Tritax EuroBox acquires a distribution centre in Barcelona – Tritax EuroBox (EBOX/EBOX) has announced that it has acquired a global distribution centre at Lliçà d’Amunt, Barcelona. It is currently let to Punto Fa S.L., trading as MANGO, the fashion retailer. The total consideration is €150 million (excluding purchaser’s costs), reflecting a net initial yield of 5.0% on the corporate […]
Africa-focused property company Grit reports on its first year since listing – Grit Real Estate Income Group (GR1T) has delivered its first full report for the twelve month period to 30 June 2018. Performance The NAV per share of the company increased by 5.2% year-on-year . Its EPRA NAV return increased by 6.0% . This increase in NAV is attributable to strong portfolio growth, with […]
City of London increased its dividend for 52nd consecutive year – City of London Investment Trust (CTY) has published its annual report for the year ended 30 June 2018. The NAV delivered a total return of 6.3% over the twelve month period. The dividend was increased for the 52nd consecutive year, by 6.0%, which is ahead of inflation. In comparison, the FTSE […]
Gulf Investment Fund’s new strategy is in place – During the 12 months period to 30 June 2018, Gulf Investment Fund (GIF)‘s NAV per share rose by 7.8%. The S&P GCC composite index and the MSCI Emerging Markets index returned 8.6% and 5.8% respectively. Following a narrowing of the discount to NAV, the shares rose by 13.0%. The report goes into […]
Henderson European Focus Trust gets a new Co-Fund Manager – The board of Henderson European Focus Trust (HEFT) has announced that Andrew McCarthy has been appointed co-fund manager of the company’s portfolio alongside John Bennett. Andrew has only recently joined Janus Henderson and he was recruited specifically to work alongside John on his European long-only funds and mandates. Biography Andrew […]
Jupiter UK Growth’s domestic bias holds back performance – In its annual report for the period to 30 June 2018, Jupiter UK Growth Investment Trust (JUKG), the company reported a rise in its NAV per share (total return) of 4.0%. The company’s reference index, the FTSE All Share index returned 9.0% on the same basis. Performance A number of holdings were subject […]
![Macau Property Opportunities disposal plan is on-track - Macau Property Opportunities Fund (MPO) reported on the progress of its gradual wind-up in its annual report for the period ending 30 June 2018. The chairman reported that the shareholders' decision at the recent EGM to extend the company's life until the end of 2019 placed them in a stronger position to negotiate further satisfactory disposals. This, he pointed out, enhances the potential realisation of MPO's remaining assets, supported by a continuing market recovery in Macau. In March, the company sold its retail redevelopment site, Senado Square, for HK$800 million (c.US$102 million) - a gain of 541% over its acquisition cost. The subsequent distribution to shareholders, equivalent to 50 pence per share, represented 62% of the net profit from the sale. Highlights Fund performance · the company's portfolio value appreciated 2.3% over the year to US$338.4 million. · adjusted NAV grew 4.5% year-on-year to US$260.6 million, equating to US$3.41 (258 pence[2]) per share. · the company's share price rose 24% over the year, representing a 25% discount to adjusted NAV per share. Capital management · Consolidated cash balance (including deposits with lenders) as at 30 June 2018 was US$88.2 million. · Overall gross borrowings were reduced to US$148 million and the loan-to-value ratio improved to 35%. · Approximately US$50.5 million (£38.2 million) was distributed post year-end to shareholders, by way of a compulsory redemption of shares. This represented 62% of the net profit from the divestment of Senado Square, equivalent to £0.50 per share. In the background, the portfolio remains competitive and relevant During the year, ongoing asset enhancement initiatives at the company's flagship asset, The Waterside, have seen the property achieve stable occupancy and higher rental values as it retains its position as Macau's premier residential asset. The company has also embarked on a reconfiguration programme for several large units at The Fountainside, which will cater to increasing demand for more compact homes. These initiatives demonstrate continued efforts to meet changing consumer needs in the property market. Macau's gross domestic product is expected to grow by 5.8% this year and 3.9% in 2019. In his statement, the chairman, Chris Russell noted that they are mindful of rising global risks, particularly escalating US-China trade tensions and a weakening yuan, which are threatening to endanger the recovery of Macau's crucial VIP gaming segment. The possibility of China's central government further restricting capital outflows could also be detrimental to the company's divestment strategy. MPO : Macau Property Opportunities disposal plan is on-track](https://quoteddata.com/wp-content/uploads/2018/09/auto-draft-40-160x105.jpg)
Macau Property Opportunities disposal plan is on-track – Macau Property Opportunities Fund (MPO) reported on the progress of its gradual wind-up in its annual report for the period ending 30 June 2018. The chairman reported that the shareholders’ decision at the recent EGM to extend the company’s life until the end of 2019 placed them in a stronger position […]
AXA Property Trust gets a reprieve – As a result of the attendance of representatives of approximately 30% of the shares of the company at an Extraordinary General Meeting (EGM) who didn’t want the intended wind-up of the company to go ahead, AXA Property Trust (APT) will continue to operate. The EGM was held on 7 September 2018 […]
Catchmark will not bid for Phaunos – Stafford bid now the only one on the table. “Further to the announcement by CatchMark Timber Trust, Inc. (“CatchMark” or the “Company”) on 6 September 2018, CatchMark announces that, following discussions with the Board of Phaunos, it does not intend to make an offer for Phaunos. As a […]
Murray Income hurt by Provident Financial profit warning – Murray Income reports that, over the year ended 30 June 2018, it returned +3.9%, which the board considers to be disappointing when compared to the All-Share Index return of +9.0%. The chairman’s report says that performance attribution analysis shows that UK sector allocation accounted for about three […]
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