Schroder Real Estate Investment Trust rose by close to a fifth in trading today, after giving shareholders its latest update on business during the coronavirus pandemic.
The REIT, which has postponed its dividend, said it has £35m of free cash and an undrawn £52.5m credit line, giving it a combined £87.5m “for attractive investment opportunities”.
It added that it has received less than two-thirds of rent due across the portfolio, but that this “more than covers the running costs” of the company.
The REIT’s shares closed up almost 19% at 38p.
Several of the London market’s largest REITs made notable gains in trading today. Against a 3% rise across the FTSE 100, British Land finished the day 6.5% higher at 335.1p, while Landsec closed up 5.9% at 545p. Segro rose by 2.7p to 766p.
In the FTSE 250, which rose by 5% during the session, Hammerson was up 6% at 57.16p, with Derwent London gaining 4.8%, closing at 3,150p. Intu nudged down at 3.9p.
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