Intu posts 1.5% NAV increase
Shopping centre landlord intu has posted a 1.5% increase in NAV per share to 385p as its expanded portfolio benefited from both rent rises and valuation surpluses in the first half of the year. Rental income in H1 increased by 9.7% to £207.6m following acquisitions.
Lloyds sells part of Poseidon
Lloyds has sold a portion of its Project Poseidon portfolio to a consortium comprising Goldman Sachs, Carval and Bank of Ireland for £827m. The consortium, Ennis Property Finance, has bought the commercial property loans element of the portfolio, which comprises £2.6bn of gross assets, of which £2.3bn were impaired at the end of 2014.
Countrywide grows
Countrywide’s group income grew to £338.6m in the six months to 30 June, up from £334.5m. Commercial property arm Lambert Smith Hampton’s total income increased from £33.7m to £44.3m, with EBITDA up by 43% to £4.5m.
DTZ improves for Moody’s
Ratings agency Moody’s has revised its outlook for private equity-owned DTZ to “stable”. Moody’s had downgraded DTZ to “negative” earlier this year after it announced its proposed acquisition of Cushman & Wakefield.
Accor plumps up profits
Hotel group Accor has posted a 68.5% increase in net profits in the first half of the year to €91m (£64m), up from €54m over the same period last year.
Irish returns continue to rise
Irish property returns hit 6.3% in the second quarter of 2014, according to data from MSCI. The figures, from the IPD/SCSI Ireland Quarterly Property Index, showed total returns continued to strengthen after first-quarter gains of 4.3%. Irish offices was the best-performing sector, up 7.4% in the quarter. Rental values drove the strong returns, with a 6.1% increase in values in Q2.
Capco values on the up
Capital & Counties increased its net asset value by 10%
after the value of its portfolio rose by 9% to £3.5bn. Total returns were 10% in the first six months of the year thanks to value increases at its Covent Garden and Earls Court estates.
