This sector includes mortgage companies, property management companies and REITs
McKay Securities has announced it results for the year ended 31 March 2014. Over the year the company’s EPRA NAV fell from 238p to 227p. The final dividend was raised a little – the full year dividend rose from 8.5p to 8.6p. McKay Securities raised an additional £87m of equity capital in February. They had […]
Assura Group has published its full year figures for the period ended 31 March 2014. Over the year the EPRA NAV rose by 12.4% to 43.4p. The quarterly dividend is 0.45p per share (49% higher than the previous year). Assura Group bought 32 GP surgeries in September 2013 and completed eight new projects during the […]
Max Property has published its results for the year ended 31 March 2014. Over the year its EPRA NAV has risen by 21% from 136.5p to 164.5p on the back of a 12.4% uplift in the value of its property portfolio which, with income, translated into a 19.3% ungeared return on property. Within this its […]
Over the year to end March 2014, Great Portland Estates saw its EPRA NAV rise by 27.6% to 569p. Properties were revalued upwards by 18.7% – the bulk of this return came from the profit generated by their developments (95 Wigmore Street, City Tower EC2 and 240 Blackfriars Road were all completed during the year). […]
Big Yellow has released its results for the year ended 31 March 2014. The net asset value grew from 419.2p to 446.5p (7% uplift). The dividend was raised by a significant margin – from 11.0p to 16.4p, an uplift of 49%. Occupancy rose to 69.8% from 64.8% and average rents rose by 6%. Gearing fell […]
British Land has released its results for the year ended 31 March 2014 The EPRA NAV rose by 15.4% to 688p. The company’s property portfolio outperformed its relevant IPD index – delivering a return of 14.2% vs. 13.6% for the index. Occupancy rose in both their retail and office portfolios (retail 97.6% to 98.6% and office 96.2% […]
Workspace Group has done a deal with London & Quadrant whereby L&Q will develop a 2 acre site owned by Workspace in Creekside, Deptford – building 148 apartments and a 52,000 sq ft business centre – and will pass Workspace the completed business centre and £9.5m in cash.
Workspace Group is adding to its portfolio of rentable office space in London by buying Vestry Street Studios, a 23,000 sq ft studio space near Old Street, London N1 for £12.55m. The net initial yield is 4.1% but Workspace believe the current rent of £23 per square foot can be improved
British Land has sold two retail parks – The 250,000 sq ft St James Retail Park in Dumbarton (sold to Legal & General for £45.75m) and the 136,000 sq ft Cwmbran Retail Park (sold to UBS for £32.3m). The net initial yields on these transactions were 5.9% and 6.4% respectively. British Land said they are […]
Investors In Global Real Estate has decided to appoint a new manager to replace CBRE Clarion Securities LLP – the new manager is expected to take up their duties in July 2014. In the meantime Investors in Global Real Estate has decided to suspend its discount control mechanism.
LondonMetric Property is to develop a new 1m square foot retail distribution centre on the A14 in Islip, Northamptonshire. The facility will cost £77m to build and has been pre-let on a 25 year lease at £5 per sq ft to a major retailer.
Intu has announced that it is buying a 50% interest in the Westfield Merry Hill shopping centre, a 100% share in Westfield Derby shopping centre and 100% of Sprucefield retail park for £867.8m. It plans to pay for the deal by borrowing £424m and raising the rest via a 2 for 7 rights issue at […]
Raven Russia’s net asset value rose by 1 cent over 2013 to 126 cents. It raised its dividend by a third though. Bank debt at the year end of $815m is offset by cash of $229m. They reckon they can add 50,000 to 100,000 sqm per annum to their existing portfolio of 1.4m sqm of […]
Intu Properties (which used to be known as Capital Shopping Centres) saw its earnings per share fall from 16.1p to 15p in 2013 as a number of tenants entered administration. Property valuations increased by 1.8%, however its net asset value fell from 392p to 380p . Intu has a £1.2bn, 2.6m sq ft, development pipeline £0.7bn of […]
Derwent London has released results for the year ended 31 December 2013. Over the year its EPRA NAV rose by 20% to £22.64 and EPRA earnings per share rose by 7% to 53.9p. The dividend was hiked by 8.3% to 36.5p. Almost 250,000 sq. ft of projects were completed in 2013 and Derwent have another […]
Hammerson has announced results for the period ended 31 December 2013 that show its EPRA NAV rising to £5.73 from £5.42, a gain of 5.7%. EPRA earnings per share rose by 10.5% to 23.1p, aided by a 2.1% growth in like for like rental income and occupancy of 97.7% and Hammerson announced an 8% increase […]
Sirius Real Estate has refinanced its BerlinHyp facility with a new five year €115m facility provided by BerlinHyp and Deutsche Pfandbriefbank AG. Sirius has also announced that it has sold two lots of land in Dusseldorf and Bremen for a total of €6.3m.
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 […]
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.
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 […]
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 […]
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