This sector includes mortgage companies, property management companies and REITs
The bumper spell of merger and acquisition (M&A) activity in the UK listed real estate sector has some way to play out yet, with several companies still looking like attractive targets. The share prices of many property companies have yet to return to pre-pandemic days – perhaps understandably when rent collection rates are still below […]
In QuotedData’s morning briefing 12 August 2021: Riverstone Credit Opportunities (RCOI) says its end June NAV was $1.03, unchanged from end December 2020. It has declared dividends totalling 3.5 cents for the first six months of the year. It concluded four deals over the first half of 2021, two of which – a water infrastructure company (Blackbuck […]
Derwent London adds to West End portfolio – Derwent London has announced three off-market West End transactions. West End Properties The largest property being acquired is 250 Euston Road NW1 which totals 165,900 sq ft and sits on a 1.6 acre site. This freehold office building is let in its entirety to University College London Hospital […]
In QuotedData’s morning briefing 10 August 2021: Literacy Capital (BOOK) says that Butternut Box, a business providing healthy, fresh dog food on a subscription to dog owners’ doors, has finalised a funding round to raise further equity to support the continued growth of the business. As at 30 June 2021, Butternut Box was Literacy Capital’s 3rd largest […]
The potential offer for Drum Income Plus REIT (DRIP) by Custodian REIT (CREI), which we think makes perfect sense for both sides (see our news story for more detail) got us looking into the wider UK commercial property peer group to see how are they faring now as the country transitions out of lockdown. The […]
Civitas Social Housing is considering an equity raise to fund its acquisition pipeline and enhance returns. The group said uncommitted capital resources were limited so it would evaluate options, including a potential equity raise, to fund new acquisitions. An £85m M&G debt facility, agreed earlier this year, has been invested or reserved for existing pipeline […]
In QuotedData’s morning briefing 5 August 2021: JPEL Private Equity is returning $85m to investors – using cash it had on its balance sheet and the proceeds of its sale of Swania International. Effectively, this will mean the compulsory redemption of about 42.5m JPEL shares, about 51.5% of the company. The redemption price is based on […]
Standard Life Investments Property Income Trust (SLI) has reported a 3.5% jump in net asset value (NAV) in the quarter to 30 June 2021, as the property market continues to bounce back from the impact of COVID. The increased in NAV, to 88.3p per share, was due to a 3.3% like-for-like rise in the value […]
Custodian REIT (CREI) is in discussion over a possible securities exchange offer for the entire issued share capital of Drum Income Plus REIT (DRIP). The possible offer is at a ratio of 0.535 CREI ordinary shares for each DRIP ordinary share, giving an implied value for the entire issued and to be issued share capital of DRIP […]
In QuotedData’s morning briefing 3 August 2021: Vietnam Holding (VNH) proposes to hold a tender for up to 30% of its issued share capital. To be eligible to participate, shareholders must have owned the share on 2 August. Shareholders will be asked to approve the tender at a meeting scheduled for 31 August 2021 and payment […]
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. […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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