QuotedData’s morning briefing 15 September 2020

In QuotedData’s morning briefing 15 September 2020:

  • McKay Securities has let the whole of 135 Theale Logistics Park, its 134,430 sq ft speculative warehouse development at Junction 12 of the M4 near Reading, to a logistics operator. The new tenant has agreed to a 10-year FRI lease term at a rent which is 2.0% ahead of March 2020 ERV. The letting will increase McKay’s contracted rental income (as at 31 March 2020) by 5.3% to £29.8m. The development delivers a 39.0% increase in building area and a 100.0% increase in contracted rent compared with the original property on the site that was acquired by McKay in 2015. That asset provided an income yield of 6.6% up until the commencement of redevelopment works in 2018. The new scheme reached practical completion in April 2020.
  • Honeycomb Investment Trust has increased the size of its share buy-back programme.
  • Schroder European Real Estate will pay a 1.39 cent dividend, 75% of the pre-covid level and up from 50% of the prior level for the last quarter. The NAV return was -0.7% over the quarter ended 30 June, driven by capital expenditure commitments at its Paris Boulogne-Billancourt refurbishment project and a valuation decrease at its sole shopping centre in Seville. They say that the Paris project has the potential to add to the NAV, once complete.

We also have details of two new investments made by Syncona.

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