UK Commercial Property REIT (UKCM) is a large and liquid, diversified commercial property trust. UKCM’s portfolio is one of the largest in the sector, with total assets of £1.3bn, and the strategy is to generate income and capital return by investing in sectors and properties which are benefitting from structural changes to the economy and society. The pandemic has accelerated many trends and kick-started others, and the portfolio has been managed cautiously through this period. Helped by being
Companies: UK Commercial Property Reit Limited
UK Commercial Property REIT (UKCM) is the largest generalist commercial property trust in its AIC sector with net assets of over £1.1bn. Manager Will Fulton, of Aberdeen Standard Investments, aims to buy assets which are benefitting from structural social and economic themes which should support capital values and income growth. This has led to a progressively high allocation to the industrials sector, helpful during the pandemic, as it benefits from the shift of retailing online. It has also le
Few sectors have been as affected by the pandemic as real estate. While many of the effects of the past year will recede into memory as old habits return, there will be long-lasting effects on our use of commercial property which have important investment ramifications. As we discuss below, there will be an adjustment phase as managers adapt to this new environment, and we think the average portfolio will look very different in a few years’ time than it did before the pandemic. Some managers are
There was an eclectic mix of property companies to feature in the top price movers for September. Top of the tree was private rented sector and residential development specialist Sigma Capital Group, with a 34.2% rise. The group launched a £1bn joint venture with EQT Real Estate, the real estate platform of global investment firm EQT, to deliver 3,000 private rental homes in Greater London. Micro-cap investor Panther Securities also hit double-digit gains, while Macau Property Opportunities saw
Companies: SUPR DIGS CRC PSDL ASEI TPON RLE UKCM BREI BCPT RGL SIR SLI TOWN CAL
UK Commercial Property REIT (UKCM) is the largest generalist commercial property trust in the UK. Manager Will Fulton, of Aberdeen Standard Investments, has been progressively tilting the portfolio towards the industrials sector in recent years; which now makes up over 50% of the portfolio and has been more resilient to the impact of the pandemic. This approach has helped portfolio performance to be reasonably resilient in the crisis, as we discuss under Performance. Will’s prudent reduction of
UK Commercial Property REIT (UKCM) is the largest generalist commercial property vehicle in the AIC UK Commercial Property sector. Managed by Will Fulton at Aberdeen Standard Investments, it owns a portfolio strongly tilted to the industrial sector and to properties benefiting from technological and demographic change. ESG considerations also feature prominently in investment and asset management decisions. Since Will took over control of the portfolio in 2015, the trust has been moving away fr
Greencoat UK Wind – Share issuance programme and initial fundraising | UK Commercial Property – Q1 2019 NAV and dividend
Companies: Greencoat UK Wind (UKW:LON)UK Commercial Property Reit Limited (UKCM:LON)
Fundraising showed signs of picking up this month, and the focus was very much on the renewables sector. First of all there was Renewables Infrastructure Group, which launched a placing programme and an initial fundraising early in the month, targeting up to £170m. It ended up raising just over £300m, having received applications for nearly three times as many shares as were originally available, in an upsized and scaled back issuance. Greencoat Renewables also announced and completed a placing
Companies: TRIG BBOX UKW GRP ALF ELTA ESP FA17 BCPT BREI HTCF CHRY UKCM
UK Commercial Property Trust (UKCM) aims to generate an attractive income with the potential for income and capital growth from a diversified portfolio of commercial property. Manager Will Fulton has focused the portfolio on sectors and locations benefitting from structural changes in the economy and society. Recently, the company announced that it is seeking permission from shareholders to widen the manager’s universe into additional real estate sectors which would allow him to expand on that
The open-ended commercial property fund sector is under pressure, as concerns about the outcome of the Brexit negotiations and the rapid deterioration of the retail property market have spurred many investors to reduce or eliminate their exposure. In this article, we take a look at primary healthcare properties as a possible alternative to open-ended funds, where the risk of 'gating' - funds closing to outflows - is on the rise in volatile market conditions. With a sector average yield of 4.5%
Companies: UKCM PHP MXF
UK Commercial Property Trust (UKCM) aims to generate an attractive income with the potential for income and capital growth from a diversified portfolio of commercial property. Manager Will Fulton has overhauled the portfolio since taking over in April 2015, and it is now focused on the outperforming industrial sector with low exposure to the troubled high street and shopping centre retail segments. The trust yields 4.3%. This is below the sector average, but the portfolio has strong reversionary
The effects of technological change on the equity market have been much written about and discussed, and the structure of stock markets profoundly changed over the past decade. The UK commercial property market is seeing equally significant changes which have gone under the radar somewhat, we suspect largely due to concerns about the consequences of Brexit. Whatever those are, they will be temporary and largely cyclical, but the changes effected by technology, chiefly the internet, will be long-
Companies: Ediston Property Investment Company PLC (EPIC:LON)UK Commercial Property Reit Limited (UKCM:LON)
UK Commercial Property – Disposal | Unite Group – Quarterly valuation update
Companies: UK Commercial Property Reit Limited (UKCM:LON)UNITE Group plc (UTG:LON)
UK Commercial Property – Half-year results | PRS REIT – Acquisitions | SQN Secured Income – Annual report to 30 June 2018
UK Commercial Property REIT (UKCM) achieved a 10.6% NAV total return over the year to the end of June 2018, but its share price has lagged its steadily rising NAV and its discount has widened to 5.2%, among the widest in its UK direct property peer group. In July 2018, UKCM became a UK REIT to mitigate the risk of significant potential tax charges falling due from 2020 and agreed a reduced management fee, effective January 2019. UKCM is significantly overweight in the industrial sector, which is
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Palace Capital has released a good trading update of for the 6 months to 30 September. The Group has achieved good progress both across the portfolio and in sales achieved at Hudson Quarter. With cash reserves rising, the Group continues to look for value creative opportunities to recycle capital which should realise value for shareholders. Buy
Companies: Palace Capital plc
Non-Standard Finance (‘NSF’), one of the leading providers of unsecured credit to UK adults, published interim results for the half year to 30 June 2021 on 28 September. Overall, these showed a significantly lower loss before tax due to improved operational performance and lower below the line charges. The group also reported that current trading was ahead of plan primarily due to strong collections performance. Discussions with the FCA regarding the redress programme for guarantor loans custome
Companies: Non-Standard Finance Plc
We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
NextEnergy Solar Fund’s investment in NextPower III opens up geographic opportunities in Latin America, Asia and other parts of Europe much earlier than could have been delivered by direct project investment. Additionally, the JV announcement with energy storage system (ESS) developer Eelpower is also an attractive way to accelerate portfolio diversity as well as opening up the door to further asset growth. By working with partners experienced in different geographies and the energy storage segm
Companies: Nextenergy Solar Fund
What’s new: Tatton’s interims trading update confirm it has “delivered strong growth in all its key metrics during the period including revenue, profits and assets under management” (AUM). It is “trading in line with expectations”.
Companies: Tatton Asset Management Plc
AuM pushed on in Q2, hitting £10.8bn – including the acquisition of the Verbatim funds (+13% in H1 organic only). Crucially, net inflows have remained strong through the whole of H1 at £109m avg pcm. This flow momentum underpins an encouraging outlook, both near and medium-term. We leave our forecasts unchanged although note risk to the upside heading into H2. We will review our model again at the Interims. Given the pace of growth and scale of opportunity from already established relationships,
The third quarter continued to enjoy record CIB revenues and loan provision recoveries. Consensus expectations have now largely aligned with our projections, thus leaving limited upside potential in our view.
Companies: Barclays PLC
Gore Street’s trading update confirms expectations of a strong trading environment for batteries in both the GB and Irish markets. Driven principally by high gas prices creating electricity market volatility and with tight capacity margins likely to remain, we see the company continuing to generate excess cash returns in this financial year at least.
Companies: Gore Street Energy Storage Fund PLC
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
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Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teenager Ben Francis in 2012 in his parents’ garage with products that appeal to Gen Z consumers. Timing TBA
Rubix Group Holdings, the market leading pan-European distributor of industrial main
Companies: ZOO CUSN ECHO IDEA PURP TEK
Companies: Chrysalis Investments Limited
Today's news & views, plus announcements from BHP, MGGT, RIO, BWY, MONY, BGO, YOU, AVAP, PCA & SOLG.
Companies: AVAP BGO RIO SOLG
Currently, Gore Street Energy Storage Fund (GSF) primarily relies on revenue from frequency response services, including Dynamic Containment (DC), to estimate near-term returns. The dislocation in the UK power market has led to a sharp rise in returns available from energy arbitrage leaving GSF’s assets well placed to benefit from this increased volatility. In September, those of GSF’s GB storage assets that participated in the actively-traded GB power markets generated revenues that were signif
TMT Investments PLC have provided a portfoloio update. We have published research on this which is attached and a snapshot of the research is below.
The venture capital company investing in high-growth technology companies has moved one step closer to its first IPO driven exit. In a portfolio update announced this week TMT noted that its portfolio company Backblaze, Inc. publicly filed with the SEC on 18 October 2021. TMT currently holds a 9.97% interest in Backblaze, Inc. (pre its expected fun
Companies: TMT Investments
Companies: NewRiver REIT plc