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QuotedData’s morning briefing 24 May 2023

a coffee pot and a mug, good morning from QuotedData

In QuotedData’s morning briefing 24 May 2023:

  • Weiss Korea Opportunities Fund (WKOF) has announced that, due to the very limited number of elections received for the realisation opportunity (the results of which were announced on 10 May 2023), all of the realisation shares will be compulsory redeemed utilising WKOF’s existing cash reserves. The redemption price will be 177.62 pence per realisation share (equivalent to the NAV per realisation share as at 15 May 2023). The redemption proceeds due will be paid by cheque and sent to realisation shareholders on the week commencing 5 June 2023. All of the realisation shares will then be re-designated as ordinary shares and held in Treasury.
  • abrdn Property Income Trust (API) has completed a trio of lettings within its office portfolio, securing £321,200 of annual rent. A lease to The Birmingham Chamber of Commerce and Industry and an agreement for lease to FCN Group Ltd have completed at 54 Hagley Road in Birmingham, whilst a letting to OneStream Software Ltd has completed at 15 Basinghall Street in London. 54 Hagley Road is now over 90% let, while 15 Basinghall Street is now is fully-let. Overall fund occupancy rate now exceeds 95%.
  • abrdn European Logistics Income (ASLI) has reported a 6.5% fall in NAV to 111.2 euro cents per share for the quarter to 31 March 2023. This follows a 4.7% drop in the like-for-like value of its portfolio to €722.7m, reflecting continued market wide outward yield movements related to higher interest rates.
  • LondonMetric Property (LMP) has exchanged on the sale of a DHL logistics warehouse in Solihull for £20.5m, reflecting a net initial yield of 4.15%. The sale is at a small premium to the 31 March 2023 book value. The 142,000 sq ft warehouse was acquired in 2017 as part of a portfolio with an allocated purchase price of £15.7m. The sale crystallises an ungeared IRR of 9%.

  • Triple Point Social Housing REIT (SOHO) has reported a 2.3% increase in NAV to 111.54p per share for the quarter to 31 March 2023. The increased was due to rental growth in the portfolio, which was partially offset by a slight outward movement in valuation yields across the portfolio, reflecting wider market conditions, and further outwards yield adjustments attributable to properties leased to Parasol Homes. The company has been working with both Parasol Homes and My Space (the two Approved Providers in material rent arrears) to increase rental payments. It says that it expects payments from both to increase over the course of the year. The group adds that it is continuing to progress with the transfer of its leases away from My Space but notes that this may not be required if My Space were to agree a business combination or merger with another Registered Provider.
  • M&G Credit Income (MGCI) is convening a meeting to ask shareholders to approve a “liquidity opportunity” (the ability to cash in shares at a price close to NAV) at, or within the twelve months prior to, the annual general meeting to be held in 2028, and at, or within the twelve months prior to, each annual general meeting held every fifth year thereafter.

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