October was another strong month for certain retail focused property companies. For the second month running, Capital & Regional topped the list for share price growth: up 30.5% in the month – admittedly off a low base. The shopping centre landlord’s shares continued to rise after it agreed a deal to sell a majority stake to South African REIT, Growthpoint Properties. In the three-month period to the end of October, the company’s share price has risen 69.7%. Central London landlord Capital & Counties’ shares have bounced after news that it was in discussions to sell its Earls Court development site broke in October. Reports that it had also received a bid for the whole company, which also includes extensive holdings in Covent Garden, also broke in October. RDI REIT’s shares rose 18.7% in the month after it announced full year results that included shedding a UK mall portfolio that had breached its debt covenant. Town Centre Securities, which outlined its own plans to further reduce its exposure to retail in full year results at the end of September, saw its share price jump 15.4% in October. Industrial specialist Hansteen Holdings and logistics landlord LondonMetric also made the top 10 as the sector continues to perform strongly.
Real Estate Monthly roundup – Nov 2019
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