16 Oct 2019 15:10
16 October 2019
Secure Income REIT Plc
(the "Company")
Director/PDMR Interest in Shares
The Board of the Company has been notified of a sale in the market of 5,616,616 shares in Secure Income REIT Plc today by PIHL Property LLP, undertaken to facilitate the exit of Secure Income REIT Plc shares formerly held by Nigel Wray as part of his succession and estate planning. Mr Wray held a non-executive position in the management of PIHL Property LLP. The shares were sold at an average price of 420.0 pence per share.
PIHL Property LLP is connected to the Prestbury management team, the external adviser to the Company, which has confirmed that following the sale, the holding in Secure Income REIT Plc of the executive team (Nick Leslau, Mike Brown, Tim Evans, Sandy Gumm and Ben Walford) remains unchanged.
The Prestbury management team holding totals 12.0% (of which a 5.2% interest is held through PIHL Property LLP), worth some £170 million, one of the largest percentage and absolute management holdings in the listed UK real estate sector.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| PHIL Property LLP | |||
2
| Reason for the notification
| ||||
a)
| Position/status | PCA of Nick Leslau (Director) | |||
b)
| Initial notification /Amendment
| Initial | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name | Secure Income REIT Plc | |||
b)
| LEI
| 213800M1VI451RU17H40 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares | |||
Identification code | GB00BLMQ9L68 | ||||
b)
| Nature of the transaction
| Disposal | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
420.0p | 5,616,616 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | GBP 23,589,787 | ||||
- Price | 420.0p | ||||
e)
| Date of the transaction
| 16 October 2019 | |||
f)
| Place of the transaction | London Stock Exchange | |||
Ends
For further information on the Company, please contact:
Secure Income REIT Plc | +44 20 7647 7647 |
Nick Leslau Sandy Gumm
| enquiries@SecureIncomeREIT.co.uk |
Stifel Nicolaus Europe Limited (Nominated Adviser) |
+44 20 7710 7600 |
Stewart Wallace | stifelsecureincomereit@stifel.com |
Tom Yeadon | |
FTI Consulting (PR Adviser) Dido Laurimore Claire Turvey Eve Kirmatzis |
+44 20 3727 1000 SecureIncomeREIT@fticonsulting.com |
About Secure Income REIT Plc
Secure Income REIT specialises in generating long term, inflation protected, secure income from real estate investments. Its investment strategy is designed to satisfy investors' growing requirements for high quality, safe, inflation protected income flows.
At 30 June 2019, the Group's investment property portfolio (adjusted for the sale of eight hospitals after the balance sheet date) was valued at £2.1 billion, producing £111.1 million per annum of rental income from long term leases with a weighted average unexpired term to expiry of 21.5 years with no breaks. All rental income is subject to fixed uplifts or RPI upwards only rent reviews with 59% of rental income subject to RPI linked reviews and 41% having fixed uplifts.
The Group's portfolio comprises key operating assets let to strong businesses in defensive sectors with high barriers to entry. The RPI-linked rent reviews and fixed rental uplifts combine with fixed cost debt to drive healthy dividend growth, creating attractive and predictable returns.
The Company is advised by Prestbury Investments LLP which was adviser to Max Property Group plc until August 2014, when all of the assets of Max Property Group plc were sold to Blackstone Group. Prestbury Investments LLP is a partnership of real estate and finance professionals including Nick Leslau, Mike Brown, Tim Evans, Ben Walford and Sandy Gumm.
The Company's Board is chaired by Martin Moore together with three further independent Directors: Leslie Ferrar, Jonathan Lane and Ian Marcus, as well as three members of the Prestbury Team: Nick Leslau, Mike Brown and Sandy Gumm.
The Company is a UK REIT which floated on the AIM market of the London Stock Exchange in June 2014.
The Company's LEI is 213800M1VI451RU17H40
Further information on Secure Income REIT is available at www.SecureIncomeREIT.co.uk.