Good afternoon, it is February 19th 2021 and here is your economic and market update from BlackBee.
- Biggest landlord in Ireland saw rental income increase by 20% in 2020.
- Minutes of ECB’s meeting released.
The biggest landlord in the State, Ires Reit saw its rental income increase by almost 20% in 2020 to €59.8m. The company’s average monthly rent stood at €1,596 in 2019 but saw an increase of 1.8% to €1,624 in 2020. According to the group’s annual results, the increase in performance was driven by the completion of the 2019 Marathon acquisition and the addition of 173 new units last year. Ires said occupancy across the residential portfolio remained robust at 98.4% while the residential rent collection also remained stable at around 98.9% for 2020. The Dublin listed company saw its portfolio value increase to €1.4bn as at 31st December 2020. This is an increase of 1.6% on the year prior. (Source: Irish Independent)
According to the minutes of their meeting last month, European Central Bank policymakers committed to keep “a steady hand” on stimulus measures, and promised to disregard any short term jumps in inflation or nominal interest rates. The minutes reinforce the belief that the European Central Bank will avoid any significant policy changes for the year. Figures released in early February showed that the inflation rate had increased at the fastest rate in over a decade in January and to its highest level since the pandemic began. Headline consumer price inflation in January was 0.9%, up from -0.3% in December. The ECBs governing council said that “a temporary boost to inflation should not be mistaken for a sustained increase, which was still likely to emerge only slowly”. (Source: FT).
Best & Worst Performers of Large Cap US Stocks on Thursday
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Global Market Update
(as at close of markets 18/02/2021)