Overview
Develop North (formerly TOC Property Backed Lending : PBLT) aims to provide shareholders with a consistent and stable income and the potential for an attractive total return over the medium to long term.
The company seeks to achieve its investment objective through a diversified portfolio of fixed rate loans predominantly secured over land and/or property in the UK. The company attempts to reduce downside risk by focusing on secured debt with both quality collateral and contractual protection. The company makes investments primarily through senior secured loans although other loans such as bridging loans, subordinated loans, selected loan financings and other debt instruments may be considered if appropriate. The typical loan term is between one and five years. The company retains absolute discretion to make investments for either shorter or longer periods.
Fundamentals
Price
Research History
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05 Apr 2019 4 min read
QuotedData’s economic roundup – April 2019
Kindly sponsored by Polar Capital Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy […]
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04 Apr 2019 1 min read
QuotedData’s investment companies roundup – April 2019
QuotedData’s investment companies roundup – April 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2019. Kindly sponsored by Baillie Gifford. JPMorgan Indian, India Capital Growth, Aberdeen New India and Ashoka India Equity Investment […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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14 Feb 2017 1 min read
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
News
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17 Aug 2026 1 min read
Morning briefing: US Solar gives bidder another 60 days; GCP Infrastructure to buy back shares with £31.5m Bluefield loan repayment; plus Develop North
US Solar Fund (USF) has granted its potential buyer another 60 days of exclusivity to complete tax analysis and due diligence on the acquisition. This will expire on 16 October and extends the 90-day period the company granted on 18 May when it revealed it had received a non-binding proposal for the acquisition of the […]
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13 Mar 2026 2 min read
Morning briefing: Tetragon launches $50m tender offer; Scottish Oriental cuts First Sentier’s fee; Valhalla lifts HgCapital stake to 9%; Polus raises its position in DGI9’s Arqiva; “exciting times,” says Develop North; plus GRID
Tetragon Financial Group (TFG), the £1.2bn hedge fund and alternative investments platform stuck on a massive 65% discount, has launched a $50m tender offer for its non-voting shares which have slid 19% this year. As with previous TFG tenders, this will be a “modified Dutch auction” in which shareholders can tender their shares at prices […]
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26 Jan 2026 2 min read
Morning briefing: Impax Environmental publishes anti-Saba defence; Harwood-backed Spire Healthcare soars on £1.5bn bid talks; Develop North appoints chief exec; plus GRI, ASLI, MPO
Impax Environmental Markets (IEM) publishes the circular for its proposed 100% continuation tender offer to get Saba Capital to sell its 20.7% stake close to asset value and leave the unique listed fund for shareholders who want to remain invested. The tender requires over 75% of votes cast at a general meeting on 23 February. […]
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19 Jan 2026 2 min read
Morning briefing: Scottish Mortgage rockets over its 30% unquoted cap; Develop North launches £58m fund raise; Saba lifts LABS stake; plus VEIL, JEMI, FRGT
Scottish Mortgage Trust (SMT) has confirmed in its latest factsheet that last month’s doubling in the valuation of SpaceX to $800bn pushed the Baillie Gifford flagship above its 30% cap on unquoted companies with 35.2% of the £15.7bn portfolio in unlisted stocks. SpaceX, a rapidly expanding rocket company launched by Elon Musk, is now a […]
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08 Dec 2025 5 min read
Trust Spot: After November’s fireworks, Schiehallion and Aurora UK Alpha might deserve a second look
November, a month of fireworks, saw explosive gains from several investment companies but other London-listed funds fizzled out with big falls. Amid all the noise, there were several significant moves in share price ratings. Best performing investment companies November’s biggest share price risers (left) and biggest gainers in net asset value (right). Fund Share price […]
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11 Aug 2025 2 min read
Morning briefing: Allianz Tech says markets remain “volatile”; plus RICA, AGR, CVCG, DVNO, LMS, MHN & JEMA
Half-year results from Allianz Technology, Ruffer Investment Company trims equities, Assura rebuffs KKR and continues to back the offer from Primary Health Properties, plus updates from CVC Income & Growth, Develop North, LMS Capital, Menhaden Resource Efficiency and JPMorgan Emerging Europe. Allianz Technology Trust (ATT) made a 2.9% investment return in the first half of […]
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07 Dec 2023 1 min read
QuotedData’s morning briefing 7 December 2023 – UKW, DVNO, FAIR, VOF, NAS
In QuotedData’s morning briefing 7 December 2023: Laurence Fumagalli plans to step down from his role as co-head of the Schroders Greencoat LLP team managing Greencoat UK Wind (UKW) on 1 March 2024. Matt Ridley, a partner at Schroders Greencoat, will succeed Laurence to co-manage the fund alongside Stephen Lilley. Matt is currently head of […]
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01 Dec 2020 1 min read
QuotedData’s morning briefing 1 December 2020
In QuotedData’s morning briefing 1 December 2020: Polar Capital Global Financials says that George Barrow has been appointed as joint fund manager of the trust, alongside Nick Brind and John Yakas. George joined Polar Capital in September 2010 and has over 10 years’ experience analysing Europe, Asia and emerging markets. Prior to joining Polar Capital, he […]
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04 Aug 2020 2 min read
QuotedData’s morning briefing 4 August 2020
In QuotedData’s morning briefing 4 August 2020, as BP cuts its dividend for the first time in a decade: BMO Commercial Property is to reintroduce a monthly dividend from this month at 0.25p per share (half the previous rate). The NAV return for the three months ended 30 June 2020 was -2.9%. The retail and leisure […]
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23 Apr 2020 1 min read
QuotedData’s morning briefing 23 April 2020
In QuotedData’s morning briefing 23 April 2020 Happy St George’s day! Premier Global Infrastructure won the continuation vote that was put to shareholders at yesterday’s AGM TOC Property Backed Lending has delayed the payment of its next dividend from 4 May to 1 June. It says “The ability of borrowers to meet their interest payment […]
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30 Aug 2019 1 min read
QuotedData’s other news 30 August 2019
In QuotedData’s other news 30 August 2019 – Symphony International says that the Niseko Property Joint Venture, in which it holds a 37.5% interest, has entered into a non-binding letter of intent to sell approximately 50% of its development land site. The land was acquired in stages between 2011 and 2012 and is located in the Hirafu […]
