In QuotedData’s morning briefing 12 April 2021 – Jupiter US Smaller Companies (JUS) has released a circular to its shareholders proposing a change in its name to Brown Advisory US Smaller Companies, both to reflect the identity of its new manager and to assist in marketing the company under its new management. JUS made the following […]
QuotedData’s weekly news show 9 April 2021 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 covered the week’s top stories: Schroder UK Public Private slashed the value of its Rutherford Health investment to £34m from £81m SDCL Energy Efficiency’s […]
The moratorium on evictions that has shackled landlords on rent collection is due to come to an end at the end of June – whether it will or not is anyone’s guess as the government has kicked the can down the road since the pandemic started. It will be good news for property owners that […]
QD View – Go Green? Impax Environmental Markets is doing very well but is it too popular? It has been a short week and a quiet week in the investment companies market. Funds continue to report results for 2020, however, and the one that stood out for me this week was Impax Environmental Markets. Shareholders […]
In QuotedData’s morning briefing 9 April 2021: Schroder UK Public Private says it has completed the sale of its shares in Kymab to Sanofi for approximately US$82m. There may be additional contingent payments of up to US$33m, subject to a deferred purchase price release and Kymab achieving certain development and regulatory milestones. Hibernia REIT says that it […]
Menhaden’s results for the year ended 31 December 2020 have been published. In NAV terms, the company made reasonable progress, with a total return of 13.2%. However, a widening discount left shareholders with a return of 3.0%. There is no dividend. The board has opted to drop the comparison with the MSCI World Total Return Index […]
Aberdeen Asian Income held up pretty well in 2020 – Aberdeen Asian Income has published results for the year ended 31 December 2020. The company generated an NAV return of 12.9% – behind the 19.0% return generated by the MSCI AC Asia Pacific ex Japan Index but well ahead of the equivalent high yield index […]
British Land has pre-let 134,000 sq ft of office space at its 1 Broadgate development in the City of London. It has signed a deal with real estate consultancy firm JLL on a 15-year term. The deal represents almost 30% of the office space in the new 546,000 sq ft mixed-use scheme. Demolition of the […]
In QuotedData’s morning briefing 8 April 2021: Schroder UK Public Private has slashed the value of its Rutherford Health investment to £34m from £81m. The statement says “The valuation of Rutherford Health has been reduced to reflect slower than expected commercial progress and increased risk to the business outlook for equity holders.” This offsets good news […]
London office developer Helical collected 92.9% of rent in the year since the lockdown was first implemented in the UK. The group said of the balance, 4.9% had been granted rent holidays – mainly on its food and beverage tenants, and 2.2% subject to ongoing discussions. Of the current quarter, to the end of June […]
It was a good year for Impax Environmental (IEM) in absolute terms with its annual results period to 31 December 2020 bringing a total NAV return of 31.0% and a total market return of 28.9%. The shares traded at an average premium to NAV of 4.6% over the period. The NAV return was ahead of the […]
In QuotedData’s morning briefing 7 April 2021 – Urban Logistics REIT (SHED) has bought two assets for a total of £21.7m at a 6.14% net initial yield. The assets are in Warrington and Edinburgh. SHED also provided an update on its rent collection, noting that it collected 99% of rent due for the quarter to June. […]
VH Global makes first investment – VH Global Sustainable Energy Opportunities has agreed to buy 100% of the equity interests in two operating terminal storage sites on the Texas Gulf Coast for a total purchase price of $61m. The fund has also committed further capital to develop and expand the sites before the end of the […]
SDCL buys US district energy business – SDCL Energy Efficiency Income Trust has agreed to acquire a 100% equity interest in a commercial district energy system, RED-Rochester, LLC for an equity cash consideration of approximately $177m. RED is one of North America’s largest district energy systems with 117 MW of steam turbine generators plus boilers, chillers […]
Happy New Tax Year! In QuotedData’s morning briefing 6 April 2021: NewRiver REIT says its joint venture with BRAVO Strategies III LLC (in which it holds a 10% stake) has completed the acquisition of The Moor, a 28 acre estate in Sheffield city centre, for £41.0m (a capital value of £60 per sq ft). The deal was […]
I moaned for ages that there weren’t enough trusts dedicated to North America, given the importance of that market within the global economy. Happily, there is more of a choice now and it is a real choice – between managers with quite different approaches and remits. However, in terms of assets, the sector is still […]
In QuotedData’s afternoon briefing 1 April 2021, as a raft of investment companies seem to be getting announcements out of the way ahead of the Easter break, we bring you a one-off afternoon briefing: Baillie Gifford US Growth Trust has published a prospectus in relation to a placing programme of up to 250m new ordinary shares. The placing programme allows […]
Irish Residential Properties REIT (IRES REIT) is looking at internalising its management team, following the receipt of a notice of termination from its current investment manager. IRES Fund Management Limited, a wholly-owned subsidiary of CAPREIT, served notice yesterday of the termination of the investment management agreement, which will take effect on 31 March 2022. The […]
Henderson High Income held back by gearing – Henderson High Income Trust reported results for the year ended 31 December 2020 yesterday. In a difficult year, the trust generated a return on NAV of -11.4% and a widening discount meant that the return to shareholders was -17.6%. These returns compare to a figure of -6.3% for […]
Stenprop, the UK multi-let industrial (MLI) property company, has completed several transactions which further progresses its strategic goal of becoming a fully focussed MLI REIT. It has acquired the Headlands Trading Estate in Swindon for £7.4m; disposed of the Bikemax portfolio of five German retail warehouse units for €27m; and completed the sale of the Victoria Centre retail […]
Tritax EuroBox has acquired two assets in Germany for €290.9m, deploying the proceeds of its capital raise in March. The assets, a 70,000 sqm logistics facility let to a leading German sportswear manufacturer and a 94,800 sqm property let to Wayfair, have a combined rental income of €11.38m a year and were acquired for a […]
Third Point looks to tackle discount – Third Point Investors Limited says that, following a detailed strategic review in close partnership with the investment manager, the board is announcing several changes aimed at enhancing the strength of the company. The changes seek both to build on the manager’s track record and address the persistent discount to […]
3i Infrastructure agrees to acquire DNS:NET – 3i Infrastructure plc has agreed to invest c.€182m to acquire a 60% stake in DNS:NET and to provide additional funding for the future growth of the business. DNS:NET is a leading independent telecommunications provider in Germany. 3i Infrastructure is buying its stake from Deutsche Beteiligungs AG (“DBAG”), DBAG ECF, […]
Aquila buys Portuguese solar plant – Aquila European Renewables Income Fund has entered into a sale and purchase agreement to acquire 50% of the equity in an unlevered (no debt) Portuguese solar operating asset, Ourique. Closing of the transaction is expected to occur in April 2021. Ourique is located in Alentejo, Portugal, and has an installed […]
Hipgnosis becomes an investment trust – The board of Hipgnosis Songs Fund Limited has announced that, as noted in the prospectus dated 21 January 2021, the company applied to HMRC for approval as an investment trust company and that such approval has been granted. Accordingly, the company’s conversion to an investment trust company will take effect […]
Nippon Active Value Fund has published its first full set of results for the period from its incorporation in October 2019 to 31 December 2020. The shares started trading on 21 February 2020. IPO subscriptions totalled £103m. By the end of the period, net assets had risen to £117m, representing a net asset value of 113.58p […]
BB Biotech ends a turbulent first quarter in good health BB Biotech posted a respectable performance in the first quarter of 2021, in a period that proved to be quite turbulent for biotech stocks. As of 31 March, BB Biotech stock closed at CHF82.20, up 15.4% year to date, while the NAV was CHF70.75/share, up […]
In QuotedData’s morning briefing 1 April 2021 – no April Fools, we promise: UK Commercial Property REIT (UKCM) has sold its Kew Retail Park asset in London to a leading UK housebuilder for £41m. The sale price is marginally below the end 2020 book value. Of the complete 10 acre retail park, the trust owned 4.7 […]
CEIBA Investments, the real estate company dedicated to investing in Cuba, has raised €25m in an unsecured convertible bond issue. The 10%, five-year bond was priced at the unaudited net asset value per share at 30 June 2020 of 104.3p and will be admitted to the International Stock Exchange, Guernsey. The capital will finance the completion of […]
Mercantile (MRC), the £2.02bn UK all-companies sector fund, reported its annual results to 31 January 2021. MRC’s strategy is built around focussing on identifying tomorrow’s UK market leaders, targeting UK companies outside of the FTSE 100 index that have significant opportunities for growth and which may be overlooked by other investors. MRC’s chairman, Angus Gordon […]
