- Pickup in resource sectors negated by slight deceleration in manufacturing and utilities.
- The metropolitan government raised its virus alert to the highest of four levels.
SCA Property Group agreed to acquire Auburn Central Shopping Centre from Elanor Retail Property Fund for A$129.5 million. Auburn Central is anchored by Woolworths, Aldi and Tong Li supermarkets, with 52 specialty tenants heavily weighted to non-discretionary categories
- The WHO warned that a tough six months lies ahead for Europe, but noted new cases were declining as lockdowns curb infection.
- The EU’s most senior official, Ilze Juhansone, told envoys of 27 member states that the majority of the 11 key negotiation issues now had joint legal texts with fewer and fewer outstanding points.
UK listed self-storage REIT Safestore Holdings Plc provided its fourth quarter trading update for the final 3 months of its fiscal year ending October 31, 2020. Detailed financial results for the 2020 fiscal will be reported in January 2021. Safestore operates primarily in the UK and Paris metro, but has entered the Belgian, Dutch and Spanish markets over the past 18 months with small acquisitions. Safestore reported that like-for-like revenues increased 3.1% for the quarter and 4.3% for the full year, each on a constant exchange rate (CER) basis. Average occupancy increased 3.1% for the quarter and 2.3% for the full year, while the average storage rate increased 0.4% for the quarter and 2.0% for the year. The like-for-like ending occupancy increased 320 bps for the quarter to 80.8%. The rebound in occupancy in the 4th quarter is directionally similar to the rebound that UK peer Big Yellow reported this week with its results for the six months ended September 30. The self-storage sector has proven to be more resilient than expected to the challenges presented by the COVID-19 crisis. The self-storage sector has also been one of the better performing REIT sectors in the US this year.
In the U.S.:
- The obstruction of the transition team may delay how the vaccine is distributed and cost American lives.
- It added that the majority of adverse events were mild or moderate in severity. Pfizer (PFE) stated that it had filed on Friday for emergency approval for its vaccine, which was disclosed this week to be over 95% effective.
Rexford Industrial Realty (REXR) announced the acquisition of a four-building industrial complex and a three-tenant industrial property for $339.2M. The 45.12 acre project comprises four Class A industrial buildings containing 989,195 square feet, leased at rents estimated to be approximately 21% below current market rates.
The views expressed in this update are as of the date of this blog entry. These views and any portfolio holdings discussed in the update are subject to change at any time based on market or other conditions. The adviser disclaims any duty to update these views, which may not be relied upon as investment advice. In addition, references to specific companies’ securities should not be regarded as investment recommendations or indicative of the Adelante products, strategies, or portfolios.