This sector includes mortgage companies, property management companies and REITs
Happy New Year to our readers. In QuotedData’s morning briefing 3 January 2023: Tufton Oceanic Assets (SHIP) has agreed to sell its last containership, the Riposte, for $13.0m (about equal to its depreciated replacement cost), following which its fleet will consist of twenty-two vessels. The realised net IRR on the Riposte exceeds 12%. In aggregate, the […]
In QuotedData’s morning briefing 29 December 2022: PRS REIT (PRSR) has secured a short-term extension to its £150m revolving credit facility with Lloyds / RBS, which matures in February 2023. The extension has been secured for the period to 14 July 2023 at the same margin above the three-month SONIA rate as the existing arrangements. […]
In QuotedData’s morning briefing 28 December 2022: Literacy Capital (BOOK) has completed the sale of its entire interest in Hometree, generating £3.8m for the trust. This represents a 1.3x return on BOOK’s investment. The cash was used to pay down borrowings and will be recycled in new investments in due course. Richard Pindar, director of […]
This time last year we highlighted climbing inflation and interest rates as issues overhanging markets. However, those headwinds were much stronger than we had anticipated thanks to Russia’s invasion of Ukraine. Given that backdrop, it was perhaps inevitable that markets would struggle in 2022. There were a few bright spots – Latin America and the […]
Continuation Vote The Ground Rents Income board is required to convene a general meeting no later than 13 August 2023 at which it must table a proposal for shareholders to vote on a resolution for a voluntary wind-up and subsequent liquidation of the company. The vote is structured in such a way that if any […]
In QuotedData’s morning briefing 22 December 2022: Temple Bar (TMPL) has appointed Frostrow as its AIFM (with effect from 1 July 2023). Redwheel will continue to manage the assets of the trust, but Frostrow will take on responsibility for marketing and distribution. Palace Capital (PCA) has sold £7.6m of property since 30 September 2022, reducing […]
In QuotedData’s morning briefing 20 December 2022: Geiger Counter (GCL) published results in which it reported an NAV return for the 12 months ended 30 September 2022 of 2.2%. A fall in the uranium price in the second half of the period weighed on returns. The NAV return was also diluted by the subscription rights […]
In QuotedData’s morning briefing 16 December 2022: JPMorgan Global Core Real Assets (JARA) has announced its quarterly NAV and portfolio update. During the quarter to 30th November 2022 JARA paid a dividend of 1p per share, bringing the total return for the quarter to -3.8% and the total return for the year to 30th November […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • Home REIT – update (1:45) • Abrdn Property Income – debt (10:20) • Foresight Forestry – first results (15:08) This week’s interview was with […]
In QuotedData’s morning briefing 16 December 2022: International Public Partnership (INPP) has announced that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure Group and Transmission Investment, has successfully closed on the long-term ownership of East Anglia Offshore Transmission. The project relates to a transmission cable connection to the offshore wind farm located approximately 50km off […]
LondonMetric Property has acquired a retail park asset from an open ended property fund for £38.0m through one of its joint ventures (LondonMetric share: £19.0m). The acquisition price reflects a net initial yield of 5.4%, rising to 5.7% upon completion of short term asset management initiatives. The 68,000 sq ft property is located on a […]
In QuotedData’s morning briefing 15 December 2022: HydrogenOne Capital Growth (HGEN) is making an investment of €1.25m in Strohm Holding B.V. This follows on from its 12 August 2022, €10m investment. This funding round enabled Strohm, the world’s first and leading producer of Thermoplastic Composite Pipe (TCP) to accelerate the expansion of its manufacturing operations. […]
LXI REIT has renegotiated the leases of the 122 Travelodge hotels, extending the weighted average lease length by a further nine years. The portfolio of hotels was acquired by LXI as part of the Secure Income REIT merger. In return for the nine year extensions (which extends the weighted average unexpired lease term to first […]
Ediston Property Investment Company, which invests in retails parks in the UK, has reported a 5.9% increase in NAV in annual results to 30 September 2022. Its EPRA NAV per share is now 94.9p (2021: 89.6p), the uplift driven by a 10.3% portfolio valuation gain in the year to £231.4m. The increase was due falling […]
abrdn Property Income Trust has refinanced its debt again, taking a £3.56m hit to lower the interest rate cap. The company announced on 12 October 2022 (at the height of bond market volatility following the min-budget) that the trust had completed an extension of its debt facilities that were due to expire in April 2023 […]
In QuotedData’s morning briefing 13 December 2022: HgCapital Trust (HGT) is selling its stake in Transporeon, a leading cloud-based logistics and transportation management software platform, to Trimble as part of a transaction that values the whole of that business at an enterprise value of €1.88bn. The trust’s share of the proceeds is about £107.8m. The […]
Home REIT says that it will strengthen its management team and bring in independent pre-purchase valuers as part of several changes to “maintain and enhance shareholder confidence” following a number of allegations in recent weeks. The company will also beef up its board with the appointment of a new non-executive director and hire the services […]
In QuotedData’s morning briefing 8 December 2022: Hipgnosis Songs (SONG) has published its interim accounts. Net cash generated from operating activities rose by 6.9% to $45.5m, but the interest paid rose to $15.0m from $10.7m and the fund incurred additional borrowing costs of $6.2m as it fixed the cost of its debt. A weaker US […]
Home REIT has come under more fire today, as law firm Harcus Parker launches a litigation claim alleging that shareholders were misled by information they were provided by the company and its associates. The collective action is seeking compensation for retail investors “in relation to significant losses on their investments”. Harcus Parker claims that while […]
The board of directors of Home REIT is facing a call to step down by activist investor Boatman Capital Research after it accused the company of being “over-optimistic in its assumptions” on the value of its portfolio. In an open letter to Home REIT senior independent director Simon Moore, Boatman Capital Research claims that the social […]
Schroder European REIT posted a NAV total return of 7.3% in the year to 30 September 2022, as shareholders reaped the rewards of exceptional asset management profits achieved from the repositioning of its office in Paris Boulogne-Billancourt. NAV was 140.8 cents per share (down from 149.2 cents) reflecting the payment of the special dividend (totalling […]
Tritax EuroBox has posted a NAV total return of 5.9% for the year to 30 September 2022. The company, which invests in European logistics properties, saw its EPRA net tangible assest (NTA) increase 2.2% to €1.38, due to a 5.6% like-for-like uplift in the value of its portfolio, which is now worth €1,765.6m following acquisitions. […]
In QuotedData’s morning briefing 6 December 2022: Foresight Sustainable Forestry (FSF) has become the first company to officially receive the London Stock Exchange’s Voluntary Carbon Market designation which applies to funds or companies investing into climate change mitigation projects that are expected to yield voluntary carbon credits. Carbon credits mature over time, turning from Pending […]
AEW UK REIT has acquired two properties for a combined £18.3m. It has unconditionally exchanged on the purchase of a 67,020 sq ft mixed-use block located in Bath city centre at a price of £13m, reflecting a net initial yield of 8.5%. It expects to complete the deal next week. In a separate transaction, the company […]
In QuotedData’s morning briefing 1 December 2022: Bluefield Solar (BSIF) says that John Rennocks has stepped down as the chair of the Company and will remain an independent, non-executive director until his retirement from the board in Q1 2023. John Scott has been appointed as the new chair and Michael Gibbons CBE becomes its new […]
Home REIT has responded to short seller allegations last week that saw its share price fall more than 20%. The company said it was “completely confident in the integrity of the business it is operating, its financial soundness and the beneficial impact the Company is having in reducing homelessness in the UK”. Allegation 1 In […]
In QuotedData’s morning briefing 30 November 2022: NextEnergy Solar (NESF) has announced that, as part of its succession planning, Helen Mahy CBE has been appointed as a non-executive director of the company with effect from 1 April 2023. Helen will succeed Kevin Lyon as Chairman of NESF from the next AGM in August 2023. Kevin has […]
Shaftesbury, which owns a 16.4-acre portfolio in the heart of London’s West End, has reported results for the year ended 30 September 2022 that show all performance metrics have returned to pre-COVID levels. It said that the West End economy had seen a “rapid rebound” in activity, with footfall and spending ahead of 2019 levels. […]
In QuotedData’s morning briefing 29 November 2022: Syncona (SYNC) appears to have secured control of Applied Genetic Technologies Corporation, with about 51.8% of that company’s shares tendered to Syncona’s bid. The tender offer is being extended until 5pm (Eastern time) tomorrow (30 November). Separately, Syncona reports that it will receive £16m up front and potentially […]
Home REIT has delayed the release of its full year results as it undergoes an enhanced audit following a short-seller attack. The company had been due to announce results for the period to 31 August 2022 this morning, but it says that in the wake of the allegations made by short-seller Viceroy Research last week […]
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