This sector includes mortgage companies, property management companies and REITs
BLND : British Land add Next and Marks & Spencer Simply Food as tenants at Wheatley Retail Park (pictured) British Land has announced that it has agreed terms with Next, and Marks & Spencer Simply Food, for two new units at the Wheatley Retail Park in Doncaster. Next, already a tenant at Wheatley, is taking a larger unit (23,518 […]
ESP : Empiric Student Property acquires Edge Apartments, in Selly Oak, Birmingham, for £8.9m Empiric Student Property has announced that it has acquired Edge Apartments (pictured), in Selly Oak, Birmingham, for £8.94m. Edge Apartments is a purpose built, 77 bed, student accommodation property which also benefits from rental income from a Sainsbury’s store (which is […]
HCFT : Highcroft Property benefits from Bicester and Cardiff properties coming on-stream Highcroft Property’s recent interims report a 17% increase in net rental income, primarily due to the acquisition of properties in Bicester and Cardiff during the second half of 2013. HCFT reports that it currently has no void units, and that it is actively […]
ERET : European Real Estate sees NAV fall 9.0% during first Half European Real Estate‘s NAV has fallen 9% during the first half of 2014. The value of the portfolio reduced by £4.0m relating to a ‘re-gearing’ of the Panrico leases (this saw a 25% reduction in rent in exchange for ‘useful’ lease changes) and a […]
BLND : British Land sells 52 Poland Street, Soho, for £26m British Land has announced the sale of 52 Poland Street, Soho, London for £26m. 52 Poland Street is a 20,500 square foot multi-let building over basement, ground and seven upper office floors. The total passing rent of £693k per annum equates to £33.84 per square foot, […]
AFRB : AFI Development reports strong growth in rental income during H1 AFI Development has released its interim results for the first half of 2014. Rental and hotel operating income has grown by 9% year-on-year to US$74.8m, whilst the contribution from AFIMALL City (pictured) grew 18% year-on-year to US$56.6m (H1 2013: US$48.0m). The gross value of portfolio of […]
BYG : Big Yellow reduces the cost of its debt financing Big Yellow Group has announced that it has completed the refinancing of its existing bank facilities. This will lead to both a lower average cost of debt (from 4.6% to 3.7%) and an increased average unexpired term of its debt facilities to 7.8 years. Key features […]
MAX : Max Property Portfolio sale completed, delisting tomorrow (19 August 2014) Max Property has announced that the sale of its entire issued share capital to Marina Topco (Jersey) Limited , approved by shareholders at the EGM on 11 August 2014 , has completed today (18 August 2014). The cancellation of the admission to trading on AIM and […]
DLN : Good start to 2014 from Derwent London Derwent London’s interims show a 13.6% increase in its EPRA NAV for the first half of 2014. The interim dividend has been increased by 8.4% to 11.65p on the back of a 12.3% improvement in EPRA earnings. Derwent London has undrawn facilities of £364m and its loan […]
WKP : Workspace jv to build 98 flats in Hayes Workspace Group has got planning permission to redevelop Enterprise House in Hayes. The plan is to create 98 apartments and 38,000 sq t of space dedicated to creative industries (one anchor tenant is the Vinyl Factory – a business making vinyl records. The redevelopment will […]
New name and new objective for Investors in Global Real Estate IGRE : Investors in Global Real Estate plans to change its name to Schroder Global Real Estate Securities (provided shareholders approve that is). The change reflects the appointment of Schroders as managers of the fund earlier this month. The Board, following conversations with Schroders, […]
Intu Properties has released interim results covering the six months ended 30 June 2014. A 7.6% uplift in the value of its shopping centres (well ahead of the 3.5% increase in the equivalent IPD index) has pushed the net asset value up to 372p. Like for like rental income was impacted by upcoming developments (a […]
Invesco Property Income, which has been struggling with its debt for some time, has been told by its lending bank that it will grant a three month extension to Invesco Property Income’s loan (due for repayment on 28 September 2014). However that’s it – Invesco Property Income will have to sell off its portfolio by […]
Hammerson has published results for the first half of 2014. Its EPRA NAV rose by 6.8% over the period. The interim dividend has been increased by 6% to 8.8p. The property portfolio returned 6.9% – in line with the return on the IPD Retail Property Universe. The UK portfolio did better than the French one […]
Assura Group has bought Park Medical Services Limited for £12.3m. The company they have acquired owns a 3,300 sq m building in Middlesbrough, “The One Life Building”, which contains a GP practice, a pharmacy, a day case operating theatre, community services, mammography and x-ray services along with other outpatient services. The rent on the property is […]
The Board of Max Property, owner of a portfolio of property that includes St. Katherine’s Dock (pictured), has announced this morning that it has received an offer for its entire portfolio. A company controlled by Blackstone Real Estate Partners Europe IV has offered £414.2m in cash for Max’s portfolio – 22% more than the valuation of […]
Highcroft Investments has bought a freehold warehouse investment in Ash Vale, Aldershot. The 24,853 sq ft warehouse was built 2001. It sits on a 1.5 acre site (covering about 35% of it). The property is let in its entirety to Buildspan Limited, a wholly-owned subsidiary of Sheffield Insulation Group (SIG). The lease runs until 2027. The current rent is £225,000 a year […]
Empiric Student Property acquires additional Birmigham student accomodation for £12m. Empiric Student Property has exchanged contracts to acquire an 106 bed, student accommodation property, on Bristol Road, Selly Oak, Birmingham for £12m. Located within five minutes walk of the University of Birmingham, the freehold “Mansion Brook” property is next to “Edge Apartments” that ESP has also agreed to purchase. Collegiate […]
British Land has agreed to let the 4,500 square foot sixth floor of its Marble Arch House property (located on Seymour Street in the Portman Village) to Access Industries on a ten-year lease. Access will join Fulcrum Asset Management, who signed a ten year lease for the building’s 9,000 square foot fifth floor earlier this summer. […]
Derwent London has pre-let 28,000 square feet, of newly refurbished office space, at its 1-2 Stephen Street property in W1, London, to public relations firm Freud Communications. The lease is for 15 years with an initial rent of £1.8m pa, rising to £2.1m pa after five years, with an open market upward-only rent review, or tenant break, at year ten. Derwent purchased 1-2 […]
Empiric Student Property has entered into a 50:50 joint venture with Revcap advisors to acquire a project that is building a 158 bed student accommodation project in Southampton. The building, Brunswick House on Brunswick Place, Southampton, is a former commercial property. The joint venture is paying £3.575m for the building which will be redeveloped and is […]
Highcroft Investments has sold a property it owns in Beckenham for £1m. The 5,913 sq ft building is let to Superdrug on a rent of £72,000 on a deal that expires in June 2018. The sale price was 25% more than its valuation at 31 December 2013. Highcroft intends to use the sale proceeds to invest […]
Empiric Student Property has bought a development of an 86 bedroom student accommodation block being constructed on the site of a former cinema in Buccleuch Street in Edinburgh (next to the University of Edinburgh). Empiric has bought the freehold of the site from Cruden Homes (East) who are building the project for a cost of […]
LondonMetric Property has a joint venture with Universities Superannuation Scheme called Metric Income Plus Limited Partnership. this joint venture is buying Trostre South Retail Park in Llanelli from Benesco, a charity, for £12.8m, equivalent to a net initial yield of 6.8%. The 75,400 sq ft Tostre South Retail Park is let to B&Q, Pets at Home and KFC […]
Investors in Global Real Estate has announced that it has selected Schroder Property Investment Management Limited as its new manager (starting today!). The portfolio will be run by a new Global Property Securities team established by Schroder consisting of Tom Walker (from AMP where he was Deputy Head of Global Listed Real Estate), Hugo Machin (from AMP where […]
Empiric Student Property has made its first acquisition since listing on 30 June. It has announced that it spent £31m on three properties – College Green in Bristol (an 84 bed long leasehold property bought for £9.97m at a net initial yield of 6.4%); Picturehouse Apartments in Exeter (a 102 bed freehold property, pictured, acquired […]
Treveria has published its results for 2013. Excluding deferred tax, the net asset value of Treveria fell from €0.232 to €0.080 over the year to the end of December 2013. Part of this fall is accounted for by distributions made to shareholders of 3.25 cents and 1.25 cents in March and November 2013. The bulk […]
European Convergence Development Property has published its results for the year ended 31 December 2013. Its net asset value fell during that time to €0.2883 (down from €0.3010). One of its investments delisted after the year end and another was written down to zero. The Board has concluded that shareholders have no appetite for the […]
Tamar European Industrial Fund announced on 16 June that Lux Starlight, a newly incorporated Luxembourg private limited liability company, and TEIF have agreed on the terms of a recommended cash offer to be made by Lux Starlight for the entire issued and to be issued ordinary share capital of TEIF. The offer is 38.25p in cash, valuing the total […]
Assura Group has announced that it is buying 28 medical centres at a total cost of £107m – paid as £10m in cash, the assumption of £77.7m of debt and by the issuance of 44.3m new shares in Assura to the vendors, a company controlled by Ray Seymour and Alistair Blacklaws, founders of MP Realty Holdings. The […]
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