Palace Capital (PCA), the £44m UK REIT that Lakestreet Capital activists Christian Kappelhoff-Wulff and Valentin Pierburg took over last month, has sold two of its five remaining properties in Halifax and Newcastle. As its three-and-a-half-year wind-down nears an end, the company has sold a property at Broad Street Plaza, Halifax for £9.9m, 8.7% above the September valuation and on a 14.9.% net initial yield. It has also exchanged and completed on the sale of unit 3A, St. James’ Gate, Newcastle for £590,000.
North American Income Trust (NAIT) says Patrick Edwardson, former Baillie Gifford partner and manager of Scottish American (SAIN) or “Saints”, will be its next chair. Charlie Park, the current chair and co-founder of US boutique Findlay Park, will step down at the annual general meeting in June after nine years on the board. Edwardson, currently senior independent director, joined the board in July 2022. The £453m investment trust followed fund manager Francis Radano to Janus Henderson from Aberdeen Group (then Abrdn) in 2024.
Utilico Emerging Markets (UEM) started the year strongly with a 6.4% total increase in net asset value (NAV). January saw nine stocks in UEM’s top thirty advance more than 10%. The underlying investment return was marginally behind the 6.8% gain in the MSCI Emerging Markets index in sterling with the benchmark benefiting from global inflows into emerging markets following the series of US interest rate cuts in recent months and concerns about US equity valuations. UEM, in which activist Saba disclosed a 5.7% stake last year, has made 50.6% for shareholders in the past three years and stands on an 11% discount.
Stay a step ahead. Our daily newsletter brings you the latest on investment trusts and active ETFs. Subscribe here.
