Capital value down at U+I
U+I saw its capital value fall by 5.2% in its interim results following the EU referendum. The company lowered its forecast development portfolio value from £42m to £35m-£40m for the 2017 financial year. Despite the fall, the company posted £11.5m in development gains in the first half, ahead of its £8m target.
SEGRO in €500m bond issue
SEGRO issued €500m (£446m) in unsecured bonds for its SEGRO European Logistics Partnership joint venture. The seven-year bonds with an annual coupon of 1.25% will be used mostly to prepay the majority of SELP’s secured bank facilities. The company has also agreed a €200m revolving credit facility with BNP Paribas and RBS as part of its refinancing deal.
Mercer turns to Castleforge
Private equity firm Mercer Real Estate Partners has changed its name to Castleforge Partners. It said that although the change was part of its development, the firm would continue investing in multiple asset classes and managing assets directly.
Ediston’s NAV per share dips
Ediston Property Investment posted a total return of 0.6% for its first quarter, although its NAV per share fell by 0.7% to 107.8p, which it said was “much better than expected” after the Brexit vote. It said it could withstand volatility, with little exposure to central London and gearing at 28.9%. The value of its portfolio has fallen by 0.5% on a like-for-like basis since the end of June.
