This sector includes mortgage companies, property management companies and REITs
In QuotedData’s morning briefing 17 February 2021 – Greencoat UK Wind’s (UKW’s) placing raised gross proceeds of £198m. The net capital raised will be deployed towards reducing borrowings under the company’s revolving credit facility, to allow the company to fund its pipeline of acquisition opportunities. Chrysalis Investments (CHRY) will seek approval from its shareholders to issue up […]
In QuotedData’s morning briefing 16 February 2021: GCP Student Living (DIGS) has terminated WeWork’s lease on the commercial space at Scape Shoreditch. The 50,000 sq ft Grade A space is just a two-minute walk from Old Street Underground. WeWork had £2.3m of rent arrears up to the end of 2020. GCP Student Living has collected £3.1m […]
Grit Real Estate, which invests in pan-african real estate assets (ex South Africa) has reported a 6.3% increase in EPRA net reinstatement value (NRV – one of the new EPRA reporting metrics for property companies replacing EPRA net asset value (NAV)) – over the six months to the end of December 2020. This increase (from […]
In QuotedData’s morning briefing 15 February 2021: Tritax EuroBox (EBOX) has sold its asset in Lodz, Poland for €65.5 million, 15% above its most recent valuation at 30 September 2020 and, based on the company’s target gearing of 45%, delivering an attractive geared IRR of 16.5% to shareholders. They bought this is April 2019 and completed a […]
After witnessing the anguish of property companies slashing dividends left, right and centre, at the start of the pandemic last year, it is encouraging to see news of dividend hikes now filtering through. Not all companies have experienced tenant distress during the crisis, and it is good to see that investors are being rewarded with a […]
Care home investor Target Healthcare REIT has announced its intention to raise £50m through a placing to fund new acquisitions. The issue price of 111p per share represents a discount of 4.8% to last night’s closing price of 116.6p and a 2.6% premium to its last reported EPRA net asset value (NAV) of 108.2p (at […]
Warehouse REIT buys four warehouses in Liverpool – Warehouse REIT has bought four modern warehouse units on Boulevard Industry Park in Speke, Liverpool, totalling 390,000 sq ft. The purchase price of £35m reflects a net initial yield of 5.5%. Ranging from 74,000 sq ft to 163,000 sq ft, the units are occupied by three separate occupiers […]
In QuotedData’s morning briefing 11 February 2021: Schroder European Real Estate says that at its Metromar shopping centre in Seville (which it owns in a 50/50 joint venture) one of the fashion anchor tenants will exercise its lease termination right. This termination accounts for approximately 3,000 sqm (14%) of the total space. The rent due will continue […]
In QuotedData’s morning briefing 10 February 2021 – Syncona, a leading healthcare company focused on founding, building and funding global leaders in life science, made note of the news that its portfolio company, Autolus Therapeutics announced the pricing of its underwritten public offering in the United States of 14,285,715 American Depositary Shares (“ADSs”) representing 14,285,715 […]
St Modwen Properties has continued its focus on the thriving logistics property sector, which now accounts for 49% of its portfolio. In full year results to the end of November 2020, the company said this had grown from 39% a year previously and would accelerate growth. The group also has a strong focus on the […]
In QuotedData’s morning briefing 9 February 2021 Nippon Active Capital looks to have scored a win as Mr. Shintaro Matsuki, President of Sakai Ovex Co., Ltd, using a special purpose company, Sakai Textile Co., Ltd., has launched a tender offer at ¥ 2,850 per common share for all of the outstanding equity capital of Sakai Ovex. […]
In QuotedData’s morning briefing 8 February 2021 – Gabelli Value Plus+ (GVP) announced that it intends to convene a general meeting in July 2021 to consider a continuation vote resolution followed by a special resolution to place the company in members’ voluntary liquidation. GVP’s largest shareholder, Associated Capital Group, has irrevocably undertaken to abstain from […]
There can be no doubt that the COVID-19 pandemic has changed the landscape in the property sector forever. So, it has been interesting to observe how different property companies have responded with the composition of their portfolios. Any manager worth their salt would have been exiting high street retail a long time ago. But it […]
Alternative Income REIT has collected 91.4% of rent for the COVID affected final nine months of 2020. It said payment plans were in place on the remaining 8.6%. For the first quarter of 2021, it has collected 80.4% of quarterly billed rent and has agreed or is in the process of agreeing rent concessions with […]
UK Commercial Property REIT has posted a 3.2% increase in net asset value (NAV) in the quarter to the end of December 2020. The group, which owns a diverse portfolio of property weighted to the industrial sector, saw the value of its portfolio rise 2.9% on a like-for-like basis in the period to £1.21bn. Together […]
In QuotedData’s morning briefing 4 February 2021: SDCL Energy Efficiency Income Trust have announced a £100m placing (94.3m shares at 106p). The price is a 3.9% premium to the end September NAV and a 1.4% discount to last night’s closing price. The money would go into commercial and industrial solar projects across the United States in […]
Standard Life Investments Property Income Trust has reported a 4.1% increase in net asset value (NAV) in the quarter to the end of December 2020. NAV total return for the period (including the payment of dividends) was 5.0%. The increase in NAV, to 82.0p per share from 78.8p in September 2020, was primarily down to […]
In QuotedData’s morning briefing 3 February 2021 – Chenavari Toro Income (TORO) reported annual results to 30 September 2020, with the total return NAV coming in at -11.2%. The share price total return was -15.2%. TORO’s chairman, Frederic Hervouet, noted that “TORO’s base case was assuming a second wave of defaults in H1 2021 with the annualised […]
AIM-listed self-storage company Lok’nStore has said its development pipeline will add 33.1% to the lettable area of its portfolio. The company gave an update on its new store development pipeline which comprises: The exchange of contracts to purchase a new 56,000 sq ft store in Staines that is due to open in 2022; The purchase […]
LondonMetric Property has acquired £21.9m of convenience service stations across three separate transactions reflecting a blended net initial yield of 5.1%. The seven assets have a weight average unexpired lease term (WAULT) of 18 years and all benefit from contractual rental uplifts. The transactions comprise four Co-op convenience service stations in Basingstoke, Dagenham and South […]
Care home investor Target Healthcare REIT has posted a net asset value (NAV) total return for the quarter to the end of December 2020 of 1.8%. The group’s EPRA NAV notched up 0.2% in the period to 108.2p per share, reflecting a 0.8% increase in the value of its portfolio to £647.7m. It paid an […]
Civitas Social Housing has agreed a new debt facility that will allow it to grow its portfolio. The group made the announcement with its quarterly net asset value (NAV) update today, but said the terms of the facility would be revealed shortly. It added: “Following completion of certain formalities and on drawdown the company expects […]
In QuotedData’s morning briefing 2 February 2021: BlackRock World Mining has revalued its investment in OZ Minerals Brazilian Royalty from $23.6m to $30.1m, adding 2.7p to its NAV. BlackRock Throgmorton Trust has appointed Merryn Somerset Webb as a non-executive director with effect from 24 March 2021. Merryn is the editor-in-chief of MoneyWeek, the UK personal finance magazine […]
In QuotedData’s morning briefing 1 February 2021 – BlackRock Income and Growth (BRIG) reported annual results to 31 October 2020. During the year the company’s NAV per share returned -16.7%. At the share price level, the company returned -14.8% over the period. As at 28 January 2021, since the year-end BRIG’s NAV and share price have […]
Timing is everything in property, and it looks as though Tritax Big Box REIT has got it spot on again with its foray into development. Having launched in 2013, when the logistics sector was seen as the ugly cousin of the glamourous retail sector, the group foresaw the online shopping revolution way before anybody else. It […]
Impact Healthcare REIT, the care home owner, has increased its dividend target for the year to 31 December 2021 by 1.9% after a strong year. The group said its target dividend for the year is 6.41p per share from 6.29p, in line with the inflation-linked rental uplifts it received in 2020. Net asset value was […]
Schroder REIT has collected 85% of rent billed for the first quarter of the year, the company has announced. The sector breakdown of rent collected so far was: offices 94%, industrial 97% and retail/leisure 54%. The group said it expects to recover a “significant portion” of the outstanding amount. Asset management The company completed the […]
BMO Commercial Property Trust’s net asset value (NAV) has nudged up slightly in the quarter to the end of December 2020. The group posted a 0.5% increase in NAV to 117.5p per share, with its property portfolio up 0.2% in the period to £1,227.9m. The stable valuation was down to the strong performance of its […]
Stenprop has reported a 25% average uplift on new industrial lettings in a trading update for the fourth quarter of 2020. The group said the 39 lettings made during the period and the 18 lease renewals were 25% and 24% ahead of previous passing rents and totalled £1.51m of rent per annum. Like-for-like passing rent […]
CLS Holdings has acquired three offices in Germany for a combined €89.7m. The company has exchanged contracts to buy Hansaallee 299, in Düsseldorf, Storkower Strasse 132, in Berlin, and Wendenstrasse 408 in Hamburg. It has paid a net initial yield of 4.8% for the three properties. Combined, the three offices are 93% occupied by 31 tenants and have […]
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