The directors of small real-estate investment trust McKay Securities (MCKS) are taking a lot of risk off the table. Managing director Simon Perkins, finance director Giles Salmon and property director Steven Mew have all sold substantial quantities of shares this month. In total, Mr Perkins has sold 230,100 shares, more than halving his stake.
The company's performance still looks robust, however. With strong demand for refurbished properties from tenants looking for quality office space, rents in the office market of the South East - McKay's stomping ground - have been rising fast. In the first quarter, the company signed 15 new tenants at rates 7.8 per cent above surveyors' estimates of rental value. Occupancy in mid-July was consequently 93.5 per cent, up from 91.8 per cent at the March year-end.