British Land has announced the sale of a West End development for £177m, at a 7.6% premium to book value, as well as half-year results. The group disposed of Clarges Mayfair, which consists of 50,000 sq ft of offices, 15,000 sq ft of retail and 34 residential apartments. It acquired the site in 2012 and […]
Gore Street Energy Storage (GSF) will hold a general meeting on 7 December 2020 in lieu of a new share issuance programme, designed to capitalise on a pipeline of opportunities, which have a total project size of 1.3GW. GSF intends to significantly increase the size of its portfolio under the context of continued growth in demand for […]
In QuotedData’s Morning Briefing 18 November 2020 – Ahead of its AGM on 25 November 2020, JPEL Private Equity (JPEL) provided an update on its realisation strategy, noting that its manager is in advanced negotiations to sell its largest asset, its interest in MBI Holding. The transaction price would be around its carrying value with […]
Perpetual/Murray merger complete – Murray Income Trust will acquire approximately £427m of net assets from Perpetual Income & Growth Investment Trust in consideration for the issue of 50,936,074 new shares in Murray Income, as the merger of the two trusts completes. The number of new shares to be issued was calculated based on a formula asset […]
McKay Securities, which owns a portfolio of office and logistics assets in the South East of England, said it was “ideally placed to benefit” from a shift in the office sector caused by COVID-19. Its office portfolio, which accounts for 56.3% of its £438.95m portfolio, is predominantly located in towns in the Home Counties that […]
Schroder REIT has reported a 2.8% drop in its net asset value (NAV) in half-year results to the end of September 2020. NAV per share now stands at 58p versus 59.7p at 31 March. The fall was due to a 3.4% decrease in the value of its 39-strong property portfolio during the period, which is […]
BlackRock Throgmorton Trust plans £22m placing – following on from the announcement on 12 November, the board of BlackRock Throgmorton Trust says that it proposes to raise additional equity capital through the issue of up to 3,307,686 new ordinary shares. The shares will be placed by Stifel Nicolaus Europe (the company’s broker) with mainly institutional shareholders (qualified […]
In QuotedData’s morning briefing 17 November 2020: BBGI Global Infrastructure has announced a placing of up to £55m worth of shares at a price between 164p and 172p. the money wil be used to help pay for a 25% stake in Signature on the Saint-Lawrence Group, the operator of the Samuel De Champlain Bridge Corridor in Montreal, […]
Home REIT, the recently launched REIT that funds the acquisition and creation of homeless accommodation, has acquired a further five portfolios of properties in England for a total of £41.6m. The deal means that since its £240m initial public offering (IPO) on 12 October 2020, the group has invested more than £50m in accommodation that will house […]
Stenprop has acquired two multi-let industrial (MLI) estates for £14m, as it continues its transition into a fully focused UK MLI landlord. Together the two estates, in Durham and West Bromwich, comprise 58 units and produce just over £1m of annual rent. The largest of the two is the Mandale Business Park, located on the outskirts of […]
Warehouse REIT has acquired a portfolio of five warehouses for £43.6m, reflecting a blended net initial yield of 6.7%. It has bought the properties from Greenstone Property Holdings, a company owned by Warehouse REIT directors Simon Hope and Stephen Barrow. The assets total 570,000 sq ft and provide an annual rent of £2.95m as well as […]
Supermarket Income REIT has acquired a Tesco Extra and an adjoining Aldi supermarket in Leicester from British Land. It has bought the two supermarkets for a total of £63.4m, reflecting a 6.4% yield. The acquisitions mean Aldi, which is one of the fastest growing grocers in the UK, has become a new tenant in Supermarket Income […]
Bluefield Solar Income (BSIF) has announced a proposed placing at a price of 124p, with the intention of raising a target of approximately £45m to repay a drawn revolving credit facility (RCF). The placing price represents a premium of approximately 8.3% to BSIF’s last published unaudited NAV as at 30 September 2020 (after deducting the FY20/21 fourth […]
QuotedData’s Morning Briefing 16 November 2020 – UK Mortgages (UKML) is to convene an extraordinary general meeting on 4 December. Its board is recommending that UKML should continue operating as a publicly-traded investment company under a revised mandate offering an increased focus on enhancing liquidity and returns whilst continuing to seek to narrow the discount. This […]
Hoorah, some good news. A vaccine breakthrough courtesy of Pfizer and BioNTech brought much needed positivity. For the property sector, it was the shot in the arm it needed just a week after lockdown 2.0 was announced. Will life go back to normal with a successful vaccine available or are trends developed during the pandemic, […]
QuotedData’s weekly news show 13 November 2020 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, Shonil Chande and Richard Williams covered the week’s top stories: IPO: Round Hill Music IPO Intention to float: VH Global Sustainable Energy Opportunities, and Schroder […]
Tritax Big Box REIT has bought a logistics facility let to Tesco for £44.2m, funded through cash and the issue of new shares to the vendor. The group has acquired the temperature controlled distribution unit in Southampton from a “UK real estate fund” at a net initial yield of 5.24%. The £44.2m acquisition will be […]
Hipgnosis Songs Fund (SONG) has announced that it has acquired a share of the music catalogue of “Grammy Award winning songwriter, record producer, and punk-funk inventor, Rick James”. Hipgnosis has acquired 50% of Rick James’ Publishing interests, Writers’ share, Neighbouring Rights (Sound Exchange) and Recorded Masters (UMG) share of income in his catalogue comprising 97 […]
Schroder Oriental Income has announced its annual results for the year ended 31 August 2020, during which it provided an NAV total return of -0.9% and a share price total return of -3.9% (reflecting a widening of the discount during the period) both of which suggest it has missed the mark a little, underperforming its […]
AVI Global (AGT) has announced its annual results for the year ended 30 September 2020, which show that, during the second half of its financial year, the trust’s NAV (having reported at the half year stage a reduction in value of almost a quarter) has bounced right back with all of the fall recovered (overall, […]
In QuotedData’s Morning Briefing 13 November 2020: EPE Special Opportunities (ESO) has announced that it has completed a $2.5 million investment in a segregated account of Prelude Structured Alternatives Master Fund LP, which will invest in distressed credit opportunities, targeting a fund level gross annual return of 6-8%. ESO is investing in junior tranche and it […]
Downing Renewables and Infrastructure publishes prospectus As promised, here is a link to the prospectus, which was published today. As the prospectus makes clear, access to the issue is subject to some geographical restrictions. Make sure you read these. As always, we aren’t recommending that you buy the stock but we think it is interesting and […]
Regional REIT has announced it will sell all non-office assets after a strategic review by the board. The group’s portfolio consists of 150 properties worth £739.9m, 80.3% weighted to offices located outside of London. It will look to dispose of its industrial assets (13.9% of the portfolio), retail (4.3%) and other sectors (1.5%), valued at […]
In QuotedData’s morning briefing 12 November 2020: Further to its announcement on 17 September, Securities Trust of Scotland has provided an update confirming: Troy Asset Management Limited has been formally appointed as the Company’s investment manager James Harries is the named fund manager A discount control mechanism has been introduced that aims to ensure that the […]
VH Global Sustainable Energy Opportunities (GSEO) has announced its intention to launch an IPO on the main market of the London Stock Exchange (LSE). It is targeting £400m, which would be deployed towards a portfolio of global sustainable energy infrastructure assets, predominantly in countries that are members of the EU, OECD, OECD key partner countries or OECD […]
Ecofin U.S. Renewables Infrastructure Trust (RNEW) announced its intention to launch an IPO and seek admission to the premium segment of the London Stock Exchange’s (LSE) main market. The company is targeting $250m to invest in a diversified portfolio of mixed U.S. renewable energy assets benefiting from supportive government incentives and the availability of fixed longer-term […]
London office owner and developer Great Portland Estates said it expects rental values to fall by between 5% and 10%. Chief executive Toby Courtauld said rising unemployment due to the impact of COVID-19 will mean “rents and capital values in London will fall further”. The group gave the guidance as part of half-year results to […]
Round Hill Music Royalty Fund’s IPO has raised gross proceeds of US$282m. An application has been made for the admission of its shares to the specialist fund segment of the main market on the LSE, which is expected to occur at 8:00 am 13 November 2020. The company’s investment objective is to provide investors with […]
Over its half-year results period to 30 September 2020, 3i Infrastructure (3IN) generated a total return of 3.8%. 3IN says that the portfolio is performing in line with expectations, both financially and operationally. 3IN delivered a total shareholder return of 18.9% in the period (the company notes that the FTSE 250 index returned 16.0% over […]
In QuotedData’s morning briefing 11 November 2020 – Gabelli Value Plus+ (GVP) published a circular in connection with the notice requisitioning a general meeting of the company from Associated Capital Group. On 22 October, GVP received a notice from ACG requisitioning a general meeting of the company. GVP’s board says that it does not consider that the package of measures […]
