Net asset value (NAV) at RDI REIT fell 13% in the year to the end of August after after the company wrote off a portfolio of four shopping centres that had breached their debt covenant. The company breached the Aviva covenant earlier this year on a portfolio of four centres – Grand Arcade in Wigan; […]
South African REIT Growthpoint Properties has agreed a deal to buy a majority stake in UK shopping centre landlord Capital & Regional. The investment comprises a recommended partial offer to be made by Growthpoint at 33 pence in cash per Capital & Regional share to acquire 219,786,924 shares, representing approximately 30.3% and a subscription to acquire 311,451,258 new […]
QuotedData recently attended an investor property tour with Schroder Real Estate Investment Trust (SREI) and here we delve into the detail behind some of the group’s biggest assets. The tour took in three of the fund’s assets and the company revealed the strategies it has adopted to date and future asset management initiatives for the schemes. […]
SEGRO, the industrial and logistics developer, has updated on third quarter trading reporting positive letting and development progress. The company signed contracts worth £15.3m of new headline rent during the third quarter, taking the total for the nine months to 30 September 2019 to £48.6m. Rental growth from existing space, net of take-backs, was £2.1m – taking […]
Industrial and logistics investor LondonMetric Property has made the first disposal from the Mucklow portfolio it acquired earlier this year for £415m. It has sold an office in Leicester for £5.9m, reflecting a net initial yield of 6%. The 21,000 sq ft office is let for a further nine years to My Home Move. The sale […]
LXi REIT has made a trio of acquisitions for a total of £23m, as it puts its recently announced revolving credit facility (RCF) to work. All three properties are long-let and index-linked and reflect a weighted average net initial yield of 5.7%. The company is also close to agreeing deals for further acquisitions that would see […]
Regional REIT has announced a number of lettings across its portfolio, in aggregate 10.9% ahead of expected rental value (ERV). The deals comprise: Juniper Park, Basildon: lease renewal to Vanguard Logistics Services for five years with Vanguard having the option to extend beyond this. Headline rent of £370,000 a year, representing an uplift of 15.4% to […]
Student accommodation specialist Unite Group has sold two properties in Coventry to a Singaporean investor for £96m. The two assets, Callice Court and Millennium View, comprise a total of 1,127 beds and have been sold to Mapletree Investments. The transaction price is in line with book value and Unite said it would recycle the capital […]
John Lewis is seeking to withhold 20% of the service charge it pays shopping centre landlords, in a move that will put more pressure on several listed property companies. The BBC has reported that the department store chain has told landlords in some locations that it will withhold 20% of the service charge it is […]
CLS Holdings has exchanged contracts to buy two London offices for £66.65m. The offices – 6 Lloyds Avenue, in the City of London, and the Clockwork Building, in Hammersmith – have a blended annual passing rent of £4.2m and a net initial yield of 6.2%. 6 Lloyds Avenue comprises 34,640 sq ft of multi-let office […]
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