Schroder European Real Estate (SERE), the £85m commercial property investment trust drawing up plans for a managed wind-down, saw its portfolio fall 3.9% in the three months to 30 June. Weaker investment demand for secondary offices and heightened economic uncertainty alongside concerns over rising inflation and interest rates knocked €7.5m off the valuation, the real […]
Great Portland Estates (GPE) says development director Andrew White will leave the central London real estate investment trust after 13 years. Chief executive Toby Courtauld said White had played a leading role in many of the company’s most successful developments. His role will not be replaced with executive director Dan Nicolson retaining board level responsibility […]
Workspace (WKP) has blasted the latest proposals for its turnaround from Saba Capital, its second largest investor, as “high-risk, short-sighted and not suitable” for the flexible office provider. Responding to the latest materials posted this week by 28% shareholder Saba on its makeworskpacework.co.uk website, Workspace said the activist hedge fund’s revision to its original plan […]
Foresight Environmental Infrastructure (FGEN) fund manager Chris Tanner is passing on the reins to co-managers Ed Mountney and Charlie Wright as he prepares to start a new role at Foresight Group. Tanner was instrumental in the launch of JLEN in 2014, the former John Laing Environmental Assets, joining Foresight (FSG) in 2019 when it bought […]
SEGRO (SGRO) has reiterated its rejection of last month’s all-share bid approach from Prologis of the US after posting a “significant” first half rise in new rent to £53m from £31m a year ago. Having achieved a 44% uplift on rent reviews, renewals and regears in the UK in the six months to 30 June, chief […]
Seraphim Space (SSIT) has crystallised a gain on its stake in ALL.SPACE, albeit a bit less less than it first expected from the sale of the UK satellite communications company that was previously its second biggest holding. Under the terms of the $355m cash and equity acquisition of ALL.SPACE agreed by US defence group York […]
Saba Capital has doubled its holding in HarbourVest Global Private Equity (HVPE) to 10%, strengthening its position ahead of next week’s continuation vote. A stock market filing today showed the US activist hedge fund, which has proved a hostile shareholder in trusts such as Edinburgh Worldwide (EWI) and Impax Environmental Markets (IEM), lifted its HVPE […]
RIT Capital Partners (RCP) is slimming down with a tender offer that will see the £3.1bn global multi-asset fund buy up to £300m of its shares at a 15% discount, a move that will boost net asset value (NAV) as its stock currently trades 24% below NAV. The Rothschild family-backed trust said money to buy […]
Brown Advisory US Smaller Companies (BASC) is considering offering a “significant cash exit” to shareholders before its three-yearly continuation vote at the annual general meeting in November. The £177m company, whose board is led by chair Stephen White, revealed it was in the midst of a strategic review but clarified this was unlikely to lead […]
Herald (HRI) says its 66% tender offer to get hostile shareholder Saba Capital off its register was 5.9% undersubscribed. Excluding the US activist hedge fund – which is selling its 30.7% stake in return for a share of the portfolio – index trackers and other short-term traders, Herald estimates just 10% of long-term shareholders sold […]
