CEIBA Investments, the Cuban real estate investor, has acquired a 50% stake in a mixed-use industrial park development project in Mariel, Cuba. The initial investment in GBM IT Mariel, the company spearheading the development, will be limited to €1.5m. GBM IT Mariel will develop and operate a mixed use multi-phase industrial park on an undeveloped tract of […]
Secure Income REIT will not terminate Travelodge’s lease at its 123 sites (which it had the right to do as part of the terms of the hotel chain’s CVA) after running a sales process of the portfolio and attempting to re-let them. The company will maintain the current arrangements following the recent CVA, whereby the […]
Stenprop, the UK multi-let industrial property company, has collected 88% of rent since April 2020, it revealed in a trading update. Across its multi-let industrial portfolio (MLI), which makes up 63% of the wider portfolio and will eventually be 100%, the group has so far collected 70% of quarterly rent billed for the final quarter […]
Shaftesbury has announced its intention to raise £297m through a placing to firm up its balance sheet. The company, which owns a 16-acre chunk of London’s West End including Carnaby Street, has been heavily impacted by COVID-19 and the ability of its retail and leisure tenants to pay rent. The issue price of 400p is a […]
Town Centre Securities (TOWN), which owns property in Leeds, Manchester, Glasgow and London, has collected 75% of rents for the current quarter and 82% of rents since March 2020. Current quarter Of the £5.2m that TOWN billed for the quarter, it had collected £3.9m or 75%. A further £0.5m or 10% has been agreed to be deferred. […]
SEGRO has acquired Electra Park, a 13-acre urban warehouse estate in Canning Town, London from Schroders for £133m, representing a net initial yield of 2.3%. The acquisition yield for Electra Park, which provides 21,200 sqm of lettable space across 10 units of which nine are let, is thought to be the lowest ever paid for […]
Alternative Income REIT (AIRE) has posted an 11.8% fall in net asset value in full-year results to the end of June 2020. The drop in NAV, from 94.81p per share in June 2019 to 83.58p this year, was due to the impact on the value of its properties from the COVID-19 pandemic. AIRE’s portfolio fell […]
LXi REIT has sold three assets for £17m and recycled the proceeds into the acquisition of two foodstores for £15m. The group has sold its sole office, a long-let property in Cambuslang, Glasgow occupied by the local council, for £8m, reflecting a yield of 4.2%. It has also disposed of a portfolio of 11 long-let social […]
Home REIT, which is focused on providing accommodation to the homeless, has acquired its first properties since launching. The group has bought a portfolio of five properties located across the North West, North East and Midlands regions of England. The properties are recently completed and purpose-built to provide high quality accommodation to vulnerable, homeless people […]
Land Securities’ chief executive Mark Allan has set out the company’s future strategic direction that will see it “benefit from long-term macro trends”. Having completed a strategic review of the business since joining in April 2020, Allan said four strategic priorities have been identified. Optimise central London business. Through targeted capital recycling to crystallise significant value already […]
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