This sector includes mortgage companies, property management companies and REITs
London office developers Helical and Derwent London have announced rent collection updates for the June to September quarter. They have collected 76.2% and 70% respectively, after they fell due on 24 June 2020. Helical As at 3 July 2020, the group collected 76.2% of the June quarter rents, with a further 14.6% agreed to be […]
In QuotedData’s morning briefing 7 July 2020: Gore Street Energy Storage raised £23.7m by issuing 24,627,365 new ordinary shares at 96.1p. 3m of those went to JXTG Nippon Oil & Energy Corporation Gresham House Energy Storage is issuing £15m of bonds (which it is calling GRID Power Bonds) with a coupon of 5%. This is the first issue […]
Target Healthcare REIT, the care home investor, has reaffirmed its dividend after collecting 96% of rents. The group said the 4% of rent currently outstanding for the quarter to September 2020 relates to care homes where active asset management initiatives are in place. As a result of the high rent collection rate, the company has […]
Residential Secure Income (RESI), which invests in affordable shared ownership, retirement and local authority housing, has agreed a new £300m debt facility. The new 45-year facility has been agreed with the Universities Superannuation Scheme (USS), one of the UK’s largest pension schemes. It is drawable against acquisitions over the next three years and represents the first standalone investment grade financing secured in the shared ownership sector. […]
Supermarket Income REIT has acquired a portfolio of Waitrose supermarkets in a sale and leaseback deal with the grocer for £74.1m. The portfolio comprises six freehold supermarkets with an average gross internal area of 32,000 sq ft. The stores are let to Waitrose on new 20-year leases with a tenant-only break option in year 15 and […]
Warehouse REIT (WHR) announced that it has received valid applications and commitments for the issue announced on 18 June, raising approximately £153m. Neil Kirton, chairman of WHR, commented: “The result of this equity raise, ahead of our original £100m March target, is a strong endorsement of our strategy. We are extremely grateful to both the new UK […]
Land Securities has provided an update on its June rental collection in which it has says that after taking into account concessions and deferrals, the net rent due at 24 June was £109m (down from a gross of £122m), of which 60% was paid within five working days. The proportion for the prior yearv was […]
Regional REIT has completed a series of lease renewals at marked uplifts in rent. The company, that owns a diverse portfolio of properties in the UK regions, has completed eight deals across office, retail and warehouse assets amounting to more than £500,000 in annual rents and at a combined uplift of 20.2% to estimated rental values […]
In QuotedData’s morning briefing 2 July 2020: Schroder Oriental Income Fund says that shareholders overwhelmingly approved a resolution to shift the fund’s tax domicile from Guernsey to the UK. 99.78% of those voting approved the measure. The company should soon become a UK investment trust. Under fire Gabelli Value Plus+ reported a 25% fall in NAV […]
Two big retail landlords, Hammerson and British Land, have revealed rent collection levels of just 16% and 36% for the quarter June to September 2020. Rent collection for the quarter, which is paid in advance, fell due on 25 June and the two group’s today revealed just how bad the figures are for the retail […]
Aberdeen Standard European Logistics Income (ASLI) has reaffirmed its dividend policy in a company update. The group said it intends to pay its quarterly dividend for the second quarter in line with its policy after higher than expected rent collection figures. It collected 85% of rental income that was due in Q2, ahead of its […]
Riverstone Energy (RSE) announced the pausing of its £50m share buyback programme until August, after the reporting of its interim results, for the six months ended 30 June 2020. Since the company’s announcement of the share buyback programme was made, on 1 May 2020, 10.81m ordinary shares have been bought back at a cost of approximately £30.5m. Elsewhere, two big retail […]
In QuotedData’s morning briefing 30 June 2020: Polar Capital Global Financial declared a 2.4p interim dividend, in line with its commitment to maintain distributions to shareholders despite regulatory blocks to bank’s dividends. Redefine Properties has sold its 29.42% stake in RDI REIT to affiliates controlled by Starwood Capital Group. RDI REIT’s shares rose strongly on he […]
Gore Street Energy Storage (GSF) announced that it had secured a further 131MW portfolio under exclusivity, including 81MW of cash generating operational assets. The operational assets, have an anticipated closing of mid-August, subject to the completion of due diligence. The 131MW portfolio of assets under exclusivity announced today is in addition to the 20MW London asset […]
Intu Properties, the biggest shopping centre owner in the UK, plunged into administration today after last ditch rescue talks with creditors collapsed. The writing had been on the wall for months, if not years, for Intu but the covid-19 pandemic finally pushed it over the edge. But what does Intu’s collapse mean for the wider […]
Empiric Student Property, the owner and operator of student accommodation across the UK, has appointed a new chief executive. It has hired Ten Entertainment Group’s current chief executive Duncan Garrood to the role. As well as Ten Entertainment Group, which is the UK’s second largest operator of family entertainment centres, Garrood has also held the […]
Shopping centre owner Intu is set to call in administrators after last gasp rescue talks with creditors collapsed. In a statement to the London Stock Exchange this morning the group said there had been “insufficient alignment and agreement” on standstill agreements with creditors. The group added: “The board is therefore considering the position of Intu […]
In QuotedData’s morning briefing 26 June 2020 The managers of Ediston Property Investment Company bought 276,971 shares at 50p per share on 23 June, to take their holding to 1.5m shares. 50p is a 47.1% discount to the last published NAV but that will probably be falling as a result of COVID-19. Manchester and London used […]
Student accommodation specialist Unite has raised £300m in an equity raise. A total of 34,482,759 new ordinary shares were placed at a price of 870 pence per share, representing a discount of 3.1% to the closing price on 24 June 2020 of 897.5 pence. Concurrently with the placing, certain directors of the company subscribed for an aggregate of […]
Harworth Group has acquired a Midlands industrial estate for £10.1m. The property developer and investor said the buy was in line with its strategy to grow its recurring income base through the acquisition of high yielding assets with further asset management potential. It has bought the estate, located close to both Dudley and Stourbridge town centres […]
LondonMetric Property has acquired five Waitrose supermarkets and an urban logistics facility let to Ocado for a total of £72.9m. It has purchased the supermarkets from Waitrose in a sale-and-leaseback deal for £62m. Waitrose has signed new 20-year leases linked to CPIH. They are located in Keynsham, Malmesbury, Paddock Wood, Towcester and Yateley and range in […]
St Modwen Properties has revealed positive trading performance in its logistics portfolio during lockdown. The company, which is focused on developments in the logistics and residential property sectors, said leasing activity during lockdown had been strong. Of its completed logistics developments 74% are now let or under offer, compared to 58% in February 2020, while […]
Schroder European REIT (SERE) halves quarterly dividend due to uncertainty caused by covid-19. The group declared a quarterly dividend of 0.925 euro cents for the period 1 January to 31 March 2020, which equates to 50% of its target dividend level. It brings total dividends declared for the six months to 31 March 2020 to […]
SDCL Energy Efficiency Income (SEIT) announced that after seeing the strong support given to the initial issue of new ordinary shares, announced on 18 June, the issue size has been increased from £60m to £110m. Augmentum Fintech (AUGM) announced that portfolio company, Zopa, has been awarded its full banking licence by the Prudential Regulatory Authority. […]
AEW UK REIT has posted a 5.6% fall in net asset value (NAV) per share in full year results to March 2020. NAV fell to 93.13p per share, from 98.61p last year. The decrease was driven by a 4.2% fall in its property portfolio to £189.3m (2019: 197.61m) due to material uncertainty caused by covid-19. […]
Custodian REIT has said the covid-19 pandemic has significantly impacted its portfolio, with a 2.2% valuation fall in the final quarter of the year alone. In full year results to the end of March 2020, the group posted a total portfolio valuation fall of 2.3% in the year to £559.8m (2019: £572.7m). Net asset value […]
Picton Property reported a rise in the value of its portfolio of 1.4% in full year results to the end of March 2020. The company’s portfolio was valued at £665m, down from £685m in March 2019 after two asset disposals, but up 1.4% on a like-for-like basis. The valuation increase is in despite of material […]
In QuotedData’s morning briefing 23 June 2020: Shopping centre investor, intu has warned that, if it cannot reach a standstill agreement with its creditors, some of its shopping centres may have to close for a while. intu says that, at this stage, it is not expected that the duration of a standstill agreement will exceed […]
ICG Enterprise (ICGT) announced that PAI Partners had reached an agreement to sell Roompot, an operator and developer of holiday parks in Northern Europe, to KKR, for an undisclosed sum. PAI Partners is one one of Europe’s leading private equity managers. Roompot, is the ICGT’s 6th largest investment, representing 2.1% of the portfolio at 30 April 2020. […]
The debate around the future of retail has been raging for some time, but the fire has been stoked further by the covid-19 enforced shutdown. Consensus has always been that there is too much retail property in the UK, mainly in high streets and shopping centres. NewRiver REIT this week gave some indication to the […]
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