BBGI has announced results for calendar year 2014, reporting a 3.5% increase in net asset value to 109.2p. The dividend for the year was 5.76p, a 4.7% increase on the 2013 figure. The combination of this and the fund’s premium meant that the total return to shareholders was 10.8% for the year. The average discount rate they use to value the portfolio fell to 8.2% from 8.4%.
Acquisitions completed during year include Company’s first in the US, as well as further acquisitions in Australia, UK and mainland Europe to bring the total number of projects they are invested in up to 36. The largest investments are now the Golden Ears Bridge in Vancouver, the M80 motorways in the UK, the E18 motorway in Norway, Victoria Prisons in Melbourne, Australia and the Northern Territories Secure facility also in Australia.
BBGI note the increased competitive environment for secondary projects and say they have been turning down most investments.
BBGI now holds stakes in 36 projects