This sector includes mortgage companies, property management companies and REITs
In QuotedData’s morning briefing 29 March 2021 – VietNam Holding (VNH) had an excellent interim results period to 31 December 2020, with its NAV increasing by 38.7% in USD terms. Vietnam’s early success in containing COVID-19 helped it re-open its economy much sooner than many other nations. Within the portfolio, VNH’s overweight position in HPG, the leader in […]
Chancellor Rishi Sunak has called on businesses to end working from home once the pandemic is over. It is likely to be the first of many calls as the government tries to kick start the economy – with the prosperity of city centres dependent on office workers. Although he may have an agenda to get […]
Urban Logistics REIT (SHED) has exchanged contracts to sell five assets as part of a portfolio for £30m, reflecting a yield of 4.8%. The sale is in line with SHED’s stated strategy of active portfolio management and value optimisation and represents a 35.4% uplift on the 30 September 2020 book values. The proceeds will be reinvested […]
Regional REIT has reported its COVID hit results for 2020. Operationally, the results were robust, but EPRA net tangible assets (NTA) was down 12.4% in the year to 98.6p per share, driven by a 7% drop in the value of its portfolio to £732.4m. The group collected 96.1% of rents during the year (98.2% with […]
In QuotedData’s morning briefing 25 March 2021: Tufton Oceanic Assets (SHIP) raised gross proceeds of US$14.7m by issuing 15m shares at 98 cents each. [It said that it was after $25m, so perhaps this was a little disappointing. That’s a surprise to us as shipping rates have been soaring.] The Renewables Infrastructure Group (TRIG) raised about […]
In QuotedData’s morning briefing 24 March 2021 – BMO Private Equity (BPET) announced that the software company, Dotmatics, in which it has a holding, has entered an agreement for its sale to US-based company Insightful Science. The transaction is expected to complete early in Q2. The investment is led by Scotland based growth equity investor […]
Care home owner Target Healthcare REIT has posted a 3.3% net asset value (NAV) total return for the six months to 31 December 2020. The group, which raised £60m earlier this month to buy an identified pipeline of investments, said this was driven primarily by the rental and valuation growth of the property portfolio. The […]
In QuotedData’s morning briefing 23 March 2021: Axiom European Financial Debt reports flat returns to shareholders and 1.7% return on NAV for 2020. NAV and share price falls were offset by income. The dividend was maintained at 6p and the company thinks this is sustainable in 2021. The report breaks down activity and returns month by […]
In QuotedData’s morning briefing 22 March 2021 – Flexible investment sector company, New Star (NSI), reported interim results to 31 December 2020, delivering a total NAV return of 8.7% and a total market return of 15.1%. NSI benefited from its allocations to UK smaller stocks and emerging market equities but its allocations to dollar cash and gold […]
QuotedData’s weekly news show 19 March 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 covered the week’s top stories: James Anderson of Scottish Mortgage retirement announcement Apax Global Alpha update Richard Williams also covered: Supermarket Income REIT […]
Tuesday next week will mark a year to the day that Boris Johnson announced the UK would go into full lockdown in a bid to curb the COVID-19 pandemic. It seems unbelievable that a year later we are still in a lockdown. The successive lockdowns have hugely impacted the property sector – mainly negatively (as […]
The two listed social housing REITs, Civitas Social Housing and Triple Point Social Housing REIT, have responded to regulatory judgements on two of their tenants. Pivotal Housing Association and Hilldale Housing Association both breached the Regulator of Social Housing’s (RSH’s) governance and financial viability. Civitas said Pivotal, which represents 3.96% of its rent roll, and Hilldale, which […]
In QuotedData’s morning briefing 18 March 2021: NB Distressed Debt says its investment manager, Neuberger Berman Europe Limited, has offered to waive its entitlement to receive its management fee with immediate effect. The chairman says “The fee waiver recognises that it is taking longer than expected to fully realise the company’s assets due to a number […]
In QuotedData’s morning briefing 17 March 2021 – UK Mortgages’s (UKML’s) interim results to 31 December 2020 delivered a 7.7% total NAV return. Chairman, Christopher Waldron, said the following in his notes: “Clearly, since those early days of the COVID-19 pandemic our worst fears over the extent of mortgage holidays and the consequences of other forbearance […]
Sirius Real Estate, the owner and operator of business parks in Germany, has acquired an asset in Essen for €10.7m The transaction is by way of a sale and leaseback with thyssenkrupp, the international industrial engineering and technology group, and reflects an EPRA net initial yield of 6.5%. The purchase was sourced by the Sirius […]
LondonMetric Property has acquired a data centre and urban logistics warehouse, both in Milton Keynes, for a combined £31.2m. The 66,000 sq ft data centre is let to TalkTalk and was bought for £23.9m and the 42,000 sq ft urban logistics facility was acquired for £7.3m. The blended net initial yield was 4.4%, with a […]
In QuotedData’s morning briefing 15 March 2021 – International Biotechnology Trust’s (IBT’s) board and its manager, SV Health Investors, announced that Carl Harald Janson has decided to step back from his role as lead manager after seven at the helm. Lead responsibility for portfolio management will transition to Ailsa Craig and Marek Poszepczynski and the board […]
QuotedData’s weekly news show 12 March 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, Richard Williams covered the week’s top stories: LXI REIT raised 125 m in oversubscribed issue Tritax Big Box REIT results Home REIT fully deployed IPO […]
What to do about empty shops? The problem child of the property sector has been causing headaches for landlords for years. That headache has turned to a head-splitting migraine since the COVID pandemic. As much as 30% of retail space in the UK was thought to be surplus to requirements before the pandemic. Now, with […]
Tritax EuroBox, which invests in logistics real estate assets in continental Europe, has been assigned an investment grade credit rating by Fitch Ratings. By achieving investment grade rating (it has been assigned a BBB- long-term corporate credit rating), the group has satisfied a condition on its existing revolving credit facility that will result in an immediate […]
LondonMetric Property has sold a portfolio of long income assets to Realty Income, an S&P 500 US REIT, for £40.9m, reflecting a blended net initial yield of 5.9%. The portfolio, which has a WAULT of 11 years, comprises: A 106,000 sq ft retail asset in Leicester let to B&Q, Home Bargain and Smyths Toys. The […]
In QuotedData’s morning briefing 11 March 2021 LXI REIT’s share issue was significantly oversubscribed. The company upped the amount raised from the initial £75m target to £125m. It will issue 100,401,606 shares at 124.5p. Secured Income Fund, which is in the throes of organising a return of capital to its shareholders, says it will up the […]
Tritax Big Box REIT reported a whopping 15.7% jump in EPRA net tangible assets (NTA) in full year to the end of December 2020, as the strong fundamentals of the logistics sector continued apace. The group’s portfolio grew in value over the year by 11.9% to £4.41bn, driven by development gains, asset management and the strength […]
![Macau Property Opportunities disposal plan is on-track - Macau Property Opportunities Fund (MPO) reported on the progress of its gradual wind-up in its annual report for the period ending 30 June 2018. The chairman reported that the shareholders' decision at the recent EGM to extend the company's life until the end of 2019 placed them in a stronger position to negotiate further satisfactory disposals. This, he pointed out, enhances the potential realisation of MPO's remaining assets, supported by a continuing market recovery in Macau. In March, the company sold its retail redevelopment site, Senado Square, for HK$800 million (c.US$102 million) - a gain of 541% over its acquisition cost. The subsequent distribution to shareholders, equivalent to 50 pence per share, represented 62% of the net profit from the sale. Highlights Fund performance · the company's portfolio value appreciated 2.3% over the year to US$338.4 million. · adjusted NAV grew 4.5% year-on-year to US$260.6 million, equating to US$3.41 (258 pence[2]) per share. · the company's share price rose 24% over the year, representing a 25% discount to adjusted NAV per share. Capital management · Consolidated cash balance (including deposits with lenders) as at 30 June 2018 was US$88.2 million. · Overall gross borrowings were reduced to US$148 million and the loan-to-value ratio improved to 35%. · Approximately US$50.5 million (£38.2 million) was distributed post year-end to shareholders, by way of a compulsory redemption of shares. This represented 62% of the net profit from the divestment of Senado Square, equivalent to £0.50 per share. In the background, the portfolio remains competitive and relevant During the year, ongoing asset enhancement initiatives at the company's flagship asset, The Waterside, have seen the property achieve stable occupancy and higher rental values as it retains its position as Macau's premier residential asset. The company has also embarked on a reconfiguration programme for several large units at The Fountainside, which will cater to increasing demand for more compact homes. These initiatives demonstrate continued efforts to meet changing consumer needs in the property market. Macau's gross domestic product is expected to grow by 5.8% this year and 3.9% in 2019. In his statement, the chairman, Chris Russell noted that they are mindful of rising global risks, particularly escalating US-China trade tensions and a weakening yuan, which are threatening to endanger the recovery of Macau's crucial VIP gaming segment. The possibility of China's central government further restricting capital outflows could also be detrimental to the company's divestment strategy. MPO : Macau Property Opportunities disposal plan is on-track](https://quoteddata.com/wp-content/uploads/2018/09/auto-draft-40-160x105.jpg)
In QuotedData’s morning briefing 10 March 2021 – EP Global Opportunities (EPG) reported annual results to 31 December 2020, delivering a total NAV return of -1.3% and a total share price return of -5.6%. EPG has adopted a cautious stance on its investment outlook, with a defensively positioned equity portfolio. At the year-end, 13% of net […]
West End landlord Capital & Counties reported a portfolio value loss of almost a billion pounds during 2020. The group, which owns huge swathes of Covent Garden, said its property portfolio was valued at £1.9bn at the end of 2020, down 26% on a like-for-like basis from £2.8bn a year previously. The valuation deficit was […]
Stenprop has acquired three multi-let industrial (MLI) estates for £18.4m as it remains on target to be a fully focused MLI REIT by the end of the next financial year. The three in Newcastle, Bromborough and Bradford, have been purchased in separate transactions at a net initial yield of 6.7% and a capital value of […]
In QuotedData’s morning briefing 9 March 2021: Triple Point Social Housing REIT (SOHO) has bought seven supported housing properties, comprising 68 individual units in total, for an aggregate consideration of approximately £12.1m. The properties are located in the North West (24 units), the North East (23 units), Yorkshire (10 units), the East (7 units) and the South East […]
Tritax EuroBox raised £198.4m (€230m) in a significantly oversubscribed fund raise. The group had announced it was looking to raise £173m (€200m) but demand for the issue saw it smash that target. A total of 192,633,688 new shares will be issued at a price of 103 pence, of which 57,232,790 will be issued pursuant to the open […]
Home REIT, the homeless accommodation investor, has fully invested the proceeds of its £240m initial public offering after the acquisition of 11 portfolios for £48.1m. The group, which launched in October 2020, now has a portfolio of 572 homeless accommodation properties that represent an average net initial acquisition yield of 5.83%. Significant remaining resources are […]
In QuotedData’s morning briefing 8 March 2021 – Gore Street Energy Storage Fund (GSF) announced that strong operational performance has led to further significant growth in its NAV. As at 31 December 2020, the estimated unaudited NAV represented a 2.4% increase over the previous quarter. Post period end, the company has made further progress in the commissioning of […]
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