In this issue
Performance – Following two months of heavy falls as the covid-19 pandemic took hold and the UK was put on lockdown, many property companies saw a bounce in their share price in April, although not enough to recover the losses since the crisis hit.
Valuation moves – Several companies reported net asset value (NAV) falls in the quarter to the end of March 2020 as property portfolio valuations took a hit due to the impact of covid-19. Alternative Income REIT saw its NAV fall 7% in the quarter. At the other end of the spectrum, Target Healthcare REIT’s NAV was flat.
Corporate activity – Property companies raised a total of £416.6m in April, led by Assura Group and Supermarket Income REIT, who raised £185m and £139.8m respectively. Several companies also refinanced debt in a bid to shore up their balance sheets.
Major news stories – Urban Logistics REIT splashed out on a series of acquisitions, while Helical sold a London office for a sub-4% yield.