In QuotedData’s morning briefing 17 September 2024:
- AVI Japan Opportunity (AJOT) made good progress over the first half of 2024, generating a return of 7.7% in NAV terms, well-ahead of the -0.2% return generated by MSCI Japan Small Cap and ahead of rival Nippon Active Value (NAVF) which also announced interims today and posted a return of 6.9%. AJOT’s numbers would have been even better were it not for the weakness of the Japanese yen over the period, which took off about 13 percentage points. During the period, AVI published a presentation to Aichi, a subsidiary of Toyota Industries, and sent private letters or presentations to a further eight portfolio companies. AJOT exited six positions entirely and nine new companies entered the portfolio. At the period end, on average 49% of the market cap of the portfolio was accounted for by net cash and securities.
- Land Securities (LAND) has launched and priced a £350m Green Bond with a maturity of 10.0 years, paying a coupon of 4.625% and representing a spread of 97 basis points over the reference gilt rate. The new bond extends its weighted-average debt maturity to 9.8 years. The proceeds will be used to repay part of the drawn element of the company’s revolving credit facility, resulting in an immediate saving in interest costs.
- Harworth Group (HWG) has become a constituent of the FTSE 250 Index.
- Custodian Property Income REIT (CREI) has sold a vacant office unit in Castle Donington for £1.75m, in line with the 30 June 2024 valuation, having acquired the property as part of a portfolio in June 2016.
We also have
Target Healthcare REIT posts 11.8% return with care home sector dynamics positive
