Tufton Assets (SHIP), the £331m tanker fleet operator, is getting a third portfolio manager as part of changes prompted by the retirement of its fund manager’s founder. Ted Kalborg, who established Tufton Investment Management in 1985, has stepped down as chairman. He is replaced by chief executive Andrew Hampson, who in turn is succeeded by chief investment officer and president Nicolas Tirogalas. Both Hampson and Tirogalas will continue as SHIP portfolio managers but will be joined by managing director Nikos Petrakakos, who will take over responsibility for the maritime investment team. Hampson said: “Whilst I intend to stay actively involved in the development of the business going forward, Nicolas is better placed than I to take over the day-to-day management role of group CEO as Tufton develops into its next phase. I look forward to this next phase of my career and to guiding Nicolas, Nikos and the rest of the team in meeting some very bold objectives for Tufton’s future growth.” The alternative assets manager announced last month it was hiring star Manulife CQS mining fund managers Keith Watson and Robert Crayfourd. It is not yet known if the Golden Prospect (GPM), Geiger Counter (GCL) and CQS Natural Resources Growth and Income (CYN) investment companies will follow them.
Aberdeen Diversified Income & Growth (ADIG) liquidators Derek Hyslop and Richard Barker of Ernst & Young have sold the company’s last remaining investment, a stake in in the Andean Social Infrastructure Fund I LP, enabling the payment of 14.5p per share to shareholders on 5 May as its wind-down completes.
Phoenix Spree Deutschland (PSDL), the £155m Berlin residential property fund, will pay £17.5m to shareholders in its first return of capital in the managed realisation of its portfolio approved by investors in March last year. This will be made by a compulsory purchase of shares at 256p at the end of June. This compares to yesterday’s closing price of 168p which put the stock on a 32% discount to net asset value. Annual results showed the portfolio rose 1.5% on a like-for-like per square metre basis to €540.1m last year. In 2025, 122 units were notarised for sale at €36.0m, ahead of the €30m target by 20%, and up from €9.4m in 2024.
Shareholders in Crystal Amber (CRS), the £60m former activist fund run by Richard Bernstein, have approved the new investment policy of targeting undervalued listed companies and private companies, which means the appointment of Tarncourt Asset Management, announced last November, has become effective. At the time, Tarncourt, an investment firm founded and led by property specialist Charles Dickson, agreed to buy 2.8m CRS shares from Saba Capital, the activist hedge fund that forced the company into a managed wind-down over four years ago. This reduced its stake to 20.9% and gave Tarncourt a 4.5% holding.
Tritax Big Box REIT (BBOX) has completed on contracts with electricals retailer Currys on two leases at Tritax Park Newark. Together, securing £9.5m annual rental income for the £4.2bn logistics investor for 20 years over a total footprint of 1.2m sq ft.
Segro (SGRO), the £9.7bn European warehouse investor, enjoyed strong operational performance in the first quarter with £23m of new headline rent contracted, including £12m of development lettings. Chief executive David Sleath said: “The Middle East conflict has, so far, had no discernible effect on our leasing momentum and the health of our diverse customer base remains strong, but we remain watchful of the situation and its potential impact on real estate markets.”
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