GPE buys several West End freeholds, Impact Healthcare secures interest rate cap

London open

The FTSE 100 is expected to open 34 points lower on Friday, having closed down 0.63% on Thursday at 7,310.21.

Stocks to watch

Great Portland Estates announced the acquisition of King Sloane Properties on Friday, which owns freehold properties in Soho Square, Oxford Street, and Falconberg Mews, from Belgravia & Chelsea Property Services for £70m. The FTSE 250 firm said the multi-let, mixed-use buildings covered 57,456 square feet, with future plans for demolition to create 90,000 square feet of new Grade A office and prime retail space.

Impact Healthcare REIT announced it had purchased a new £50m interest rate cap on Friday, capping SONIA at 4.0% for two years until 15 August 2025, at a cost of £1.76m. As a result, the London-listed company said it had now hedged or fixed interest rates on 92% of its total drawn debt of £191m. As at 30 June, its gross loan-to-value ratio stood at 28.5%, with no additional debt incurred since then.

Friday newspaper round-up

Covid jab manufacturers are preparing to make booster shots available for the public to buy after health officials gave the green light to private sales for the first time. Some pharmacists and private clinics say they are interested in offering Covid vaccination for sale on the high street to the tens of millions of people no longer eligible on the NHS. - The Times

France is intercepting fewer Channel migrants than last year despite a £480 million funding deal with Britain to help stop crossings, The Telegraph can reveal. Official figures show that just 13,759 – or 45.2 percent – of migrants have been stopped by French beach patrols since January, down from 17,032 (45.8 per cent) over the same period last year. There have been fewer overall attempted crossings this year, partly because of bad weather. - Telegraph

Law enforcement officials in Georgia say they are investigating threats targeting members of the grand jury that indicted former President Donald Trump and 18 of his allies, after private information about jurors was published online. On Thursday, the Fulton county sheriff’s office announced that it was “aware that personal information of members of the Fulton county grand jury is being shared on various platforms”. - Guardian

The cost of UK government borrowing rose to the highest level since the financial crisis yesterday when fears that interest rates would stay higher for longer triggered a sell-off on international bond markets. Yields on US and UK bonds, which reflect government borrowing costs, hit a 15-year high after predictions that stubborn inflation could mean interest rates will rise again. - The Times

Rich Middle Eastern gamblers are being put off spending in the UK by Rishi Sunak’s tourist tax, the chief executive of one of Britain’s biggest casino chains has said. John O’Reilly, chief executive at Rank Group, which owns Grosvenor Casinos, blamed weak sales at his London casinos on the end of VAT-free shopping in Britain. - Telegraph

High street banks will have to ensure customers can find access to cash within three miles of their local communities, and those falling below the minimum service level will face a fine, the government has confirmed. After the closure of thousands of local branches in recent years, and the switch to digital payment methods, ministers are looking to banks to help protect vulnerable groups and elderly customers by maintaining present levels of cash access across the UK. - Guardian

US close

Wall Street’s major indices closed in the red on Thursday, after 10-year Treasury yields surged to their highest mark since the global financial crisis of 2008.

The downward momentum came amid expectations that the Federal Reserve could sustain elevated interest rates for an extended period.

At the close, the Dow Jones Industrial Average was down 0.77% at 34,474.83, while the S&P 500 recorded a 0.77% loss to settle at 4,370.36 points.

The tech-focussed Nasdaq Composite saw an even steeper descent, finishing the day 1.17% lower at 13,316.93.

In the currency space, the dollar was last down 0.05% on sterling at 78.41p, while it depreciated 0.13% against the euro to change hands at 91.86 euro cents.