Round Hill spending spree continues – Round Hill Music has announced a couple of new investments – making it three in three days. The Richardsons The fund has bought 100% of a catalogue of 308 tracks from the Richardsons, Jack and his son Garth, made up of producer royalties and neighbouring rights income. Garth Richardson […]
In QuotedData’s morning briefing 31 December 2021: International Biotechnology Trust (IBT) will invest in SV Health Investors (the manager)’s forthcoming biotechnology focused private fund, SV Biotech Crossover Opportunities Fund LP. The trust tries to keep its exposure to unquoted stocks between 5% and 15% of its portfolio. Murray International (MYI) says that, with effect from […]
In QuotedData’s morning briefing 30 December 2021: Secure Income REIT (SIR) is paying £33.45m in cash to Merlin Entertainments Limited, and in exchange Merlin has agreed it will extend the lease terms in respect of Alton Towers, Thorpe Park, Warwick Castle and Heide Park, Germany by 35 years, from 20.5 years currently, to 55.5 years […]
In QuotedData’s morning briefing 29 December 2021: Round Hill Music Royalty Fund (RHM) has acquired a significant share of the publishing rights of Niko Moon, the American country singer/songwriter (pictured). The catalogue comprises 29 compositions, including songs performed by Zac Brown Band, Avicii, and Sir Rosevelt, and includes the number one Zac Brown Band hits […]
Scottish Mortgage on disrupting disease with artificial intelligence Cancer, heart failure and Alzheimer’s are among the last lethal hold-outs. But medical technologies using artificial intelligence could speed up breakthroughs, as Tom Slater, joint manager of Scottish Mortgage Investment Trust explains. “The trust’s enthusiasm for the sector stems from a convergence of technological breakthroughs that have […]
Each week, our analysts use the ‘QD view’ articles to highlight interesting developments within the investment companies and real estate sectors. Reading back through the views of 2021, there are some constants – the pandemic, renewable energy, and the extraordinary diversity of new issues for example – but you can also trace the emergence of […]
In QuotedData’s morning briefing 24 December 2021: Octopus Renewables Infrastructure Trust (ORIT) has completed its purchase of two onshore wind farms in Finland for about €140m. The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW, and are in the final stages of commissioning, but the risks associated with the residual construction […]
Impact Healthcare buys three care homes – Impact Healthcare REIT is buying three care homes. One deal has completed and it has exchanged contracts to acquire two further properties. All of these are leased to existing tenants of the REIT. The purchase price is £14.3m (plus transaction costs). The deal adds three care homes with a […]
International Public Partnerships buys UK PPP portfolio – International Public Partnerships is buying a small portfolio of UK PPP (public/private partnership) investments comprising initially interests in Townlands Community Hospital in Henley, Eltham Community Hospital and minority interests in the Building Schools for the Future (BSF) projects STaG 1 and 2. The seller is an affiliate of […]
Third Point chairman steps down – “impossible to continue” This morning, the board of Third Point Investors announced that its chairman, Steve Bates, was leaving the board. The company issued the following statement: “The Board of Third Point Investors Ltd (“TPIL” or the “Company”) announces with regret that the Chairman, Mr Steve Bates, has determined […]
Odyssean makes approach to Strategic Equity Capital – Odyssean has this morning made the following announcement: “The board of Odyssean Investment Trust plc (“OIT”) announces that it has made a proposal to the Board of Strategic Equity Capital plc (“SEC”) regarding a combination of SEC and OIT to be effected by way of a section […]
In QuotedData’s morning briefing 23 December 2021: GCP Asset Backed Income (GABI) has been having issues with its loan to the Co-Living Group (which is currently in administration). An acquisition vehicle was established as planned and two of six agreed assets were transferred across to this vehicle. These two assets have subsequently been sold. Of […]
UK Commercial Property REIT has continued to strengthen its industrial and logistics portfolio with the £94m acquisition of Precision Park in Leamington Spa, Warwick, which includes a government-let ‘Megalabs’, aimed at increasing the UK’s daily testing capacity for COVID-19. Precision Park comprises two distribution units extending to over 380,000 sq ft, a 65,442 sq ft […]
LondonMetric Property has acquired Savills IM UK Income and Growth Fund in a corporate transaction for £122.2m, reflecting a blended yield on cost of 4.3% and an anticipated reversionary yield of 4.9%. The fund owns a portfolio of 15 assets across 482,000 sq ft with 75% in urban logistics and the remainder comprising long income […]
Crystal Amber to begin winding down process after failing to pass continuation vote – Crystal Amber (CRS) has provided an update following the result of its 2021 annual general meeting where the resolution that the company continue as constituted received a majority of votes, but did not achieve the required 75% majority of votes cast […]
In QuotedData’s morning briefing 22 December 2021: Syncona (SYNC) has reached an agreement to sell its portfolio company Gyroscope Therapeutics Holdings to Novartis, a leading global medicines company, for up to $1.5bn on a cash and debt free basis, with an upfront payment of $800m and up to $700m (£528 million) potentially due upon the […]
Ecofin Global Utilities and infrastructure Trust (EGL) has announced its annual results for the year ended 30 September 2021, during which it has comfortably outperformed the utilities and infrastructure indices against which it benchmarks itself. During the year, EGL has provided NAV and share price total returns of 22.9% and 28.9% respectively. Both of these […]
In QuotedData’s morning briefing 21 December 2021: HarbourVest Global Private Equity Limited (HVPE) has announced that its multi-currency credit facility has been increased by US$100 million (from US$600 million to US$700 million) with immediate effect. The additional US$100 million is being provided by Credit Suisse AG London Branch, one of the existing lenders, which has […]
Urban Logistics REIT has bought four assets for £28.6m, as it begins to deploy the proceeds from its recent £250m equity raise. The acquisition price reflects an average net initial yield (NIY) of 5.82%. Three of the assets are income producing, while the fourth is a forward funding development project. The assets Elland Road, Leicester […]
Grit Real Estate, the pan-African real estate company, has raised $156.7m through an open offer and placing. Part of the proceeds, $80.6m, was made through the issue of 155,027,444 new ordinary shares to the shareholders of development company Gateway Real Estate Africa Limited (GREA) and its asset manager Africa Property Development Management Limited (APDM) as […]
Scottish Investment Trust dips into revenue reserves as it reinstates dividend – Scottish Investment Trust (SCIN) has posted its results for the year to 31 October 2021. During the period, its share price total return was 24.3% and the net asset value per share (NAV) total return (with borrowings at market value) was 15.9%. The […]
JPMorgan Indian (JII) under board scrutiny for underperformance – JPMorgan Indian has posted its results for the year to 30 September 2021. During the period, the company produced a total return on net assets of 43.2% while the total return to shareholders was 45.4%, reflecting the narrowing of the share price discount to NAV from […]
Lowland mulls share split after strong year of performance – Lowland Investment Company (LWI) has published its annual report for 2021, which reviews the 12 months to 30 September 2021. During this period, the trust delivered 51% in NAV terms while its share price soared by 53.3%, significantly ahead of its index return of 27.9%. […]
In QuotedData’s morning briefing 20 December 2021: Tufton Oceanic Assets Limited (SHIP) has agreed to divest the Containership Swordfish for $19m. The realised net IRR will be 27% and realised net MOIC will be 2.4x. Swordfish was acquired in January 2018 for $10.25m as one of the company’s first two investments together with the Containership […]
Discount and premiums have a tendency to mean revert, often quite quickly, and so I’m not given to favouring trusts that are trading at ratings much above their long-term averages, unless I can see a good reason. In the case of Pacific Horizon (which was trading at a premium of 6.3% as at 15 December […]
Polar Capital Global Healthcare (PCGH) has released its annual results for the year ended 30 September 2021, during which it has provided NAV and share price total returns of 19.46% and 24.55%, strongly outperforming its benchmark, the MSCI ACWI Health Care Index, which returned 13.40%. Since its restructuring to 30 September 2021, PCGH has provided […]
Seraphim Space Investment Trust (SSIT) has announced that it has acquired holdings in ICEYE Oy and D-Orbit SpA from Seraphim Space LP as was set out in SSIT’s IPO prospectus. SSIT agreed to acquire four assets from the Seraphim Space Fund in exchange for new ordinary shares in SSIT and these two acquisitions represent the […]
In QuotedData’s morning briefing 17 December 2021: Oryx International Growth (OIG) has published its interim results for the six months ended 30th September 2021. Both the chairman’s and manager’s statement are impressively succinct, so there’s surprisingly little that we can say here. However, we can report that during the period, OIG’s NAV has increased by […]
LXi REIT (LXI) has acquired a Sainsbury’s supermarket in Middlesbrough for £58.9m. The purchase of the asset will be satisfied through the issue of just over 35.7m new shares in the company at 145p and a further £7m in cash. The seller, Laxmi Nivaria, is an existing long-term shareholder of the company and has agreed […]
Schroder UK Public Private loans money to Rutherford Health – Schroder UK Public Private Trust has committed £3m towards an £8m bridge loan being provided to Rutherford Health by its shareholders. In addition, LF Equity Income Fund has committed to provide a convertible loan facility of £2m. The loan will accrue interest at the rate […]
