In QuotedData’s morning briefing 23 August 2024: abrdn European Logistics Income (ASLI) posted a sharp fall in NAV due to the estimated costs of selling off its portfolio as part of the managed wind down of the trust. NAV over the quarter to 30 June was down 4.2% to 87.9 euro cents (GBP – 74.4p […]
Doric Nimrod Air Two (DNA2) has sold its five remaining Airbus aircraft to Emirates for $200m (153.5m). The company, which purchased seven Airbus A380-861 aircraft from October 2011 onwards and leased each for 12 years to Emirates, intends to distribute the sale proceeds to shareholders (together with the remaining cash holdings, net of any liquidation […]
In QuotedData’s morning briefing 21 August 2024: Temple Bar Investment Trust (TMPL) posted a NAV total return of 13.1% for the six month period to 30 June 2024, outperforming the FTSE All-Share Index of +7.4%, as market conditions for value investing improved. The share price total return was +11.0%. Particularly strong returns from portfolio companies […]
Assura has agreed a deal to acquire Northwest Healthcare Properties’ UK private hospital portfolio for £500m. To fund the deal for the 14 asset portfolio, the company plans to issue Northwest £100m in shares, refinance £266m of debt, draw down £80m from its revolving credit facility and use £54m of cash. Portfolio overview The portfolio […]
At last! The Bank of England’s first cut in interest rates has finally come, marked by a collective sigh of relief for many downtrodden sectors such as property. It may be just a 0.25% cut and a succession of quickfire cuts seem highly unlikely, but it signals a turning point that should bring confidence to […]
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 […]
