In QuotedData’s morning briefing 8 September 2020:
- Standard Life Investments Property Income Trust has completed the purchase of a B&Q Retail Warehouse in Halesowen for £19.5m, financed by its low cost revolving credit facility. The purchase reflects an initial yield of 7.5% and is let to B&Q Ltd for a further 11 years to lease expiry. The rent collection rate as at 31st August for what can collectively be termed advance billing for the second quarter of the year now stands at 87% and for the third quarter it stands at 75%, which the company expects to increase to 80% on payment of September monthly rents. This compares to 69% reported for the third quarter on the 3rd August. In addition to these collection figures, there are a number of agreements that have been completed with tenants that include monthly payment arrangements and deferred rent payments not fully reflected in these figures. The company has also agreed a number of lease extensions in return for rent free periods.
- Hipgnosis has appointed Ted Cockle as president and Amy Thomson as chief catalogue officer. Ted was president of Virgin EMI, which managed the recorded music for artists such as Queen, Elton John and Taylor Swift. Ted also handled the launch in 2019/2020 of Lewis Capaldi. Prior to this, he served for 10 years at Sony Music under the guidance of Rob Stringer (now CEO of Sony Music Entertainment) before becoming co-president of Island Records, handling the careers of artists such as Amy Winehouse, Florence & The Machine and Tom Jones. Amy Thomson oversaw the careers of Swedish House Mafia, DJ Snake, Seal and many others. Her marketing campaigns have included Yeezus with Kanye West and his team. Thomson closed her management business in December 2019 to focus on catalogue management. She designed an online system to help artists find, track and trace their catalogue, which will launch, including with Hipgnosis’ catalogue, in 2021.
- Schroder Real Estate Investment Trust intends to begin a share buyback programme, taking advantage of its wide discount (51.6% at last night’s closing price). As at 30 June 2020, the company had cash of £85.4m and a loan to value ratio, net of cash, of approximately 24%. Alongside share buy-backs the focus will continue to be on identifying new acquisitions and delivering net income growth through new lettings and asset management. The company has authority to repurchase a maximum of 77,725,160 of its ordinary shares.