Unite (UTG), the £2.5bn student accommodation provider, has made changes to its executive committee as chief executive Joe Lister looks to lead a “smaller, more focused business” through its recovery programme. Chief operating officer Karan Khanna and group director of communications and corporate affairs Rebecca Vicary are leaving Unite and there are three new appointments: Paul Watson as managing director, operations; Will Atkinson as group property director; and Moray Notman as group commercial and higher education director.

Richard Williams, senior analyst at QuotedData, said: “Unite’s restructuring comes at a time when activist Saba Capital has been building a significant position in the company. Having first disclosed a 5.1% interest in August, Saba’s presence has added another dimension to the pressure on management to address the disconnect between Unite’s share price and the underlying value of its property portfolio. The organisational changes follow £241m of disposals completed this year and should deliver further cost savings from 2027, although the company has yet to quantify these. With Saba yet to publicly outline its intentions, it remains unclear whether these measures (along with its renewed focus on the UK’s strongest universities) will satisfy the activist investor that lifted its position to 7% last month.”

Hg Capital (HGT) continued its recovery from the “SaaSpocalypse” sell-off in February with the software focused private equity investor posting a 2% total investment return in the third quarter. This follows a 0.5% return on net assets in the second quarter and the 5.4% loss in the first three months of the year. That leaves net asset value (NAV) down 3.1% in the first nine months of the year. Net assets rose to £2.4bn at 30 September with NAV per share of 539.1p. Shares that had fallen 23% this year, rose 2.5%, or 10p,  this morning to 405p on a 25% discount to the new NAV. Strong trading across the holdings in Hg funds added 5% to portfolio value in the quarter and 15% year to date, offset by movements in the multiples of comparable companies which reduced portfolio value by 2% in the quarter and 13% year to date. Chair Jim Strang said: “Publicly listed software share prices recovered significantly in the quarter, with the IGV software index recovering most of its year-to-date losses, but the recovery has been far more selective than the sell-off that preceded it. While the volatility of listed peers continues to weigh on HgT valuations, it is encouraging that investors are now identifying the companies most likely to benefit from AI transformation, rather than selling the sector indiscriminately.”

QuotedData’s Richard Williams said: “The 23% decline in HGT’s share price this year, compared with a 3.1% fall in NAV, illustrates the extent of investor concerns about AI disruption to established software businesses. However, the recent exits of Quantios and Gen II, at uplifts of 31% and 34% respectively to carrying values, provide reassuring independent validation of portfolio valuations. The board has also made a persuasive case that businesses with proprietary data, embedded workflows and exposure to regulated industries could benefit from AI rather than be displaced by it. The announcement this week of Hg’s investment alongside Anthropic reinforces this strategy, although the ultimate impact on portfolio earnings remains uncertain. With the shares trading at a discount of around 28%, the opportunity for shareholders could be substantial if operational growth continues and confidence in software valuations recovers.

Europe-focused Greencoat Renewables (GRP) achieved above-budget cash generation of €9.8m in the third quarter with higher power prices offsetting an 8% production shortfall. As a result net asset value (NAV) per share was stable, rising 0.2 euro cents to 97.4c at 30 September. This follows a 2.3c decline in the second quarter which itself followed a 10.3% decline in the year to 31 March. The 8.4%-yielder reaffirmed its intention to pay 6.81c of dividends per share this year. It bought back 5.1m shares  in the quarter as part of its second ongoing €25m buyback programme. The shares were purchased at an average 19% discount compared to the 24% average of the first €25m tranche in the second quarter. Further power purchase agreements are “under active consideration” following the short-term PPA announced in the summer at Borkum in Germany.

Richard Williams said: “Shareholders will be pleased that, aided by stronger power prices, Greencoat Renewables has been able to generate cash ahead of budget despite electricity production being 8% below expectations. The reaffirmation of 1.5 times dividend cover for 2026 is welcome and should provide some reassurance to income-focused shareholders. Buying back shares at current discount levels makes sense but, with gearing relatively high at 53%, reducing debt must also be a priority. Further asset sales could help on both fronts, while securing attractive long-term power purchase agreements would provide greater certainty over future cash flows.”

Derwent London (DLN), the £2.2bn West End office developer, is in good shape, says Jonathan Murphy, the former Assura boss who took over as chief executive in September with strong leasing activity bringing in £11.2m of new rent in third quarter and helping to reduce vacancies to 3.4% from 4.4% at 30 June. A £50m share buyback completed at an average price of 1,959p, a 39% discount to net tangible asset per share of £32.25 at the end of last year. This added about 30p to NTA per share. Derwent shares rose 2.2% or 42p to £19.81 this morning.

Richard Williams said: “Strong leasing activity across Derwent’s portfolio provides further evidence of the resilience of demand for high-quality London office space. New lettings agreed at 6.1% above estimated rental values and a reduction in vacancy to just 3.4% demonstrate the strength of the occupational market, particularly in the West End. Progress on disposals is equally important, with £290m completed or exchanged at only a modest 2% discount to book values, providing welcome support for portfolio valuations while releasing capital for higher-return opportunities. Looking ahead, the four major West End developments offer considerable earnings growth potential, with targeted returns of 10% to 15%, although execution risk and uncertainty over property yields remain. With leverage falling and liquidity improving, Derwent appears well positioned to capitalise on the favourable supply-demand dynamics in its core markets.”