Target Healthcare (THRL), a £580m investor in care homes, is lobbying the government to reconsider its proposed ban on upward only rent reviews in leases made in July. “Whilst aimed at retail properties, this has the potential for significant unintended consequences elsewhere,” even if legislation was not retrospective the real estate investment trust said. “We […]
Blackstone, the US alternative assets group that won the bid battle for Warehouse REIT (WHR) in August, has struck a deal to take an 8.7% stake in rival bidder Tritax Big Box (BBOX). Confirming a Sky News report at the weekend, Tritax Big Box said it was buying a £1bn logistics portfolio from Blackstone in […]
Here’s an anomaly – a UK REIT trading at net asset value (NAV). Having endured a miserable three years of high interest rates and persistent inflation, there have been very few listed property companies whose shares have rated close to par in that time. Even fewer have traded at a premium and been able to […]
The average real estate share price was flat in September, a welcome respite after a couple of bruising months of losses, although persistent inflation and high gilt yields continue to cloud the outlook. There were some big winners and losers in the month. Best performing funds in price terms (%) PRS REIT 11.5 Alternative […]
Full-year results from PRS REIT (PRSR) underline the scale of the bargain pension asset manager Waypoint is getting with its £646.2m acquisition of the family home rental fund. In the year to 30 June, net asset value per share rose 7.4% to 143p from 133.2p, although the rate of growth slowed to 2.3% in the second […]
The $15bn (£11bn) US flotation of Fermi (FRMI), a data centre real estate investment trust, has given the UK market a new REIT launch after three years in which the number of listed property funds has halved. Shares in the Texan company, which was co-founded by former US energy secretary and Texas governor Rick Perry […]
Nick Greenwood’s 40-year career in the investment trust industry had a chancy start. In the early 1990s, investment trusts were having a moment. An asset-hungry sales director at Christos saw the potential for a fund of investment trusts. Greenwood, then a stockbroker for the group, was put in charge, and the rest is history. Greenwood […]
Target Healthcare (THRL), the £583m care home investor whose shares trailed on a 22% discount, has sold nine properties for £85.9m at an 11.6% premium to their 30 June valuation. Kenneth MacKenzie, chief executive of Target Fund Managers, which runs the £712m portfolio, hailed it as “landmark” deal, the largest disposal in the real estate investment […]
Another “alternative assets” investment company heads for the scrap heap after Life Science REIT (LABS) concludes its strategic review and opts for a managed wind-down. The £139m real estate investment trust, whose shares trade 48% below a depressed net asset value (NAV), said the potential value of selling its assets over the next 12 to […]
The auction of PRS Reit (PRSR) has taken an unexpected turn with the £575m rental properties fund accepting a £646.2m cash bid from pension fund manager Waypoint Asset Management. This is a surprise given last week’s statement that the board was in talks with private equity giant KKR. PRS shares jumped 6.1%, or 6.4p, to […]
Henderson European (HET) says that holders of 89.775m shares opted for cash (29.04% of its share capital) and 219.332m shares were rolled into Fidelity European (FEV). The cap on the cash option was 33.3%, so everyone who wanted cash will get it. Henderson European will delist on 26 September. Having decided to hang onto all […]
Dunedin Income Growth (DIG) says it will introduce an enhanced dividend policy, using reserves to boost its dividend yield. The total dividend for the financial year ended 31 January 2026 will be at least 19.1p per share, 34.5% up on the prior year. That pushes it onto a notional 6% yield on NAV or, at […]
Private equity giant Kohlberg Kravis Roberts & Co (KKR) is in discussions with PRS REIT over a potential offer for the company. The board of PRS REIT this morning confirmed media reports about the talks with KKR, stating that the US company was “participating in the company’s strategic review and formal sale process”. However, it […]
Ruffer Investment Company (RICA) reported another month of positive NAV performance in August, driven primarily by gold mining equities. The manager said strong free cash flow generation at higher gold prices continues to provide attractive opportunities, even after the sector’s strong rally this year. Gold bullion resumed its upward trajectory during the month, hitting a […]
A welcome base rate cut in August did little to prevent another mauling in the real estate sector, with an average 3.7% share price fall over the month. Gilt yields, and the five-year swap rate that is closely followed by the sector, widened on persistent inflation and rising public debt. Consequently, just a handful of […]
HarbourVest Global Private Equity commits money to the simpler seperately managed account announced in May; Value & Indexed Property offers an exit and investment opportunity; and updates from Custodian Property Income and Sirius Real Estate. Fidelity Emerging Markets (FEML) has agreed to buy back the 25.7% stake held by Strathclyde Pension Fund at a price […]
It is that time of year again when we ask for your views on which investment companies and managers are doing the best job for you. Once again, to reward you for your efforts, we are offering one lucky reader the chance of winning £5,000. As we did last year, we compiled some performance statistics […]
Octopus Renewables Infrastructure to save shareholders an estimated £700,000 a year after negotiating a change in its quarterly fund management fee; CT Private Equity’s half year results show a 4.5% fall in net asset value; and Intuitive Investments raises more money for China’s lottery operator. CT Private Equity (CTPE), the £340m private equity fund run […]
Our morning roundup includes Foresight Solar and Foresight Environmental Infrastructure selling a jointly-owned battery storage construction site in Perthshire in line with the recent valuation; Riverstone Energy releases first half results following shareholders’ vote to place it in a managed wind-down; and Primary Health Properties says its unconditional bid for Assura has received 92% acceptances […]
Tritax Big Box declares its cash and shares offer for Warehouse REIT final, which means victory for Blackstone’s improved and recommended 115p per share cash offer. Middlefield Canadian Income finalises plans for its conversion to an exchange-traded fund and suspended Home Reit renegotiates the contract with its wind-down fund manager AEW. Tritax Big Box (BBOX) […]
Takeover Panel says it will hold an auction for Warehouse REIT next week; top-performing Temple Bar publishes strong half-year results; plus updates from Blackfinch Spring VCT, Ashoka Whiteoak Emerging Markets and dividends from Aberdeen Equity Income and LondonMetric Property. The Takeover Panel says it will hold an auction for Warehouse REIT (WHR) if neither Blackstone […]
Deutsche Numis dismissed after criticising Third Point Investors’ treatment of shareholders in the Malibu Life acquisition; HICL Infrastructure sells £225m of assets to fund share buybacks, Bluefield Solar makes £38m of disposals to pension fund partners and Land Securities sells a £245m office block. International Public Partnerships has a new lead manager at Amber Infrastructure. […]
Empiric Student Property agrees to takeover by Unite; Riverstone Energy sets “adjustment payments” to its fund manager ahead of next week’s wind-down vote; and JPMorgan American and JPMorgan Claverhouse issue half-year results. Unite (UTG) is to buy Empiric Student Property (ESP) after the two companies agreed a recommended cash and share offer in talks that […]
Primary Health Properties (PHP) has won the battle for rival NHS landlord Assura (AGR) with 62.9% of Assura shareholders accepting its cash and shares offer by yesterday’s 1pm deadline. The offer of £460m in cahs and a 48% stake in the enlarged business has been declared unconditional while the rival £1.7bn private equity cash offer […]
More consolidation in the Japan trust sector, strong annual results from Baillie Gifford US Growth and a “transformational” £100m UK acquisition for Sirius Real Estate. Plus updates from Derwent London, Baker Steel Resources, Partners Group Private Equity and a 1pm deadline for acceptances in the bid battle for Assura. The £231m Fidelity Japan Trust (FJV) […]
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 […]
Private equity group KKR fights back in bid battle for GP surgeries landlord Assura, Third Point investors group demands independent vote on the controversial merger with Malibu reinsurance company, plus news and updates from Gresham House and Gore Street battery funds, Renewables Infrastructure Group, Impax Environmental Markets, Patria Private Equity, Irish Residential REIT and JPMorgan […]
A good number of real estate investment trusts made headway in July despite mounting macroeconomic uncertainty weighing on the sector which, after a strong first half of the year, was down 2.6% on average. Best performing real estate shares (%) Sirius Real Estate 6.8 International Workplace Group 6.0 Value & Indexed Property Income Trust […]
Half-year results from RIT Capital Partners (RCP) and Rights and Issues (RIII) and updates from other investment companies including Gore Street Energy Storage, VH Global Energy Infrastructure, Foresight Solar and Syncona. Private equity props up RIT’s half year RIT Capital Partners (RCP) battled against the weak dollar to deliver a 3.4% investment return in the six […]
Our daily roundup includes results and updates from Tritax Big Box, Impax Environmental Markets and Target Healthcare. GRID signs last “floor” agreement Gresham House Energy Storage Fund (GRID) says the revenue “floor” deals it has arranged in the past month will increase the proportion of revenues it pays to insurers and counterparties from 6% to […]
