LondonMetric Sells Four Multi-let Industrial Estates To Hines For £40.5 Mln
LondonMetric Property Plc (LMP.L) Thursday announced the sale of a portfolio of four multi-let industrial estates, to Hines, for 40.5 million pounds, reflecting a NIY of 6.2 percent.
The sale is expected to be earnings per share accretive and represents the company’s exit from highly operational multi-let industrial estates.
The estates total 435,000 sq ft across 47 units and generate £2.7 million p.a. of rental income, with a WAULT to first break of 2.9 years. Among the assets, three are located in Birmingham and the fourth in Rugby.
LondonMetric had acquired the selling properties as part of the Mucklow acquisition in June 2019 for an allocated price of 30.9 million pounds.
The company said it has now disposed of 194 million pounds of former Mucklow assets, equating to 35 percent of the original portfolio and generating a 26 percent uplift against allocated cost.
Andrew Jones, Chief Executive of LondonMetric, said, “These assets have delivered returns materially above our initial expectations from a combination of rental growth and yield compression…. Looking forward, we will continue to focus on aligning the portfolio to NNN lease assets that can deliver secure income and growth without incurring dilutive operational costs.”
In London, LondonMetric shares were trading at 174.99 pence, down 0.12 percent.
MYT Netherlands Parent B.V. Q4 Earnings Summary
Below are the earnings highlights for MYT Netherlands Parent B.V. (MYTE):
Earnings: -Euro5.718 million in Q4 vs. Euro1.648 million in the same period last year.
EPS: -Euro0.07 in Q4 vs. Euro0.02 in the same period last year.
Revenue: Euro203.756 million in Q4 vs. Euro174.836 million in the same period last year.
Gold Slips As Investors Await ECB Decision
Gold prices were subdued on Thursday after U.S. consumer inflation data came in hotter than expected, keeping bets of more Fed rate hike alive.
Spot gold slipped 0.1 percent to $1,906.85 per ounce, while U.S. gold futures were down 0.3 percent at $1,927.70.
Data showed U.S. consumer prices increased 3.7 percent year-per-year last month, slightly ahead of the estimated 3.6 percent. Core inflation rose 4.3 percent, matching expectations.
Following the report, CME Group’s FedWatch Tool currently indicates a 97.0 percent chance the Federal Reserve will leave interest rates unchanged next week.
The outlook for November remains more mixed, with the FedWatch Tool indicating a 40.8 percent chance of another quarter point rate hike.
Trading later in the day may be impacted by reaction to the ECB rate decision as well as a slew of U.S. economic data, including reports on weekly jobless claims, retail sales and producer price inflation.
The European Central Bank is likely to raise interest rates for a 10th consecutive meeting but it’s a close call, given growing concerns about growth.
The central bank will update its forecasts for growth and inflation at today’s meeting.
Pre-market Movers: SPPL, NAOV, IFRX, PCT, IE…
The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 06.50 A.M. ET).
In the Green
InflaRx N.V. (IFRX) is up over 15% at $4.50.
Faraday Future Intelligent Electric Inc. (FFIE) is up over 11% at $5.70.
Surf Air Mobility Inc. (SRFM) is up over 9% at $2.16.
LiveWire Group, Inc. (LVWR) is up over 8% at $11.49.
AMC Entertainment Holdings, Inc. (AMC) is up over 8% at $8.96.
Las Vegas Sands Corp. (LVS) is up over 4% at $51.16.
Sasol Limited (SSL) is up over 4% at $12.57.
Enviva Inc. (EVA) is up over 4% at $7.26.
In the Red
SIMPPLE LTD. (SPPL) is down over 18% at $4.00.
NanoVibronix, Inc. (NAOV) is down over 18% at $2.31.
PureCycle Technologies, Inc. (PCT) is down over 14% at $6.50.
Ivanhoe Electric Inc. (IE) is down over 12% at $13.51.
Vital Energy, Inc. (VTLE) is down over 8% at $53.99.
Ascent Solar Technologies, Inc. (ASTI) is down over 8% at $8.66.
Amprius Technologies, Inc. (AMPX) is down over 7% at $3.70.
Autoliv, Inc. (ALV) is down over 3% at $93.58.
Oil Prices Edge Higher On Supply Tightness
Oil prices traded higher on Thursday after forecasts of tight supply in coming months.
The upside, however, remained capped by data showing an unexpected jump in U.S. crude inventories.
Benchmark Brent crude futures rose half a percent to $92.36 a barrel, while WTI crude futures were up 0.6 percent at $89.01.
Analysts say that the fundamental picture remains bullish due to rising oil demand and OPEC+ cuts to production.
The recent forecasts by the Organization of the Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA) also indicated tight supply in the coming months.
Meanwhile, data from U.S. Energy Information Administration (EIA) showed crude inventories rose by 3.954 million barrels in the week ended September 8th versus expectations for a decrease of 1.912 million barrels.
Gasoline stockpiles increased by 5.56 million barrels last week, much larger than an expected rise of 237,000 barrels, while distillate stockpiles rose by 3.931 million barrels, about 3 times the expected increase of 1.303 million barrels.
Pre-market Movers: WHLR, SPWH, ARTL, VRNT, HKIT…
The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 08.00 A.M. ET).
In the Green
Wheeler Real Estate Investment Trust, Inc. (WHLR) is up over 51% at $6.90.
Artelo Biosciences, Inc. (ARTL) is up over 23% at $2.91.
Hitek Global Inc. (HKIT) is up over 15% at $4.14.
Alarum Technologies Ltd. (ALAR) is up over 11% at $4.10.
LiveWire Group, Inc. (LVWR) is up over 9% at $11.18.
Kodiak Sciences Inc. (KOD) is up over 9% at $2.41.
WestRock Company (WRK) is up over 8% at $34.50.
Oscar Health, Inc. (OSCR) is up over 8% at $6.98.
Oil States International, Inc. (OIS) is up over 6% at $8.94.
Rosecliff Acquisition Corp I (RCLF) is up over 5% at $10.87.
In the Red
Sportsman’s Warehouse Holdings, Inc. (SPWH) is down over 24% at $3.40.
Verint Systems Inc. (VRNT) is down over 15% at $25.94.
Yext, Inc. (YEXT) is down over 13% at $7.88.
Amkor Technology, Inc. (AMKR) is down over 12% at $23.84.
ChargePoint Holdings, Inc. (CHPT) is down over 11% at $6.24.
BB Biotech AG Ord (BB) is down over 11% at $4.93.
C3.ai, Inc. (AI) is down over 10% at $28.16.
Rollins, Inc. (ROL) is down over 6% at $35.50.
Dutch Bros Inc. (BROS) is down over 6% at $26.25.
Crescent Energy Company (CRGY) is down over 6% at $12.56.