This sector includes mortgage companies, property management companies and REITs
A newly established REIT – Special Opportunities REIT – has kicked off a roadshow ahead of an anticipated £500m IPO. As first reported by React News, the company will be led by former LXi REIT chief executive Simon Lee, with a number of former LXi personnel making up the senior management team – including Freddie […]
Triple Point Social Housing REIT is working to transfer the leases of troubled tenant Parasol to another registered social housing provider that should result in greater rent collection. The company also said that it intends to make selective sales from its portfolio and return the proceeds back to shareholders through buy backs. Lease transfer As […]
In QuotedData’s morning briefing 3 May 2023: US Solar Fund (USF) has published a circular with details of the tender it announced on 24 April 2024 which it is proposing to use as a means of returning capital to shareholders. The proposed tender price of $0.764 per share is equivalent to the 31 December 2023 […]
In QuotedData’s morning briefing 2 May 2024: European Assets Trust (EAT) announced that Mine Tezgul will succeed Sam Cosh as the company’s lead investment manager with immediate effect. Mine Tezgul is a portfolio manager in the European equities team and head of European small cap equities. Mine joined the manager in 2018 as an equity […]
Lord Forsyth of Drumlean, chair of the Financial Services Regulation Committee, has written to Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), pushing for a resolution to the cost disclosure issue that has been plaguing the investment companies sector. This is a very welcome intervention, we think, and hopefully it will add to […]
In QuotedData’s morning briefing 1 May 2024: Picton Property (PCTN) has announced a 5.7% increase in its dividend, following recent portfolio activity and the repayment of floating rate debt. The interim dividend payment for the first quarter of 2024 (to be paid this month), will be 0.925p per share (Q4 2023: 0.875p per share). Picton […]
abrdn Property Income Trust reported annual results for 2023, in which NAV total return was -3.0%. The real estate investment portfolio returned 0.7%, which outperformed the MSCI Quarterly Property Index benchmark return of -1.5% over the same period. The company’s portfolio has outperformed the index over one, three, five and 10 years. The group’s NAV […]
Berlin residential landlord Phoenix Spree Deutschland has reported a 22.4% fall in EPRA net tangible assets to €3.96 per share (24.0% drop in sterling terms) in the year to 31 December 2023. The fall was mainly due to a 11.9% like-for-like drop in the value of its portfolio to €675.6m as buyer sentiment and transaction […]
In QuotedData’s morning briefing 30 April 2024: Gulf Investment Fund (GIF) says that the 1,157,160 shares that were tendered last month were valued at $2.5088 each or $2,903,083. Those investors that sold will get paid around 15 May 2024. Now that the sale of abrdn’s European private equity business to Patria Investments is complete, abrdn […]
Supermarket Income REIT has acquired a portfolio of Carrefour supermarkets in France – its first foray into markets outside the UK – through a sale and leaseback transaction for €75.3m, reflecting a net initial yield of 6.3%. The portfolio comprises 17 omnichannel supermarkets, which are geographically diversified, with a weighting towards northern France, and operated […]
abrdn European Logistics Income (ASLI) reported a big hit to its NAV in full year results for the year to 31 December 2023, as the impact of higher interest rates weighed on portfolio values. IFRS NAV decreased by 21.4% to 93.4 cents (31 December 2022: 118.9 cents), while the EPRA net tangible assets metric was […]
In QuotedData’s morning briefing 25 April 2024: Derwent London (DLN) has exchanged contracts to sell its 70,300 sq ft Publicis Group-let office in Clerkenwell for £77.35m to UK investment manager Titan Investors. The redevelopment of the building completed in 2015 and is let at a passing rent of £4.0m, on a lease expiring in 2035, […]
QuotedData’s James Carthew recently interviewed the two Baronesses that are part of the team fighting to fix the sector’s cost disclosures problem. 0:00 – Why and how did you get involved in the campaign? 3:31 – Why is this issue important for investors? 8:18 – Is legislation the answer to resolving this issue? 14:50 – […]
In QuotedData’s morning briefing 24 April 2024: Apax Global Alpha (APAX) is investing about €8m (through its investment in Apax Digital II) into IANS, “a leading provider of tech-enabled research and advisory services in the information security industry”. The transaction is expected to close in Q2 2024. Octopus Renewables Infrastructure (ORIT) has signed a power […]
In QuotedData’s morning briefing 22 April 2024: Menhaden Resource Efficiency (MHN) has announced that it has completed a new private investment with KKR in Avantus, the leading solar and energy storage developers in the United States. The initial investment of $17.5m equates to 10.0% of MHN’s NAV. The portfolio manager believes the deal is highly […]
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Hipgnosis (0:24) • Balanced Commercial Property Trust (6:25) This week’s interview was with Jean-Hugues de Lamaze from Ecofin Global Utilities & Infrastructure – watch it again […]
In QuotedData’s morning briefing 19 April 2024: Home REIT (HOME) has sold a further 65 properties at auction for a total of £15.9m, representing 4.8% of the company’s portfolio by value and in line with the August 2023 draft valuation. Since August 2023, the company has completed on the sale of 533 properties and exchanged on a […]
In QuotedData’s morning briefing 18 April 2024: Apax Global Alpha (through its interest in Apax XI) is investing about €36m in Zellis Group. Zellis is leading provider of payroll and HR software solutions to customers in the UK and Ireland and an emerging leader in the global benefits administration software market, serving approximately one third […]
Urban Logistics REIT reported an average rental uplift of 23% on leases signed in the first quarter of this year as occupational activity returns. The company completed three new lettings (including one at a vacant asset) and three rent reviews in the period, covering 374,000 sq ft of space. This totalled £1.3m in new annualised […]
In QuotedData’s morning briefing 17 April 2024: VietNam Holding (VNH) announced a monthly update highlighting that the company’s NAV rose +4.4% for March due to the outperformance of holdings in retail, telecoms, and construction. The manager noted that Vietnam’s economy continued its exports-led growth story in March, posting a relatively impressive GDP rise of 5.7% […]
In QuotedData’s morning briefing 16 April 2024: NextEnergy Solar Fund (NESF) announced it has refinanced its existing £135m short-term Revolving Credit Facility with AIB Group and NatWest which is due to expire in June 2024. The new facility is available until June 2026 and provides two additional 12-month extension options at NESF’s sole discretion to […]
The board of Balanced Commercial Property Trust (BCPT) has launched a strategic review into the future of the company, with all options – including a sale, merger, or continuing as is – on the table. The move comes as the company approaches a continuation vote later this year. The board pointed out that the company […]
In QuotedData’s morning briefing 15 April 2024: Hg Capital Trust (HGT) has announced a £21.3m investment into Focus Group, alongside other clients of Hg. Focus Group is one of the UK’s leading providers of essential business technology to small and medium enterprises (SMEs). Hg believes that the long-term trends in small business technology adoption mean […]
The board of Lok’n Store has agreed the terms of a recommended cash offer from Shurgard to acquire the company. Under the terms of the acquisition, Lok’n Store shareholders will be entitled to receive 1,110 pence in cash for each share, valuing the company at £378m. This represents a premium of: 15.9% to the closing […]
In QuotedData’s morning briefing 11 April 2024: Onward Opportunities (ONWD) says its NAV total return from IPO on 30 March 2023 to end December 2023 was 11.3%. This compares to a 3.7% fall in the value of the UK AIM All Share index. The company trades at a premium and raised more money last month, […]
In QuotedData’s morning briefing 10 February 2024: Following the previously confirmed wind-down, abrdn Diversified Income and Growth (ADIG) announced that the company has redeemed and cancelled the remaining £16,096,000 principal amount of its 6.25% bonds due 2031. As announced on 8 March 2024, the redemption price was 114.983%. The redemption price having been calculated in […]
It has been interesting to watch the different merger and acquisition (M&A) activity play out in the real estate sector – and the different boards’ approaches to it. Last week, the proposed deal, that would have seen abrdn Property Income Trust (API) swallowed by Custodian Property Income REIT, collapsed after it failed to get the […]
In QuotedData’s morning briefing 4 April 2024: Manulife’s acquisition of CQS is now complete. There are no planned changes to the management teams of Golden Prospect (GPM), Geiger Counter (GCL), CQS New City High Yield (NCYF), and CQS Natural Resources Growth & Income (CYN). The manager’s business will be rebranded as Manulife | CQS Investment […]
QuotedData’s morning briefing 4 April 2024: Literacy Capital (BOOK) announced the completed refinancing of one of its largest portfolio companies with new lenders. This resulted in new debt facilities allowing the company to return cash to shareholders, including Literacy, with the fund’s share amounting to £20m. Supermarket Income REIT (SUPR) has increased its unsecured debt […]
In QuotedData’s morning briefing 28 March 2024: Not enough shareholders of Invesco Select Trust (IVPB / IVPG / IVPM / IVPU) voted on the plan to merge the four asset classes into just the global equity income class. The percentage voting requirement to get the deal approved has been relaxed and the timetable pushed back. […]
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