This sector includes mortgage companies, property management companies and REITs
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 […]
The PRS REIT has now declared a dividend for the first quarter of this year, having seen the private rented sector (PRS) perform resiliently during the covid-19 pandemic. The company, which invests in new-build family homes in the PRS, will pay an interim dividend of 1.0p for the period 1 January to 31 March 2020, which […]
In QuotedData’s morning briefing 18 June 2020; Vietnam Enterprise passed a continuation vote comfortably, 154.6m shares voted against a resolution that would have forced a wind up in December 2022, only 721,277 shares voted for it. Warehouse REIT hopes to issue 159,090,908 shares at 110p via a placing and open offer (existing shareholders can apply for […]
NewRiver REIT has said it will look to sell assets after reporting a 23% fall in net asset value (NAV) for the year to 31 March 2020. The company, which owns a portfolio of retail and pub assets, saw its EPRA NAV plummet to 201p per share from 261p last year. The fall was driven […]
The anti-inflammatory drug, Dexamethasone, has been shown to help the most seriously ill covid-19 patients. Private equity sector company, ICG Enterprise (ICGT), delivered an NAV total return of (4.1%) and a portfolio return of (3.8%), over the quarter to end-April. It expects the impact from covid-19 to continue weighing on valuations over the coming months. The portfolio’s […]
Warehouse REIT has made a series of lettings across its portfolio worth £1.9m in annual rent, reflecting the continued strength of the logistics sector. The group said it had completed or was under offer on 43 lettings and lease renewals since 1 April 2020. They cover 277,000 sq ft of space and will generate an […]
In QuotedData’s morning briefing 16 June 2020: Pollen Street secured Lending has confirmed that it will extend the deadline for Waterfall Asset Management to make a bid for the company to 14 July 2020. It reminds us that Investec, the company’s largest shareholder, has given an irrevocable undertaking to accept the bid until 21 August 2020. […]
Tritax Big Box REIT has pre-let a 2.3m sq ft logistics scheme in east London to Amazon. The company received planning consent last week for the building in Littlebrook, Dartford and announced today it has exchanged contracts with the world leading online retailer. The scheme, which covers 35.5 acres adjacent to the QEII bridge and Dartford […]
In QuotedData’s morning briefing 15 June 2020: Africa Opportunity will return $5.5m to shareholders via a compulsory redemption of shares. 9,565,216 shares (21.46% of the total) will be bought back at NAV ($0.575). Payment will be on 25 June 2020. Hammerson says that Robert Noel will succeed David Tyler as non-executive chair of the company. Robert […]
There is no doubt that the biggest news story in the property sector this week was SEGRO’s whopping £680m equity raise. The over-subscribed placing, that will be used to fund development opportunities in the booming logistics sector, put an exclamation mark on the severe disconnection that is in play between the different property sectors. If […]
Stenprop, the UK multi-let industrial (MLI) landlord, has reported a 2.8% uplift in the value of its property portfolio. The company, which is in the process of transitioning its portfolio to be fully focused on the MLI sector, said its portfolio was valued at £532.6m in full year results to 31 March 2020. This was […]
In QuotedData’s morning briefing 12 June 2020, as the UK economy contracts by 20.4% in April: Hipgnosis Songs got permission from its shareholders to make greater use of borrowed money to enhance returns. The limit on borrowing has been lifted from 20% of net assets to 30% of net assets. It is now thinking about issuing […]
Logistics landlord SEGRO has raised £680m in a share placing “to take advantage of ecommerce trends that are accelerating as a result of the covid-19 pandemic”. A total of almost 83 million shares were placed at a price of 820 pence, representing a discount of 4.5% to the closing price on 9 June 2020. The share […]
Shaftesbury has posted a 7.9% drop in the value of its West End portfolio in half-year results as the impact of the covid-19 lockdown bites. The company’s portfolio was valued at £3.5bn at 31 March 2019. The fall in value of the portfolio resulted in a 10.6% drop in net asset value (NAV) to 878p […]
LondonMetric has made a host of lettings totalling 213,000 sq ft across its portfolio. The company has let a 141,000 sq ft distribution unit at its Stoke development to Pets At Home, at a rent of £6 per sq ft or £0.8m per annum. At Birmingham, the company has let a 38,000 sq ft unit […]
LondonMetric has reported a dip in net asset value (NAV) following the £455m acquisition of A&J Mucklow last year. The group, which owns a portfolio of logistics assets, said EPRA NAV at 31 March 2020 was 171.7p per share (March 2019: 174.9p). The fall was mainly due to the Mucklow acquisition, which accounted for 2.5p. […]
Schroder Real Estate Investment Trust has reported a fall in net asset value (NAV) of 13.1% in the year to the end of March 2020. The group, which owns a diverse portfolio of property across the UK, posted a NAV per share of 59.7p (March 2019: 68.7p). The decrease reflects an 11.8% drop in the […]
McKay Securities has reported a slight increase in net asset value (NAV) of 0.9% in full year results. The company, which owns office, industrial and logistics property in the South East of England, posted an EPRA NAV of 329p per share at 31 March 2020 (March 2019: 326p). Its portfolio was valued at £510m, up […]
Self-storage specialist Big Yellow Group has posted a 3.1% rise in revenue for the year to the end of March 2020. The group, which has remained operational during the covid-19 pandemic, reported revenue of £129.3m in the year (2019: £125.4m). The increase was mainly due to a 2.7% year-on-year rise in its average rent. Occupancy, […]
In QuotedData’s morning briefing 9 June 2020: Aberdeen Standard Asia Focus has entered into a new two year multicurrency revolving loan facility of £20 million with The Royal Bank of Scotland International Limited (“RBSI”), which replaces the Company’s $25m loan facility with RBSI, which matured on 5 June 2020. £18.2 million of the loan has been drawn […]
CEIBA Investments (CBA), the real estate company focused on Cuba, has released a trading statement, in which it look at the state of the pandemic in the country, Cuba’s role in helping other countries, and the current state of the company’s trading, operations and investments. Cuba close to a staged reopening of the tourism industry and […]
As per the announcement made on 30 April, the board of SQN Asset Finance Income (SQN) has announced the appointment of KKV Investment Management (KKV) as portfolio manager of the company and the appointment of International Fund Management as the company’s AIFM. KKV is a newly formed investment management company, majority owned by Kvika Securities, the […]
The subject of turnover rents resurfaced this week with reports that high street fashion chain New Look was in crunch talks with landlords about restructuring its leases to turnover-based rents. The proposals reflect a fast-growing trend in the retail sector, but how do they work and what does it mean for landlords? Turnover rents link […]
Workspace Group has announced its annual results for the year ended 31 March 2020. Graham Clemett, Workspace’s CEO, describes the results as strong, but notes that this has been overshadowed by the dramatic impact of the Covid-19 pandemic. He also comments that Freehold ownership of its properties means that Workspace can quickly adapt these to […]
Yew Grove, the Itrish commercial property REIT, has provided an update on rent collections in the second quarter 2020. This follows a statement from the company, on 15 April, in which it said that it expected to collect at least 95% of second quarter 2020 rents. As at 4 June, Yew Grove says that it […]
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