TRADING UPDATES: Land Securities completes acquisition; Wag's new name
The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Land Securities Group PLC - London-based property development and investment - Completes acquisition of shopping centre Metrocentre, Gateshead for £516 million. The net cash consideration implies an in-place net rental income yield of 7.9%, based on in-place net rental income of £41 million. Landsec expects the yield to improve by around 40 basis points in the short term due to efficiencies of integrating the asset into its own operating platform. "At this price, Metrocentre offers an attractive combination of a high day-one income return, strong future rental growth prospects and an expected low double-digit unlevered [internal rate of return]," the company says. Adds: "This acquisition has further expanded Landsec's market-leading platform. It now owns three of the top ten and eight of the top 30 shopping centres in the UK, with major retail destinations now representing [around] 46% of the company's annualised rental income."
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Wag Payment Solutions PLC - Agrees to change name to Eurowag Group PLC. Says this is to reflect "its transition from a provider of payments and mobility solutions to an integrated digital platform business, bringing together mission-critical services for the commercial road transport industry." The name change is expected to be confirmed shortly, with a further announcement to be made once the name change is effective.
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