This sector includes mortgage companies, property management companies and REITs
The board of Dolphin Capital Investors has terminated the Investment Management Agreement (IMA) between the company and Dolphin Capital Partners (DCP) with immediate effect. It says that DCP “entered into an undisclosed option agreement with the purchaser of the Amanzoe resort in Porto Heli, Greece at the same time that the company sold its interest […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: • abrdn Latin American Income (0:23) • Blackstone Loan Financing (5:16) • Ediston Property Investment Company (9:11) • Scottish Mortgage (12:56) This […]
Empiric Student Property has posted a 8.2% uplift in EPRA net tangible assets (NTA) in annual results to the end of 2022. The student accommodation specialist said EPRA NTA was 115.4p at the end of the year, up from 106.7p. This was in part due to a 7.3% like-for-like increase in the value of its […]
Home REIT’s board is considering candidates to become investment adviser of the company, as it continues to consider all options for its future. It said that discussions had commenced with a number of candidates to take over from Alvarium Home REIT Advisors Limited. The board is also considering selling some or all of its assets […]
The board of Ediston Property Investment Company (EPIC) has launched a strategic review into the future of the company that could result in it being merged with another REIT or sold. The company, like many other REITs, has been battling a persistent wide discount to net asset value (NAV), which has severely impacted its ability […]
In QuotedData’s morning briefing 16 March 2023: Highbridge Tactical Credit Fund (HTCF) recently received final distributions from Highbridge Multi Strategy Master Fund and Highbridge Tactical Credit Master Fund. There will now be a compulsory redemption of about 95% of the outstanding shares, made at the December 2022 NAV of £2.6368 per share. There will also […]
Supermarket Income REIT has exchanged contracts for the sale of its interest in a portfolio of Sainsbury’s let supermarkets to Sainsbury’s for a total of £430.9m. As previously announced, Sainsbury’s has acquired 21 of the 26 stores in the Sainsbury’s Reversion Portfolio (SRP), concluding the contractual unwind of the SRP Portfolio structure. The transaction is expected […]
In QuotedData’s morning briefing 10 March 2023: Workspace Group (WKP) has sold the residential component of the Riverside mixed-use redevelopment in Wandsworth, London, for £53.95m, in line with its September 2022 valuation (£43.95m is payable immediately with the remaining £10m payable in March 2024). Workspace initially secured planning consent for 402 residential units and a […]
In QuotedData’s morning briefing 9 March 2023: US Solar Fund (USF) says its board and its advisers have engaged with a significant number of parties and, following receipt of indicative proposals, have shortlisted several parties who have proceeded to the next phase of its strategic review process. In order to provide the shortlisted parties with […]
In QuotedData’s morning briefing 8 March 2023: Syncona’s (SYNC’s) portfolio company Autolus Therapeutics has announced its operational and financial results for the full year ended December 31, 2022. Key highlights included: The FELIX study of obe-cel in relapsed/refractory (r/r) adult acute lymphoblastic leukemia (ALL) met its primary endpoint; remains on track for a next data […]
In QuotedData’s morning briefing for 6 March 2023: Life Settlement Assets (LSAA) has announced that it has received federal approval for the sale of the portfolio of life policies to Acheron Portfolio Trust. The portfolio was sold for a gross consideration of $24m, with transaction costs estimated to be $5m. Castelnau Group Limited (CGL) has […]
Triple Point Social Housing REIT has reported a slight uptick in NAV in 2022 results as the positive impact of its inflation-linked leases offset yield movement caused by rising interest rates. Highlights include: EPRA Net Tangible Assets per share of 109.06 pence as at 31 December 2022 (2021: 108.27 pence), an increase of 0.7%. Portfolio independently valued at £669.1m (2021: £642.0m) The portfolio’s […]
Tritax Big Box REIT has exchanged contracts for the sale of three investment assets for a total of £125m, in line with the 31 December 2022 valuations and reflecting a blended net initial yield of 4.6%. The purchaser is a leading global investor in real estate. The three assets, which have a combined WAULT of […]
Tritax Big Box REIT has posted a 19.0% drop in EPRA net tangible assets (NTA) in 2022 results. The fall, to 180.37p per share, was the result of the impact of rising interest rates on prime property yields, but was less than anticipated. The group’s portfolio value decreased 15.2% on a like-for-like basis in the […]
Cordiant Digital Infrastructure (CORD) says portfolio company České Radiokomunikace (CRA) has signed a 5-year agreement with blue chip pay TV broadcaster AMC Networks International. The agreement, effective from 1 March 2023, allows AMC channels that were up to now only available on subscription or via the internet to be broadcast. This was enabled by CRA’s […]
In QuotedData’s morning briefing 1 March 2023: Aquila Energy Efficiency (AEEE/AEET) did fail its continuation vote (as flagged 27 August). By 28 August 2023 (six months after the meeting), the directors will recommend to shareholders whether the company be reconstructed, re-organised or placed into liquidation, having explored all options and determined the best solution including […]
Student accommodation landlord Unite Group results for 2022 show performance ahead of pre-pandemic levels. Adjusted earnings were up 48% to 40.9p per share, while the company matched the uplift in its dividend of 32.7p (2021: 22.1p). The group’s portfolio was back to full occupancy in the 2022/23 academic year, with 3.5% rental growth. The outlook […]
Lar Espana Real Estate, the Spanish-listed REIT that invests in retail property, has reported a 5.0% increase in EPRA net tangible assets (NTA) in 2022, bucking the trends of falling valuations across the real estate sector. The company, which owns nine shopping centres and five retail parks across Spain, said EPRA NTA was €10.93 per […]
In QuotedData’s morning briefing 28 February 2023: Princess Private Equity (PEY) is abandonng (from April 2023) its currency hedging strategy, which had a considerable negative impact on the fund last year. Dividends based on 5% of NAV will resume in June with a 36 cent payment. The chair Richard Battey, who has been on the […]
In QuotedData’s morning briefing 27 February 2023: Life Science REIT (LABS) announces the letting of part of the ground floor of Building One at Oxford Technology Park to Arcturis Data Limited, a healthcare technology company applying advanced analytics and machine learning to generate real-world evidence and novel healthcare insights in both common and rare diseases. […]
In QuotedData’s morning briefing 23 February 2023: Six months into its accounting year (which ends on 30 June 2023), Gulf Investments (GIF) had given up some ground with an NAV return of -1.8%. However, that compares well with a return of -7.1% on its benchmark. Unfortunately, the discount widened leaving investors with a return of […]
In QuotedData’s morning briefing 22 February 2023: The merger between Capital & Counties (CAPC) and Shaftesbury (SHB) has been cleared by the Competitions and Markets Authority (CMA). The merger is expected to complete on 6 March 2023. CAPC and SHB shareholders approved the merger at the respective shareholder meetings held on 29 July 2022. Primary […]
In QuotedData’s morning briefing 21 February 2022: AT85 Global Mid-Market Infrastructure Income says that the timetable for its IPO is being extended. It says: “The company has received significant interest from a wide range of institutional and private wealth investors, notwithstanding the challenging market conditions. In particular, the company is in discussions with certain potential […]
The headline numbers reported by real estate investment trusts (REITs) make for scary reading. NAV down 13.9% at AEW UK REIT in the final quarter of 2022, 21.5% at UK Commercial Property REIT, and several others posting similar declines. These falls (and more) were widely anticipated and priced into most companies late last year at […]
SEGRO’s results for the year to 31 December 2022 reflect the current state of the logistics sector, with valuations falling 11.0% and estimated rents increasing 10.9%. The group reported adjusted NAV had fallen 15.0% over the year to 966p per share, driven by the 11.0% portfolio valuation decline to £17.925bn. The portfolio equivalent yield expanded […]
In QuotedData’s morning briefing for 17 February 2023 The board of CVC Income and Growth (CVCE) has announced that the trust’s investment manager, CVC Credit Partners Investment Management, has waived its future right to a performance fee, taking effect from 1 January 2023. abrdn European Logistics Income (ASLI) has agreed a 3,939 sqm lease renewal […]
Embattled Home REIT is considering the possible sale of the company after receiving an unsolicited approach from Bluestar Group Limited regarding a possible offer for the entire issued share capital of the company. The company said that any offer by Bluestar would likely be in cash but added “that there can be no certainty that […]
In QuotedData’s morning briefing 14 February 2023: Regional REIT (RGL) says the vast majority (99%) of its office tenants have returned to the office, with a hybrid work pattern of three to four days in the office and one to two days at home the favoured combination. The company says its regional office portfolio, which comprises […]
In QuotedData’s morning briefing 13 February 2023: Aquila Energy Efficiency (AEET) is holding a continuation vote on 28 February. A meeting has been convened for that date. [The continuation vote was brought forward from 2025. The shares are trading on a 32% discount (this has been widening again in recent weeks) and the trust is […]
In QuotedData’s morning briefing 10 February 2023: JLEN Environmental Assets Group (JLEN) says that Nadia Sood has been appointed to its board as a non-executive director with effect from 10 February 2023. The announcement says that Nadia brings extensive experience of executing and managing complex infrastructure investments ranging in size across multiple international markets. She […]
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