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Some good COVID news

The FT publishes some high-quality data about the spread of COVID-19. Measures of confirmed cases are distorted by a lack of testing in some parts of the world, but the death statistics are harder to argue with. The disease has sadly claimed the lives of at least 500,000 people. In April, these deaths were mainly […]

Solid results from Civitas set stage for growth

In all the covid-induced uncertainty in the property market, it was refreshing to see a REIT report strong figures and prospects for the future this week. Civitas Social Housing’s full year results saw it deliver a total return to shareholders of 20.4%, increase its NAV, and boost its dividend target for FY2021 to 5.4p. The […]

Capital & Regional expects to imminently receive 34% of June rent

Capital & Regional (CAL) has provided an update on the impact of the COVID-19 pandemic and rent collections for the 24 June Quarter Date, in which it says it has received or expects to imminently receive 34% of the rent due on 24 June. CAL has provided the following highlights on its operations and liquidity. […]

Gresham House Energy Storage acquires 41MW Bloxwich facility
Gresham House Energy Storage GRID

Gresham House Energy Storage Fund (GRID) has announced that it has completed the acquisition of a 41MW operational energy storage facility known as Bloxwich from a group of investors led by Arenko Cleantech (Arenko). The initial cost is £20.1m, with the potential for further earnout payments. The acquisition of Bloxwhich increases the total capacity of […]

Land Securities collects 60% of June ‘net’ rent
Land Securities Lavington Street

Land Securities has provided an update on its June rental collection in which it has says that after taking into account concessions and deferrals, the net rent due at 24 June was £109m (down from a gross of £122m), of which 60% was paid within five working days. The proportion for the prior yearv was […]

Alcentra European Floating Rate Income reports on significant NAV decline

Alcentra European Floating Rate Income (AEFS) has announced its annual results for the year ended 31 March 2020, which show a significant decline in NAV during the period (from 103.61p as at 31 March 2019 to 82.68p as at 31 March 2020 – a fall of 20.2%). The majority of the NAV decline occurred in March […]

Invesco Income Growth reports on a volatile year
IVI : Invesco Income Growth trims fees

Invesco Income Growth (IVI) has announced its results for the year ended 31 March 2020, a year that its manager has described as being a volatile one for the trust: dominated by concerns over the outlook for global economic growth, Brexit negotiations and the UK General Election, which were overwhelmed in the final three months by […]

QuotedData’s morning briefing 3 July 2020

In QuotedData’s morning briefing 3 July 2020: Octopus Renewables (ORIT) has provided an update on its progress in deploying the proceeds of its IPO in December 2019. In summary, it has a pipeline of approximately £1.7bn. This includes 333MW of  operational and construction ready solar PV projects and construction ready onshore wind projects, located in the […]

Regional REIT completes series of rent renewals
Regional REIT rent collection rises to 92.8%

Regional REIT has completed a series of lease renewals at marked uplifts in rent. The company, that owns a diverse portfolio of properties in the UK regions, has completed eight deals across office, retail and warehouse assets amounting to more than £500,000 in annual rents and at a combined uplift of 20.2% to estimated rental values […]

QuotedData’s morning briefing 2 July 2020

In QuotedData’s morning briefing 2 July 2020: Schroder Oriental Income Fund says that shareholders overwhelmingly approved a resolution to shift the fund’s tax domicile from Guernsey to the UK. 99.78% of those voting approved the measure. The company should soon become a UK investment trust. Under fire Gabelli Value Plus+ reported a 25% fall in NAV […]

Aberdeen New Dawn positions itself to ride out the storm

Aberdeen New Dawn positions itself to ride out the storm – Aberdeen New Dawn says that, for the year ended 30 April 2020, its return to shareholders was -8.4%. The NAV return was only marginally behind that of the MSCI All Countries Asia Pacific ex Japan Index benchmark (-5.5% versus -5.2%) but the turmoil associated with […]

Hipgnosis launches latest fundraise

Hipgnosis launches latest fundraise – On 12 June 2020, Hipgnosis Songs Fund Limited announced that its investment adviser was in active discussions on a pipeline of catalogues with an acquisition value of over £1bn and that the company was therefore exploring raising additional funding for further investments. Accordingly, today it has announced its intention to raise a […]

Aberdeen Frontier Markets throws in the towel

Aberdeen Frontier Markets throws in the towel – having failed to beat its benchmark over the two years ended 30 June 2020, the board intends to fulfill the promise it made in October 2018. Shareholders were to be offered a cash exit at NAV but “following careful consideration of the amended discount control policy, the […]

Initial retail rent collection figures for June revealed
British Land suspends dividend and offers retailers rent holidays

Two big retail landlords, Hammerson and British Land, have revealed rent collection levels of just 16% and 36% for the quarter June to September 2020. Rent collection for the quarter, which is paid in advance, fell due on 25 June and the two group’s today revealed just how bad the figures are for the retail […]

ASLI reaffirms dividend after better than expected rent collection

Aberdeen Standard European Logistics Income (ASLI) has reaffirmed its dividend policy in a company update. The group said it intends to pay its quarterly dividend for the second quarter in line with its policy after higher than expected rent collection figures. It collected 85% of rental income that was due in Q2, ahead of its […]

QuotedData’s morning briefing 1 July 2020

Riverstone Energy (RSE) announced the pausing of its £50m share buyback programme until August, after the reporting of its interim results, for the six months ended 30 June 2020. Since the company’s announcement of the share buyback programme was made, on 1 May 2020, 10.81m ordinary shares have been bought back at a cost of approximately £30.5m.   Elsewhere, two big retail […]

Civitas Social Housing delivers on promises

Civitas Social Housing delivers on promises – over the year ended 31 March 2020, Civitas Social Housing delivered a total return to shareholders of 20.4%, an increased NAV (up to 107.87 from 107.08), its dividend target of 5.3p (up from 5.0p), and a run-rate dividend cover of 100% as at 31 March 2020. the new […]

QuotedData’s morning briefing 30 June 2020
Banks too cheap to ignore

In QuotedData’s morning briefing 30 June 2020: Polar Capital Global Financial declared a 2.4p interim dividend, in line with its commitment to maintain distributions to shareholders despite regulatory blocks to bank’s dividends. Redefine Properties has sold its 29.42% stake in RDI REIT to affiliates controlled by Starwood Capital Group. RDI REIT’s shares rose strongly on he […]

NextEnergy hit by falling power price

NextEnergy hit by falling power price – NextEnergy Solar Fund says that, over the year ended 31 March 2020, its NAV fell from 110.9p to 99.0p. This translated into an NAV total return of -4.6%, which, when combined witha fall in the premium, left shareholders with a return of -7.8%. NextEnergy met its dividend target of […]

Syncona’s Freeline may IPO

Syncona’s Freeline may IPO – Freeline Therapeutics says that it raised a total of $120m from investors in its Series C fundraising. $40m of this came from Syncona (in December 2019). Syncona has written up the value of its investment to reflect the pricing of the fundraise. Its 60% stake in Freeline is now valued at […]

Annual results from Miton UK MicroCap reflect another tough year for quoted microcaps
MINI fails to keep up with AIM index

Miton UK MicroCap (MINI), the tech and healthcare-focused (around half of the portfolio) UK smaller companies-sector company, has reported annual results for the year ended 30 April 2020. Over the year, total NAV returns fell by (8.2%), while the shares were down by (20.%).  MINI noted that, over the same period, the FTSE SmallCap index (excluding […]

QuotedData’s morning briefing 29 June 2020
Gore Street Energy Storage Fund

Gore Street Energy Storage (GSF) announced that it had secured a further 131MW portfolio under exclusivity, including 81MW of cash generating operational assets. The operational assets, have an anticipated closing of mid-August, subject to the completion of due diligence. The 131MW portfolio of assets under exclusivity announced today is in addition to the 20MW London asset […]

RIP Intu. More to follow?

Intu Properties, the biggest shopping centre owner in the UK, plunged into administration today after last ditch rescue talks with creditors collapsed. The writing had been on the wall for months, if not years, for Intu but the covid-19 pandemic finally pushed it over the edge. But what does Intu’s collapse mean for the wider […]

Battery chicken

Why I should get off the fence and pay up for Gore Street Energy Storage by QuotedData’s James Carthew. This week, I caught up with the manager of Gore Street Energy Storage, which gave me the opportunity to pose some of the questions I raised in last weeks’ news show about the future of the […]

Empiric Student Property appoints chief executive

Empiric Student Property, the owner and operator of student accommodation across the UK, has appointed a new chief executive. It has hired Ten Entertainment Group’s current chief executive Duncan Garrood to the role. As well as Ten Entertainment Group, which is the UK’s second largest operator of family entertainment centres, Garrood has also held the […]

Intu set to collapse into administration
Intu set to collapse into administration

Shopping centre owner Intu is set to call in administrators after last gasp rescue talks with creditors collapsed. In a statement to the London Stock Exchange this morning the group said there had been “insufficient alignment and agreement” on standstill agreements with creditors. The group added: “The board is therefore considering the position of Intu […]

QuotedData’s morning briefing 26 June 2020

In QuotedData’s morning briefing 26 June 2020 The managers of Ediston Property Investment Company bought 276,971 shares at 50p per share on 23 June, to take their holding to 1.5m shares. 50p is a 47.1% discount to the last published NAV but that will probably be falling as a result of COVID-19. Manchester and London used […]

Unite raises £300m in placing
Unite to take 16%-20% hit on income this academic year

Student accommodation specialist Unite has raised £300m in an equity raise. A total of 34,482,759 new ordinary shares were placed at a price of 870 pence per share, representing a discount of 3.1% to the closing price on 24 June 2020 of 897.5 pence. Concurrently with the placing, certain directors of the company subscribed for an aggregate of […]

Harworth acquires Midlands industrial estate for £10m

Harworth Group has acquired a Midlands industrial estate for £10.1m. The property developer and investor said the buy was in line with its strategy to grow its recurring income base through the acquisition of high yielding assets with further asset management potential. It has bought the estate, located close to both Dudley and Stourbridge town centres […]

BlackRock Smaller Companies reports on strong year

BlackRock Smaller Companies reports on strong year – Over the year ended 29 February 2020, BlackRock Smaller Companies reported a 14.1% return on NAV and a 14.0% return to shareholders, both of which compare favourably with a 1.4% return on the trust’s benchmark, the Numis Smaller Companies plus AIM (excluding Investment Companies) Index. The dividend was increased […]

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