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 […]
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 […]
Fourth quarter rent collection figures have been coming in thick and fast over the past week or so and overall they show a general improvement on collection rates during the COVID-19 pandemic. There are a few nuggets to come from the announcements so far. The first thing to say is that collection rates have improved […]
