Urban Logistics approaches abrdn Property Income with "superior" offer
20th Feb 2024 19:12
(Alliance News) - Urban Logistics REIT PLC has made an offer for abrdn Property Income Trust Ltd, both companies confirmed on Tuesday. Read More
(Alliance News) - Urban Logistics REIT PLC has made an offer for abrdn Property Income Trust Ltd, both companies confirmed on Tuesday. Read More
(Alliance News) - Mergers between real estate investment trusts could help build a "more investible future" for the UK property sector, according to analysts, after two FTSE 250-listed firms agreed a merger on Monday. Read More
(Alliance News) - Tritax Big Box REIT PLC on Monday said UK Commercial Property REIT Ltd has agreed to an all-share takeover offer to create the UK's fourth largest real estate investment trust by market capitalisation, at nearly GBP4 billion. Read More
Custodian Property Income REIT PLC - Leicester, England-based real estate investment trust focused on smaller, regional properties - Sells industrial unit in Milton Keynes for GBP8.0 million, a 9.5% premium to the September 30 valuation. Richard Shepherd-Cross, managing director of the company's external fund manager says: "During our nine years of ownership, we were able to generate a healthy and growing level of income from this asset. We made the decision to crystallise a profit for our shareholders, and we expect to use the sale proceeds towards repaying the company's existing revolving debt facility. This will further reduce our interest costs and allow the company to fund future improvements to the remaining portfolio." Read More
(Correcting index and share price moves.) Read More
(Alliance News) - London's FTSE 100 ended with a minor gain on Friday, but registered its third-successive weekly loss, as investors dialled back their US interest rate cut bets on the back of robust recent data. Read More
(Alliance News) - The FTSE 100 edged higher on Friday at around midday, though the pound struggled after data showed that UK retail sales plunged in December. Read More
Mattioli Woods PLC - Leicester, England-based specialist wealth and asset management business - Notes the proposed merger of Custodian Property Income REIT PLC and abrdn Property Income Trust Ltd. A subsidiary of Mattioli Woods, Custodian Capital Limited, serves as an investment manager to Custodian Property, and the company said that it will continue to act for the enlarged real estate investment trust following completion of the merger. Mattioli claims the merger would create a combined portfolio of over 200 assets worth around GBP1.0 billion, which has the potential to increase the annual revenues for its subsidiary by around GBP1.7 million. Read More
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday. Read More
(Alliance News) - Custodian Property Income REIT PLC and abrdn Property Income Trust Ltd on Friday said they have agreed to an all-share merger to create a real estate investment trust with combined assets of GBP1.0 billion. Read More
(Alliance News) - Stocks in London look set to recover some of the week's lost ground at Friday's market open. Read More
abrdn Property Income Trust Ltd - investor in UK commercial properties in the industrial, office, retail and other sectors - Completes sale of a two-unit industrial asset in Livingston, Scotland for GBP6.3 million, reflecting a 6.37% net initial yield. abrdn Property acquired the Cullen Square asset in 2014 and says it has contributed a 13.1% annualised return over the hold period. Company will use disposal proceeds to reduce its revolving credit facility. Read More
abrdn Property Income Trust Ltd - investor in UK commercial properties in the industrial, office, retail and other sectors - Says portfolio as of September 30 has "very attractive" reversionary potential of approximately GBP7.6 million, reflecting 29% of its portfolio income. This "clear indicator of future performance" will be realised when vacant spaces are let, as well as at lease expiries and rent reviews. Also says "significant increases" to rent at three industrial properties were agreed within the last two months. Largest was 52% to GBP428,000 per year at Elliot Way, Birmingham. Says deals show a strong trajectory of income growth. Finally, company completes a new 15-year lease of a property at Rainhill Road, Washington to an unnamed parcel delivery company. Building's rent of GBP591,500 per year is estimated to be 10% below current market level, "providing the potential for future rental growth". Read More
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday. Read More
abrdn Property Income Trust Ltd - investor in UK commercial properties in the industrial, office, retail and other sectors - Says recent asset management activity has secured over GBP1.3 million per year in rent. Includes a regeared lease in Edinburgh, securing GBP157,000 per year over the next half decade; two completed lettings in Birmingham for GBP538,090 per year in total; and tennant Hitachi Construction Machinery (UK) Ltd taking a new 20-year lease in Hebburn at a passing rent of GBP310,500 per year, up 19% from the previous rate. Company notes office assets "continue to be attractive to occupiers...even in a market with significantly reduced demand and take-up." Read More
(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News: Read More