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QuotedData’s other news 26 April 2019

Gresham House Energy Storage has announced that it believes it will be fully invested by the end of the year. It is seeking to issue up to 75m new shares via a placing. Cantor Fitzgerald are running this, the closing date is 3pm on 24 May, the price is 101p – a premium to NAV but a discount to the share price – and it is only open to institutional investors.

AEW UK REIT announced that its NAV had slipped in the first quarter of 2019 – from 100.37p to 98.61p. On a like-for-like basis the valuation
of the property portfolio decreased by GBP1.75 million. A quarterly 2p dividend has been announced. The drop in the NAV is largely attributable to the ongoing woes of the retail property sector.

UK Commercial Property REIT’s results for 2018 show an NAV return of 4.5%, behind the MSCI IPD benchmark of 6.7%. The share price fell by 2% but, as the statement points out, an index of UK REITs fell by 12.4% over the same period. Earnings slipped and so the dividend was not covered. The chairman said “The strong performance of our industrial assets was partially offset by the ongoing challenges faced by the retail sector and one off transaction costs in Q4 2018.”

VPC Speciality Lending reported an 8.96% return on NAV for 2018 and an 8.46% return to shareholders. An 8p dividend was offset slightly by a 0.67p fall in the NAV. A revenue return of 11.4% was offset by capital losses of 2.4%, some of which they attribute the costs of currency hedging.

LXi REIT has bought a garden centre and a gym for £17.1m (a blended net initial yield of 5.6%). The 18 acre, 500 parking place, garden centre in Morpeth is let to Dobbies on a new 30-year lease with RPI uplifts (capped and collared between 1% and 4%). The 15,000 sq ft gym is let to Pure Gym on a new 15-year lease. it is located in Andover. The purchases were part-funded by the proceeds of the sale of a portfolio of social housing assets – sold on a 5.3% yield and bought of a 6.0% yield, these assets made 19.1% a year for LXi over the time they held them.

Other stories published this morning on

AVI Japan Opportunity

Witan Pacific

Globalworth

Riverstone Energy

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