This sector includes mortgage companies, property management companies and REITs
Town Centre Securities figures for the second half of 2013 show an increase in NAV from 267p to 283p (the triple net asset value rose to 301p from 285p). Occupancy was maintained at 98%. The interim dividend was maintained at 3.1p. Borrowings fell slightly to £158m. TCSC reported progress on lettings at its Merrion Way […]
Green REIT has released its first set of interim results covering the period from when it was incorporated on 24 June 2013 to 31 December 2013. GRN raised €310m in July and by the end of the year invested €214m of that, another €10m was lost to the expenses of raising the money. The EPRA […]
British Land is buying £41m worth and tendering for an additional £35m worth of additional units in the Hercules unit trust at a price equivalent to a 3.8% discount to NAV. Hercules unit trust owns £1.5bn of retail property spread across 17 retail parks including the Glasgow Fort Shopping Park (pictured). British Land is the […]
Green REIT has now made two announcements concerning press speculation about its involvement with the Central Park portfolio of commercial real estate being sold by NAMA (Ireland’s National Asset Management Agency, which ended up owning a wide range of assets after Ireland’s financial sector ran into trouble in the credit crunch). GRN has confirmed that […]
Intu Properties has commented on press speculation that it is considering buying Westfield’s shopping centre in Derby and buying an interest in and getting the management contract for the Merry Hill shopping centre in Dudley. Intu says discussions are taking place and, if the acquisition happens, it will be funded, in part, by a new issue […]
Great Portland Estates reports a 5.8% uplift in the portfolio valuation over the final quarter of 2013 driven by an 8.2% uplift in the valuation of development properties and rental growth of 1.3%. This helped drive an 8.2% uplift in the EPRA NAV to 527p. Vacancy rates across the portfolio have fallen as they signed […]
Over the year to the end of October 2013 Safestore had to contend with the impact of the imposition of VAT on UK self storage and this, they say, had a knock-on effect on revenues which fell by 2.7%. Earnings per share and EBITDA moved ahead however as borrowing costs fell, occupancy rates in France rose, and […]
LMP has bought the Superdrug distribution centre in South Elmsall, Doncaster for £13m, equivalent to an initial yield of 7.3%. The 292,500 sq ft centre is located two miles from junction 38 of the A1(M) motorway and is fully let to Superdrug until 2025 with a break clause in 2020.
After announcing on 5 December 2013 that it would not proceed with its placing, open offer and offer for subscription, IGRE’s Board has been considering the future of the company. They believe it is in shareholders’ best interests to continue with the fund. Shareholders will soon be asked what they think – should the fund wind […]
Like for like occupancy up 30bps to 97.1% 525,000 sq ft of lettings or renewals in Q3 with rent 5.3% ahead of ERV – split 386,000 sq ft retail and 139,000 sq ft offices. £405m of disposals including Eastgate in Basildon and a further £200m in the pipeline. £196m of acquisitions including £83m of Sainsbury’s […]
LMP has sold its Odeon Multiplex in Dudley for £7.7m, equivalent to a yield of 5.95% (falling to 5.8% in June). LMP bought the cinema as part of a package of ten. these were acquired in November 2013 for £80.6m, equivalent to an initial yield of 7.2%.
BLND has announced that it has sold the Eastgate centre in Basildon, a 700,000 sq ft shopping centre, for £88.6m.
Invesco Property Income has confirmed that its sales of an office building in Rozendal Park, Hoeilaart, Belgium (pictured) and another office building in Gerrards Cross, Buckinghamshire have completed. the sales raised €7.96m and £3.21m for the fund respectively (uplifts of €0.16m and £1.47m over previous valuations). The proceeds have been used to repay borrowings. IPI has […]
Hammerson is acquiring a 75% stake in Saint Sebastien shopping centre in Nancy, France for £109m, equivalent to an initial yield of 6%. Recent rent deals have been agreed at a 10% uplift. Hammerson hopes to create significant value by renovating the centre, introducing a dedicated restaurant area and refreshing the tenant mix. The centre, in central […]
Derwent London has bought 22 Kingsway WC2, an eight storey, 91,400 sq ft freehold office building let to Kings College London and the 44,000 sq ft Peacock Theatre (let to the London School of Economics for just £1 per annum until 2054). The price was £59.3m (after costs), equivalent to a yield of 5.1%.
Hansteen has announced the sale of 27 assets (11 industrial estates in the South West of the UK and a further 16 individual assets) over the course of Q4 2013 for a total consideration of £76.4m. Hansteen made £4.2m profit on the sales which included the disposal of Horndon Industrial Park in Essex, the Malthouse Estate […]
Hansteen Holdings has bought a loan secured against a portfolio of 370,000 sqm of mainly multi-let light industrial property in the Netherlands for €41.675m. The underlying borrower, Lancelot Land BV, is in breach of the loan and hence Hansteen was able to buy it at a 51% discount to par. About 20% of the portfolio […]
BLND has formed a jv with GIC, Singapore’s sovereign wealth fund. Each party owns 50% of Broadgate and they have plans to refresh and expand the estate to benefit, inter alia, from the development of Crossrail.
Over the year to the end of June 2013 SAPO’s NAV fell from 87p to 69p. In part thanks to a fall in the value of the Rand.
Hammerson, as part of a 50:50 jv with Aviva, are selling Queensgate Shopping Centre in Peterborough for £202m, equivalent to a yield of 6.4%. Hammerson says it is planning to put the money towards its development and refurbishment programme for 2014 and says it is also considering selective acquisitions.
LMP has announced it is buying Royal Mail’s distribution centre in Daventry for £36m (on a yield of 6.7%) and selling a retail park in Congleton for £16.4m (the sale price equates to a yield of 5.8%, the park was acquired in Jun 2011 for £14.9m). After these transactions, LMP’s portfolio has 23%invested in distribution assets. […]
LMP is buying (as part of a jv) a 30.5% stake in 22 retail warehouses, four industrial units and a headquarters building – all rented to DFS – for £175m. LMP is managing the properties and will get 4% of rents as a fee.
Redefine has sold two sites in Harrow for £13.77m (12.4% more than their valuation at the end of August 2013). The sites have been acquired by Redrow Homes.
LMP has sold Unilever House in Leatherhead for £75.8m (equivalent to a yield of 5.9%). LMP had bought the property in June 2012 for £61.15m.
Sirius has announced that it has signed a €32.5m banking facility with Macquarie, €22m of which has been used to repay loans to RBS – Sirius has repaid its RBS facility in full. The balance of the Macquarie money has been used to part repay money owed to Berlin Hyp AG and Sirius says it […]
TEIF has sold an asset in Sweden (a 2,963 sqm light industrial building in Angelholm) for £0.98m – a small premium to its latest valuation. TEIF has also extended repayment of a €71m loan secured against assets in France, Belgium and Holland to July 2015. The new cost of this facility is 7.66% per annum including fees.
ERET has sold its largest investment, Europort (an industrial park in Frankfurt) for a figure between €49.5m and €51m – depending on the timing of the completion of the transaction. at the lower end this is 11% below their estimate of the property’s valuation at the end of June. the proceeds will be used to […]
Great Portland Estates has sold its lease on 20 St. James’s Street (55,490sq ft office / retail building) for £54.5m. The property was acquired for £42.5m in 2010. It was producing a net rent of £1.2m per annum. GPOR will use the proceeds to invest in other projects.
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