- Law Debenture will shift from the AIC’s global sector to the UK Equity Income sector. This forms part of a review of sectors by the AIC which we will tell you more about later.
- PME Africa’s results show its NAV falling to 15 cents from 21 cents – the fund had assets of just $3.7m at the end of December 2018. The company now has one remaining asset, a leasehold building in Dar-es-Salaam, Tanzania. The property, which is managed by a local managing agent, has 20 years left on the lease and it is currently 81.4% let.
- Impact Healthcare REIT’s fundraise was significantly oversubscribed and the board has decided to accept £100m.
- Triple Point Social Housing REIT made a comment on BeST (see yesterday’s Civitas news) – “The company has five assets leased to BeST, the aggregate value of which, as at 31 December 2018, was £5.04m, representing 1.38% of the group’s net asset value. All units are either fully occupied or otherwise covered by voids agreements. Three assets each have one unoccupied unit. The assets are of a high quality and the rent payable under the leases with the company continues to be paid. The company’s delegated investment manager, Triple Point Investment Management LLP, has an established relationship with BeST and has been in regular dialogue with it, particularly with regard to the regulatory review. The company notes BEST has ongoing engagement with the Regulator and is currently taking steps to address the Regulator’s concerns.“
- AEW UK Long Lease said “the assets and business of Meridian Metal Trading Ltd (“MMT”), a tenant of the group, have been acquired out of administration by Meridian Steel Limited, part of the DITH Group. The DITH Group, Duferco International Trading Holding SA, are headquartered in Luxembourg with a main operating base in Lugano, Switzerland. Further details regarding the arrangements for the three assets previously leased to MMT will be made in due course.“
In addition, there is a big announcement from Hipgnosis