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Real Estate News

This sector includes mortgage companies, property management companies and REITs

29 Jul 2021

QuotedData’s morning briefing 29 July 2021

In QuotedData’s morning briefing 29 July 2021: Chrysalis Investments (CHRY) has sold its stake in Embark Group to Scottish Widows, part of Lloyds Banking Group for £390m. Existing shareholders of Embark, including Chrysalis, will retain its Rowanmoor SIPP and SSAS administration business. Chrysalis first invested in Embark in July 2019 and invested further follow-on capital in May 2020. […]

27 Jul 2021

QuotedData’s morning briefing 27 July 2021

In QuotedData’s morning briefing 27 July 2021: HICL Infrastructure has reaffirmed its 8.25p dividend target for the year ended 3 March 2022. traffic volumes on its toll roads are recovering but international traffic on High Speed 1 (the Channel tunnel rail link) is running at 15% of normal levels. The company says that discussions with lenders […]

26 Jul 2021

NewRiver REIT sells pub business for £222.3m

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 […]

23 Jul 2021

QD view – levelling up

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 […]

22 Jul 2021

QuotedData’s morning briefing 22 July 2021

In QuotedData’s morning briefing 22 July 2021: Riverstone Energy has sold its one-third stake in ILX Holdings III for about $172m in cash. This is equivalent to 1.0x the amount invested (they use the term MOIC, which stands for money on invested capital). The price is a 23% premium to the valuation at 31 December 2020. […]

21 Jul 2021

Regional REIT sells more industrial property

Regional REIT sells more industrial property – Regional REIT has exchanged contracts with ARA Dunedin for the sale of a significant industrial property portfolio for £45.0m. This reflects a net initial yield of 6.75% to the purchaser and the price is 7.5% above the valuation as at 31 December 2020. After capital expenditure, the sale represents […]

21 Jul 2021

QuotedData’s morning briefing 21 July 2021

In QuotedData’s morning briefing 21 July 2021: Bluefield Solar (BSIF) received applications for 89,067,980 new shares under its issue and the board has decided to increase the offer size so that it can accept the lot. The shares are being issued at 118p – the gross issue size will be £105.1m. Custodian REIT (CREI) has sold […]

16 Jul 2021

QuotedData’s weekly news show 16 July 2021

QuotedData’s weekly news show 16 July 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: AVI/Third Point update Hipgnosis/ Round Hill music update Aberdeen New Dawn turns performance around PRS REIT […]

16 Jul 2021

GCP Student Living receives knock out £969m bid

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 […]

16 Jul 2021

QD view – defining future fit offices

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. […]

16 Jul 2021

Lar España issues €400m green bond

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 […]

16 Jul 2021

UK Residential REIT fails to hit IPO target

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 […]

14 Jul 2021

QuotedData’s morning briefing 14 July 2021

In QuotedData’s morning briefing 14 July 2021: Apax Digital Fund, which is backed by Apax Global Alpha, is making an investment in Tide as part of a series C funding round. Tide, a business financial platform offering business accounts and related banking services, as well as a comprehensive set of integrated software solutions, is already a […]

13 Jul 2021

QuotedData’s morning briefing 13 July 2021

In QuotedData’s morning briefing 13 July 2021: The Third Point Investors board has responded to AVI’s requisition and says that it will not convene the requested meeting as legal advice it has received says that “the resolution proposed in the Communication would fall under the legal definition of ineffective”. Basically, the argument is that the resolution […]

12 Jul 2021

ASLI buys in Barcelona and updates on tenant administration

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 […]

09 Jul 2021

Urban Logistics REIT raises £108.3m

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 […]

09 Jul 2021

QD view – Another property takeover?

Yet more news of a potential takeover of a listed property company came to the fore this week, as private equity groups continue to circle the discounted real estate sector. Due to COVID uncertainty, many property companies have been trading at discounts to net asset value (NAV) for many months now. Despite the successful rollout […]

09 Jul 2021

QuotedData’s weekly news show 9 July 2021

QuotedData’s weekly news show 9 July 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: AVI/Third Point update HydrogenOne IPO GCP Student Living potential takeover Watch it again here This week’s […]

08 Jul 2021

Great Portland Estates reports momentum in London office market

Great Portland Estates signed lettings worth £12.7m of new annual rents in three months to the end of June, with further £14.9m under offer, it said in a trading update. The central London office developer’s chief executive Toby Courtauld said momentum was building. The new lettings, which included £8.0m of retail space, were 9.3% ahead […]

07 Jul 2021

QuotedData’s morning briefing 7 July 2021

In QuotedData’s morning briefing 7 July 2021 – KKV Secured Loan (KKVL) is to return £10.6m to ordinary shareholders and  £9.7m to C shareholders. This return of capital will be effected by way of an issue of redeemable B and D shares to existing shareholders. FastForward Innovations (FFWD) topped up its investment in South West Brands with […]

05 Jul 2021

QuotedData’s morning briefing 5 July 2021

In QuotedData’s morning briefing 5 July 2021 – Fair Oaks Income (FAIR) announced that FOIF II LP (Master Fund II) has made two investments in the majority equity of new US CLOs. These investments reinvest the sale proceeds of CLO mezzanine debt which were acquired opportunistically in the spring of 2020. Both new CLOs include ESG-related […]

30 Jun 2021

Solid results from Civitas Social Housing

Solid results from Civitas Social Housing – Civitas Social Housing has published its full year results for the year ended 31 March 2021. Over that period, the IFRS NAV rose 0.4% to 108.3p. EPRA earnings per share were 6.5% higher at 4.93p and the company says that, at levels of investment at the year end, the […]

30 Jun 2021

Urban Logistics is fundraising

Urban Logistics is fundraising – Urban Logistics’ existing funds are fully invested or committed and the company has a strong pipeline of attractive off-market opportunities with a weighted average net initial yield of about 6.1% and average rent per square foot of about £5.40. On 9 June 2021 Urban Logistics said that its board aspires to […]

30 Jun 2021

QuotedData’s morning briefing 30 June 2021

In QuotedData’s morning briefing 30 June 2021: International Public Partnerships is looking to raise money by issuing shares at 165p, a 15% premium to the end December 2020 NAV (adjusted for the 3.68p dividend declared since). The company has £56m of drawings on its debt facility and upcoming investments worth about £100m, including its investment in […]

28 Jun 2021

QuotedData’s morning briefing 28 June 2021

In QuotedData’s morning briefing 28 June 2021 – RTW Venture (RTW), focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors, noted the 24 June announcement by one of its portfolio companies, GH Research regarding its pricing of a $160m IPO and admission to trade on the Nasdaq global market under ticker ‘GHRS.’ GH Research is […]

25 Jun 2021

QD view – Office needs to Flex muscles

“I wish we had 10 centres in Cornwall,” Mark Dixon, chief executive of IWG – the world’s largest flexible workspace provider, said at a recent webinar when discussing the shift in occupier demand during the pandemic. He believes the trend for working “near to home” is here to stay. “The genie is out of the […]

24 Jun 2021

AEW UK REIT posts 15.1% NAV total return

AEW UK REIT has reported strong annual results with a net asset value (NAV) total return of 15.1%. The group, which has a heavy portfolio weighting to the industrial sector (60.8%), saw its NAV increase 6.5% in the year to 31 March 2021 to 99.15p per share (March 2020: 93.13p). The group paid a dividend […]

24 Jun 2021

LXI REIT returns to market for £75m raise

LXI REIT has announced its intention to raise £75m through the issue of new shares. The issue price of 133p per share reflects a 2.3% premium to the company’s estimated IFRS net asset value (NAV) of 130p at 1 June 2021 and a discount of 7.9% to its closing share price of 144.4p. The proceeds […]

23 Jun 2021

QuotedData’s morning briefing 23 June 2021

In QuotedData’s morning briefing 23 June 2021 – Weiss Korea Opportunity Fund (WKOF) said that further to its announcement of 9 June 2021, it has made good progress with the sale of assets in the realisation pool and announced the first compulsory redemption of realisation shares representing approximately 76.7% of realisation shares in issue. Standard Life […]

18 Jun 2021

QD view – Is property still a good hedge against inflation?

Real estate has historically been a good hedge against inflation and, with the consumer prices index (CPI) rising to 2.1% in May heightening fears that stagflation could be round the corner, investors may be keen to double down on their real estate investment trust (REIT) exposure. However, traditional real estate market drivers are not at […]

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