Schroder British Opportunities announces intention to float and raise up to £250m – Schroder British Opportunities Trust this morning announced its intention to launch an IPO and to admit its shares on the premium segment of the official list of the financial conduct authority and to trading on the main market of the London Stock Exchange. […]
Urban Logistics REIT has acquired a logistics site for £34.3m as it continues to deploy the proceeds of its recent equity raise. The company has bought the site in Hoddesdon, Hertfordshire, at a net initial yield of 5.4%. The 12-acre site comprises five units, three of which are let to Müller UK & Ireland Group, a […]
AEW UK REIT has acquired a multi-let industrial estate, which increases its exposure to the sector to 54.3%. The company has bought Westlands Distribution Park in Weston Super Mare for £5.4m, using the proceeds from the sale of its largest asset earlier this year. The purchase price reflects a net initial yield of 6.4%, which […]
Land Securities has reported an £835m loss for the six months to the end of September 2020 as the value of its property portfolio tumbles £945m (7.7%) to £11.8bn. The company’s EPRA net tangible assets (the new metric that replaces EPRA NAV) was down 9.5% to 1,079p. Adjusted diluted earnings was down 49% to 15.5p […]
Gresham House Energy Storage (GRID), currently the UK’s largest fund investing in utility-scale energy storage systems, is set to grow after announcing a new share issuance programme to be conducted over the next 12 months. The initial placing and offer for subscription are launching today. In the announcement, GRID says that “it intends to build on its […]
Countrywide gets 250p approach – Countrywide has received an indicative approach from Connells Limited to acquire the entire issued and to be issued share capital of the Company, in cash, at a price of 250 pence per Countrywide share. The approach is at an early stage and Connells Limited has indicated that any offer is conditional […]
In QuotedData’s morning briefing 10 November 2020 – ICG Enterprise (ICGT) announced the appointment of David Warnock as a non-executive director with effect from 1 December 2020. David co-founded the investment firm of Aberforth Partners and was a partner for 19 years until his retirement from that firm in 2008. The announcement also notes that […]
Schroder REIT has provided a trading update in which it has stated it has collected 84% of rent for the quarter so far. The company, which owns a diverse portfolio of property assets in the UK, said the collection rate was ahead of the equivalent date in the previous quarter. The breakdown between sectors is 93% […]
Urban Logistics REIT has bought five logistics assets for £33.1m just weeks after raising more than £90m in a fundraising. The deals were all conducted off-market at a blended net initial yield of 6.4%. The assets Ripon The group has acquired a 43,881 sq ft distribution unit in Ripon for £2.9m in a sale-and-leaseback deal […]
BioPharma Credit (BPCR) announced that it, through its fully owned subsidiary, together with BioPharma Credit Investments V has entered into an amended and restated loan agreement with Epizyme, which will see BPCR invest an additional US$75m in the Epizyme loan. This amended loan agreement is dated 3 November. Under the original terms of the loan agreement, […]
In QuotedData’s morning briefing 9 November 2020 – Tufton Oceanic Assets (SHIP) has agreed to divest one Suezmax Tanker for $19m. The divestment will reduce the company’s fleet from nineteen to eighteen vessels. SHIP says that the realised yield and internal rate of return (IRR) will greatly exceed the targets expressed in its prospectus. This will be the […]
Latin America – the only way is up? This week saw the publication of results from Aberdeen Latin American Income. Unfortunately, they did not make good reading. Over the year ending 31 August 2020, the trust generated an NAV return of -27.5% (in total return terms, adjusting for the effects of the dividend) and a […]
QuotedData’s weekly news show 6 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, James Carthew covered the week’s top stories: Riverstone Energy triggering a discontinuation vote ICG Longbow recommending an orderly realisation of its assets Wellcome Trust bidding […]
Hg sells Eucon – the manager of HgCapital Trust has agreed the sale of Eucon Group to VHV Group, a leading insurance group in Germany. The terms of the transaction were not disclosed. The transaction is subject to customary anti-trust approvals and closing is expected later this year. This transaction values HGT’s investment in Eucon at approximately […]
Civitas Social Housing has announced its net asset value as at 30 September 2020, made a dividend declaration and has provided a trading and market update. The key highlights from the announcement are as follows: Strong financial and operational performance in line with expectations IFRS NAV per share 108.01p (30 June 2020: 107.92p) Rents received […]
The Wellcome Trust has announced that terms have been agreed with the Board of Urban&Civic (UANC) for a recommended cash offer by Wellcome for the entire issued and to be issued share capital of UANC at 345p per share. The announcement provides the following key highlights of the deal: Under the terms of the Acquisition, […]
In QuotedData’s morning briefing 6 November 2020, as Biden overtakes Trump in the race for Georgia: Scottish Mortgage has released its interim results for the six months ended 30 September 2020. The trust says that, since the end of March, its NAV has risen by 76% compared to a 24% increase in the index. The Board is […]
RDI REIT targets full exit from retail assets – RDI REIT says that, for the year ended 31 August 2020, its EPRA NAV fell by 18.3% from 185.5p to 151.5p and its earnings per share almost halved from 13p to 6.9p. The dividend was cut in half – to 5p from 10p. Highlights for the year […]
Latin America’s struggles with COVID reflected in ALAI results – Aberdeen Latin American Income (ALAI) says that, for the year ending 31 August 2020, it generated an NAV return of -27.5% and a return to shareholders of -24.4%. The return on the trust’s benchmark was -22.9%. The dividend has been maintained at 3.5p but this was […]
Fidelity Special Values hit as “defensive” stocks struggle with COVID. For the year ended 31 August 2020, Fidelity Special Values reports an NAV return of -18.5% and a return to shareholders of -25.4%. This compares to -12.6% for the wider UK market. The dividend was increased marginally to 5.8p from 5.75p, some of that is payable […]
In QuotedData’s morning briefing 5 November 2020, as it looks as though Joe Biden is on his way to the White House: JPMorgan Emerging Markets reminds us that, if shareholders approve at today’s AGM, its shares will be split on a 10 for one basis from tomorrow morning. Shareholders should note that this should not change […]
Standard Life Investments Property Income reports flat quarter – The NAV at the end of September 2020 was 78.8p, 1% down on the level at the end of June. This was offset by dividends declared and so the NAV return for the quarter was fairly flat at -0.1%. The quarterly dividend was maintained at 0.714p, 60% […]
Over Henderson Far East Income’s (HFEL) annual results period to 31 August 2020, it delivered total NAV and share price returns of -9.9% and -7.8%. These returns compare with a -7.7% result by the MSCI AC Asia Pacific ex Japan high dividend yield index. Despite low interest rates, high yield strategies underperformed, making the backdrop for […]
In QuotedData’s morning briefing 4 November 2020 – It has been a quiet morning of news so far, with all eyes on the US election. Value and Income (VIN) has received notice from OLIM Limited, the investment manager responsible for the management of VIN’s equity portfolio, of its intention to terminate the investment management agreement. The […]
Regional REIT buys Cardiff office – Regional REIT has completed the acquisition of a modern Grade A flagship office building in Cardiff for £8.4m.The four-floor, 61,641 sq. ft. building is set in a 6.0 acre site with some 200 dedicated car parking spaces and is located in Global Reach, Cardiff. They say that it benefits from […]
ICG Longbow headed for the exit – ICG-Longbow Senior Secured UK Property Debt Investments’ board has decided to recommend to shareholders that the investment objective and policy of the company are amended so that it can pursue a strategy of orderly realisation and the return of capital over time to shareholders. The board says that “the […]
In QuotedData’s morning briefing 3 November 2020 Finally, Waterfall has made its offer to investors in Alternative Credit Investments (ex P2P/Pollen Street Secured Lending). The bid is at 870p per share in cash plus a 12p dividend. It values the fund at £639.2m. This is a 6.3% discount to NAV. The bid is recommended by ACI’s […]
When Riverstone Energy launched, it had a performance-driven discontinuation vote built into the structure. This would be triggered if, on 29 October 2020: the trading price for the shares had not met or exceeded £14.70 at any time since the initial admission to listing on 29 October 2013; and the company had not generated a […]
Scottish Oriental Smaller Companies (SST) had a poor year to 31 August 2020, delivering total NAV and market returns of -13.2% and -14.2%. In the announcement, SST notes that the MSCI AC Asia ex Japan and MSCI Asia Ex Japan Small Cap indices returned 10.9% and 7.1%, respectively. We note that at the financial year-end, […]
New IPO from Downing Renewables and Infrastructure Downing Renewables & Infrastructure Trust has published an intention to float announcement. It is looking to raise up to £200m via a placing, an offer for subscription and an intermediaries offer of new shares at 100p each. The sponsor, financial adviser and sole bookrunner is N+1 Singer. The trust will […]
