In QuotedData’s morning briefing 26 October 2020 – Pershing Square (PSH) announced the launch of an offering of up to $500m aggregate principal amount of senior notes with a maturity not later than 2031. The net proceeds are expected to be used for general corporate purposes, including to make investments in Pershing Square Tontine Holdings, […]
Election day is edging closer in the US and the rhetoric is ramping up. We managed to catch up with Dean Orrico, the manager of Middlefield Canadian Income Fund (the subject of last week’s article) in the weekly interview and he reiterated his observation that Biden is likely to win the Presidential election. The more […]
Mark Allan, the new chief executive of Land Securities, this week set out his strategy for growth at the former goliath of listed property companies. Since taking over the hot seat from Rob Noel in April, Allan has been undertaking a strategic review of the business. That review has concluded with four key pillars for […]
QuotedData’s weekly news show 23 October 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: A change of direction for Baring Emerging Europe A new manager for Alliance Trust A new meeting requisition […]
CEIBA Investments, the Cuban real estate investor, has acquired a 50% stake in a mixed-use industrial park development project in Mariel, Cuba. The initial investment in GBM IT Mariel, the company spearheading the development, will be limited to €1.5m. GBM IT Mariel will develop and operate a mixed use multi-phase industrial park on an undeveloped tract of […]
BlackRock Greater Europe (BRGE) has announced its annual results for the year ended 31 August 2020, during which the company has provided a strong year of outperformance. According to BRGE, it provided an NAV total return of 16.9%, outperforming its reference index, the FTSE World Europe ex UK Index, which returned 0.7%, while its share […]
Secure Income REIT will not terminate Travelodge’s lease at its 123 sites (which it had the right to do as part of the terms of the hotel chain’s CVA) after running a sales process of the portfolio and attempting to re-let them. The company will maintain the current arrangements following the recent CVA, whereby the […]
Stenprop, the UK multi-let industrial property company, has collected 88% of rent since April 2020, it revealed in a trading update. Across its multi-let industrial portfolio (MLI), which makes up 63% of the wider portfolio and will eventually be 100%, the group has so far collected 70% of quarterly rent billed for the final quarter […]
CLS Holdings (CLS) has announced that it has unconditionally exchanged contracts to sell Bismarckallee 18-20 (pictured) in Freiburg for €22.5 million excluding costs, with completion expected in December 2020. The property was acquired in 2013 and consists of 7,500 sqm (80,729 sq. ft) of office and retail space over nine floors. The building is 85% […]
Infrastructure India (IIP) has announced its final results for the year 31 March 2020, during which its NAV has taken another hit. As at 31 March 2020, the IIP’s total net assets were £124.1 million in total and 18.2p per share, from £149.1 million in total and 21.9p per share as at 30 September 2019. […]
In QuotedData’s morning briefing 23 October 2020: Associated Capital Group (AGC), the large Shareholder associated with the manager of Gabelli Value Plus+ Trust, that is also blocking the winding of said trust, has requisitioned GVP’s board to call a general meeting. A link to a copy of the letter is provided below, but the key takeaways […]
Shaftesbury has announced its intention to raise £297m through a placing to firm up its balance sheet. The company, which owns a 16-acre chunk of London’s West End including Carnaby Street, has been heavily impacted by COVID-19 and the ability of its retail and leisure tenants to pay rent. The issue price of 400p is a […]
Alchemy plans investment in Countrywide – Countrywide has announced a proposed recapitalisation that includes a fully underwritten equity raising of approximately £90m. As part of this recapitalisation, funds advised by Alchemy Partners will invest up to approximately £90m in the company by way of a placing and open offer and by funding a tender offer. Following […]
Town Centre Securities (TOWN), which owns property in Leeds, Manchester, Glasgow and London, has collected 75% of rents for the current quarter and 82% of rents since March 2020. Current quarter Of the £5.2m that TOWN billed for the quarter, it had collected £3.9m or 75%. A further £0.5m or 10% has been agreed to be deferred. […]
AEW UK REIT upbeat despite small NAV hit – over the three months ending 30 September 2020, AEW UK REIT’s NAV fell from 93.37p to 92.73p and its EPRA earnings per share fell from 1.81p in the previous quarter to 1.60p. That still works out as a positive NAV total return figure of 1.46%, however. […]
Ground Rents Income tower cladding fight drags on – Ground Rents Income Fund has provided an update regarding the ongoing litigation at Beetham Tower, Manchester. This is a mixed use residential and hotel asset owned by a subsidiary of Ground Rents Income called North West Ground Rents Limited (“NWGR”). The litigation at Beetham Tower relates […]
In QuotedData’s morning briefing 22 October 2020: BMO Real Estate Investments has reported a 1.9% fall in NAV (from 96.6p to 94.8p) for the quarter ended 30 September and a negative 1.3% NAV total return. As expected, it is having problems collecting rent from retail tenants, which account for 25.9% of the portfolio (with retail warehouses […]
SEGRO has acquired Electra Park, a 13-acre urban warehouse estate in Canning Town, London from Schroders for £133m, representing a net initial yield of 2.3%. The acquisition yield for Electra Park, which provides 21,200 sqm of lettable space across 10 units of which nine are let, is thought to be the lowest ever paid for […]
Aberdeen Diversified Income and Growth (ADIG) announced that following a strategic review, it has been agreed with the manager that a greater focus should be given to the company’s allocation to private market investments. It has been agreed that Nalaka De Silva, Aberdeen Standard Investments’ head of private markets solutions, will assume oversight of the company’s portfolio asset […]
Over Schroder Japan Growth’s (SJG) annual results period to 31 July 2020, it delivered a total NAV return of -11.7%, which compares with -6.1% by the benchmark. In the manager’s report, it was noted that the company’s bottom-up stock picking approach typically results in a moderate bias towards an overall ‘value’ style. This generated a headwind for […]
In QuotedData’s morning briefing 21 October 2020: Golden Prospect Precious Metals (GPM) reported a strong set of interim results to 30 June 2020, with its NAV and shares increasing by 54% and 64.4% over the period. The fund’s chairman, Malcolm Burne, said that “Hordes of new buyers of both the yellow metal and the mining […]
Aberdeen Standard Asia Focus borrows long term – Aberdeen Standard Asia Focus has agreed terms to extend and secure the company’s long-term borrowings through the issuance of a £30m 15-year Senior Unsecured Loan Note at an annualised interest rate of 3.05%. The loan note will be unsecured, unlisted and denominated in sterling. It will rank pari […]
Jupiter US beats benchmark but discount widens – Jupiter US Smaller Companies has published results for the year ended 30 June 2020. The company reports a 3.2% fall in NAV compared to a fall of 3.8% in the benchmark (sterling-adjusted Russell 2000 Total Return Index). The discount widened from 9.3% to 15.6% and the share price fell by […]
TRIG buys Haut Vannier wind farm – The Renewables Infrastructure Group has acquired a 100% interest in Haut Vannier SAS, with the rights to construct a 43MW wind farm located in Haute-Marne, approximately 65km northeast of the city of Dijon in France. The project was developed by Envision and Velocita, who will continue to carry out the […]
Alternative Income REIT (AIRE) has posted an 11.8% fall in net asset value in full-year results to the end of June 2020. The drop in NAV, from 94.81p per share in June 2019 to 83.58p this year, was due to the impact on the value of its properties from the COVID-19 pandemic. AIRE’s portfolio fell […]
LXi REIT has sold three assets for £17m and recycled the proceeds into the acquisition of two foodstores for £15m. The group has sold its sole office, a long-let property in Cambuslang, Glasgow occupied by the local council, for £8m, reflecting a yield of 4.2%. It has also disposed of a portfolio of 11 long-let social […]
In QuotedData’s morning briefing 20 October 2020 Hg Capital has made a further investment in The Access Group. £38.8m of this is coming from the trust and other institutional clients of Hg are investing alongside HGT through the Hg Genesis 8 Fund. Pollen Street Secured Lending has changed its name and is now Alternative Credit Investments […]
Stephen Macklow-Smith retiring – The board of JPMorgan European Investment Trust has been informed by J.P. Morgan Asset Management that after 23 years with JPMorgan, all of which spent as the portfolio manager of the company, Stephen Macklow-Smith has decided to retire from asset management. He will leave J. P. Morgan Asset Management on 31st December 2020. […]
Round Hill Music prospectus published – We promised to bring you Round Hill’s prospectus when it was published – here it is. Round Hill Music Royalty Fund aims to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality, music intellectual property. The company will invest […]
Alliance swaps FPA for Lomas – Alliance Trust reports that its investment manager, Willis Towers Watson, has appointed Lomas Capital Management LLC as managers to a portfolio for its multi-manager investment strategy. Alliance Trust’s assets are managed by nine expert stock pickers. Each of these runs a high conviction, 20-stock portfolio. Lomas’ investment process identifies economic […]
