This sector includes mortgage companies, property management companies and REITs
Care home investor Impact Healthcare REIT has reported growth across all metrics in half-year results to the end of June. The group saw its net asset value (NAV) increase slightly to 107.17p per share (Dec 2019: 106.81p), with its portfolio now valued at £346m (Dec 2019: £318.8m). Its contracted rent roll has grown to £29.5m […]
In QuotedData’s morning briefing 12 August 2020: International Public Partnerships (INPP) has acquired an additional interest in the Bradford and Lewisham Building Schools for the Future (BSF) Project. INPP is committing a further £3.6m to acquire stakes in the six PFI project companies that own the fourteen schools providing education facilities to over 17,000 pupils across Bradford and […]
In QuotedData’s morning briefing 11 August 2020 it is a quiet day: Robert Peto, chair of Standard Life Property Investments Income, will step down in favour of James Clifton-Brown following the next board meeting on 25 August. Robert agreed to extend his role temporarily, following the COVID-19 outbreak. The board now feels that a clearer view […]
McKay buys Bracknell logistics property – McKay Securities has bought 1-4 Willoughby Road, a fully let logistics asset in Bracknell, for £10.0m, representing a net initial yield of 5.6%. The property was sourced off-market from a UK institutional vendor. The 2.7 acre freehold estate consists of two modern, self-contained units totalling 54,157 sq ft with large […]
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: SDCL Energy Efficiency’s foray into EV charging Hipgnosis C shares and NAVs Hammerson’s expensive rights issue Syncona’s IPO of Freeline Watch it again here We’ll be back next week […]
Hammerson rights issue – Hammerson has announced a proposed rights issue to raise gross proceeds of approximately £552m and the sale of substantially all of the company’s 50% interest in VIA Outlets to a mutual fund managed by APG Asset Management N.V. for estimated cash proceeds of approximately €301m (equivalent to approximately £274m), to raise a […]
Stenprop buys in Glasgow – Stenprop has bought St Andrews Industrial Estate, a 73,248 sq ft multi-let industrial estate of nine high quality warehouse units near Glasgow city centre. The £5.5m acquisition price reflects a net initial yield of 7.3% and a capital value of £75 per sq ft. Located on the south side of Glasgow, […]
In QuotedData’s morning briefing 6 August 2020: VinaCapital Vietnam Opportunity has completed its sale of its stake in International Dairy Products. The fund shares $45.4m with its co-investment partner Daiwa PI Partners. All in, this deal added 14 cents to the NAV but this is already in the NAV (has been reflected there since 10 July). […]
In QuotedData’s morning briefing 5 August 2020: SEGRO (SGRO), the £11.5bn market cap REIT focused on modern warehouses and light industrial property, announced results covering the interim period to 30 June 2020. Adjusted pre-tax profit of £140.4m, represented an increase of 6.5% year-on-year. Adjusted NAV per share increased by 2.6% over the six-month period, helped by an […]
In QuotedData’s morning briefing 4 August 2020, as BP cuts its dividend for the first time in a decade: BMO Commercial Property is to reintroduce a monthly dividend from this month at 0.25p per share (half the previous rate). The NAV return for the three months ended 30 June 2020 was -2.9%. The retail and leisure […]
In QuotedData’s morning briefing 3 August 2020: Fidelity Japan (FJV) reported interim results to 30 June 2020. The trust’s NAV increased by 2.3% in sterling terms, which FJV noted was ahead of its reference index which returned (0.8%) and the average of the peer group which returned 0.7%. Manager, Nicholas Price, notes that: “Japan continues to […]
In QuotedData’s morning briefing 30 July 2020: Secured Income Fund’s latest factsheet discloses that it extended loans accounting for 27.5% of its portfolio by 12 months in response to COVID-related pressures on the borrowers. This extends the weighted average maturity of the portfolio from 2.58 years to 2.89 years. Shareholders just voted to wind down […]
In QuotedData’s morning briefing 29 July 2020: Primary Health Properties (PHP) reported interim results to 30 June 2020, with performance highlights that include: Adjusted EPRA earnings per share increased by 7.1%; Average uplift of 2.2% per annum on rent reviews completed in the period (FY 2019: 1.9%; FY 2018: 1.4%); Additional annualised rental income on a […]
In QuotedData’s morning briefing 28 July 2020: Grit Real Estate says the offer by Botswana Development Corporation Limited and Zep-Re (PTA Reinsurance Company) for Grit shares listed on the Johannesburg Stock Exchange (JSE) is unconditional. Grit will de-list from the JSE on 29 July 2020 as planned. The shares continue to trade in London as normal. Aseana […]
Supermarket Income REIT (SUPR), the UK supermarket REIT providing inflation-protected, long income from grocery property in the UK, has acquired Tesco Extra in Newmarket, Suffolk, from Standard Life Pooled Pension Property Fund for £61.0m, at a net initial yield of 4.6%. Tesco has a long history of trading from this prominent 9-acre site which was originally developed in […]
In QuotedData’s morning briefing 27 July 2020: Gold has climbed to a record high, pushed on by a weakening dollar as cases continue to rise in the US. Global sentiment is also being negatively affected by rising cases across Europe. Regional REIT (RGL) announced that further to its announcement on 8 July 2020, Q2 rent collection […]
LXI REIT has announced that it has sold two portfolios of long-let social housing assets for £10.7m, and has exchanged contracts on the pre-let forward funding acquisition of a Lidl foodstore in Barnard Castle, County Durham for £7.5m. Disposal of social housing asset portfolios The sales, to two separate social infrastructure funds, reflect a 5.25% […]
CLS Holdings has announced that it has unconditionally exchanged contracts to sell Albert-Einstein-Ring 17-21 in Hamburg for €36.45 million excluding costs, with completion expected on 30 September 2020. About Albert-Einstein-Ring Albert-Einstein-Ring 17-21 was acquired by CLS in 2017 as part of the Metropolis portfolio and consists of 13,419 sqm (144,441 sq. ft) of offices located […]
SEGRO has made three separate announcements this morning which, when taken together, comprise the redemption of €118m of existing (debt during August and September), while raising €450m of new debt finance in a private placement that is split across three tranches. The announcements can be summarised as follows: SEGRO is redeeming the last of its […]
In QuotedData’s morning briefing 24 July 2020: Stenprop has provided the market with a trading update for the second quarter of 2020 to the market. It says that it has now collected 93% of the rent due at the end of March, and 84% of the rent due at the end of June. We have also […]
London office landlord and developer Helical has said it expects to collect between 90% and 95% of rent this quarter. As at 22 July 2020, the group collected 77.3% of the June quarter rent, with agreements in place for a further 13.6% to be paid in installments in the period leading up to the September […]
AEW UK REIT has declared a dividend for the quarter to the end of June of 2p in line with its targeted annual dividend of 8p. The group has seen EPRA earnings per share for the quarter fall to 1.81p (March 2020: 2.12p) as rent collection figures fell slightly, but has decided to maintain its […]
In QuotedData’s morning briefing 23 July 2020: US Solar Funds says its fifth acquisition – a 61MWDC portfolio of four utility-scale solar plants in Oregon – has commenced operations. The company has reiterated its target of a fully cash covered 5.5 cent dividend in 2021. RDI REIT has let its recently completed 168,154 sq ft industrial and […]
In QuotedData’s morning briefing 22 July 2020: Apax Global Alpha (APAX) released a performance update covering the period to 30 June 2020. Salim Nathoo, part of the investment committee of APAX’s manager, noted: “Valuations of the Apax VIII and Apax IX funds recovered strongly in the second quarter of 2020, driven by an overall rebound in […]
In QuotedData’s morning briefing 21 July 2020: BioPharma Credit has received a notice of prepayment for its $150 million senior secured loan with Amicus Therapeutics, Inc. As a result, the company is expected to receive on or before 4 August 2020, approximately $156.2 million, comprised of $150 million in principal, $1.2 million in accrued interest and […]
Capital and Counties (Capco) updates ahead of Shaftesbury deal – the company is updating shareholders on progress within the business up to 30 June 2020. In the face of social distancing restrictions, the company takes comfort from the pedestrianised nature of its core Covent Garden asset. It says that additional streets around the Piazza have […]
Schroder REIT has reinstated its dividend at a level 50% below its previous rate. The company postponed the dividend for the quarter to 31 March 2020, but following better than expected rent collection it has reinstated the dividend for the quarter to the end of June. It will pay a dividend of 0.38575p per share, […]
Growth sector company, Merian Chrysalis (MERI), announced that it had entered into a transaction to partially realise one of its investments in the portfolio; this realisation is expected to raise approximately £20m. This transaction has been undertaken at a valuation that represents a material mark up in the company’s current carrying value of the asset. MERI notes […]
The good news is it appears rent collection rates for the current quarter have not dropped from the previous quarter. Three weeks after rents were billed 48% was received versus 47% in the equivalent period after March quarter day, according to data from commercial property management platform Re-Leased. The bad news is, still only 48% […]
BMO Real Estate Investments has reported a 3.1% fall in its net asset value (NAV) for the quarter to the end of June. The group said the unaudited NAV per share at 30 June 2020 was 96.6 pence (31 March 2020: 99.7 pence). The NAV fall was due to a 2.5% drop in the value […]
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