Double-digit NAV rise for GPE
Great Portland Estates delivered an 11.7% rise in NAV per share in the six months to the end of September. The West End-focused developer’s portfolio now stands at £2.2bn, up by 8.6% since 31 March.
Canary bid to rise
The Qatar Investment Authority and Brookfield Property Partners are in talks with Songbird Estates about upping their offer for Canary Wharf Group. The pair’s bid of 295p a share last week “significantly” undervalued the estate, said the group.
C&R goes for REIT conversion
Capital & Regional is on track to convert to a specialist shopping centre REIT by the end of the year as it sells
off non-core properties, including a 50% stake in Waterside shopping centre in Lincoln. C&R said that the value of its Mall Portfolio had increased by 2.5% to £723m in the three months ended 30 September.
Heitman becomes a HERO…
The Heitman European Real Estate Opportunity Fund has been launched to invest in European property securities. Old Mutual is seeding the fund, which will target 8-10% returns, with €25m (£19.8m).
…and nabs Advance brief
Heitman has been appointed by Advance Asset Management to manage A$550m (£305m) of global listed property investments. AAM invests in a concentrated portfolio of real estate securities, investing in up to 25% of the FTSE EPRA/NAREIT Developed Index.
