Realty Income splashes £574m on European real estate
Realty Income, which since its debut in the UK in 2019 has become one of the most prolific buyers of UK retail parks, splashed some $326.5m (£252m) on European real estate in the three months ended 30 September.
New figures from the US-based group, published today, reveal that almost 55% of its spending during the period was outside its homeland, with just $267.2m out of $593.7m spent on real estate acquisitions in the US.
The group made a total of 82 acquisitions across the quarter. By number these were mostly in the US, with 67 deals completed, but higher purchase prices in Europe meant that more cash was invested across 15 deals.
Realty Income, which since its debut in the UK in 2019 has become one of the most prolific buyers of UK retail parks, splashed some $326.5m (£252m) on European real estate in the three months ended 30 September.
New figures from the US-based group, published today, reveal that almost 55% of its spending during the period was outside its homeland, with just $267.2m out of $593.7m spent on real estate acquisitions in the US.
The group made a total of 82 acquisitions across the quarter. By number these were mostly in the US, with 67 deals completed, but higher purchase prices in Europe meant that more cash was invested across 15 deals.
For the nine months ended 30 September, Realty Income has invested $744.4m – or more than 64% of its total spending – in Europe. It spent in $414.3m in the US, bringing total spending for the year so far to more than $1.1bn.
The firm now owns some 15,457 properties let to 1,552 tenants. The portfolio is 98.7% let.
Total revenue across the business for the first three quarters of the year topped $3.9bn, up from just over $3bn in the same period in 2023. Net income dipped, however, from $653.9m to $648.3m.
President and chief executive Sumit Roy said its results reflected a “disciplined execution of our strategy and the inherent benefits of our global platform”.
“Supported by improvements in the investment environment and solid operating results, we see a robust pipeline of opportunities,” added Roy. “Looking ahead, Realty Income is pursuing a wide range of growth opportunities, including capital diversification initiatives to further enhance the reach and scale of our proven platform.”
Realty said it had some $5.2bn of available liquidity in the business at the quarter end.
