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 […]

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 […]

Home REIT, which is focused on providing accommodation to the homeless, has acquired its first properties since launching. The group has bought a portfolio of five properties located across the North West, North East and Midlands regions of England. The properties are recently completed and purpose-built to provide high quality accommodation to vulnerable, homeless people […]

Land Securities’ chief executive Mark Allan has set out the company’s future strategic direction that will see it “benefit from long-term macro trends”. Having completed a strategic review of the business since joining in April 2020, Allan said four strategic priorities have been identified. Optimise central London business. Through targeted capital recycling to crystallise significant value already […]

Baring Emerging Europe heads for Middle East and Africa – Baring Emerging Europe has announced a proposed change of investment policy which will diversify the current mandate’s geographical scope to include the whole of Emerging Europe, the Middle East and Africa (“EMEA”) including, as opportunities arise, investing in select frontier markets within the EMEA region. The […]

JZ Capital sells part of US Microcap portfolio – JZ Capital Partners Limited has agreed to sell its interests in certain US microcap portfolio companies to a secondary fund led by Hamilton Lane Advisors, L.L.C. The sale will be structured as a sale to a newly formed fund, JZHL Secondary Fund LP, managed by an affiliate of […]

SDCL Energy Efficiency’s placing raised £105m at 100p per share against its target of £80m. Even with the expanded target, the issue was significantly oversubscribed. The announcement on Friday said that there had been “further positive progress with the negotiations to acquire an established, operational and regulated energy network in a major Western European city“. […]

In QuotedData’s morning briefing 19 October 2020: The remaining conditions for UIL’s sale of Ascendant to Algonquin Power & Utilities Corp have been satisfied. UIL will get $37.6m. Ascendant owns 100% of Bermuda Electricity Light Company Limited, Bermuda’s sole electricity provider. JPMorgan Brazil has published a circular in relation to its planned wind up. Its shares will be […]

QuotedData’s weekly news show 16 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: Fundraising in the sector including success for Triple Point Energy Efficiency Infrastructure and high hopes for Round Hill […]

Canada’s answer to UK dividend drought – Middlefield Canadian Income Investment Trust (MCT) gave an update on its portfolio performance and wider market conditions on 14 October 2020. The US presidential election and Covid-19 were dominant themes. MCT’s views – expressed on the video call by Dean Orrico, lead manager and president of Middlefield International Limited […]

In the latest instalment of the Gabelli Value Plus debacle, Metage Capital have written an open letter to Mr Bruce Lisman of Associated Capital Group, Inc, the outfit associated with the investment manager that is blocking the wind-up of the trust. Rather than try and paraphrase, we have reproduced the letter below. We think it makes very […]

LondonMetric Property has sold four retail properties from its long income portfolio for £22.2m and bought three convenience service stations for £10.8m. The sales reflect a blended net initial yield of 4.6% and comprise two M&S food stores in Haslemere and Ferndown, a Matalan unit in Leicester and a Boots and Spar let property on the Isle of […]