QuotedData’s morning briefing 21 May 2020

In QuotedData’s morning briefing 21 May 2020, as the UK government issues three-year debt with a negative yield:

  • Electra NAV dives to 373p from 548p, hit by fall in value of Hotter Shoes and TGI Fridays. Hotter Shoes is looking to “right size the retail estate” – shut shops – once the lockdown eases. TGI Fridays has reopened for click and collect orders and is working on a plan to operate at 55% of capacity when it is allowed to do so.
  • Custodian REIT has sold a 20,280 sq ft industrial warehouse unit in Westerham for £2.8 million, £0.5 million (23%) ahead of the 31 March 2020 valuation, representing a net initial yield of 4.50%. The property was purchased in September 2016 for £1.6 million as part of a 10 property portfolio. Following the disposal, net gearing has decreased to 22.4%.
  • Rutherford Health, the largest investment in Schroder UK Public Private’s portfolio, has entered into a framework agreement with NHS Shared Business Services, under which it is able to provide cancer treatment services on demand by any NHS Trust at a pre-agreed set of prices. The agreement lasts for two years with an option to extend for a further two years on the agreement of both parties. The agreement covers the complete range of services that Rutherford offers, including radiotherapy, systemic anti-cancer therapy (chemotherapy), proton beam therapy and diagnostic services.

We also have results from VPC Specialty Investments and Assura, plus a trading update from Regional REIT.

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