This sector includes mortgage companies, property management companies and REITs
Tritax Big Box gets green light for new distribution centre – The UK-focused logistics investor, Tritax Big Box REIT (BBOX), has received planning permission for the development of a new regional distribution centre (RDC) at Symmetry Park, Biggleswade. The facility has been pre-let to The Co-op Food Group, part of The Co-operative Group. Co-Op Group […]
RDL Realisation announced that Deloitte LLP has confirmed that valuation work required to finalise the audit is substantively complete. RDL now expects to publish its annual accounts for the financial year ending on 31 December 2018 by 28 May 2019. The shares remain suspended. Regional REIT has announced a number of new lettings. TwentyFour Income Fund […]
British Land NAV drops on retail woes – British Land has published results covering the year to the end of March 2019. Highlights are: EPRA NAV down 6.4% at 905p, with buybacks contributing 10p Portfolio value down 4.8%; Retail down 11.1%, Offices up 1.1% and developments up 10.8% Underlying EPS down 6.7% to 34.9p due primarily […]
Feedback from Civitas Capital Markets Day – Civitas held its Capital Markets Day yesterday and, as promised, here are a few comments from us. We’ll incorporate most of this, with more detail, into our next research note on the company. First, the presentations (which were only open to professional investors) were well attended. There seems to […]
Land Securities writes down retail investments – Land Securities has published results for the year ended 31 March 2019. Highlights are: EPRA Net asset value down 4.6% to 1,339p Like for like rental income up 1.9% Adjusted and diluted earnings per share up 12.4% to 59.7p. Dividend per share of 45.55p (up 3.1%) The return […]
Civitas comments on BeST ruling – The Regulator of Social Housing issued a judgement on Bespoke Supportive Tenancies Limited (“BeST”), which provides accommodation for vulnerable adults from various client groups including adults with learning disabilities, physical disabilities, sensory impairment, mental health needs, mothers fleeing domestic abuse and adults who are homeless. BeST is one of the […]
Starwood European looks to raise £40m – Starwood European Real Estate Finance (SWEF) has announced a new ordinary share placing with a target raise of £40m at a price of 104.8 pence per placing share. SWEF’s shares have closed most of the discount to NAV that came about in late 2018 on the back of […]
Our main stories this morning were: Highcroft Investments buys Ipswich gym and motorcycle showroom Samuel Tak Lee locks horns with Shaftesbury again Impact Healthcare REIT acquires four care homes Greencoat UK Wind announces new share issuance programme GCP Student Living ploughs more cash into Guildford QuotedData’s other news 2 May 2019
GCP Student Living (DIGS) has announced that it has entered into a conditional forward purchase agreement to acquire a high specification, purpose-built, private student accommodation residence in the same locality as its Scape Surrey asset in Guildford. The property is expected to be completed for the 2020/21 academic year providing 403 beds. Ideally located for […]
Impact Healthcare REIT has announced that it has acquired four care homes from subsidiaries of the Maria Mallaband and Countrywide Group (MMCG) in a sale and leaseback transaction. MMCG will continue to operate the homes after completion. The net purchase price is £21.0 million, reflecting a net initial yield of 7.4%. Impact Healthcare REIT says […]
Ceiba’s first results show Trump impact – Ceiba Investments has published its first set of results since listing in the UK. Aberdeen Standard Investments paid the company $5m to buy the management contract. How this deal is treated in the accounts distorts the figures – either it is recognised straightaway or the accountants spread the […]
Civitas amends fee structure – Civitas Social Housing’s board and investment adviser have agreed to change the way that the adviser’s fees are calculated so that they are based on IFRS NAV instead of Portfolio NAV. The difference between the two NAVs is explained in our note Socially beneficial investing (see page 10). As the IFRS […]
Gresham House Energy Storage has announced that it believes it will be fully invested by the end of the year. It is seeking to issue up to 75m new shares via a placing. Cantor Fitzgerald are running this, the closing date is 3pm on 24 May, the price is 101p – a premium to NAV […]
Globalworth buys two Polish office buildings – Globalworth is making two investments in Poland, for a combined transaction value of EUR113.2 million. Retro Office House, a newly completed office development located in central Wroclaw benefitting from excellent connectivity to all parts of the city and a range of public transport options, is to be acquired for […]
CVAs hit F&C Commercial Property Trust – F&C Commercial Property Trust has published results for the year ended 31 December 2018. Highlights are: NAV total return 3.3% and share price total return of -4.3 per cent, both lagging the 6.2% return generated by the MSCI Quarterly Property Universe Portfolio total return of 4.0 per cent Dividend […]
RDI REIT loses bid agrees standstill with Aviva – Yesterday evening the board of RDI REIT released the following announcement: “The Board of RDI notes the announcement by Cromwell that it does not intend to make an offer for RDI and that it is consequently bound by the restrictions under Rule 2.8 of the City […]
Yew Grove REIT upbeat on Irish economy – Irish REIT Yew Grove (YEW) published its first annual report this morning following its inauguration, covering the period from April to December-end 2018. We wrote about the headline numbers from this period they were first released in February 2019. Click here to read more on this story. […]
Tony Roper to take over as Aberdeen Standard European Logistics Income chairman – Aberdeen Standard European Logistics Income (ASLI) has this morning published its annual report to December 31, 2018 and made the announcement that Tony Roper will succeed Pascal Duval as chairman of the trust. Tony will take the reigns following the company’s AGM […]
Standard Life Investments Property Income industrials bet pays off – Standard Life Investments Property Income has reported results for the year ended 31 December 2018. Highlights were: Fall in EPRA earnings per share to 4.22p from 4.99p Dividend maintained at 4.76p NAV increased to 91.0p from 87.6p NAV total return of 9.6% in the year, […]
Intu cuts debt with Intu Derby sale – intu properties and Cale Street Investments LP (an investment firm backed by the Kuwait Investment Office, London) have announced the establishment of a 50/50 joint venture for the intu Derby shopping centre. Cale Street will acquire for cash half of the centre. The deal values their share of […]
Local Shopping REIT recommending rejection of Thalassa offer – Local Shopping REIT’s (LSR) board has this morning announced that any shareholders who have accepted an offer from Thalassa Holdings will be entitled to reverse their decision from 1pm onwards today. LSR’s board is against the sale of the company to Thalassa as they believe shareholders […]
QuotedData’s other news – 15 April 2019 Target Healthcare has completed the acquisition of a property in Formby, Merseyside for approximately GBP6.9 million PRS REIT said that, at 31 March 2019 it had GBP603m in gross development cost, which equates to 3,951 new homes with an estimated rental value (“ERV”) of approximately GBP37.3m per annum […]
Warehouse REIT buys in Northampton and Aberdeen – Warehouse REIT has exchanged contracts to acquire a multi-unit estate in Northampton let to John Lewis and a multi-let industrial estate in Aberdeen. The assets were purchased in two separate transactions for a total consideration of GBP37 million, reflecting a blended net initial yield of 6.6%. In Northampton, […]
Green REIT up for sale – In a surprise move, Green REIT has joined the growing number of funds that have decided to give up and hand back cash to shareholders. The board of Green REIT has undertaken a comprehensive and carefully considered review of the strategic options open to the company to maximise value […]
Ground Rents Income moves to Schroders – Ground Rents Income is moving its management contract from Brooks MacDonald to Schroder Real Estate Investment Management. The management team is going to move across as well. The announcement says that Brooks MacDonald is stepping back to focus on its core business. The board listed several reasons for […]
AEW UK Long Lease REIT considering future – The board of AEW UK Long Lease REIT served notice on its manager and announced a strategic review yesterday. “In view of the sub-scale size of the group, its performance since IPO, and the recent news in respect of Meridian Metal Trading Limited, the board is reviewing […]
Civitas updates on portfolio – Civitas Housing Advisors has published an update on the Civitas Social Housing portfolio and some commentary on the social housing sector. This follows the release of a report on the sector from the Regulator. Coincidentally, The Regulator has announced the findings of its review of Encircle Housing. At the end […]
RDI REIT breaches LTV Aviva covenant – Following on from a trading update on February 28, 2019, where it was announced that RDI REIT (RDI) had breached a covenant in relation to its debt facility with Aviva (click here to read more on this story, including a QD comment), it has been announced today that […]
Key AEW UK Long Lease REIT tenant enters administration – It has been announced today that AEW UK Long Lease REIT’s (AEWL) largest tenant by rental income, Meridian Metal Trading (Meridian), has fallen into administration. Meridian occupies two industrial assets within the AEWL portfolio located in Dudley, West Midlands and Sheffield. The annual passing rental […]
Globalworth Real Estate announces €170m Poland deals – In a further sign of strength in the Polish economy, Globalworth Real Estate (GWI) has completed two deals in Poland, which were identified, for a combined €169.9m. The deals are being carried out by GWI’s Polish subsidiary. Key takeaways from the two deals: Warsaw trade tower Acquired […]
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