This sector includes mortgage companies, property management companies and REITs
Ground Rents Income Fund has reported large valuations declines having released delayed full year results to September 2023 and updated to March 2024. Portfolio values fell 20.7% to £81.5m in the six months to 31 March 2024, having fallen 2.7% in the year to 30 September 2023. The decline included a negative valuation adjustment of […]
NewRiver REIT has acquired an asset management business, boosting its capital partnerships business to £1.5bn across a portfolio of 21 shopping centres and 18 retail parks, with 13 different partners. The company has bought Ellandi Management Limited, an asset and development management business focused on UK retail and regeneration, for £5m. The Ellandi business brings […]
In QuotedData’s morning briefing 4 July 2024: Polar Capital Global Financials (PCFT) has published six-month numbers covering the period ended 31 May 2024. The trust beat its benchmark, returning 18.2% in NAV terms and 23.3% in share price terms versus 15.9% for the MSCI All Countries World Financials Index. [We covered many of the reasons […]
in QuotedData’s morning briefing 3 July 2024: Downing Renewables & Infrastructure (DORE) announced that Downing Hydro has pre-qualified its first hydropower plant site for participation in the Frequency Containment Reserve markets (FCR) in Sweden. The FCR markets serve to stabilise the Swedish grid. The initial site pre-qualified is the Gottne hydropower plant. The site is […]
AEW UK REIT has reported a NAV total return of 5.0% for the year to the end of March 2024. NAV fell 2.6% to 102.73p per share due to the impact of higher interest rates on the value of its portfolio. However, dividends of 8p per share over the year brought its total return into […]
In QuotedData’s morning briefing 2 July 2024: JPMorgan Global Growth & Income (JGGI) announced that it intends to pay dividends totalling 22.80 pence per share (5.70 pence per share per quarter) in relation to its financial year commencing 1st July 2024. This is in line with its policy of paying out 4.0% of the company’s […]
Tritax EuroBox has announced that it has received more expressions of interest in buying the company, as the deadline for private equity giant Brookfield is extended. The company revealed that following the announcement of Brookfield’s possible cash offer for the company on 3 June, it was now in discussions with a “number of parties” that […]
With headlines dominated by a certain £5bn merger and a potential lifeline thrown Regional REIT’s way, I suspect a smaller deal announced by Warehouse REIT may have gone unnoticed. Already on our radar this week due to annual results being published, the company made the surprising additional announcement of a retail park acquisition. That’s not […]
SEGRO has acquired three fully leased logistics warehouses in The Netherlands for €222m. Undertaken via three separate transactions the assets build on SEGRO’s scale in a region, which acts as a key logistics hub for Continental Europe as well as the Dutch domestic market. They total 172,300 sqm of additional space and are in-line with […]
Target Healthcare REIT has completed the disposal of four UK care homes for £44.5m at a modest premium to the book value at 31 March 2024. The sales price reflects a net initial yield of 5.64%. Proceeds from the disposal, which represented 326 beds and 4.6% of the group’s overall portfolio value, will enable a […]
Regional REIT has announced a capital raising of £110.5m through a fully underwritten placing. The company has also announced a 1 for 10 share consolidation. The capital raising, which is being underwritten by Bridgemere Investments, will enable the company to fully repay a £50m retail bond that is due to mature in August. The remainder […]
Harworth Group has sold a parcel of land near Leeds to Microsoft for £106.6m for the development of a hyperscale data centre. The 48 acres of land at Harworth’s Skelton Grange site will be sold in two phases. The first plot, which comprises 27 acres, will be sold for £52.9m with completion expected in the […]
In QuotedData’s morning briefing 25 June 2024: Foresight Sustainable Forestry (FSF) announced its interim results for the six months to 31 March 2024. The company recorded a profit for the period of £6.6m, while delivering a NAV per share return of 3.9% since 30 September 2023. The key drivers of the uplift were the upwards […]
Warehouse REIT has announced the acquisition of a retail park for £38.6m, and also reported an uplift in NAV in annual results. The company, which specialises in multi-let warehousing, has ventured away from its core investment strategy with the purchase of phase 2 of Ventura Retail Park, a 13-unit scheme in Tamworth, close to Birmingham. […]
Warehouse REIT has completed the sale of £57.5m of single-let assets in three separate transactions. The combined sales price is in line with the 31 March 2024 valuation and represents a net yield on passing rent of 5.8%. The sales bring total proceeds raised since the company announced its deleveraging plan in November 2022 to […]
NewRiver REIT’s annual results show that its turnaround strategy is paying off and the retail property market is returning to growth. The company reported a 5.0% drop in EPRA net tangible assets (NTA) to 115p in the year to 31 March 2024, which was mainly due to a modest decline in portfolio valuation of 2.3% […]
In QuotedData’s morning briefing 21 June 2024: Home REIT (HOME) has sold a further 133 properties at auction, this time for £11.36m in total. These were 7.8% below the draft August 2023 valuations. Since August 2023, the company has completed on the sale of 774 properties and exchanged on a further 205 properties, for gross […]
Urban Logistics REIT reported a slight drop in EPRA net tangible assets (NTA) of 1.3% to 160.27p in annual results to 31 March 2024. The value of the company’s portfolio of mid-box urban logistics assets was stable over the 12 months falling just 0.3% on a like-for-like basis to £1.1bn. Net rental income was up […]
In QuotedData’s morning briefing 20 June 2024: GCP Infrastructure’s half-year numbers to end March 2024 showed a small positive NAV return of 1.2% but a much greater uplift in the share price as the discount narrowed giving shareholders a return of 12.5%. As usual, the dividend is maintained at 3.5p for the six-month period. No […]
In QuotedData’s morning briefing 19 June 2024: Schroder European REIT (SERE) posted a 3.6% fall in NAV to 123.6 euro cents per share in the six months to 31 March 2024. The group’s property portfolio valuation declined 3.1% to €208.1m. Underlying EPRA earnings increased 3% to €4.3m on the prior six month’s EPRA earnings of […]
In QuotedData’s morning briefing 18 June 2024: abrdn Diversified Income & Growth (ADIG) has announced details of its planned return of £115m of capital (38p per share) via a B share scheme. The distribution needs to be approved at a meeting that will be held on 3 July 2024. The money should be with shareholders […]
Home REIT will look to sell more of its portfolio after failing to secure refinancing of its debt. The company said that extensive discussions with a potential lender to refinance its debt facility with Scottish Widows (currently £131.8m) have fallen through. It said: “The board has now concluded that it will not be able to […]
In QuotedData’s daily briefing 17 June 2024: BH Macro (BHMG) has announced an increased annual buyback allowance. Under the new agreement, the allowance for 2024 (which would have previously been capped at 5% of issuance for each currency of shares) has been increased by an amount equal to its unused allowance for the sterling shares […]
Custodian Property Income REIT said that property valuations had stabilised in its portfolio in the final quarter of its financial year to 31 March 2024. Its portfolio fell in value by 4.0% on a like-for-like basis across the year to £589.1m but was flat in the first three months of 2024, which it said suggests […]
In QuotedData’s morning briefing 13 June 2024: RTW Biotech Opportunities (RTW) says its largest (13.4% of the portfolio) holding, Avidity Biosciences Inc. has announced positive initial data from its Phase 1/2 trial of AOC 1020, an investigational therapy that targets DUX4, the root cause of facioscapulohumeral muscular dystrophy (FSHD). AOC 1020 demonstrated unprecedented and consistent […]
In QuotedData’s morning briefing 12 June 2024: Special Opportunities REIT (SOR) has pulled its proposed IPO after falling short of its target fundraise. The company had targeted a £500m raise to acquire commercial property at distressed prices. It had lined up three cornerstone investors for up to £114m, but still fell short of its minimum […]
TR Property posted a 15.2% increase in net asset value (NAV) to 351.1p in the year to 31 March 2024, helped by a number of its portfolio companies being the subject of merger and acquisitions (M&A). Key highlights included: TRY reported a NAV total return of 15.2% and share price total return of 22.9%. These […]
In QuotedData’s morning briefing 10 June 2024: Downing Renewables & Infrastructure Trust (DORE) has provided a Q1 NAV update for the three months ending 31 March 2024. DORE reported a NAV of £212.3m or 119.2p per share, a 1.3% increase from its 31 December 2023 value. Its NAV was primarily driven by positive FX movements, […]
QD view: feet dragging by the current administration on an issue of considerable importance to the investment companies industry means that a new Labour government offers our best hope for a solution If you have been following the cost disclosure issue story on our website, you will know that one of the strands that the […]
Schroder REIT posted a positive NAV total return in annual results, and reported that the value of its portfolio was stable over the three months to 31 March 2023. NAV declined by 4.4% to £287.4m, or 58.8p per share, over the year largely driven by an underlying portfolio value decline of 2.8% over the year […]
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