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Real Estate News

This sector includes mortgage companies, property management companies and REITs

28 Jan 2014

British Land : BLND – Q3 statement

Like for like occupancy up 30bps to 97.1% 525,000 sq ft of lettings or renewals in Q3 with rent 5.3% ahead of ERV – split 386,000 sq ft retail and 139,000 sq ft offices. £405m of disposals including Eastgate in Basildon and a further £200m in the pipeline. £196m of acquisitions including £83m of Sainsbury’s […]

27 Jan 2014

London Metric Property : LMP – sale of Odeon, Dudley

LMP has sold its Odeon Multiplex in Dudley for £7.7m, equivalent to a yield of 5.95% (falling to 5.8% in June). LMP bought the cinema as part of a package of ten. these were acquired in November 2013 for £80.6m, equivalent to an initial yield of 7.2%.  

22 Jan 2014

British Land : BLND – sale of Eastgate centre

BLND has announced that it has sold the Eastgate centre in Basildon, a 700,000 sq ft shopping centre, for £88.6m.

14 Jan 2014

Invesco Property Income : IPI – update on disposals and valuation

Invesco Property Income has confirmed that its sales of an office building in Rozendal Park, Hoeilaart, Belgium (pictured) and another office building in Gerrards Cross, Buckinghamshire have completed. the sales raised €7.96m and £3.21m for the fund respectively (uplifts of €0.16m and £1.47m over previous valuations). The proceeds have been used to repay borrowings. IPI has […]

09 Jan 2014

Hammerson : HMSO – buys French shopping centre

Hammerson is acquiring a 75% stake in Saint Sebastien shopping centre in Nancy, France for £109m, equivalent to an initial yield of 6%. Recent rent deals have been agreed at a 10% uplift. Hammerson hopes to create significant value by renovating the centre, introducing a dedicated restaurant area and refreshing the tenant mix. The centre, in central […]

07 Jan 2014

Derwent London : DLN – acquisition

Derwent London has bought 22 Kingsway WC2, an eight storey, 91,400 sq ft freehold office building let to Kings College London and the 44,000 sq ft Peacock Theatre (let to the London School of Economics for just £1 per annum until 2054). The price was £59.3m (after costs), equivalent to a yield of 5.1%.  

07 Jan 2014

Hansteen : HSTN – disposals

Hansteen has announced the sale of 27 assets (11 industrial estates in the South West of the UK and a further 16 individual assets) over the course of Q4 2013 for a total consideration of £76.4m. Hansteen made £4.2m profit on the sales which included the disposal of Horndon Industrial Park in Essex, the Malthouse Estate […]

30 Dec 2013

British Land : BLND – signs jv agreement for Broadgate

BLND has formed a jv with GIC, Singapore’s sovereign wealth fund. Each party owns 50% of Broadgate and they have plans to refresh and expand the estate to benefit, inter alia, from the development of Crossrail.  

30 Dec 2013

South African Property: SAPO – Final results

Over the year to the end of June 2013 SAPO’s NAV fell from 87p to 69p. In part thanks to a fall in the value of the Rand.

30 Dec 2013

Hansteen : HSTN acquisition of a loan

Hansteen Holdings has bought a loan secured against a portfolio of 370,000 sqm of mainly multi-let light industrial property in the Netherlands for €41.675m. The underlying borrower, Lancelot Land BV, is in breach of the loan and hence Hansteen was able to buy it at a 51% discount to par. About 20% of the portfolio […]

20 Dec 2013

Hammerson : HMSO – sells shopping centre for £202m

Hammerson, as part of a 50:50 jv with Aviva, are selling Queensgate Shopping Centre in Peterborough for £202m, equivalent to a yield of 6.4%. Hammerson says it is planning to put the money towards its development and refurbishment programme for 2014 and says it is also considering selective acquisitions.  

20 Dec 2013

London Metric Property : LMP – two transactions

LMP has announced it is buying Royal Mail’s distribution centre in Daventry for £36m (on a yield of 6.7%) and selling a retail park in Congleton for £16.4m (the sale price equates to a yield of 5.8%, the park was acquired in Jun 2011 for £14.9m). After these transactions, LMP’s portfolio has 23%invested in distribution assets. […]

19 Dec 2013

London Metric Property : LMP – £175m aquisition

LMP is buying (as part of a jv) a 30.5% stake in 22 retail warehouses, four industrial units and a headquarters building – all rented to DFS – for £175m. LMP is managing the properties and will get 4% of rents as a fee.  

17 Dec 2013

Redefine International : RDI – sells two properties

Redefine has sold two sites in Harrow for £13.77m (12.4% more than their valuation at the end of August 2013). The sites have been acquired by Redrow Homes.

17 Dec 2013

London Metric Property : LMP – sell property in Leatherhead

LMP has sold Unilever House in Leatherhead for £75.8m (equivalent to a yield of 5.9%). LMP had bought the property in June 2012 for £61.15m.

17 Dec 2013

Sirius Real Estate : SRE – renegotiates bank debt

Sirius has announced that it has signed a €32.5m banking facility with Macquarie, €22m of which has been used to repay loans to RBS – Sirius has repaid its RBS facility in full. The balance of the Macquarie money has been used to part repay money owed to Berlin Hyp AG and Sirius says it […]

16 Dec 2013

Tamar European Industrial : TEIF – sale and bank facility

TEIF has sold an asset in Sweden (a 2,963 sqm light industrial building in Angelholm)  for £0.98m – a small premium to its latest valuation. TEIF has also extended repayment of a €71m loan secured against assets in France, Belgium and Holland to July 2015. The new cost of this facility is 7.66% per annum including fees.

16 Dec 2013

European Real Estate : ERET – sells industrial park

ERET has sold its largest investment, Europort (an industrial park in Frankfurt) for a figure between €49.5m and €51m – depending on the timing of the completion of the transaction. at the lower end this is 11% below their estimate of the property’s valuation at the end of June. the proceeds will be used to […]

09 Dec 2013

Great Portland Estates :GPOR

Great Portland Estates has sold its lease on 20 St. James’s Street (55,490sq ft office / retail building) for £54.5m. The property was acquired for £42.5m in 2010. It was producing a net rent of £1.2m per annum. GPOR will use the proceeds to invest in other projects.