK regions, has reported a drop in net asset value (NAV) per share of 3.9% during the six months to the end of September. NAV per share fell to 391p during the period, compared to 407p at the end of March, while profit after […]
Capital & Counties has exchanged contracts for the sale of its interests in Earls Court, excluding Lillie Square, to APG and Delancey for £425m. The price is significantly short of the balance sheet value at 30 June 2019 of £508m. Payments will be made to Capital & Counties on a phased basis, with 45% payable […]
McKay Securities, the London and South East focused REIT, has reported a 20.8% jump in gross rental income to £12.61m in half-year results. The company said the increase was due to several lettings secured on development projects. It contributed to a rise in EPRA net asset value (NAV) in the six months to the end […]
