The company quickly set the money to use, acquiring a development site in Sussex as it looks to take advantage of favourable supply-demand dynamics in that sector. Self-storage specialist Lok’n Store was down 4.1% for the month, reflecting its discounted equity raise (see page 3). Regional REIT continues to suffer from negative investor sentiment towards the office sector and has now lost 24.2% of value so far in 2023. Retail park owner NewRiver REIT’s share price recovery lost momentum in July, but the group is still up 6.4% in the year to date – one of just a handful of property companies to be so. The company is down 31.7% over the last 12 months and has a job to do winning over investors on the huge growth potential for life science real estate. Topping the worst-performing list was Life Science REIT, whose share price continues to struggle less than two years after it launched. Build-to-rent specialist Grainger, which is set to benefit from higher mortgage costs pushing more people into rented accommodation, also bounced. Its share price was up 11.9%, despite raising £300m towards the end of the month in a discounted placing (more details on page 3). Student accommodation giant Unite Group rallied after reporting strong trading and valuations numbers. CT Property Trust’s share price has bounced around following a takeover offer by LondonMetric in May. The improved macro-economic outlook saw the two traditional property titans Land Securities and British Land record double digit share price gains in July. The company is still down 32.4% over the last 12 months, however, and trades on a discount to NAV of over 50%. Top of the list was Triple Point Social Housing REIT, which is benefitting from the takeover of its peer Civitas Social Housing at a large premium to its share price. Improving investor sentiment towards the sector was reflected in an increase in the median share price of 3.5% over the month. July’s biggest movers in price terms are shown in the charts below.īetter than expected inflation figures in the UK raised hope that interest rates had peaked, and that commercial property values may have bottomed out. Kindly sponsored by abrdn Performance data
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |