Real Estate News
This sector includes mortgage companies, property management companies and REITs
This sector includes mortgage companies, property management companies and REITs
Alternative Income REIT has said it expects to collect at least 84% of rent for the current quarter by September. The group, which owns a diverse portfolio of 19 long-let properties, has provided a breakdown on rent collection in which: 89% of tenants that pay quarterly rents (representing 70.4% of total quarter rent including monthly) […]
Ruffer (RICA), the flexible investment sector fund, delivered total NAV and share price returns of 10.1% and 12.4%, respectively, over the year ending period to 30 June. The portfolio’s protective assets led returns through the downturn, with positive contributions over the last six months coming from credit protection (+6.2%), gold (+5.1%), index-linked bonds (+3.9%) and option protection (+3.3%). The equity book was […]
With so many REIT’s having de-rated heavily, sifting out the companies that were swept along in the coronavirus slump and left with unmerited discounts is fraught with danger. We have seen industrial and logistics specialists bounce back strongly due to a lockdown acceleration in the sector’s fundamentals, namely ecommerce penetration rates. However, more generalist companies that […]
Great Portland Estates (GPOR) has collected 69% of rents for the current quarter, and in doing so has tapped into rent deposits. The London office developer said collection figures were at 58% excluding deposits. From its office portfolio it had received 74% and from its associated retail/hospitality units it had collected 28%. The group had […]
Care home investor Impact Healthcare REIT has collected 100% of rents in advance for the current quarter, but occupancy falls by 8%. As a result of the uninterrupted collection, the company has reaffirmed its intention to pay its second-quarter interim dividend, for the period from 1 April to 30 June, in line with expectations with […]
Primary Health Properties has reported a 7.1% increase in earnings in a trading update for the six months to the end of June. The company, which owns a portfolio of primary healthcare facilities, said adjusted EPRA earnings per share grew to 3.0p (June 2019: 2.8p). This was off the back of an average uplift of 2.2% per […]
Town Centre Securities has collected 68% of rents billed for the current quarter. Of the £5.2m billed, which is down on the £6.6m it billed the previous quarter, it collected £3.5m. It has also agreed a deferment on £0.6m (11%) of rent. In the previous quarter, it has collected 79% of the £6.6m billed and […]
Workspace Group has collected 65% of rent due this quarter, it has revealed in a trading update. The London flexible office provider said this compared to 80% at the equivalent time last year. Cash collection for the April to June quarter was now at 75%. Encouragingly, customer enquiries steadily improved during the quarter with 765 […]
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 […]
Bluefield Solar Income (BSIF)’s investment advisor, has announced the hiring of Baiju Devani as UK investment director. Baiju joins as part of BSIF’s evolution (click here to read more), bringing with him significant wind expertise.He is joining from from Ingenious, where he was a fund manager within its infrastructure division from August 2013 to December 2019. […]
RDI REIT has collected 70.1% of rents due in June. This figure reflects both quarterly payments and monthly payments and compares to the 54.0% it collected in the same time post the March quarter due date. The group said it expects the current collection rates to improve or, in certain cases, result in agreements to remove break […]
Primary care property investor and developer Assura has provided a ‘business as usual’ trading update for the quarter to the end of June. The group said June quarter rents from its 565 properties are being received in line with normal patterns, while development activity is back up and running. Developments at Stafford and Netherfield completed in […]
London office developers Helical and Derwent London have announced rent collection updates for the June to September quarter. They have collected 76.2% and 70% respectively, after they fell due on 24 June 2020. Helical As at 3 July 2020, the group collected 76.2% of the June quarter rents, with a further 14.6% agreed to be […]
In QuotedData’s morning briefing 7 July 2020: Gore Street Energy Storage raised £23.7m by issuing 24,627,365 new ordinary shares at 96.1p. 3m of those went to JXTG Nippon Oil & Energy Corporation Gresham House Energy Storage is issuing £15m of bonds (which it is calling GRID Power Bonds) with a coupon of 5%. This is the first issue […]
Target Healthcare REIT, the care home investor, has reaffirmed its dividend after collecting 96% of rents. The group said the 4% of rent currently outstanding for the quarter to September 2020 relates to care homes where active asset management initiatives are in place. As a result of the high rent collection rate, the company has […]
Residential Secure Income (RESI), which invests in affordable shared ownership, retirement and local authority housing, has agreed a new £300m debt facility. The new 45-year facility has been agreed with the Universities Superannuation Scheme (USS), one of the UK’s largest pension schemes. It is drawable against acquisitions over the next three years and represents the first standalone investment grade financing secured in the shared ownership sector. […]
Supermarket Income REIT has acquired a portfolio of Waitrose supermarkets in a sale and leaseback deal with the grocer for £74.1m. The portfolio comprises six freehold supermarkets with an average gross internal area of 32,000 sq ft. The stores are let to Waitrose on new 20-year leases with a tenant-only break option in year 15 and […]
Warehouse REIT (WHR) announced that it has received valid applications and commitments for the issue announced on 18 June, raising approximately £153m. Neil Kirton, chairman of WHR, commented: “The result of this equity raise, ahead of our original £100m March target, is a strong endorsement of our strategy. We are extremely grateful to both the new UK […]
Land Securities has provided an update on its June rental collection in which it has says that after taking into account concessions and deferrals, the net rent due at 24 June was £109m (down from a gross of £122m), of which 60% was paid within five working days. The proportion for the prior yearv was […]
Regional REIT has completed a series of lease renewals at marked uplifts in rent. The company, that owns a diverse portfolio of properties in the UK regions, has completed eight deals across office, retail and warehouse assets amounting to more than £500,000 in annual rents and at a combined uplift of 20.2% to estimated rental values […]
In QuotedData’s morning briefing 2 July 2020: Schroder Oriental Income Fund says that shareholders overwhelmingly approved a resolution to shift the fund’s tax domicile from Guernsey to the UK. 99.78% of those voting approved the measure. The company should soon become a UK investment trust. Under fire Gabelli Value Plus+ reported a 25% fall in NAV […]
Two big retail landlords, Hammerson and British Land, have revealed rent collection levels of just 16% and 36% for the quarter June to September 2020. Rent collection for the quarter, which is paid in advance, fell due on 25 June and the two group’s today revealed just how bad the figures are for the retail […]
Aberdeen Standard European Logistics Income (ASLI) has reaffirmed its dividend policy in a company update. The group said it intends to pay its quarterly dividend for the second quarter in line with its policy after higher than expected rent collection figures. It collected 85% of rental income that was due in Q2, ahead of its […]
Riverstone Energy (RSE) announced the pausing of its £50m share buyback programme until August, after the reporting of its interim results, for the six months ended 30 June 2020. Since the company’s announcement of the share buyback programme was made, on 1 May 2020, 10.81m ordinary shares have been bought back at a cost of approximately £30.5m. Elsewhere, two big retail […]
In QuotedData’s morning briefing 30 June 2020: Polar Capital Global Financial declared a 2.4p interim dividend, in line with its commitment to maintain distributions to shareholders despite regulatory blocks to bank’s dividends. Redefine Properties has sold its 29.42% stake in RDI REIT to affiliates controlled by Starwood Capital Group. RDI REIT’s shares rose strongly on he […]
Gore Street Energy Storage (GSF) announced that it had secured a further 131MW portfolio under exclusivity, including 81MW of cash generating operational assets. The operational assets, have an anticipated closing of mid-August, subject to the completion of due diligence. The 131MW portfolio of assets under exclusivity announced today is in addition to the 20MW London asset […]
Intu Properties, the biggest shopping centre owner in the UK, plunged into administration today after last ditch rescue talks with creditors collapsed. The writing had been on the wall for months, if not years, for Intu but the covid-19 pandemic finally pushed it over the edge. But what does Intu’s collapse mean for the wider […]
Empiric Student Property, the owner and operator of student accommodation across the UK, has appointed a new chief executive. It has hired Ten Entertainment Group’s current chief executive Duncan Garrood to the role. As well as Ten Entertainment Group, which is the UK’s second largest operator of family entertainment centres, Garrood has also held the […]
Shopping centre owner Intu is set to call in administrators after last gasp rescue talks with creditors collapsed. In a statement to the London Stock Exchange this morning the group said there had been “insufficient alignment and agreement” on standstill agreements with creditors. The group added: “The board is therefore considering the position of Intu […]
In QuotedData’s morning briefing 26 June 2020 The managers of Ediston Property Investment Company bought 276,971 shares at 50p per share on 23 June, to take their holding to 1.5m shares. 50p is a 47.1% discount to the last published NAV but that will probably be falling as a result of COVID-19. Manchester and London used […]