Yields tighten on SE offices
South East secondary offices yields have come in by 200 basis points in the last year to now stand at 9%. According to Knight Frank’s secondary asset yield guide, good high street secondary has been the other beneficiary of improving values with yields falling by 25bp to 7%.
DevSec posts NAV rise
Development Securities posted a 2% increase in net asset value to 5.9p a share, reflecting a £6m increase in net assets to £312.6m in its interim results. Pretax profits were £8.1m – up from a like-for-like loss of £700,000, after development and trading gains of £13.3m.
Threadneedle wins brief
The London Borough of Hounslow has appointed Threadneedle Investments to manage a £20m UK property investment mandate. The money will be invested in the TPEN property fund, part of Threadneedle’s Pooled Pensions Funds range.
Irish values rise
Irish commercial property values rose by 0.3% in Q3 according to IPD – their first increase since the 2007 property crash, which saw 65% wiped off values. Irish property returned 2.6% in Q3 thanks to improving occupier demand.
MedicX raises £48.8m
Primary care property investor MedicX has raised £48.8m through a share placing that will see 85m new ordinary shares issued priced at 75p each. MedicX is buying £20m
of these shares, and will use the remaining cash to fund new investments.
Bridget.O’Connell@estatesgazette.com
