IPOs take off – After a long hiatus, the investment company IPO market appears to be taking off. At present, Nippon Active Value is the only new trust to have launched this year. However, a queue of potential new funds is forming and we will soon find out which of them will make it across the […]
After years in the making, the International Property Securities Exchange (IPSX) could have its watershed moment. The first company announced its intention to float on the exchange this week, which if successful could signal a transformation in the way investors gain exposure to property assets. IPSX was established to enable the listing of individual properties […]
JPMorgan Emerging Markets (JMG) has announced its annual results for the year ended 30 June 2020, during which it has provided a gentle outperformance of its benchmark (the MSCI Emerging Markets index with net dividends reinvested, in sterling terms). During the year, JMG provided NAV and share price total returns of 2.7% and 0.7% respectively, […]
RTW Venture Fund’s portfolio company, Pulmonx Corporation, announced on 30 September 2020 the pricing of its US$190 million initial public offering (IPO) as well as its admission to trading on Nasdaq Global Market under the ticker: LUNG. Pulmonx is a medical device company that commercializes the Zephyr Valve System, which it says is the first […]
Regional REIT disposes of Juniper Park – Regional REIT (RGL) has announced it has completed on the sale of Juniper Park, Basildon for £32.7m. This disposal reflects an uplift of 59.4% from the acquisition price, including subsequent capital expenditure, and 3.9% above the 30 June 2020 valuation. About Juniper Park Juniper Park is a 277,760 sq. […]
Henderson Eurotrust (HNE) has announced its annual results for the year ended 31 July 2020, during which it has delivered strong absolute performance in both share price and NAV total return terms, despite challenging markets and has also materially outperformed its AIC Europe sector peer group. During the year, HNE net assets rose by 10.4% […]
In QuotedData’s morning briefing 2 October 2020: It’s a bit of a slow day, but we do have annual results from Henderson Eurotrust (a very strong performance despite challenging markets), the IPO of RTW Venture’s PulmonX Corporation, annual results from JPMorgan Emerging markets and the disposal by Regional REIT of Juniper Park, Basildon, Essex, for £32.7m. Elsewhere, US […]
NewRiver REIT (NRR) has sold a 90% stake in a Northern Ireland retail park for £34.7m. The group has sold the stake in Sprucefield Retail Park, in Lisburn, to its joint venture partner BRAVO for a net initial yield of 9.0% and a 5% discount to its March 2020 valuation. NRR has now sold £50.4m of […]
Inland Homes has sold two build to rent schemes in its Centre Square and Buckingham House developments in High Wycombe for £52.8m. The brownfield developer and housebuilder has sold Centre Square, a 123-unit scheme, for £31.5m and Buckingham House, an 85-unit scheme, for £21.3m. The Centre Square sale has been structured so that £15.75m is paid upfront, with monthly […]
Buffetology prospectus published – Further to the announcement made by Buffettology Smaller Companies Investment Trust Plc, a newly established investment trust, on 25 September 2020, the company has today published a prospectus in connection with its initial public offering (“IPO”). The company is seeking to raise a minimum of £100m through the issue of ordinary shares […]
Newly formed single asset real estate company Mailbox REIT has announced its intention to raise £62.5m in an IPO and be the first company to list on the International Property Securities Exchange (IPSX). Mailbox REIT owns the Mailbox, a large prime office-led mixed use property in Birmingham that has been independently valued at £179m, and will […]
Schroder European REIT (SERE) has forward sold an office in Paris for €104m, delivering a net profit of 35% and increasing the company’s net asset value by 15%. The sale of the Boulogne-Billancourt office asset, which was originally acquired in 2016 for €37.5m, is structured as a forward funding, with the building being handed over to […]
In QuotedData’s morning briefing 1 October 2020: Octopus Renewables Infrastructure Trust is buying four solar PV sites in Andalucia, which are expected to be ready to build by January 2023. The assets will have a total installed capacity of 175MWp and are expected to become operational in early 2024. The company is not taking any development risk […]
Merian Chrysalis invests in You & Mr Jones – the “Target” investment referred to in Merian’s announcement on 28 September 2020 is You & Mr Jones LLC. The company has finalised its due diligence on You & Mr Jones and committed to invest US$60m as part of a US$260m funding round. You & Mr Jones was founded […]
Oakley buys 7NXT – Oakley Capital Investments says that Oakley Capital Origin Fund has acquired a majority stake in 7NXT GmbH, the leading online fitness and nutrition platform in the German speaking region for €42.6m. The stake was acquired from founder and CEO Markan Karajica and Crosslantic Capital. Mr Karajica will continue in his role as […]
Vietnam Holding results affected by COVID – Vietnam Holding has announced results for the year ended 30 June 2020. Over that period, the NAV fell from 214.1p to 186.8p and the share price from 183p to 154p. The 15.1% fall in the NAV was greater than the 9.6% fall in the Vietnam All Share Total Return […]
Strategic Equity Capital outperforms in difficult year – Strategic Equity Capital has announced results for the year ended 30 June 2020. Over the period, the NAV total return was -9.1%, reflecting the impact of COVID-19 on the portfolio. This was quite a bit better than the return on the FTSE Small cap ex Investment Trusts, which […]
Supermarket Income REIT announced its intention to raise £150m in a placing at an issue price of 104p per share, earlier this month. The issue price represents a discount of 6.3% to the closing price on 16 September 2020 and a 3% premium to its last reported NAV at 30 June 2020. The group’s investment […]
Aberdeen Standard European Logistics Income (ASLI) has reported solid half-year results with a net asset value (NAV) total return of 4.2%. The company, which owns a portfolio of 14 logistics assets across Europe, posted an unaudited NAV per share of €1.13 (103.0p), compared with the NAV per share of €1.11 (94.21p) at the end of 2019. […]
Standard Life Private Equity (SLPE) has released an investment update covering the quarter to 30 June 2020. The NAV increased by 11.1% over the period (11.9% on a total return basis), taking into account valuations by all of SLPE’s external managers on the entire portfolio. £660.9m portfolio spread across 63 fund investments At the period-end, […]
In an update covering the period from 1 April to 29 September 2020, 3i Infrastructure (3IN) said that “most portfolio companies have met or exceeded the expectations we set at the start of the period, although lower power price forecasts, ongoing effects of the pandemic and the slow recovery in air travel will affect some […]
The global sector company, Manchester and London (MNL), delivered a total NAV return of 12.8% over the full-year to 31 July 2020, which was over 30% ahead of its benchmark, the MSCI UK investable market index. Attribution – Microsoft, Alphabet, Facebook, Tencent, and Amazon all figure in the portfolio Information technology: +7.2% Communication services: +5.0% Consumer […]
India Capital Growth (IGC) has reported interim results to 30 June 2020, with the NAV declining by 20.4% over the six months. The NAV increased by 22% from the low reached on 31 March and has continued to recover since the period-end, increasing by 14%, as at 31 August. Performance attribution – Aurobindo Pharma leads gains […]
In QuotedData’s morning briefing 30 September 2020: The growth capital sector company, Schroder UK Public Private (SUPP), released interim results to 30 June 2020. The NAV declined by 8.1% (the decline since 1 April has been 1.5%). The following is an extract from the accompanying manager’s report: “Over this reporting period, the impact of the […]
Ceiba Investments, the owner of Cuban commercial real estate, reported interim results today that saw net asset value fall 8.9% due largely to big valuation falls in its hotel properties. The company is debt free and its four-strong hotel portfolio is capitalised to the tune of $40m, which is more than enough to comfortably see […]
Amazing results from Pacific Horizon – over the year ended 31 July 2020, Pacific Horizon generated returns of 39.9% in NAV terms and 57.5% in share price terms compared to 5.1% from the MSCI All Country Asia ex Japan Index in sterling. There will be a small dividend this year – just 0.25p – the manager […]
In QuotedData’s morning briefing 29 September 2020: Greencoat UK Wind’s issue was well oversubscribed. It has raised £400m and will issue over 305m shares. The money will be used to pay down debt to £600m (21% LTV). PRS REIT says that it has arranged an additional £50m of debt facilities with Barclays Bank, taking its total […]
Ken Wotton replaces Jeff Harris at Strategic Equity Capital – Ken Wotton, managing director and head of the Gresham House Asset Management Public Equity investment team, has been appointed lead fund manager of Strategic Equity Capital and will work alongside current fund manager, Adam Khanbhai. The board says that Ken brings great experience and expertise, as […]
Jupiter UK Growth gives up – In a surprise move, the board of Jupiter UK Growth has released the following statement: “The market capitalisation of the company remains very low and is currently approximately £26m which falls well below the minimum size generally considered investable by wealth managers and other prospective investors. The company is […]
Over Africa Opportunity Fund (AOF) interim results period to 30 June 2020, the NAV fell by (14%). Accounting for dividends and redemptions, the NAV decline was (7%). At the period end, equities accounted for 79% of the portfolio, debt took up 5% and unencumbered cash was responsible for the remaining 16%. As a reference, AOF […]
