Custodian REIT (CREI) is in discussion over a possible securities exchange offer for the entire issued share capital of Drum Income Plus REIT (DRIP). The possible offer is at a ratio of 0.535 CREI ordinary shares for each DRIP ordinary share, giving an implied value for the entire issued and to be issued share capital of DRIP […]
NewRiver REIT has sold its pub business, Hawthorn Leisure REIT, to Admiral Taverns for £222.3m. The group had announced it was looking to divest the pub business in April 2021, and will use the proceeds to strengthen its balance sheet and reduce its loan to value (LTV) to below 40%. The sale of Hawthorn, which […]
Prime minister Boris Johnson’s ‘levelling up’ agenda aims to give a much-needed shot in the arm for regional locations in the UK. Several property trusts could also be beneficiaries. The plan involves investing in transport, skills and businesses, mainly in the north of England, to address the north-south economic divide. Although thin on detail (more […]
AEW UK REIT reports 10% NAV total return for quarter to end of June 2021. The group, which owns a diverse property portfolio comprising 36 assets in the UK, posted an 8% increase in NAV to 107.11p (driven by portfolio valuation uplift of 7.47%) and paid a dividend of 2p per share. The dividend was […]
GCP Student Living (DIGS) has received a takeover bid valuing the company at £969m. The bid by Scape Living (funded by APG – a current shareholder in DIGS) and iQ (funded by Blackstone) is at a large premium to both its share price and net asset value. The bid price of 213p per share is […]
There has been an awful lot of conjecture surrounding the future of the office and not of lot of data on which to pin anything on. Well, that seems to be changing as some of the big London developers update the market on recent activity and letting brokers’ deal flow data start to reveal trends. […]
Lar España, which owns a portfolio of shopping centres in Spain, has successfully closed an issue of €400m of senior unsecured green bonds. The issue was four times oversubscribed and the bonds have a fixed annual coupon of 1.750% and mature at the end of 2026. Ratings agency Fitch has assigned a BBB investment grade […]
The initial public offering (IPO) of UK Residential REIT failed to raise its target £150m. The investment company announced its intention to float at the beginning of June and was hoping to announce its initial fundraising on 14 July and enter the market on 16 July, according to the prospectus. [QD comment: It’s slightly surprising that this […]
Aberdeen Standard European Logistics Income (ASLI) has acquired an urban logistics warehouse in Barcelona, Spain for €18.8m and a net initial yield of 3.7%. The group has also provided an update on one of its tenants, Office Depot France, which went into administration earlier this year. The company said it was increasingly likely that the […]
Urban Logistics REIT has raised £108.3m in an equity raise. The group said the placing was materially oversubscribed above the £108m target and a scaling back exercise was carried out. A total of 65,870,766 placing shares (£102.1m) in the company have been conditionally placed at an issue price of 155 pence per share. Additionally, a total […]
