The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Urban Logistics REIT plc 20-March-2024 / 13:32 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the t...
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Urban Logistics REIT plc 05-March-2024 / 14:32 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the t...
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Urban Logistics REIT plc 28-Feb-2024 / 14:36 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the tru...
If an inflexion point in the rates cycle has been reached, as seems to be the case, Urban Logistics REIT (SHED) appears to be an attractive proposition. Valuations look to have stabilised – as evidenced by a 0.2% uplift in the value of its portfolio in the six months to September 2023 – while the company says that it has rental reversion baked into its portfolio. SHED’s manager has a track record of creating value through asset management initiatives, and says that it will continue to be a focu...
If an inflexion point in the rates cycle has been reached, as seems to be the case, Urban Logistics REIT (SHED) is a compelling proposition. Valuations have stabilised – as evidenced by a 0.2% uplift in the value of its portfolio in the six months to September 2023 – while the company has substantial reversion baked into its portfolio. SHED’s manager has an enviable track record of creating value through asset management initiatives, and says that it will continue to be a focus for the company ...
The industrial and logistics sector suffered its largest fall in value on record in the second half of 2022, even eclipsing that of the global financial crisis, as investment yields moved out rapidly to keep pace with interest rates. The re-rating of Urban Logistics REIT’s (SHED’s) share price was at an even greater velocity, putting it on a wide discount. However, evidence that values have bottomed out is building, with MSCI reporting uplifts in March for the first time in months. Whilst SHED h...
The industrial and logistics sector suffered its largest fall in value on record in the second half of 2022, even eclipsing that of the global financial crisis, as investment yields moved out rapidly to keep pace with interest rates. The re-rating of Urban Logistics REIT’s (SHED’s) share price was at an even greater velocity, putting it on a wide discount. However, evidence that values may have bottomed out appears to be building, with MSCI reporting uplifts in March for the first time in months...
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
If one looks through the current interest rate cycle and trusts that inflation will be brought under control at some point within an investable timescale, then the hope is that as the cost of capital reduces real estate values will rise again. Our worst-case scenario of a 200bps move in yields and no rental growth would see valuations fall by a third. Many of the discounts that industrial and logistics property companies are trading on are currently wider than this. Couple this with the strong o...
Recently, Urban Logistics REIT (SHED) has fallen to a wide discount rating, as the rising cost of debt and concerns over a protracted recession have hit sentiment towards the logistics property sector. However, the long-term trends that have characterised growth in the sector remain and are even more acute in the ‘last mile’ sub-sector that SHED operates. Supply of logistics space is at record lows, while demand is robust, with take-up for the first half of the year at record highs. The strength...
Recently, Urban Logistics REIT (SHED) has fallen to a wide discount rating, as the rising cost of debt and concerns over a protracted recession appear to have hit sentiment towards the logistics property sector. However, the manager states that the long-term trends that have characterised growth in the sector remain and are even more acute in the ‘last mile’ sub-sector that SHED operates. It says that supply of logistics space is at record lows, while demand is robust, with take-up for the first...
Urban Logistics REIT (SHED) is pressing ahead with its ambitious growth strategy, having raised £108.3m in a placing of shares in July 2021. This is the third successful capital raise it has made during the pandemic (totalling £336.7m), highlighting the strength and resilience of its investment proposition. SHED is the only listed company focused solely on the urban logistics sub-sector, which is benefitting from a surge in demand for space from e-commerce operators, as online retailing rates ac...
Urban Logistics REIT (SHED) is pressing ahead with its ambitious growth strategy, having raised £108.3m in a placing in July 2021. This is the third successful capital raise it has made during the pandemic (totalling £336.7m), highlighting the strength and resilience of its investment proposition. SHED is the only listed company focused solely on the urban logistics sub-sector, which is benefitting from a surge in demand from e-commerce operators and a chronic lack of supply.SHED’s manager, led ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The 12 November interims showed an impressive 16.0% annualised total asset return. The company’s “last-touch” distribution warehouse portfolio is in a strong spot. Market supply is reducing structurally, and demand is growing in the short and long term. In 2H’21, 17% of leases are being renewed into a strong market. Deployment of recent equity raises is ahead of schedule, set to complete (with gearing) by January 2021. Expertise is paying off in an actively managed portfolio, yet the shares trad...
Hardman & Co Research Hardman & Co Research: Urban Logistics REIT Plc: Six months to September: 8.0% total asset returns 03-Dec-2020 / 13:00 GMT/BST Hardman & Co Research: Six months to September: 8.0% total asset returns The 12 November interims showed an impressive 16.0% annualised total asset return. The company's "last-touch" distribution warehouse portfolio is in a strong spot. Market supply is reducing structurally, and demand is growing in the short and long term. In 2H'21, 17% of leases are being renewed into a strong market. Deployment of recent equity raises is ahead of ...
Hardman & Co Research Hardman & Co Research: Urban Logistics (SHED): The staff of life 15-Jan-2020 / 12:50 GMT/BST Hardman & Co Research: The staff of life Urban Logistics invests in 'mid-box', 'last-stage' distribution warehouses. Latest interim results indicate further strong progress, with EPRA NAV per share up 12% in 12 months and EPS and dividends up 25%. Positive market demand for this asset class is broadly based, including e-commerce fulfilment. Management has proved asset values in the market via a series of asset disposals, achieving blended 58% average total property ret...
Hardman & Co Research Hardman & Co Research: Urban Logistics (SHED): (Initiation of coverage) Plenty of future growth stored up 28-May-2019 / 14:30 GMT/BST Hardman & Co Research: Plenty of future growth stored up Urban Logistics (SHED) results (24 May) were robust. Prospects for continuing value-adding investment and capital recycling are clear and strong. SHED owns "mid-box", "last mile" distribution warehouses. Just as important is that this asset class is clearly placed to benefit consistently from engrained market trends in logistic requirements. SHED's marketplace is broader than the ...
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