Property
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Aug- 2021 -25 August
Ediston Property acquires Springkerse Retail Park for £22.85m
Ediston Property Investment Company has announced that it has acquired Springkerse Retail Park, Stirling, Scotland, for £21.85m, in an off market transaction. The price reflects an initial yield of 9.54% and was purchased from clients of LaSalle Investment Management. The Stirling Council area has a population of just under 100,000…
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6 August
Hammerson to redevelop empty retail units for new purposes
Hammerson has announced that it is looking to redevelop its empty retail units, with a medium to long-term view of using them for alternative uses, such as residential, hotels or workspaces. The landlord said there are opportunities to “reinvigorate the assets and grow revenue by filling void units, generating additional…
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Jul- 2021 -13 July
British Land welcomes rising rent collection
British Land has announced that following the latest quarter date for rental payments on 24 June, it has recorded higher levels of rent repayment, with 85% of June 2021 rent collected to date. Retail rent collection hit 71%, 24% ahead of rent collection at the same point for the December…
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May- 2021 -28 May
Hammerson launches £600m sustainability-linked bond
Hammerson has announced the launch of a €700m (£600m) real estate sustainability-linked bond, with a six year maturity period and a 1.75% coupon. This new issuance was added with tender offers announced on 20 May 2021 in respect of the €500m (£430m) 2% bonds due 2022 and the €500m (£430m)…
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4 May
Topshop starts £420m sale of London flagship store
Topshop has reportedly started the sales process of its former flagship store in London’s Oxford Street, for a price tag of £420m, according to The Times. Valued at £500m two years ago, the six-storey site is considered a Grade II listed building and is being advertised as a “new age…
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Apr- 2021 -22 April
Hammerson offloads retail park portfolio for £330m
Hammerson has confirmed the sale of its portfolio of seven retail park assets to Brookfield for £330m cash proceeds, concluding Hammerson’s exit from the UK retail parks sector. The final amount marked an 8% discount to the 31 December 2020 book value of £357m. The portfolio comprises 205,000m² of space…
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20 April
Hammerson to slash rents by 30%
Hammerson has announced it is planning to slash rents for retail tenants by around 30% as non-essential shops prepare to reopen. Mark Bourgeois, the group’s managing director, said: “We reckon across the board and our business we’ll probably reduce rents from their peak by about 30% so we are really…
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14 April
Landsec collects two-thirds of rent in latest quarter
Landsec has announced that it collected £67m of rent in its latest quarter, two-thirds of the £110m that was due on the 25 March payment date. Of the £33m of rent outstanding, £10m relates to customers who have withheld payment pending documentation of agreed concessions. The 67% of net rent…
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6 April
Hammerson scales back Dublin retail development plans
Hammerson has reportedly scaled back its retail plans for its new development at Dublin Central, instead switching its focus towards office and Residential units. According to the Sunday Times, Hammerson has decided to reduce the size of the development’s retail space from 23,500 sqm to just 6,000 sqm. The retail…
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Feb- 2021 -24 February
British Land appoints new non-executive director
The British Land Company has announced the appointment of Loraine Woodhouse as a non-executive director, with effect from 1 March 2021. Woodhouse will chair the audit committee from 31 March 2021 at which time her predecessor Preben Prebensen will step down from his role as interim chair of audit but…
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