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QuotedData’s morning briefing 9 July 2020

In QuotedData’s morning briefing 9 July 2020:

  • NewRiver REIT says 81% of retailers in its portfolio are now open for business (81% based on gross rent). Of the rent due on 24 June, 71% has either been collected or had alternative payment terms agreed with occupiers. 1% of rents have been waived. Rents collected for 25 March have risen to 57% (from 52%). Footfall in the shopping centres is recovering. The pubs that have reopened say takings are up on the previous year by 4%.
  • Hibernia REIT has collected 87% of commercial rents due in June and 95.5% of March’s rent. 7.5% of June’s rent is payable later anyway. Just 5% of June’s rent is outstanding. Hibernia also has some residential property where tenants pay monthly. 95% of rents due for July have been collected.
  • Primary Health Properties is launching a £120m fundraise. It has £92m of acquisitions and £36m of planned investment on existing buildings lined up. It is lowering its upper limit for borrowings from a loan-to-value (LTV) ratio of 55% to 50%. LTV now is 45.8%. The placing is only open to professional investors.
  • 3i Infrastructure says its portfolio is performing as expected. It has £420m in cash, a debt facility of £300m and £202m of receivables – a large investment could be on the cards. The managing partner says “[we] are continuing to see a good flow of potential investment opportunities across our target markets, though we will remain patient and selective.”
  • BlackRock Latin American says that £1,572,210 has been added to its NAV to reflect an expected receipt of tax reclaims on foreign income. This adds 1.06% to the NAV per share.
  • UK Mortgages is refinancing its Oat Hill No. 1 securitisation (a portfolio of mortgages that it bundled together). Santander is lending UK Mortgages the money to redeem the outstanding notes issued in connection with Oat Hill No. 1 on 1 August.  COVID had delayed this deal from May. A new securitisation – Oat Hill No. 2 is being launched now.

We also have results from Atlantis Japan and a trading statements from Primary Health Properties, Town Centre Securities and Workspace.

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