Home REIT inches towards a relisting of its suspended shares with publication of its delayed 2024 results; Sirius Real Estate makes another big acquisition in Germany; and Montanaro European Smaller Companies will hold its first semi-annual tender offer next month.
Home REIT (HOME), the former homeless accommodation provider subject to a regulatory probe over an over-valuation scandal, has issued its delayed annual report for the year to 31 August 2024. This shows an 11.6% decline in net asset value per share to 24.25p, resulting from a £25.2m loss, which compares to the 38p price at which the shares were suspended in January 2023. This followed a 37.3% plunge in NAV in the previous year when AEW replaced AHRA and Alvarium as fund manager.
Sirius Real Estate (SRE), the owner of business and industrial parks in UK and Germany, has bought a business park in Feldkirchen, near Munich, for €43.7m (£38m), taking its total acquisitions this year to €340m. Located close to Sirius’ Grasbrunn business park, Feldkirchen generates €3.4m rent, is 94% occupied with a 7.8-year weighted average unexpired lease term and a net initial yield of 7.8%. The site’s anchor tenant is Excelitas, a leading designer and manufacturer of high-performance optical and photonic solutions for defence, aerospace, medical and industrial applications, which occupies 72% of the site on a lease with 10.2 years left.
Montanaro European Smaller Companies (MTE) will hold its first semi-annual tender offer next month, allowing shareholders to sell some shares at a 5% discount below net asset value. Shares in the £242m investment trust currently stand 9% below NAV. The move follows a strategy update announced on 27 March. A circular will be published today and a general meeting of shareholders held on 19 November. The number of shares being tendered will be announced on 21 November with the tender price announced on 1 December.
City of London Investment Group (CLIG), a £190m London-listed closed-end fund investor, saw funds under management rise by 4% to $11.2bn in the three months to 30 September from $10.8bn at 30 June. Listed private equity was its best-performing sector, generating a 13.7% return largely arising from two corporate events, one involving its largest holding. Emerging markets also did well with a 13.8% total return that was 4.2% ahead of the benchmark. The company has made “considerable progress” in finding a new chief executive following the decision of Tom Griffith to stand down in June.
Tetragon Financial Group (TFG) has completed the previously announced £1.3bn sale of its 16.1% stake in infrastructure fund manager Equitix to Hunter Point Capital.
CVC Income & Growth (CVCG) says the new sterling and euro shares from its current fund-raising will be priced at 117.68p and €1.0747 at a 0.65% premium above net asset value.
TwentyFour Income Fund (TFIF) shareholders on Friday voted 99.8% in favour of amendments to its investment policy that included adding the US and Australia to the “predominant” regions of investment.
