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201009 September Property Roundup

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201009 September Property Roundup October 2020 Monthly roundup | Real estate Kindly sponsored by Aberdeen Standard Investments Winners and losers in September Best performing funds in price terms Worst performing funds in price terms (%) (%) Sigma Capital Group 34.2 Capital & Regional (46.3) Panther Securities 19.5 Hammerson (26.3) Macau Property Opportunities 9.4 BMO Real Estate Investments (24.1) CLS Holdings 8.6 U and I Group (18.5) Phoenix Spree Deutschland 7.2 NewRiver REIT (17.1) Schroder REIT 6.6 Hibernia REIT (14.8) Yew Grove REIT 6.2 Alternative Income REIT (14.6) Helical 3.9 Regional REIT (14.4) RDI REIT 3.5 Capital & Counties (13.5) Custodian REIT 2.9 Grit Real Estate (13.3) Source: Bloomberg, Marten & Co Source: Bloomberg, Marten & Co kjjjj There was an eclectic mix of property companies to feature It is no surprise that once again it was shopping centre in the top price movers for September. Top of the tree was owners Capital & Regional and Hammerson that topped private rented sector and residential development the chart of worst performing property companies in specialist Sigma Capital Group, with a 34.2% rise. The September. Capital & Regional published results at the group launched a £1bn joint venture with EQT Real Estate, beginning of the month in which it posted a 36.6% fall in the real estate platform of global investment firm EQT, to net asset value (NAV) in just six months. Meanwhile, deliver 3,000 private rental homes in Greater London. Hammerson completed a rights issue and share Micro-cap investor Panther Securities also hit double-digit consolidation plan during September, as well as gains, while Macau Property Opportunities saw an uplift in announcing a new chief executive. BMO Real Estate its share price after announcing debt refinancing and a Investments continued to see its share price fall, which in disposal. CLS Holdings, the investor in offices in Germany, the year to date has dropped almost 40%. U and I Group’s France and the UK, continued to see a recovery in its share share price reached an all time low during the month as it price – which has risen 15.1% in the last three months. Off continues to battle against declining land and development the back of solid results, Berlin residential landlord Phoenix values across its portfolio. NewRiver REIT has been Spree Deutschland saw its share price gain 7.2%. another perennial member of the worst monthly property Schroder REIT’s share price rose 6.6% in the month as it share price performers and has year to date lost 75% in embarked on a share buyback programme, while Irish value. Regional REIT reported a 9% fall in its NAV in half- commercial property investor Yew Grove REIT also saw year results, while Capital & Counties’ portfolio in London’s positive shareholder reaction to amending its investment West End has continued to be hit by muted tourist numbers strategy to increase its target loan to value ratio to 40%. and COVID-19 restrictions. This report has been prepared by Marten & Co and is for information purposes only. It is not intended to encourage the reader to deal in any of the securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the FCA. Marten & Co is not permitted to provide investment advice to individual investors Kindly sponsored by Aberdeen Standard Investments Valuation moves Company Sector NAV Period Comments move (%) Supermarket Income REIT Retail 4.1 Full year to Portfolio value grew 46% to £539.4m, mainly 30 June 20 driven by new acquisitions GCP Student Living Student 3.8 Full year to Portfolio grew in value by 8.6% to £1bn accommodation 30 June 20 Circle Property Diversified 2.9 Full year to Portfolio grew in value by 11.9% to £139.5m. 31 Mar 20 Results period largely pre-COVID-19 Phoenix Spree Deutschland Europe 2.8 Half-year to Portfolio valuation up 2.3% to €746.7m 30 June 20 Aberdeen Standard Europe – 1.8 Half-year to Portfolio increase in value to €404.9m following European Logistics Income Logistics 30 June 20 large acquisition Triple Point Social Housing Residential (0.0) Half-year to Portfolio valuation up 8.2% to £510.3m following REIT 30 June 20 acquisitions Real Estate Investors Diversified (4.6) Half-year to Value of portfolio fell 3.1% to £221.8m 30 June 20 UK Commercial Property Diversified (6.6) Half-year to Property portfolio fell in value in the period by REIT 30 June 20 11.6% to £1.22bn BMO Real Estate Diversified (7.8) Full year to Property portfolio valuation down 5.6% in the Investments 30 June 20 year BMO Commercial Property Diversified (7.8) Half-year to Portfolio fell in value by 6.4% in the period to Trust 30 June 20 £1.2bn Regional REIT Diversified (9.0) Half-year to Portfolio value down 5.8% to £742.3m 30 June 20 Secure Income REIT Diversified (10.0) Half-year to Value of property portfolio declined 6% to 30 June 20 £1.96bn Standard Life Investments Diversified (11.5) Half-year to Fall in portfolio value of 7.7% to £447.3m Property Income Trust 30 June 20 Town Centre Securities Diversified (17.4) Full year to Portfolio valuation decline of 6.9% in the year to 30 June 20 £372.5m Capital & Regional Retail (36.6) Half-year to Portfolio of shopping centres declined in value 30 June 20 by 15.9% to £611.3m Source: Marten & Co Real estate monthly roundup – September 2020 2 Kindly sponsored by Aberdeen Standard Investments Corporate activity in September Urban Logistics REIT raised £89.2m in a placing, that it will Schroder REIT commenced a share buyback programme, use to acquire a pipeline of assets. The group also taking advantage of its wide discount (of around 50%). It declared a special dividend of 3.25 pence per share for the has authority to repurchase a maximum of 77,725,160 of six months ending 30 September 2020. its ordinary shares. Supermarket Income REIT and Triple Point Social Housing CLS Holdings completed a £154m “green” loan with Aviva REIT both announced intentions to raise money. Investors secured against a portfolio of 12 UK properties. Supermarket Income REIT aim is to issue £200m worth of The loan, which replaces three existing loans that were due shares, while Triple Point aims to raise £70m. to expire in 2020 and 2021, expires after 10 years and 12 years and has an average fixed interest rate of 2.62%. A There were several high-profile appointments during the 10-basis point reduction in the margin will occur depending months. British Land announced current chief financial on specific sustainability targets being met. officer Simon Carter will succeed Chris Grigg as chief executive on 18 November 2020. Retail landlord BMO Real Estate Investments has removed performance Hammerson appointed Rita-Rose Gagné as new chief fees from the investment management fee with affect from executive replacing David Atkins at the end of the year. St 1 July 2020. The group produced a total return of -0.6% in Modwen hired Centrica Consumer chief executive Sarwjit the year to June 2020, beating the benchmark meaning the Sambhi as its new chief executive, effective from 2 manager was eligible for the maximum performance fee. November 2020. Lastly, Duncan Garrood took up the Conscious of paying performance fees in a market of position of chief executive at Empiric Student Property on negative returns, the board has reduced the performance 28 September. fee by 50% this year and ditched it permanently thereafter. Real estate monthly roundup – September 2020 3 Kindly sponsored by Aberdeen Standard Investments September’s major news stories – from our website • Shed heaven After Urban Logistics REIT announced another equity raise, having invested all the proceeds of its £136m placing from March, QuotedData looks at the polarisation in the property market. • Tritax Big Box REIT sells £134m of assets Tritax Big Box REIT disposed of four assets during the month for a combined £134m. It said the assets (Baker Business Park in Ripon; Langley Mill in Nottingham; Warth Park in Raunds and an Amazon-let property in Chesterfield) had reached their full value following completion of asset management initiatives. • LondonMetric Property sells six warehouses for £57.3m LondonMetric Property sold a portfolio of six distribution warehouses for £57.3m, reflecting a blended net initial yield of 5.3%. The disposal of the assets (located in Worcester, Leamington Spa, Royston, Castle Donnington, Milton Keynes and Huyton) crystallise an £8.8m profit on cost and deliver an internal rate of return of 11% per annum. • CLS Holdings acquires commuter-belt office portfolio for £60m CLS Holdings exchanged contracts to acquire a portfolio of offices in Greater London and the South East (in Richmond, Chelmsford and Leatherhead) for £59.71m, in a major vote of confidence for the UK office market. • A new launch Home-ing in on social benefit QuotedData took a closer look at Home REIT after it announced intentions to raise £250m from an initial public offering (IPO). The company is looking to acquire a portfolio of homeless accommodation in the UK. • Ediston begins construction of retail park Ediston Property Investment Company announced it had started construction of a 48,000 sq ft retail park in Haddington, East Lothian, which is 97% pre-let to tenants including Aldi and Home Bargains. The decision is a fillip for the retail sub- sector that has proved resilient during COVID-19.
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