This sector includes mortgage companies, property management companies and REITs
In QuotedData’s morning briefing 4 August 2022: JLEN Environmental Assets says that its end June NAV was 123.1p, up 7.8p from 31 March. The drivers of this were higher fixed prices (+1.2p), higher seasonal forward pricing (+1.5p), and changes to long term forecasts from independent consultants (+5.8p). Our assumption would be that these uplifts reflect […]
In QuotedData’s morning briefing 2 August 2022: Ed Warner, OBE has been appointed chair of JLEN Environmental Assets with effect from 2 August 2022, succeeding Richard Morse who stepped down on 15 July 2022. Ed brings extensive financial services experience from his time spent in senior positions at several investment banks and financial institutions, including […]
In QuotedData’s morning briefing 28 July 2022: Ecofin US Renewables (RNEW) says that its end June NAV was 97.32 cents, down slightly from the figure of 97.64 cents at end March. The main infuences on the NAV over the quarter were an inflation/interest related increase in discount rates used to value the portfolio (-$3.5m) offset […]
In QuotedData’s morning briefing 26 July 2022: The Allianz technology team has moved en masse across to Voya Financial and it is now the investment adviser to Allianz Technology (ATT). The board is confident that there will be minimal impact on the management of the portfolio, It is anticipated that there will be no change […]
In QuotedData’s morning briefing 21 July 2022: NB Global Monthly Income (NBMI) is increasing its target distribution rate to 6.75% of NAV per year for the rest of 2022. The increase reflects the positive effect of rising interest rates (especially higher US rates – US loans account for about 80% of the fund) on the […]
Three members of Palace Capital’s board have today resigned from the company after shareholders revolted against the company’s change in strategy, which was announced earlier this month. Mickola Wilson (Senior Independent Director), Kim Taylor-Smith (Non-Executive Director) and Paula Dillon (Non-Executive Director) have all stepped down from the board with immediate effect, leaving no independent directors […]
In QuotedData’s morning briefing 19 July 2022: In GCP Asset Backed Income’s (GABI) latest NAV (as at 30 June 2022), the co-living group loan (discussed on our weekly show on 8 July) has been revalued, taking 1.21p off the NAV. The directors took advice from the company’s valuation agent and investment manager, considered a range […]
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: • Ruffer – Hamish Baillie stepping down • Roundhill Music Royalty • Hipgnosis Songs Fund • Taylor Maritime inaugural results • Chysalis and wefox • […]
Town Centre Securities (TOWN), the property investment, development, car park and hotel operator, has sold its equity investment in YourParkingSpace (YPS) Limited to Flowbird SAS for £20.7m – a huge uplift on the book value of the stake of £1.47m (with an additional £1.53m loan to YPS) on the group’s balance sheet. The YPS platform […]
In QuotedData’s morning briefing 7 July 2022: NB Global Monthly Income (NBMI) says that investors submitted 25,500,417 shares to its cash exit offer (10.3% of the company). The tender was for up to 25% of shares held so all these shares will be redeemed at 81.92p (NAV less 2%). Some investments are less liquid than […]
In QuotedData’s morning briefing 5 July 2022: NextEnergy Solar Fund (NESF) has signed a two-year extension to its existing £70m revolving credit facility (RCF) with Santander UK. The revised facility comes with a margin of 160bps (1.6%) over SONIA, including an uncommitted option to extend the facility term for an additional twelve months if required. […]
Palace Capital will become a purely regional offices investor, focusing on ESG enhancements to create value. The company announced the move following a strategic review by the board as it wrestles with a wide share price discount to net asset value (NAV). The group said that it “intends to have a pure focus as an […]
Supermarket Income REIT has acquired two supermarket assets for a total of £82.9m, reflecting a combined net initial yield of 4.9%. It has purchased a Tesco superstore, M&S Foodhall and an Iceland in Chineham, Basingstoke, and an Asda supermarket in Carcroft, Doncaster. The 18.7 acre Chineham site has been acquired from Tellon Capital and comprises […]
Home REIT has acquired two portfolios of homeless accommodation properties for a total of £92.3m, its first deployment since its £263m equity issue in May 2022. The company has acquired 183 properties located across England for £84.9m, and in a separate transaction bought 33 additional properties for £7.4m. In total, these have added a further […]
Having read the extremely alarming news that there is set to be an exodus of GPs, exacerbating existing shortages, I thought it would be worth looking at the likely impact on the two listed primary healthcare landlords – Assura and Primary Health Properties (PHP). According to reports, one in four GP posts are set to […]
Civitas Social Housing has reported a strong set of annual results for the year to 31 March 2022, posting a NAV total return of 7.0%. The group’s IFRS NAV increased to 110.3p per share (2021: 108.3p) following a 5.8% increase in the value of its portfolio to £968.8m. Dividends of 5.55p per share were paid […]
In QuotedData’s morning briefing 30 June 2022: Riverstone Credit Opportunities Income (RCOI) has realised its investment in Roaring Fork Midstream, crystalising a 21.3% IRR and 1.16x MOIC. The loan was made in March 2021, with a $5.9m first lien delayed-draw term loan to sponsor-backed Roaring Fork Midstream, a company which owns and operates pipeline and […]
In QuotedData’s morning briefing 28 June 2022: Pharmakon Advisors, the investment manager of BioPharma Credit (BPCR) says that it notes the announcement released yesterday by Ipsen regarding its planned purchase of Epizyme Inc. BioPharma Credit has a $110m investment in a senior secured loan to Epizyme which would be prepaid upon the closing of the […]
In QuotedData’s morning briefing 27 June 2022: We have news of an acquisition and fundraise by Digital 9 Infrastructure, portfolio updates from Taylor Maritime and Aquila European Renewables, a new investment for Pantheon Infrastructure, and full year results from NextEnergy Solar.
Urban Logistics REIT doubles size of portfolio in “transformational year” and reports a 23.9% uplift in NAV. The group, which raised £358m of equity, moved to the main market and was included in the FTSE 250 index in the 12 months to 31 March 2022, said its portfolio of mid-box urban warehouses was now valued […]
In QuotedData’s morning briefing 23 June 2022: BlackRock World Mining Trust (BRWM) says that the up coming IPO of Ivanhoe Electric Inc. on Friday, 24 June 2022 would, at the mid-point of the announced IPO valuation range, add about 1.4% to its NAV. The trust’s investment consists of common shares of Ivanhoe Electric Inc. and […]
Care home provider Impact Healthcare REIT has announced its intention to issue new equity to acquire an identified pipeline of care homes. The company proposes raising new equity through a placing under its existing placing programme and in addition an offer for subscription to raise up to the Sterling equivalent of €8m. The size of […]
AEW UK REIT delivered a NAV total return of 29.7% for the year to 31 March 2022, helped by a large increase in the value of its portfolio. The small cap, diversified property company posted a 21.7% uplift in NAV over the year to 120.63p per share (2021: 99.15p), as the economy re-opened following pandemic […]
In QuotedData’s morning briefing 22 June 2022: Harmony Energy Income Trust (HEIT) has agreed a debt facility of £60m with NatWest Plc. The five-year facility has an initial margin of 300bps (3%) over SONIA, rising over time to a maximum of 375bps by year five, but is interest-only for the first three years. There is […]
In QuotedData’s morning briefing 21 June 2022: ThomasLloyd Energy Impact (TLEI) is buying the remaining 57% of SolarArise India Projects for $38.5m. SolarArise is a Delhi based renewable energy platform which holds interests in seven solar power projects in India totalling 434 MW, of which 234 MW is operational and 200 MW is construction-ready. 100% […]
The bad news just keeps mounting up and the economic outlook is getting gloomier. Inflation has shifted from being a post-COVID legacy to a global problem, while ominous economic predictions keep piling up. A fall in UK GDP was revealed this week and was followed by another interest rate hike by the Bank of England […]
Capital & Counties (CAPC) and Shaftesbury have reached an agreement on a £3.5bn all-share merger. The merger of the two West End of London landlords, which will be called Shaftesbury Capital Plc, had been rumoured for years and it was confirmed last month that talks were taking place. Under the terms of the proposed merger […]
In QuotedData’s morning briefing 16 June 2022: The US central bank, the Federal Reserve has raised its base rate by 75 basis points (0.75%) to a target range of 1.50-1.75% and indicated that it would raise rates by between 0.5% and 0.75% at its next meeting, as it struggles to combat inflation. NB Global Monthly […]
Palace Capital has reported an 11.4% uplift in EPRA net tangible assets (NTA) in a positive set of annual results to the end of March 2022. The group, which owns a diverse portfolio of property assets mainly in the industrial and office sectors, said the increase in EPRA NTA to 390p per share (2021: 350p) […]
In QuotedData’s morning briefing 14 June 2022: CVC Credit Partners European Opportunities has renamed itself CVC Income & Growth Limited. The new tickers are CVCG for the ordinary sterling shares and CVCE for the euro shares. The new website is www.ig.cvc.com Value and Indexed Property Income (VIP) says that it will pay £1.319 for every […]
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