Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Retail woes put a large dent in property investor
Retail property investor Stewart & Wight (STE) has suffered a dramatic 12.1% drop in the value of its estate over the last year. It has blamed falling rental values and, in its own words, ‘little prospect of re-letting at current rental levels’ when leases expire on shops in its portfolio.
It has tried and so far failed to buy non retail properties to boost the company’s portfolio, plus it has stopped buying new retail sites.
It now plans to leave the stock market by holding a tender offer to buy back all shares at 590p, a 12.4% premium to the price at which the shares last traded before the big news. Its share listing will be cancelled if and when the tender offer completes.