In QuotedData’s morning briefing 3 October 2023:
- Schroder British Opportunities Trust (SBO) announced that director Diana Dyer Bartlett has been appointed as senior independent non-executive director of the company, in addition to her role as chair of the audit & risk committee. Separately, the company has also decided to form a new valuations committee, to be chaired by director Professor Tim Jenkinson, a leading authority on private equity and the mechanisms of valuation.
- Baillie Gifford China Growth Trust (BGCG) announced its half year results for the six months to July 31 2023. NAV total return over the period was -18.7%, while shares fell -20.5%, trailing the MSCI China All Shares Index which fell -11%. Commenting on the performance, the manager noted: “Looking back over the last three years, China has faced an unprecedented series of challenges: Covid, a regulatory clampdown, and a worsening geopolitical environment. These challenges have hurt private sector and consumer confidence, negatively impacted sentiment towards the asset class, and resulted in very weak returns. Looking forward, we think prospects for China are much brighter. While growth in the property sector is likely to remain lacklustre, we think the risk of financial instability is low. Indeed, we believe a consumption-led recovery is gradually taking shape and that the government’s support for the private sector is likely to accelerate this somewhat. Geopolitical concerns may remain a headwind to sentiment, but there are signs that both sides want to stabilise the relationship.”
- Sirius Real Estate (SRE) has completed the disposal of a business park in Kassel, in Germany’s southwest Hesse region, for €7.3m, representing a net initial yield of 6.0%. The sale was at a 5% premium to book value (March 2023: €6.95m). The asset, which is 92% let, comprises a total lettable area of 8,342 sqm of industrial, office, logistics and other space within a 16,217 sqm plot size. The company has also completed the £9.5m acquisition of two mixed-use industrial assets for its BizSpace subsidiary in the UK, exchange of which was announced on 27 July 2023. The two assets are located in Liverpool and Barnsley with a combined area of 71,957 sq ft of predominantly workshop space. The purchase price represents a net initial yield of 9.6%.
- Irish Residential Properties REIT (IRES) has completed the sale of 194 residential units in West Dublin to Tuath Housing for €72.06m. The sales price was in line with book value at 30 June 2023. The proceeds will be used to strengthen the company’s balance sheet, lowering loan to value to 42.1%.
We also have a portfolio update from Edinburgh Investment Trust.