This sector includes mortgage companies, property management companies and REITs
NewRiver REIT’s new strategy focused on ‘resilient retail’, mainly retail park assets with essential goods and services retail tenants, is starting to pay off with the company reporting strong operational performance in annual results to 31 March 2023. The group posted a 26% increase in underlying funds from operations (UFFO) to £25.8m, with UFFO per […]
Warehouse REIT has reported a 29.5% drop in EPRA NTA to 122.6p per share in annual results to the end of March 2023, reflecting the outward movement in yields in line with the rise in interest rates. The group’s portfolio valuation fell 18.5% to £828.8m (2022: £1,012.0m) on a like-for-like basis following a 131 basis […]
Berlin residential landlord Phoenix Spree Deutschland (PSDL) has proposed a change to the fee structure for its property advisor, capping its annual fee at €5m. The company’s core rental business remains strong, but it had to suspend its dividend earlier this year as this was paid out of proceeds from condominium sales (which have been […]
Impact Healthcare REIT (IHR) has transferred the leases of care homes let to Silverline Group, which has not paid its rent due for the first two quarters of this year, to an affiliate of an existing tenant of the company. IHR has transferred the leases of Silverline, which let seven homes and accounted for 3.4% […]
In QuotedData’s morning briefing 1 June 2023: ICG Enterprise (ICGT) has agreed a new €240m multicurrency revolving credit facility with SMC International and Lloyds Bank that matures on 30 May 2027 and costs 120 basis points (bps, equal to 1.2%) upfront, 115bps on undrawn amounts and 300bps over euro or sterling interest rate benchmarks (EURIBOR […]
Home REIT has announced an update on its internal investigation into allegations of wrongdoing including matters raised in the Viceroy Research report. As announced on 16 February 2023, the company instructed Alvarez & Marsal Disputes and Investigations (A&M), as independent forensic accountants to conduct an investigation. A&M delivered to Home REIT a detailed report prepared […]
Another week in property, another M&A announcement. This time it is LondonMetric pouncing on smaller peer CT Property Trust (CTPT) with an all share offer that values the company at around £200m. In recent weeks we have seen Industrials REIT taken private by Blackstone, Civitas Social Housing also recommending a bid for the company and […]
UK Commercial Property REIT has sold its 186,455 sq ft Wembley180 logistics asset in London for £74m, which reflects a net initial yield of 3.49% and is broadly in line with the 31 March 2023 valuation. The buyer was Covent Garden IP Limited, a registered charitable company that supports The Church of Jesus Christ of Latter-day […]
Welcome to the videos from the Property Investment Conference 2023. The conference was for property analysts and REIT investors from all the major asset management groups, banks, stockbrokers, wealth managers and IFA Groups. Private investors were also welcomed this year via live streaming who were able to follow the panel discussions and expert speakers. We […]
In QuotedData’s morning briefing 25 May 2023: Gresham House Energy Storage (GRID) raised £50m from its placing and retail offer. Less than its £80m target but not a bad result in the current environment. 32,154,341 shares will be issued at a price of 155.5p. 30,584,387 of these shares will be issued via the placing and […]
LondonMetric and CT Property Trust (CTPT) have reached agreement on the terms of a recommended all-share offer that will see LondonMetric acquire the entire share capital of CTPT. Under the terms of the acquisition, CTPT shareholders will receive 0.455 new LondonMetric shares per share. On the basis of the closing price of LondonMetric of 188.0 […]
Home REIT has appointed AEW as its new manager as the company looks to turn around its fortunes after a series of damaging revelations involving malpractice and allegations of fraudulent activity. The board has entered into an agreement with AEW UK Investment Management LLP under which, effective immediately, AEW will act as the company’s property […]
In QuotedData’s morning briefing 23 May 2023: Harmony Energy Impact’s (HEIT) NAV was 6.7% lower at end April (117.1p, down from 125.5p at end January) after it cut the power price forecasts used in its NAV calculation. Aberforth Smaller Companies (ASL) has renewed its £130m revolving credit facility with The Royal Bank of Scotland International […]
In QuotedData’s morning briefing 18 May 2023: JLEN Environmental Assets (JLEN) NAV at end March 2023 slipped very marginally (0.4p) from the level at end December. Falling near-term power prices, which have affected other renewable energy funds, are less impactful on JLEN, which has a high degree of protection from short term price hedges as […]
Workspace Group has sold five non-core properties in the South East of England for a total of £82m. These disposals were from the portfolio of assets acquired as part of the McKay acquisition completed in May 2022. The properties sold comprise light industrial and logistics properties in Bracknell, Crawley, Poyle, Theale and Weybridge. The site […]
Tritax Big Box REIT has acquired a urban logistics park in Birmingham for £58.5m, at a 4.5% net initial yield and a reversionary yield of 6.7%. The group has bought Junction 6 Industrial Park, one of the UK’s leading urban logistics estates of scale totalling 384,000 sq ft across 12 assets. It is located less than […]
In QuotedData’s morning briefing 12 May 2023: Tritax EuroBox (EBOX) has agreed a new 10-year green lease to a leading logistics company at its recently completed property in Dormagen, a prime logistics location in the Düsseldorf region of Germany. The 36,000 sqm letting was 17.8% ahead of the rental guarantee that EBOX was receiving from […]
Bluestar Group, which has bid for Home REIT, has launched a scathing attack on the board of the embattled homeless accommodation provider accusing it of effectively ignoring it or ‘ghosting’ it. The group complained that the board had not been in contact in weeks, despite offering 40p per share to buy the company on 14 […]
In QuotedData’s morning briefing 10 May 2023: UK Commercial Property REIT (UKCM) posted a 1.1% uplift in NAV to 80.6p for the quarter to 31 March 2023. With dividends of 0.85p, the group’s NAV total return for the quarter was 2.2%. Valuations within its portfolio grew slightly by 0.9% to £1.32bn, further evidence of value […]
Civitas Social Housing (CSH) has agreed the terms of a sale of the company to Wellness Unity Limited for £485m. Although the bid price, of 80p per share, is a 44.4% premium to the closing price of 55.4 pence on Friday (5 May 2023), we believe this is too low. The company’s unaudited NAV at […]
abrdn European Logistics Income (ASLI) has completed the sale of a 32,645 sqm warehouse, in Leon, Northern Spain, to SCPI Iroko Zen, for €18.5m. The disposal price reflects a 3% premium to the 31 December 2022 valuation. ASLI acquired the asset in 2018 for €15.3m with the sale reflecting a crystalised 20% gross profit. Located […]
Palace Capital has exchanged contracts for the sale of six industrial properties for £34.0m, as it continues to sell down its assets. The sale of the portfolio, to Clearbell Property Partners IV LLP (Clearbell), a fund managed by Clearbell Capital LLP, reflects a net initial yield (NIY) of 6.2% and is another indication of valuation […]
In QuotedData’s morning briefing 5 May 2023: Ediston Property Investment Company (EPIC) has posted a slight increase in the value of its property portfolio in the quarter to 31 March 2023 of 0.6% to £204.3m. NAV per share was down slightly by 0.6% to 80.44 pence (31 December 2022: 80.93 pence). NAV total return (including […]
Great Portland Estates has acquired two central London offices for redevelopment for a total of £53m. It has bought 141 Wardour Street, in Soho, for £39m (£1,156 per sq ft). The 33,717 sq ft building is currently vacant, has been stripped out and benefits from planning consent for a comprehensive refurbishment. The building is located […]
In QuotedData’s morning briefing 28 April 2023: Industrials REIT (MLI), which has agreed a £500m sale of the company, released a trading update for the first quarter of 2023 showing a 4.8% like-for-like growth in passing rents and 10.6% growth in estimated rental values (ERV) over the 12 month period. During the quarter it concluded […]
In QuotedData’s morning briefing 27 April 2023: Literacy Capital (BOOK) says its 31 March 2023 NAV was 467.3p, up 11.1% over the first three months of the year from 420.6p at the end of December. RCI (+£18.6m) was again the most significant contributor in the quarter, driven by strong organic growth. Kernel Global added £8.4m […]
In a NAV update for the first quarter of the year, CT Property Trust posted a 1.3% uplift to 96.6p per share – further evidence of a stability of real estate prices following a rapid decline in the second half of 2022. Last week MSCI data showed that month-on-month property values in the UK were […]
abrdn Property Income Trust expects commercial real estate returns to turn positive this year, after a difficult 2022. The company today reported a -12.8% NAV total return for the year to 31 December 2022, having been impacted by a rapid revaluation of assets due to higher interest rates and increased cost of its own debt. […]
abrdn European Logistics Income saw its EPRA net tangible assets (NTA) reduce 8.1% to €1.25 per share in the year to 31 December 2022, due to the market-wide outward yield movements as a result of rising interest rates. The group’s portfolio value fell 4% on a like-for-like basis, but increased 14% to €759m (31 December […]
Total returns for UK real estate were positive in March, data from MSCI showed, the first positive return since June last year. The month-on-month total return in March was 0.67% (a 0.46% income return from rental income and a 0.21% capital return). Average values rose during the month after eight straight months of declines. “The rebound […]
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