
QuotedData’s Real Estate Monthly Roundup – September 2024
September 2024
Winners and losers in August 2024
Best performing funds in price terms | (%) |
---|---|
PRS REIT | 15.4 |
Triple Point Social Housing REIT | 8.4 |
Safestore Holdings | 7.2 |
Residential Secure Income | 6.4 |
Capital & Regional | 5.8 |
Primary Health Properties | 4.8 |
CLS Holdings | 4.5 |
Big Yellow Group | 4.3 |
IWG | 4.2 |
Sirius Real Estate | 3.9 |
Source: Bloomberg, Marten & Co
Best performing funds
The customary summer lull in activity in the real estate sector was evident during August, with news flow at a trickle. This was mirrored in share prices, with the average movement over the month of +0.3%. Once again corporate activity was the main driver behind the largest share price outlier, this month PRS REIT. Its share price bounced at the end of the month as shareholders requisitioned the board calling for two directors, including the chairman, to be replaced (see page 3 for more details). The share price of Triple Point Social Housing REIT responded positively to its board’s announcement that it was making progress with its investment manager review and the news that the fund had replaced a struggling tenant in rental arrears. Residential Secure Income was perhaps boosted by the new Labour government’s ambitious house building target, which is set to provide a substantial tailwind for the affordable housing sector in which it operates. Capital & Regional continues to be the subject of takeover talks, with two parties running the numbers on the company. Meanwhile, Primary Health Properties saw an uptick in its share price perhaps on hopes that a new health secretary will ease the bottleneck in primary health centre development.
Worst performing funds in price terms | (%) |
---|---|
Grit Real Estate Income Group | (8.8) |
NewRiver REIT | (5.4) |
SEGRO | (4.9) |
Ground Rent Income Fund | (4.5) |
Great Portland Estates | (3.9) |
Helical | (3.8) |
Shaftesbury Capital | (3.5) |
Urban Logistics REIT | (3.2) |
Panther Securities | (3.2) |
Real Estate Investors | (2.9) |
Source: Bloomberg, Marten & Co
Worst performing funds
Some real estate heavyweights suffered share price losses in August despite the interest rate cut at the start of the month. The largest negative share price movers in the month, however, was led by pan-African investor and developer Grit Real Estate, with shareholders yet to get behind its renewed strategy focused on diplomatic housing development. With takeover negotiations for Capital & Regional seemingly progressing well, NewRiver REIT’s share price fell perhaps due to the effects of merger arbitrage trades. SEGRO, the largest UK listed real estate company by some margin with a market cap of around £12bn, saw its share price fall almost 5% and it is now negative in the year to date. London office developer
Great Portland Estates and West End landlord
Shaftesbury Capital – both stalwarts of the FTSE 250 index – also suffered share price erosion during the month as positive momentum over interest rate cuts was not maintained. Ground Rents Income Fund continued its run of share price losses as it stumbles towards a difficult wind down. The value of its portfolio continues to be negatively impacted by reforms in the leasehold sector. Another FTSE 250 constituent, Urban Logistics REIT, suffered a 3.2% fall as the market awaits positive updates on earnings growth.

Valuation moves
Company | Sector | NAV move (%) | Period | Comments |
---|---|---|---|---|
Target Healthcare REIT | Healthcare | 1.6 | Quarter to 30 June 24 | Portfolio valued at £908.5m, up 0.8% like-for-like |
Alternative Income REIT | Diversified | 0.4 | Quarter to 30 June 24 | Property values increased 0.1% to £102.7m |
Custodian Property Income REIT | Diversified | (0.3) | Quarter to 30 June 24 | Portfolio value of £579.6m remained flat on a like-for-like basis |
Residential Secure Income | Residential | (0.6) | Quarter to 30 June 24 | 0.4% decrease in like-for-like investment property values to £315m |
abrdn Property Income Trust | Diversified | (4.1) | Quarter to 30 June 24 | Portfolio value down 0.5% to £405.5m. NAV impacted by estimated costs of wind down |
abrdn European Logistics Income | Europe | (4.3) | Quarter to 30 June 24 | Portfolio valuation increased 0.2% to €607.4m. NAV impacted by cost of managed wind down |
Impact Healthcare REIT | Healthcare | 2.6 | Half year to 30 June 24 | Like-for-like property values increased 2.9% to £670.1m |
Empiric Student Property | Student accommodation | 1.7 | Half year to 30 June 24 | Portfolio valuation increased to £1,134.9m reflecting a 1.3% net like-for-like increase |
Tritax Big Box REIT | Logistics | 1.2 | Half year to 30 June 24 | Portfolio now valued at £6.4bn following M&A activity. Up 0.7% on like-for-like basis |
Derwent London | Offices | (2.7) | Half year to 30 June 24 | Portfolio valued at £4.8bn, an underlying decrease in value of 1.7% |
Capital & Regional | Retail | (3.4) | Half year to 30 June 24 | 0.8% increase in like-for-like valuations over to £374.9 m |
CLS Holdings | Offices | (10.1) | Half year to 30 June 24 | Portfolio valuation down 4.1% to £1,910.4m |
Source: Marten & C
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