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Marten & Co / Quoted Data Word Template Monthly roundup | Real estate October 2019 Winners and losers in September Best performing companies in price terms in Sept Worst performing companies in price terms in Sept (%) (%) Capital & Regional 37.9 Countrywide (11.7) Hammerson 24.9 Town Centre Securities (7.2) NewRiver REIT 19.1 Aseana Properties (5.1) Inland Homes 15.8 Harworth Group (4.3) Capital & Counties Properties 14.8 Ediston Property Investment Company (4.0) British Land 14.7 GRIT Real Estate Income Group (3.7) Workspace Group 13.2 Daejan Holdings (3.5) Countryside Properties 12.3 Primary Health Properties (2.9) Triple Point Social Housing REIT 11.7 Big Yellow Group (2.9) U and I Group 11.1 Conygar Investment Company (2.6) Source: Bloomberg, Marten & Co Source: Bloomberg, Marten & Co Capital & Regional share price YTD The month of Countrywide share price YTD On the flip side, the September was a UK’s biggest estate 40 12 bumper month for agent group, 30 many property 8 Countrywide, which 20 companies’ share also owns a 4 10 price, dominated by commercial real 0 retail focused 0 estate consultancy, Jan FebMar Apr May Jun Jul Aug Sep Jan FebMar Apr May Jun Jul Aug Sep companies, who in was the worst Source: Bloomberg, Marten & Co general have taken a Source: Bloomberg, Marten & Co performing in hammering over the September. It is the past 18 months or so. Top of the list was Capital & Regional. second month in a row that it has been in the bottom 10 and Shares in the shopping centre landlord bounced after it in the year to date it is beaten only by Intu Properties as the announced it was in talks with South African REIT worst performing listed property company, losing 53.5%. Growthpoint Properties to sell a majority stake in the Town Centre Securities, which owns a diverse property company. In the year to date, Capital & Regional’s share price portfolio across the UK, was second on the list having has fallen 27.4%. Also high on the list was Hammerson, which reported a fall in NAV off the back of a drop in the value of its owns shopping centres, retail parks and outlet centres in the retail portfolio. Another regional property player, Harworth UK, Ireland and France. Its share price grew following news Group, was high on the list of fallers despite posting decent that it had exceeded its £500m disposal target for the year. half-year results during the month. The group recorded growth Another retail landlord, NewRiver REIT, was third on the list in NAV, profits, earnings per share and dividend for the six having made progress with its contrarian investment strategy months to 30 June 2019. Pan-African property company GRIT into retail parks. Capital & Counties Properties also featured Real Estate Income Group reported good full-year results but in the top five as plans to split its Earls Court estate and saw its share price fall 3.7%. Specialist healthcare REIT Covent Garden portfolio advanced. Housebuilders Inland Primary Health Properties’ share price fell slightly, by 2.9%, Homes and Countryside Properties also made impressive after raising £100m in a share placing. Self-storage specialist gains in the month, while regeneration specialist U and I Big Yellow Group also saw its share price fall 2.9% for the Group squeaked into the top 10 with a 11.1% increase. month having been in the top 10 in August. NB: 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 October 2019 Valuation moves Figure 1: <Insert table title> Company Sector NAV move Period Comment (%) AEW UK Long Lease Diversified (0.1) Full year to Bought three properties, increasing portfolio REIT 30 June 19 value to £113m and rental income by 92% PRS REIT Residential (2.5) Full year to Basic earnings per share up 190% 30 June 19 as new rental homes come on line Town Centre UK regions/retail (7.8) Full year to Valuation fall of like-for-like Securities 30 June 19 investment portfolio of 3.8% Standard Life Diversified 0.1 Half year to NAV total return of 2.7%, generated by like-for-like Investments Property 30 June 19 portfolio growth, profits on disposals and income Income Trust Target Healthcare Healthcare 1.7 Full year to NAV total return of 8.1%. REIT 30 June 19 Dividend increased 2.0% Real Estate Investors Midlands (0.7) Half year to Portfolio value down 1.6% due to 30 June 19 disposal and mark down on retail portfolio Capital & Regional Retail (20.0) Half year to Shopping centre portfolio down 6.8%. 30 June 19 Loan to value increased to 52% Regional REIT UK regions (1.0) Half year to Slight valuation decrease on portfolio. 30 June 19 Dividend increased 2.7% Secure Income REIT Diversified 5.0 Half year to Adjusted for £347m sale of 30 June 19 hospital portfolio in July 2019 Supermarket Income Retail (grocery) 1.0 Full year to Total shareholder return of 8.0% REIT 30 June 19 Source: Marten & Co Corporate activity in September There were two major fundraisings in September. Primary GCP Student Living was promoted to the FTSE 250 Index, Health Properties raised £100m and said it would use the taking the place of Millennium & Copthorne Hotels. capital to fund the development and acquisition of properties. It said the placing would also strengthen its Capital & Regional announced it was in discussions to sell a balance sheet and reduce gearing in the near term. majority stake in the company to South African REIT Growthpoint Properties. The deal would be through a Target Healthcare REIT raised £80m in an oversubscribed combination of a partial offer in cash for Capital & Regional placing. The company will use the proceeds to grow the size shares and an injection of capital to support the company’s and scale of the business having identified a pipeline of strategy through a subscription for new Capital & Regional acquisitions. shares. Supermarket Income REIT announced intentions to raise Custodian REIT extended a borrowing facility that was coming £50m through a share placing to fund new acquisitions. It set to the end of its life by three years. Lloyds Bank also agreed the issue price at 102 pence per new ordinary share. The to increase the total funds available under the revolving credit capital will be used to acquire three Sainsbury’s-let assets. facility from £35m to £50m. GRIT Real Estate Income Group, which invests in pan-African WeWork pulled its multi-billion IPO after failing to attract property, announced plans to carry out a placing of up to 280 enough support from investors. The move followed calls from million shares at a price no less than NAV. It plans to use the its largest investor Softbank to shelve the listing. proceeds to reduce debt and grow its portfolio. Monthly roundup Page 02 October 2019 September’s major news stories – from our website Top 10 stories • LXI REIT announced £55m of acquisitions LXI REIT acquired five long-let and index-linked properties for £55m, reflecting an average net initial yield of 5.7%. The properties are: an Aldi foodstore in Northumberland; a Travelodge hotel in Kent; Premier Inn hotels in Essex and Nottinghamshire; and a Gestamp Tallent-let industrial warehouse in Durham. • NewRiver and Pimco JV bought retail park for £44.7m NewRiver REIT acquired a retail park in Poole, Dorset, for its new joint venture with Pimco’s BRAVO Strategies III fund, for £44.7m, reflecting a net initial yield of 8%. Following the deal, the JV has acquired £105.1m of assets. • Workspace Group sold duo of London offices Workspace Group sold two London offices – Vestry Street Studios, in Shoreditch, and Alexandra House, in Wood Green – for a combined total of £34.75m, 20% above the 31 March 2019 book value. • Warehouse REIT bought a portfolio for £70m Warehouse REIT purchased an eight asset, fully-let portfolio of reversionary warehouse and distribution assets from Aviva for £70m. Producing an annual rent of £5.38m, the purchase price reflects a net initial yield of just over 7%. It also exchanged contracts to acquire the Midpoint Estate in Middlewich, Cheshire, for £15.5m, at a net initial yield of 6.6% • Unite Group sold two assets for £100m Student accommodation specialist Unite Group sold two assets, located in Birmingham and Newcastle, to its parent company Unite UK Student Accommodation Fund for £100m, reflecting a 5.5% yield. • RDI REIT sold a shopping centre in Hamburg for €91m RDI REIT exchanged contracts to sell the Bahnhof Center in Altona, Hamburg for €91m, reflecting a net initial yield of 4.6%. The sale was part of RDI’s strategy to reduce its retail exposure, which now stands at 35%. • Urban Logistics REIT bought eight assets for £15.2m Urban Logistics REIT bought six parcel distribution depots from Connect Group for £9.9m, a 7% net initial yield, plus two DHL warehouse facilities in Sittingbourne and Thatcham for £5.3m, a 5.9% yield. • Stenprop acquired 100 industrial units in five deals Stenprop acquired 100 industrial units in five separate transactions for an aggregate price of £16.7m, as it continues its portfolio transformation into multi-let industrial.
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