Directors dealings: Great Portland Estates non-exec buys in
Wendy Becker, a non-executive director at Great Portland Estates, picked up some shares for her SSIP.
FTSE 250
19,884.73
17:14 28/03/24
FTSE 350
4,383.21
17:14 28/03/24
FTSE All-Share
4,338.05
16:50 28/03/24
Great Portland Estates
387.80p
16:40 28/03/24
Real Estate Investment Trusts
2,325.80
17:14 28/03/24
Becker, who was named to her post on 16 January, bought 10,000 shares at an individual price of 645.08p on 6 March, the company said in a statement, for a total transaction amount of £64,508.00.
On 10 February, the Central London-focused property investment and development company announced the sale of Rathbone Square, London W1, its largest ever development, to Rathbone Place Jersey Limited for £435m, reflecting a net initial yield to the buyer of 4.25%.
A week and a half afterwards, analysts at HSBC trimmed their target on Great Portland Estates from 664.0p to 657.0p, while reiterating their recommendation to 'Hold'.
By itself, that transaction, which was conducted a 4% discount to the September 2016 valuation, equated to a 5.0p per share reduction on the firm's September 2016 net asset value per share of 813p.
"The sale of this asset is GPE doing what is says on the tin - recycling assets challenged in meeting the company’s hurdle rate-of-return (so often the case for newly completed properties secured with long-leases at mature points in the cycle)," HSBC said.
Top Director Buys
Great Portland Estates (GPOR)
Director name: Becker,Wendy
Amount purchased: 10,000 @ 645.08p
Value: £64,508.00
Uk Commercial Property Trust (UKCM)
Director name: Ayre,Michael
Amount purchased: 42,000 @ 82.70p
Value: £34,734.00
Helical (HLCL)
Director name: Kaye,Gerald A
Amount purchased: 432 @ 312.50p
Value: £1,350.00
Helical (HLCL)
Director name: Walker,Duncan
Amount purchased: 432 @ 312.50p
Value: £1,350.00
Helical (HLCL)
Director name: Murphy,Tim
Amount purchased: 432 @ 312.50p
Value: £1,350.00
Sse (SSE)
Director name: Alexander,Gregor
Amount purchased: 10 @ 1,535.74p
Value: £153.57
Top Director Sells
Sthree (STHR)
Director name: Elden,Gary
Amount sold: 4,025 @ 309.50p
Value: £12,457.38
Sthree (STHR)
Director name: Smith,Alex
Amount sold: 3,097 @ 309.50p
Value: £9,585.22