This sector includes mortgage companies, property management companies and REITs
Workspace Group (Workspace) has announced that it has exchanged contracts for the disposal of the third and final phase of the mixed-use redevelopment of Bow Enterprise Park, E3. It says that the final phase of the redevelopment, comprising 130 residential units, has been sold for £6.3m in cash and the return of a new 40,000 […]
Hansteen Holdings has announced that it has completed the disposal of its German and Dutch portfolios for €1.28 billion. The sale, originally announced on 20 March 2017, is entities owned by funds advised by affiliates of The Blackstone Group L.P. and M7 Real Estate. Hansteen says that the transaction has resulted in net cash […]
Workspace has announced that, having noted media speculation regarding the potential acquisition of Salisbury House at 28-31 Finsbury Circus, EC2 for around £158 million, it can confirm, “that it is in discussions for the asset in question”. Workspace says that there can be no certainty that any transaction will proceed and a further announcement will […]
Workspace dividend soars by 40%. Workspace owns and manages more than 3.5 million sq. ft. of business space across 68 London properties. It is home to some 4,000 businesses including some of the fastest growing and established brands across a wide range of sectors. Workspace’s results for the year ended 31 March 2017 show: EPRA net […]
European REIT may be new vehicle for Quidnet. Quidnet said, in its most recent report and accounts, that its sale of the final property asset in the European REIT’s portfolio, La Gaude, located in Nice, France should complete shortly. The net sale proceeds to the company will be approximately EUR5.75 million, being 0.74 cents per share. Consistent with the […]
Highcroft Investments buys in St Austell. The company says that, through its property owning subsidiary Rodenhurst Estates Limited, it acquired, today, the freehold interest of an industrial investment near St Austell, Cornwall. The property comprises two industrial units totalling approximately 250,000 sq ft, plus a vacant site, let to Wyndeham Roche Limited on a single […]
Derwent London has announced that it has let the top two floors of the tower at White Collar Factory EC1 (pictured) to Box.com, the cloud content management company. The initial rent is £2.1m per annum or £75 per square foot, which is above December 2016 ERV. Derwent London says that Box.com will occupy 28,500 square […]
LondonMetric Property buys three urban logistics warehouses as it announces results for year to 31 March 2017 that show NAV up 1.4%. LondonMetric Property buys three urban logistics warehouses LondonMetric Property has bought three separate urban logistic warehouses in Crawley, Coventry and Huyton for GBP23.9 million. The purchase price reflects a blended yield of 6.0% […]
Hammerson has announced that it has exchanged contracts for the sale of Westwood and Westwood Gateway Retail Parks, Thanet, to clients of BMO Real Estate Partners for £80 million. The sale price represents a net initial yield of 6.5% and is slightly below December 2016 book value. The retail parks, covering a total of 24,900 […]
Great Portland Estates results for the year to 31 March 2017 have been released and, while NAV fell, earnings were up. The chief executive acknowledges the short-term challenges facing the capital but says that, in the long-term, London is one of only a handful of truly global cities. Valuation lower – driven by yield expansion in […]
Schroder European Real Estate, which sits in the AIC’s European property sector, announced its interim results this morning and, yesterday, it announced that it had bought a shopping centre. Schroder European Real Estate buys Seville shopping centre Schroder European Real Estate Investment Trust (SERE) has completed the purchase of the Metromar shopping centre in Seville, Southern […]
McKay Securities has announced its full-year results for the year ended 31 March 2017. The company describes the year as being one of, “Strong performance, delivering record rental income and portfolio value”. The company’s summary of the year’s highlights are as follows: Financial Highlights Adjusted profit before tax up 8.3% to £8.60 million (31 March […]
Safestore Holdings has announced that it has refinanced its US Private Placement Notes on ‘improved terms’ and has agreed an amendment and extension of its existing bank facilities to extend the average maturity and lower the cost of the Group’s debt financing. Under the refinancing, the existing $65.6m 5.83%1 2019 US Private Placement Notes and […]
British Land has announced results for the year ended 31 March 2017. It says that its EPRA NAV fell very slightly, by 0.4% to 915p. Underlying profit rose by 7.4% to GBP390 million (2015/16: GBP363 million) and, on the back of this, diluted underlying earnings per share were up 10.9% to 37.8p. They are paying […]
Raven Russia has announced that it has signed a memorandum of understanding (MOU) with the Central Union of Consumer Cooperatives for the Russian Federation (Russian Co-Op) to develop a nationwide network of wholesale distribution centres for agricultural products. Raven Russia says that the MOU provides for the parties to create a network of modern warehouse […]
Many investors have a bias against funds of funds because they charge management fees on top of the fees being paid to the managers of the funds in their portfolios. Often though, these funds do produce decent performance. One listed fund of funds exemplifies this situation – TR Property (TRY) managed by Marcus Phayre-Mudge only […]
AEW UK REIT has announced the acquisition of industrial assets in Basildon, Essex and Runcorn, Cheshire, for a total of c GBP2.6 million. Basildon comprises a 33,000 sq ft single-let industrial building located on the established Pipps Hill Industrial Estate, just off the A127, approximately five miles from Junction 29 of the M25. The purchase […]
Impact Healthcare REIT has completed the acquisition of the Core Seed Portfolio and the Mulberry Portfolio for a total consideration of GBP148,754,000. All outstanding lending facilities have been repaid in full and the Seed Portfolio has been acquired debt-free by the Company. The terms of the acquisition are in accordance with the prospectus published by […]
Sirius Real Estate has completed the sale of its Rupert Mayer Strasse business park in Munich for EUR85 million to Munich based Fiduciary Capital and the agreement to lease back and manage the asset for six years. Notarisation of this transaction was first announced on 6 January 2017. Rupert Mayer Strasse business park has approximately […]
For fourteen consecutive years BlackRock Smaller Companies has outperformed its benchmark and increased its dividend. Over that period, the NAV has grown nearly ten-fold whereas the benchmark has almost quadrupled. The compound annual increase in dividends paid over the past five years has been 20% per annum. During the year to 28 February 2017, the NAV increased […]
Hansteen has agreed to up its offer for Industrial Multi Property Trust by 10% to 330p per share. The surprise move (Hansteen had already declared the previous offer unconditional) has been welcomed by Alpha Real Trust, Industrial Multi Property’s largest shareholder. “Alpha Real Trust Limited (“ART”) and Antler Investment Holdings Limited (“Antler”) are IMPT’s two […]
Hammerson has announced that it has signed a £360 million unsecured Revolving Credit Facility (RCF) at an initial margin of 90 basis points. The RCF is with a syndicate of fourteen international banks and has a maturity of five years which may be extended to a maximum of seven years. Hammerson says that the new […]
SEGRO has published its trading update for the period from 1 January to 18 April 2017. David Sleath, Chief Executive, said: “SEGRO has had an excellent start to 2017. We have signed GBP16 million of new headline rent, including almost GBP11 million of pre-let agreements relating to 300,000 sq m of new projects which have been […]
Redefine International has announced that it has reached a conditional agreement to acquire control of the German Leopard Portfolio joint venture, in which it holds an existing 50 per cent. equity interest, for an aggregate consideration of €49 million (€49.4 million including transaction costs). Following the acquisition, Redefine International will hold an effective 94 per […]
European Real Estate Investment Trust says that terms have been agreed for the sale of its last real estate asset, located in La Gaude, Nice, France and formerly occupied by IBM. The completion of the sale is subject to a waiver of statutory pre-emption rights from the city of La Gaude. Subject to this the […]
LondonMetric Property has announced a placing of up to 62,804,390 new shares (approximately 9.9% of its issued share capital). They intend to use the net proceeds of the placing to fund the acquisition of predominantly “last mile” distribution assets and to finance newly committed distribution developments. The cash will be used to fund committed and potential investments and new […]
Regional REIT’s results for 2016 (its first full year as a REIT) are out. Its EPRA NAV slipped slightly to 106.9p from 107.8p. Fully diluted EPRA earnings per share were 7.7p (IFRS EPS 4.9p) derived from an operating profit before gains and losses of GBP29.9m and Profit Before Tax of GBP13.4m, with rental income of GBP43.0m and an […]
Hansteen Holdings has announced that its all-cash offer, of 300p per share, for Industrial Multi Property Trust (IMPT) has become unconditional. It says that, at 22 March 2017, it had received valid acceptances of its offer in respect of 2,500,657 IMPT shares, representing approximately 29.73% of IMPT’s issued share capital. In addition, Hansteen has acquired […]
The Board of Alpha Real Trust believes that the offer by Hansteen continues to grossly undervalue Industrial Multi Property Trust (IMPT) and have resolved to reject the offer. Given that the Board of Alpha Real Trust believes there is the potential for serious conflicts of interest between Hansteen and IMPT, resulting from Hansteen operating in the […]
The notice of the Annual General Meeting of Safestore to be held on Wednesday 22 March 2017 includes proposals to adopt a new Directors’ Remuneration Policy and the Long Term Incentive Plan (LTIP), which is intended to replace the existing LTIP (the proposals). Following consultations with shareholders, Safestore no longer intends to seek shareholders’ approval for […]
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