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Palace Capital

EdisonTV | Property | 25/10/2017

Executive interview - Palace Capital

Palace Capital is an AIM-listed UK commercial property investment company. It is sector-agnostic and seeks opportunities where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London. In this interview FD Stephen Silvester discusses Palace's strategy, the strong track record of value creation and the prospects for the most recently completed portfolio acquisition and capital raising. The latter provides significant further opportunities for asset management and scale economies, and lifts the company's market capitalisation above £150m. Palace will now seek a Main Market listing.

Seven things investors should know about Dar Global – investing in luxury real estate

Seven things investors should know about Dar Global – investing in luxury real estate

Dar Global a leading developer of luxury residences in prime global locations, collaborates with renowned brands like Missoni and Pagani, significantly enhancing project values – often by up to 30%. Its client base, comprising high-net-worth and ultra-high-net-worth individuals, remains resilient to market fluctuations. Operating with a 'capital-light' model and leveraging joint development agreements and pre-sales to minimise upfront capital requirements, Dar Global’s approach facilitates rapid scaling. With 11 projects across six countries, valued at $5bn, and a diverse portfolio, Dar Global presents a distinctive investment opportunity in luxury real estate. Learn seven things investors should know about Dar Global and watch this interview where Ziad El Chaar, CEO of Dar Global, answers key investor questions. For more in-depth insights, read director of industrials Andy Murphy’s initiation note, or visit darglobal.co.uk to explore the company directly and access additional resources.
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18/01/2024 | Dar Global

Regional REIT - executive interview

Regional REIT - executive interview

Regional REIT (RGL) is focused on investment in offices in regional centres across the UK, outside the M25. It is actively managed with a strong focus on income returns. The strong post-pandemic recovery in leasing seen in FY22 paused in H123, as occupiers adopted a cautious ‘wait and see’ approach. Positively, those leases that were completed in H123 were at higher rents, and the strong ‘return to the office’ provides support to the asset manager’s expectations that leasing will accelerate. Reflecting the impact on occupancy and property costs, quarterly DPS was rebased to 1.2p (or an annualised 4.8p), a level which RGL expects will be sustainably covered by earnings. Meanwhile, an increased focus on asset sales, especially empty properties with high carrying costs, aims to balance net income retention with a reduction in gearing. The market has reacted very negatively to the results, and despite the dividend rebasing, RGL continues to offer a sector leading yield. In this interview, Stephen Inglis, CEO of the asset manager to RGL, London & Scottish Property Investment Management, discusses in detail the results for the six months to 30 June 2023 (H123), the background to the dividend rebasing, and the company’s plans to reduce gearing. He also provides an update on the regional office market and his optimism for the occupational market and rental growth.
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25/09/2023 | Regional REIT

Picton Property Income ETV: Resilient FY23 with continued portfolio outperformance

Picton Property Income ETV: Resilient FY23 with continued portfolio outperformance

Picton Property Income is an internally managed UK REIT with a diversified portfolio of commercial property across the UK. It is total return driven with an income focus and aims to generate attractive returns through proactive management of the portfolio. In this interview, CEO Michael Morris discusses the recently published results for the year to 31 March 2023 (FY23) and the outlook. Despite the challenging market conditions, FY23 underlying (EPRA) earnings were resilient, which together with strong rent collection supported a 4% increase in DPS paid. The impact of market-wide property yield widening on NAV was mitigated by portfolio outperformance, the result of asset management initiatives, and low gearing. Picton’s property portfolio has now outperformed the MSCI Quarterly Property Index in each of the past 10 years with upper quartile performance over three, five and 10 years, and since launch in 2005. The portfolio contains significant further income potential and, in this context, continuing occupier demand, rent growth and mostly long-term fixed rate borrowings are positive indicators for income earnings. Meanwhile, in 2023 to date, market-wide property valuations have shown increasing resilience after the significant downward repricing to higher interest rates and bond yields in the second half of 2022. Additionally, with its experienced management team, established portfolio performance record and strong balance sheet, the company is well placed for external growth opportunities.
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05/06/2023 | Picton Property Income

Regional REIT – executive interview

Regional REIT – executive interview

Regional REIT (RGL) is focused on investment in offices in regional centres across the UK, outside the M25. It is actively managed with a strong focus on income returns and, since listing in November 2015, it has consistently provided one of the highest yields across the UK commercial property market. Despite a continuing challenging environment, this remained the case in the year to 31 December 2022, with RGL meeting its target of a fully covered DPS of 6.6p, with a very strong leasing performance offseting the inflationary headwind. Meanwhile, more than 99% of RGL’s tenants are back in occupation of their properties in some form, and the company hopes soon to provide data on the actual number of employees back at their desks, for which early indications are positive. In this interview, Stephen Inglis, CEO of the asset manager to RGL, London & Scottish Property Investment Management, discusses the 2022 results in more detail and the outlook for the company, including these positive indicators from the regional office occupier market and a more settled outlook for the investment market and property valuations.
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03/05/2023 | Regional REIT

Foxtons Group – executive interview

Foxtons Group – executive interview

Foxtons Group is London’s leading estate agency with three connected divisions: Sales, Lettings and Financial Services. It currently has a net cash balance sheet which it is utilising to expand its business, especially in the Lettings market. Foxtons CEO Guy Gittins outlines his journey back to Foxtons and his plans for the future in this ETV. He talks about his career prior to his appointment in September as CEO and what it is like to be back at the company. He gives an overview of Foxtons’ current strategy and how that is expected to evolve in the future. Finally, he discusses the Q322 results and the key challenges facing the business.
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07/11/2022 | Foxtons Group

Regional REIT - executive interview

Regional REIT - executive interview

Regional REIT (RGL) is focused on investment in offices in regional centres across the UK, outside the M25. It is actively managed, with a strong focus on income returns that have been a consistent contributor to across-cycle UK commercial property total returns compared with more cyclical changes in capital values. Active asset management and capital recycling are key elements in sustaining asset yields, the basis on which RGL has consistently provided one of the highest yields in the sector since listing in November 2015. Dividends have contributed all of the average 5.7% accounting return over the same period. Despite a continuing challenging environment, recent interim results to 30 June 2022 (H122) show good operational progress with more than 99% of tenants back in occupation of their properties, a strong uplift in new lettings, and increased EPRA occupancy. Dividends declared leave the company on track to meet its 6.6p target for the year. In this interview, Stephen Inglis, CEO of the asset manager to RGL, London & Scottish Property Investment Management, discusses the results in more detail and the outlook for the company, including the positive indicators for a continuing post-pandemic recovery in the regional office market.
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26/09/2022 | Regional REIT

Picton Property Income – executive interview

Picton Property Income – executive interview

Picton Property Income’s diversified portfolio of commercial property across the UK is actively managed for total returns but with a strong focus on income and dividends. It aims to be one of the consistently best-performing diversified UK REITs and has built a strong and consistent track record. The FY22 accounting total return was an exceptional 28.3%, including good growth in recurring income and dividends and strong capital growth, particularly benefiting from significant exposure to industrial and retail warehouse assets. At the property level, the company’s FY22 ungeared property total return of 24.3% outperformed the MSCI UK Quarterly Property Index return of 19.6%, as it has done for the past nine years, with upper-quartile performance over three, five and 10 years and since inception. In this interview, Picton’s CEO, Michael Morris, discusses the recently released FY22 results, commercial property market developments and his positive outlook.
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14/06/2022 | Picton Property Income

Interview with Michael Morris, CEO of Picton Property Income

Interview with Michael Morris, CEO of Picton Property Income

Picton Property Income’s diversified portfolio of commercial property across the UK is actively managed for total returns but with a strong focus on income and dividends. It aims to be one of the consistently best-performing diversified UK REITs, and has built a strong and consistent track record. At the property level, it has outperformed the MSCI UK Quarterly Property Index over one, three, five and 10 years and since inception, putting it in the top quartile in each of the last seven years. Outperformance continued in the six months ended 30 September 2021 (H122), benefiting from strong performance from an overweight position in industrials and retail warehouses. At the company level, reflecting the use of debt and operational cost, Picton has generated an aggregate average accounting return of 8.8% pa in the past five years. In this interview, Picton’s CEO, Michael Morris, discusses the interim results, commercial property market developments and the outlook for the company.
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23/11/2021 | Picton Property Income

Interview with Stephen Inglis, CEO of the asset manager to Regional REIT

Interview with Stephen Inglis, CEO of the asset manager to Regional REIT

Regional REIT (RGL) is focused on investment in offices in regional centres across the UK, outside the M25 (now more than 90% of the portfolio). It is actively managed and, with a strong focus on income, it provides one of the highest yields in the sector. Since listing in November 2015, to 30 June 2021 it has generated an aggregate accounting return of 39.9% or a compound average annual return of 6.1%, all generated by dividends paid. The FTSE EPRA NAREIT UK Index has returned an aggregate 4.7% or 0.8% pa over the same period. In this interview, Stephen Inglis, CEO of the asset manager to RGL, London & Scottish Property Investment Management, discusses the recent interim results to 30 June 2021, developments in the regional office market, the focus of RGL’s investment and reinforced by significant recent transactions, and the outlook for the company.
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08/10/2021 | Regional REIT

S Immo – executive interview

S Immo – executive interview

In this interview, Dr Bruno Ettenauer, S Immo’s CEO, discusses the new management’s strategic priorities following the failed takeover bid from IMMOFINANZ. He comments on the company’s recent sale of its minority stake in CA Immobilien Anlagen and its intention to sell its minority stake in IMMOFINANZ. Moreover, he elaborates on the measures aimed at enhancing S Immo’s FFO1 generation, as well as its regional focus in terms of prospective investments. The CEO also presents S Immo’s approach to ESG.
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03/09/2021 | S Immo

Picton Property Income - executive interview

Picton Property Income - executive interview

In this video, Michael Morris, chief executive of Picton Property Income, discusses the recently released results for the year to 31 March 2021 (FY21), Picton’s long-term record of portfolio outperformance versus the MSCI UK Quarterly Property Index and the company’s prospects. •Despite the twin challenges of the pandemic and Brexit, FY21 EPRA earnings and EPS were at a similar level to FY20, occupancy increased, rent collection was a strong 92% and, on an annualised basis, quarterly DPS is now back to 90% of pre-pandemic levels. EPRA NTA increased, supported by a strong weighting to industrial property and asset management, and the total accounting return was 6.6%. •On an ungeared basis, Picton’s property portfolio has outperformed the MSCI UK Quarterly Property Index over one, three, five and 10 years and since inception, with top-quartile performance in each of the past six years. •Picton goes into the current year with significant reversionary income potential and a strong balance sheet with the flexibility to support accretive acquisitions.
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23/06/2021 | Picton Property Income

S Immo - EKF interview

S Immo - EKF interview

S Immo is a real estate investment company headquartered in Vienna investing in Austria, Germany and selected CEE/SEE markets. At end-June 2020, it held properties with a book value of around €2.4bn, including office (42%), residential (30%), retail (19%) and hotel properties (9%). In the interview, Friedrich Wachernig (member of the management board) discusses S Immo’s portfolio composition and the extent of its resilience to the pandemic. He also comments on the company’s regional positioning and current balance sheet strength. Finally, he shares his views on the mid- to long-term implications of COVID-19 and digitalisation for the real estate markets.


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20/10/2020 |

Executive interview - Civitas Social Housing

Executive interview - Civitas Social Housing

In this audio interview, Paul Bridge, CEO and Andrew Dawber, group director discuss the industry, recent company developments, the impact of COVID-19 and the long-term outlook. Civitas Social Housing is a market-leading REIT dedicated to investing in the regulated social housing sector across the UK with the dual objective of achieving positive financial returns and large-scale measurable social impact.
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14/04/2020 |

Executive interview - Picton Property Income

Executive interview - Picton Property Income

is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It aims to be one of the consistently best-performing, diversified, UK-focused property companies on the Main Market of the LSE. IT has outperformed the MSCI Quarterly Property Index over one, three, five and 10 years, and in the most recent reporting period (the six months ended 30 September 2019) it delivered an ungeared property total return of 3.5% compared with the Index return of 0.8%. To achieve this, Picton pursues a total return-focused strategy while giving a heavy focus to income returns. In this interview, chief executive Michael Morris discusses the interim results and the outlook.
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19/11/2019 |

Executive interview - Noratis

Executive interview - Noratis

In this interview, André Speth (CFO) describes Noratis as a specialised asset developer, positioned between portfolio holder and property developer. He also discusses the growth potential for its target market (residential properties with optimisation potential in non-core German cities) and elaborates on its plans for further portfolio expansion. Moreover, Mr André Speth explains prospective funding options and outlines Noratis's financial forecast for FY19.
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16/09/2019 |

Executive interview - Regional REIT

Executive interview - Regional REIT

Regional REIT (RGL) provides investors with highly diversified exposure to UK commercial property (predominantly office and industrial property) in the main regional centres of the UK, effectively outside the M25 motorway. It aims to deliver an attractive total return to investors of at least 10% over the long term, with a strong focus on income plus capital growth. The shares provide one of the highest yields in the REIT sector and, barring unforeseen circumstances the company expects to pay aggregate dividends of 8.25p per share for 2019 (+2.5% versus 2018). In this interview, Stephen Inglis, Group Property Director and Chief Investment Officer of London & Scottish Property Investment Management, the asset manager of RGL, discusses the recently released half-year results, the successfully completed £62.5m equity raise and the plans for accretive new investment.
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16/09/2019 | Regional REIT

Executive interview - Picton Property Income

Executive interview - Picton Property Income

Picton Property Income is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It aims to be one of the consistently best-performing, diversified, UK-focused property companies on the Main Market of the LSE. It has outperformed the MSCI Quarterly Property Index over one, three, five and 10 years, delivering an FY19 ungeared property total return of 7.5% compared with the Index return of 4.6%. To achieve this, Picton pursues a total return-focused strategy while giving a heavy focus to income returns. In this interview, Chief Executive Michael Morris discusses the results for the year ended 31 March 2019 and the outlook.
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29/05/2019 |

Executive Interview - Regional REIT

Executive Interview - Regional REIT

In this interview Stephen Inglis, CEO at London & Scottish Investments and the asset manager to Regional REIT, discusses the strong results that were recently announced for 2018 (EPRA NAV total return of 16.6%), as well as progress with strategy, and future prospects.
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23/04/2019 | Regional REIT

Executive interview – Custodian REIT

Executive interview – Custodian REIT

Custodian REIT (CREI) is a London Main Market-listed REIT focused on commercial property in the UK outside London. It has a strong income focus, with a commitment to pay a high but sustainable and covered dividend. To this end, it targets a balanced portfolio, with a focus on smaller lot sizes of less than £10m. Fully covered dividends paid since the IPO in 2014 represent more than 70% of the NAV total return, a compound 7.3% pa.
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18/01/2019 | Custodian Property Income REIT

Executive Interview - EYEMAXX

Executive Interview - EYEMAXX

Eyemaxx Real Estate AG is active as an international real estate developer in Germany, Austria and Central Europe. The Company's core business is the development of commercial properties in the area of retail parks and retail parks as well as develops economy and low budget hotels.
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06/12/2018 | EYEMAXX

Executive Interview - Noratis

Executive Interview - Noratis

Noratis is a specialised asset developer, acquiring residential rental income-producing assets with optimisation potential in non-core German cities. Investing in the asset base and improving the tenant mix creates value, which Noratis exploits during well-structured individual or block asset sales. In this interview, CFO André Speth discusses the company’s model, sitting between portfolio holder and property developer, and its strong record of value creation and prospects following its recent transformative expansion. He also explains Noratis’s position as an attractive dividend stock despite long lead times for value enhancement.
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06/12/2018 |