This sector includes mortgage companies, property management companies and REITs
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 […]
Yew Grove REIT, which owns a diverse portfolio of Irish commercial property assets, expects 98% rent collection this quarter. The company said in a trading update that all of the rent that has been billed has been paid with the exception of: around 1% from a large multi-national that has been delayed due to a […]
Stenprop has exchanged contracts to sell a retail park in Berlin for €27m. The disposal of Neucölln Carrée retail park to Union Investment reflects a €3.6m premium to the 31 March 2020 book value and is the latest step in Stenprop’s transition into a fully-focused UK multi-let industrial (MLI) property company. As at 31 March 2020, around […]
In QuotedData’s morning briefing 16 July 2020: Aberdeen Frontier Markets has published a circular ahead of its planned winding up. If shareholders approve liquidation on 14 August, the shares will stop trading on 18 August. Jupiter Emerging and Frontier Income has redeemed 4,607,803 shares at 88.08p to leave 85,465,171 shares in issue. Tetragon Financial has obtained […]
GCP Asset Backed Income (GABI) said that so far, in the current financial year to 31 December, it has received all expected interest and principal on time and in full, while also generating significant fees from early loan repayments. In its outlook, GABI said: “The loan book continues to perform and the dividend remains fully covered. The […]
The PRS REIT, which invests in new-build family homes in the private rented sector (PRS), has reported a slowdown in home completions due to covid-19. During the quarter to the end of June, it completed 135 new rental homes, which was below the prior quarter volume of 330. This was due to an eight week period […]
In QuotedData’s morning briefing 14 July 2020: Pollen Street Secured Lending shareholders remain in limbo as the deadline for Waterfall making an offer for the company is extended again. This time until 5pm on 11 August. Standard Life Private Equity’s estimated NAV edged higher in May to 431.2p from 427.7p. 99% of the valuations of […]
Alternative Income REIT has said it expects to collect at least 84% of rent for the current quarter by September. The group, which owns a diverse portfolio of 19 long-let properties, has provided a breakdown on rent collection in which: 89% of tenants that pay quarterly rents (representing 70.4% of total quarter rent including monthly) […]
Ruffer (RICA), the flexible investment sector fund, delivered total NAV and share price returns of 10.1% and 12.4%, respectively, over the year ending period to 30 June. The portfolio’s protective assets led returns through the downturn, with positive contributions over the last six months coming from credit protection (+6.2%), gold (+5.1%), index-linked bonds (+3.9%) and option protection (+3.3%). The equity book was […]
With so many REIT’s having de-rated heavily, sifting out the companies that were swept along in the coronavirus slump and left with unmerited discounts is fraught with danger. We have seen industrial and logistics specialists bounce back strongly due to a lockdown acceleration in the sector’s fundamentals, namely ecommerce penetration rates. However, more generalist companies that […]
Great Portland Estates (GPOR) has collected 69% of rents for the current quarter, and in doing so has tapped into rent deposits. The London office developer said collection figures were at 58% excluding deposits. From its office portfolio it had received 74% and from its associated retail/hospitality units it had collected 28%. The group had […]
Care home investor Impact Healthcare REIT has collected 100% of rents in advance for the current quarter, but occupancy falls by 8%. As a result of the uninterrupted collection, the company has reaffirmed its intention to pay its second-quarter interim dividend, for the period from 1 April to 30 June, in line with expectations with […]
Primary Health Properties has reported a 7.1% increase in earnings in a trading update for the six months to the end of June. The company, which owns a portfolio of primary healthcare facilities, said adjusted EPRA earnings per share grew to 3.0p (June 2019: 2.8p). This was off the back of an average uplift of 2.2% per […]
Town Centre Securities has collected 68% of rents billed for the current quarter. Of the £5.2m billed, which is down on the £6.6m it billed the previous quarter, it collected £3.5m. It has also agreed a deferment on £0.6m (11%) of rent. In the previous quarter, it has collected 79% of the £6.6m billed and […]
Workspace Group has collected 65% of rent due this quarter, it has revealed in a trading update. The London flexible office provider said this compared to 80% at the equivalent time last year. Cash collection for the April to June quarter was now at 75%. Encouragingly, customer enquiries steadily improved during the quarter with 765 […]
In QuotedData’s morning briefing 9 July 2020: NewRiver REIT says 81% of retailers in its portfolio are now open for business (81% based on gross rent). Of the rent due on 24 June, 71% has either been collected or had alternative payment terms agreed with occupiers. 1% of rents have been waived. Rents collected for 25 March […]
Bluefield Solar Income (BSIF)’s investment advisor, has announced the hiring of Baiju Devani as UK investment director. Baiju joins as part of BSIF’s evolution (click here to read more), bringing with him significant wind expertise.He is joining from from Ingenious, where he was a fund manager within its infrastructure division from August 2013 to December 2019. […]
RDI REIT has collected 70.1% of rents due in June. This figure reflects both quarterly payments and monthly payments and compares to the 54.0% it collected in the same time post the March quarter due date. The group said it expects the current collection rates to improve or, in certain cases, result in agreements to remove break […]
Primary care property investor and developer Assura has provided a ‘business as usual’ trading update for the quarter to the end of June. The group said June quarter rents from its 565 properties are being received in line with normal patterns, while development activity is back up and running. Developments at Stafford and Netherfield completed in […]
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