- Martin Currie Global Portfolio (MNP) has agreed with its manager that, with effect from 1 March 2025, the investment management fee will be amended to 0.40% of net asset value per annum – down from 0.45%. MNP’s chair, Christopher Metcalfe, says “The Board is confident that the new fee level will maintain a competitive ongoing charge and contribute to increasing shareholder value.”
- Macau Property Opportunities (MPO) has announced its interim results for the six-months ended 31 December 2024. Financials highlights are as follows: MPO’s portfolio value was US$126m as at 31 December 2024, a decrease of 2.4% over the six-month period; MPO’s adjusted NAV was US$57m, which translates to US$0.92 (73 pence) per share, a decline of 13.8% over the period; its IFRS NAV was US$44.9m as at the period end, equating to US$0.73 (58 pence) per share, a drop of 3.2% over the period; The consolidated cash balance was c.US$1.7m, of which US$1.2m was pledged as collateral for credit facilities; Gross borrowings stood at US$65m, equating to a loan-to-value ratio of 50.9% from 52.5%, an improvement of 1.6% over the period; and loan repayments of US$17.7m (HK$141.3m) made in the period. Subsequent to the period end, US$0.1m repaid and a further US$2.7m scheduled for March from completions of sales post period end. Portfolio highlights are as follows: At ‘The Waterside’, MPO sold a further five units for a total gross value of US$11.5 million. One of these units is expected to complete in March 2025, post the period end; to date, a total of 32 units have been sold representing 54% of the total and, as at the the end of 2024, 27 units remain available for sale; MPO’s manager is in active discussion with the lender to reschedule part of the March loan repayment to sales should that be required; and the current leasing programme has largely been terminated to prioritise sales, with only selective short-term leases now considered. As of the end of 2024, over 50% of The Waterside’s remaining apartments were occupied. At ‘The Fountainside’, MPO sold two villas during the period at discounts to the latest valuations, but at an average premium of 46% over the original costs. One villa sale has completed and the second is scheduled for March with proceeds applied to debt repayment; and the sales campaign for the three smaller units has continued to be hampered by bureaucratic challenges which the Manager is working towards resolving. At ‘Penha Heights’, MPO has engaged a firm of specialist Hong Kong real estate agents to boost the marketing effort to the region, including mainland China; and negotiations are ongoing with lenders to extend near term debt instalments and the remaining balances into the latter half of 2025, allowing additional time for the planned property disposal.
- HICL Infrastructure (HICL) has issued an interim update statement covering the five months to the end of February 2025. Its chair, Mike Bane, says “HICL’s high-quality portfolio continues to demonstrate resilient performance despite broader macro and political volatility. The Board is pleased to announce an immediate and significant expansion of the Company’s share buyback programme taking advantage of the weakness in the Company’s share price. This will be funded by further targeted asset sales and, if necessary in the short term, the Company’s unutilised Revolving Credit Facility.” The update says that operational performance across the portfolio was in line with expectations, with Affinity Water receiving its final regulatory determination which will enable the resumption of distributions in the financial year ending March 2026. Targeted divestments in excess of £200m will be pursued in the coming year to fund the buyback expansion and the existing investment commitments of c. £110m. The Company will use up to £50m of its Revolving Credit Facility (RCF) capacity to bridge to the receipt of disposal proceeds. The Company remains on track to deliver its target dividend of 8.25p per share for the financial year to 31 March 2025, with cash generation in the period in line with expectations. Forecast dividend cash cover for the year to 31 March 2025 is also expected to be in line with previous guidance. Further dividend guidance is expected to be provided in May.
- Cordiant Digital Infrastructure (CORD) has completed the acquisition of a 47.5% economic (50% voting) interest in DCU Invest NV and the linked acquisition by DCU Invest of the entire share capital of Datacenter United Brussels NV, the owner of the data centre business of Proximus Group (click here to see our coverage of the original announcement of the acquisition). CORD highlights that the transactions create a business consisting of 13 data centres across 11 locations in Belgium with circa13 MW of IT capacity. Following closing of the Transactions, TINC, the Belgian infrastructure investor, continues to hold 47.5% of the economic (50% voting) interest in the share capital of DCU, and DCU’s chief executive officer, Friso Haringsma, holds a 5.0% (non-voting) interest. The Investment Manager is continuing to explore investment alongside the Company by a separate Cordiant-managed fund.
- LondonMetric Property (LMP) has added £5.5m of annual rent to its portfolio from 122 lettings, regears and rent reviews since 30 September 2024. Over its financial year, leasing activity has added £13.2m of annual rent.
- Assura (AGR) has exchanged on the disposal of seven assets into its joint venture with USS for £64m. The latest disposals mean that since the start of the financial year, the company has sold 30 assets for gross proceeds of £200m at a weighted average net initial yield of 4.8%. The net proceeds have been deployed in reducing the acquisition debt used to finance the £500m private hospital portfolio acquired in August 2024 at 5.9% yield on cost. The company’s proforma net LTV will reduce to 47%.
We also have:
Aquila Energy Efficiency sells German Bio-LNG and Italian Superbonus investments
HICL Infrastructure increases share buyback programme by £100m
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