AEW UK REIT (AEWU) has successfully taken out legal action against two well-funded national tenants – Sports Direct and Mecca Bingo – to recover rent that it had refused to pay during the pandemic. The result of the legal proceedings is a huge moment for the property sector, which has been dogged by unpaid rent. […]
Tritax Big Box REIT (BBOX) toasts £90m acquisition of the largest wine production warehouse in Europe. The 872,000 sq ft facility in Avonmouth, in the South West of England, is let to Accolade Wines with 13 years on the lease and was acquired at a net initial yield of 5.1%. Accolade Wines is one of […]
Impact Healthcare REIT (IHR) has exchanged contracts to acquire a care home near Lowestoft and entered into a pre-let forward funding arrangement for a new care home in Norwich, for a combined £20.8m. Both properties are let to a Carlton Hall Limited, a new tenant in the group’s portfolio and comprise 166 beds. On completion […]
Portfolio shake-ups seem to be all the rage among listed property companies at the moment. Those with large exposure to retail certainly need to be doing something to stem the flow to valuation falls. The words horse and bolted come to mind. No-one could have foreseen a global pandemic, but the effects of online retailing […]
Phoenix Spree Deutschland, the UK listed investment company specialising in German residential real estate, has seen its share rise 6.5% today on the news that the German Federal Court has ruled against the legality of the Mietendeckel rent freezer in Berlin. Phoenix Spree had estimated that the financial impact of the Mietendeckel, which became effective on 23 […]
NewRiver REIT is considering an initial public offering (IPO) of its pubs business Hawthorn as part of a strategic overhaul. The group said one of its strategic priorities was to divest the community pub business “in order to reset our LTV and provide firepower to reshape our portfolio”. This, it said, included a potential IPO […]
British Land has acquired a warehouse in Enfield for £87m and has announced plans for 1m sq ft of urban logistics development at two of its shopping centre sites. It is the first foray into the burgeoning logistics sector for the REIT, which has traditionally had a portfolio focused on offices and retail. It has exchanged […]
The moratorium on evictions that has shackled landlords on rent collection is due to come to an end at the end of June – whether it will or not is anyone’s guess as the government has kicked the can down the road since the pandemic started. It will be good news for property owners that […]
British Land has pre-let 134,000 sq ft of office space at its 1 Broadgate development in the City of London. It has signed a deal with real estate consultancy firm JLL on a 15-year term. The deal represents almost 30% of the office space in the new 546,000 sq ft mixed-use scheme. Demolition of the […]
London office developer Helical collected 92.9% of rent in the year since the lockdown was first implemented in the UK. The group said of the balance, 4.9% had been granted rent holidays – mainly on its food and beverage tenants, and 2.2% subject to ongoing discussions. Of the current quarter, to the end of June […]
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