Real Estate News
This sector includes mortgage companies, property management companies and REITs
This sector includes mortgage companies, property management companies and REITs
In QuotedData’s morning briefing 5 May 2020 Diverse Income received redemption requests from holders of 20.2m shares (5.35%) of the company. The price that they get for their shares will be revealed later this month. That is not a bad result given the market backdrop, but Diverse Income has turned out to be one of the […]
Some encouraging signs from around the world, with countries ranging from Italy, Portugal, Thailand and Nigeria, beginning to ease lockdowns. NB Private Equity Partners (NBPE) agreed with Massachusetts Mutual Life Insurance Company to increase the existing credit facility by $50m to $300m. Downing Strategic Micro-Cap (DSM) reported annual results to 29 February 2020, with the […]
How the real estate sector adapts to a ‘new normal’ following covid-19 could have huge implications for listed property companies. QuotedData has reported on the likely effects on the retail and logistics sectors as well as the impact on valuations. One of the biggest unknowns, however, is the outlook for the office sector. This week […]
GCP Student Living has reported a 1.8% fall in its net asset value (NAV) for the quarter to the end of March 2020, driven by the impact of covid-19. The student accommodation provider’s EPRA NAV (ex-income) was 169.97 pence per ordinary share. Its portfolio, which is majority located in London, was valued at £986.5m at […]
In QuotedData’s morning briefing 30 April 2020, as Shell cuts its dividend for the first time since the Second World War: Yellow Cake has extended its $2m buyback programme to 21 July. $985,868 has been deployed so far – about half. Urban Logistics REIT has spent £47m of the £136m it raised in March buying seven […]
Custodian REIT has reported a 2.2% fall in the value of its property in the first quarter of 2020. The fall in valuation to £559.8m, which take into account a ‘material uncertainty clause‘ due to the covid-19 pandemic, was behind a 2.7% fall in the net asset value (NAV) per share to 101.6p. Unlike some […]
Barclays reported first quarter results this morning. It announced a sharp increase in its provisions for bad loans, anticipating a series of defaults from its corporate and retail clients. British Airways is to reduce its workforce of 42,000 by nearly 30%. Its parent company, IAG, does not expect passenger numbers to return to 2019 levels […]
CEIBA Investments (CBA), the real estate company focused on Cuba, has reported a slight increase in its net asset value (NAV) in full year results to the end of December 2019. The company, which owns four hotels and an office complex in the Caribbean island, saw its NAV per share increase to $1.50 from $1.49 […]
Aberdeen Standard European Logistics Income (ASLI) has committed to its quarterly dividend but has put the payment level under review. The company, which owns 14 logistics asset across Europe, said it would continue to monitor rent collection closely, the evolution of covid-19 and its impact on its tenants. As at 24 April 2020, the company had […]
In QuotedData’s morning briefing 28 April 2020: Supermarket Income REIT raised £139.8m (versus an original £75m target) in a heavily oversubscribed issue of 135,748,028 new ordinary shares at 103p. This is an amazing result, especially in the current environment, and demonstrates investors’ need for certainty of income at this time. Picton Property has cut its quarterly […]
UK Commercial Property REIT (UKCM) has committed to paying a quarterly dividend at a reduced rate of 50%. The company, which owns a diverse portfolio of 40 commercial properties in the UK, said it has put future dividends under review. It said: “The board has taken the decision to maintain a quarterly dividend, due in […]
European markets have followed Asia in starting the week on the front foot, reflecting the prospect of further central bank support. Meanwhile, New Zealand’s Prime Minister, Jacinda Ardern said the virus was “currently” eliminated, with new reported cases in single figures over a number of days (as reported by the BBC). Norwegian, has said its fleet […]
Covid-19 has obliterated the property market with tenants across all sectors struggling with cash flow problems as various measures to restrict the spread of the disease have been stepped up in most countries. This has had a devastating effect on the rental income of property companies, which have in some cases received as little as […]
Alternative Income REIT (AIRE) has committed to paying a quarterly dividend for its financial year ending 30 June 2020. The group (previously named AEW UK Long Lease REIT – AEWL), which owns a diversified portfolio of 19 UK commercial property assets let on long leases, said it expected to continue paying a quarterly dividend but warned a prolonged […]
Globalworth Real Estate, which owns a portfolio of predominantly offices in Poland and Romania, has provided a covid-19 update. The group said its office assets in the two countries, which have both adopted measures similar to those seen in the UK, has yet to see a significant impact. It added, it was in discussions with several […]
Standard Life Investments Property Income Trust (SLI) has provided a covid-19 update in which it has reaffirmed its first quarter dividend. The company, which owns a diverse portfolio of UK property heavily weighted towards the industrial sector, confirmed that it intends to pay a quarterly dividend of 1.19p per share, in respect of the three month […]
In QuotedData’s morning briefing 23 April 2020 Happy St George’s day! Premier Global Infrastructure won the continuation vote that was put to shareholders at yesterday’s AGM TOC Property Backed Lending has delayed the payment of its next dividend from 4 May to 1 June. It says “The ability of borrowers to meet their interest payment […]
Unite Students, the student accommodation owner has said it expects a 16%-20% reduction in income for the 2019/20 academic year. The group has received rent cancellation requests for the summer semester of 2019/20 and expects to forgo rent on around 43,000-46,000 beds representing around 62-65% of all owned and managed beds. Remaining beds are accounted for by […]
The international oil market has moved to a price level not seen in about twenty years. The price of Brent crude oil fell to under $16 a barrel this morning. This follows the move into negative territory earlier this week in the US WTI crude oil benchmark. Alcentra European Floating Rate Income is convening an […]
UK industrial specialist Stenprop has provided an update on rent collection during the covid-19 pandemic. The company, which is in the process of converting its portfolio to be fully focused on UK multi-let industrial assets, said it had received 73% of rents, as at 15 April 2020, for the current quarter and the month of […]
In QuotedData’s morning briefing 21 April 2020, as US oil prices go negative for the first time: Yesterday Big Yellow announced plans to raise up to £80m via a placing of shares. It wants the money to buy land to expand its portfolio. It has 13 development sites, three of which are soon to complete (adding […]
Retail property landlords have called on the government to implement a rental support scheme as the covid-19 induced lockdown continues to hit income. Groups including British Land and Land Securities have teamed up with some of the biggest UK retailers to write to chancellor Rishi Sunak with their concerns, the FT reported today. They want […]
Secure Income REIT (SIR) has released a statement with respect to Travelodge, the budget hotel chain. We note that it was reported over the weekend that Travelodge had appointed advisers to oversee discussions with its landlords over rent breaks or deferrals. The hotel company fears it will run out of cash before hotels can re-open […]
In a trading update to 31 March 2020, BMO Real Estate (BREI) has said that its unaudited NAV per share at the period-end was 99.7 pence, representing a decrease of 2.8% 31 December 2019 of 102.6 pence and a NAV total return for the quarter of (1.6%)..BREI said the valuation certificate includes a ‘material uncertainty’ clause […]
The price of US oil, as measured by WTI, has fallen to a 20-year low this morning. A price of $14.99 a barrel at the European markets, reflects the demand impact of covid-19 and concerns that there is not enough storage to keep all the excess crude. Equity markets across Europe have started the week […]
We got the first real insight into the impact covid-19 is having on property valuations this week, with both Picton Property and BMO Commercial Property Trust announcing portfolio values for the quarter to 31 March 2020. BMO’s portfolio fell in value by 3.8% over the course of the period, while Picton’s was at a much […]
Helical has sold a central London office building for £48.5m and a net initial yield of 3.92%. The sale of 90 Bartholomew Close, Barts Square, EC1, which was made by Helical and its joint venture partner The Baupost Group, is a fillip for the property market during a period of few investment transactions due to […]
Several property companies have updated the market on the impact of covid-19 on their business, as the lockdown in the UK is extended. Schroder REIT Schroder REIT has drawn its revolving credit facility (RCF) with Royal Bank of Scotland International in full, totalling £52.5m, to boost its cash reserves. Following the drawdown, the company has […]
Self-storage specialist Big Yellow Group has reported relatively robust trading during the covid-19 pandemic. The group said it saw heightened levels of activity both in and out of the business in the last two weeks in March. It recorded a net overall loss of 23,000 sq ft in occupancy in the two-week period. It said customer move-ins […]
BMO Commercial Property Trust’s net asset value (NAV) fell 5% in the quarter to 31 March 2020 as the covid-19 pandemic hit the value of its portfolio. The unaudited NAV per share was 124.3p compared to a NAV of 130.9p per share at the end of December 2019. The NAV is based on the external […]