Pollen Street Secured Lending saga drags on – Since 25 February 2020, Pollen Street Secured Lending has been in discussions with Waterfall Asset Management about a possible cash offer by funds advised by Waterfall for the entire issued, and to be issued, share capital of Pollen Street Secured Lending. Deadline after deadline for making an offer […]
In QuotedData’s morning briefing 8 September 2020: Standard Life Investments Property Income Trust has completed the purchase of a B&Q Retail Warehouse in Halesowen for £19.5m, financed by its low cost revolving credit facility. The purchase reflects an initial yield of 7.5% and is let to B&Q Ltd for a further 11 years to lease expiry. […]
Alvarium Home REIT Advisors has announced its intention to launch an initial public offering (IPO) in Home REIT, a company focused on the alleviation of homelessness in the UK. Home REIT will target inflation-protected income and capital returns, by investing in a diversified portfolio of assets across the UK which will be dedicated to providing accommodation to the […]
RDI REIT has sold its UK retail parks portfolio for £156.9m. The six assets that make up the portfolio has been sold to M7 Real Estate for a net initial yield of 7.5%. The sale price was a 3% discount to February 2020 book value. The group said the deal, which is expected to complete […]
Gresham House Strategic (GHS), which sits in the UK smaller companies sector, says that in view of strong performance and the outlook for its portfolio, it is proposing to increase its target dividend increase from 15% to 20%, for the completed financial year to March 2020. Click here to read our coverage from June of […]
Foresight Solar (FSFL) has this morning announced the acquisition of its first solar asset in Spain. The 26.1 MW Virgen del Carmen asset, based in Huelva, in the south-west of Spain, is the fund’s first acquisition in continental Europe and also represents Foresight Solar’s initial investment in subsidy-free solar. At the date of acquisition, the company’s investments […]
Zoom-Zoom – Baillie Gifford US takes off – Baillie Gifford US Growth Trust appears to be going from strength to strength. A trust which launched at 100p in April 2018 can now boast an NAV of 234.5p and a share price of 246p. Returns have been well-ahead of benchmark indices and competing funds have been left […]
In QuotedData’s weekly news show 4 September 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: Witan’s new global managers and Greencoat UK Wind’s planned fundraise Andrew McHattie also covered some interesting recent discount and share price […]
Urban Logistics REIT (SHED) this week has announced another potential equity raise, having already invested all the proceeds of its £136m placing from March 2020. The news underlines the polarisation we are seeing in the property market, with other sectors such as retail and offices struggling in the face of uncertain futures. As many of […]
Impact Healthcare REIT (IHR) has announced that it has exchanged contracts on an individual property, St Peters House, in Bury St Edmunds, for a net consideration of £7.4 million. St Peters House is to be leased to an existing tenant. The initial rent will be £555,000, reflecting a yield of 7.5%. IHR has also completed […]
Mid Wynd International (MWY) has announced its annual results for the year ended 30 June 2020, during which it has a good year of performance, comfortably outperforming its benchmark. During the year, MWY provided NAV and share price total returns of 12.2% and 9.1%, both of which exceed the equivalent 5.2% rise provided by the […]
Witan has announced that it has appointed WCM Investment Management (WCM) and Jennison Associates (Jennison) to manage global growth portfolios. The portfolio transition took effect during the latter part of August. WCM has been allocated $200m to manage (8% of Witan’s assets), while Jennison has been allocated $100m to manage (4% of Witan’s assets). Witan […]
In QuotedData’s morning briefing 4 September 2020: Weiss Korea Opportunity (WKOF) has announced interim results for the half-year ended 30 June 2020. During the period, WKOF provided an NAV total return of 11.3%, outperforming its reference index, the MSCI Korea 25/50 Net Total Return Index, which decreased 1.7% (all figures in sterling total return terms). Capital […]
Amazing year for Baillie Gifford US Growth – Baillie Gifford US Growth Trust has published results for the year ended 31 May 2020. It was a great period for the trust as it returned 46.5% in share price terms and 44.2% in NAV terms against a 15% return for the S&P500. The managers made eight additional unlisted […]
In QuotedData’s morning briefing 3 September 2020: Ashoka India provides an annual redemption facility to its shareholders. This year, just 367,616 shares (0.54% of the issued share capital) were requested to be redeemed. Tritax Big Box REIT has completed its sale of an asset in Chesterfield for £57.3m. The buyer was Warehouse REIT (see separate story). […]
Warehouse REIT spends £82m – Warehouse REIT has completed the acquisition of two single-let warehouse assets located in the East Midlands and Cheshire, occupied by Amazon and Wincanton respectively. The assets have been purchased in two separate transactions for a total consideration of £82 million, reflecting a blended net initial yield of 5.4% and provide a […]
Greencoat UK Wind launches fundraise – with the recent Walney deal having pushed up its borrowing, Greencoat UK Wind is launching a new share issuance programme and is kicking that off with a placing and offer for subscription. Under the share issuance programme, the company may issue up to a maximum of 750 million new […]
Tellworth British Recovery & Growth Trust plc (TBRGT), a newly established investment trust, has this morning announced its intention to launch an IPO. It is aiming to raise £100m through an initial placing and an initial intermediaries offer of ordinary shares in the capital of the company, with the flexibility to raise up to £500m. […]
Nippon Active Value (NAVF) launched on 21 February on the London Stock Exchange, raising £103m (click here to read more). The company is an activist investor in smaller Japanese companies. It has released its first set of results this morning, with NAV per share increasing by 5.5% to 105.5p. As at 31 August, the company’s shares were […]
Jupiter Green (JGC) released an update ahead of its continuation vote being held at the forthcoming annual general meeting on 16 September 2020. In summary, the board noted: “The COVID-19 crisis is accelerating a number of structural sustainability trends; as a result, the fund manager is increasing the portfolio’s allocation to smaller capitalization, higher growth […]
In QuotedData’s morning briefing 2 September 2020: Temple Bar (TMPL) briefed that as per their announcements on 20 April and 9 June 2020, the board has instigated a review of the management arrangements. They anticipate that this review will be completed shortly, and the publication of the interim results has been delayed in order to […]
Greencoat UK Wind invests in Cumbrian offshore wind farm – Greencoat UK Wind has agreed to acquire SSE’s 25.1% interest in the Walney I and II offshore wind farms for a headline consideration of £350m. Walney is located approximately 9 miles off the Cumbrian coast and has a capacity of 367.2MW. Walney was constructed by Orsted […]
In QuotedData’s morning briefing 1 September 2020: CIP Merchant Capital has sold its interest in Circassia Group, a specialty biopharmaceutical company focused on respiratory diseases and quoted on AIM, for approximately £3.9m, resulting in a net profit of £1.1m. Circassia is the first investment that CIP Merchant Capital has sold. It made a 1.4 times cash on […]
Urban Logistics back for more money – In March 2020 Urban Logistics REIT completed a £136m equity raise, followed by arranging a £151m debt facility (at a reduced all in cost of c.2.66%) replacing the £76m facility previously in place. Since March 2020, Urban Logistics has completed nine acquisitions for a total consideration of £145.7m (6.0% […]
Hipgnosis buys catalogue from Nikki Sixx – Hipgnosis Songs Fund has bought the music catalogue of musician, songwriter and producer Nikki Sixx, best known as the founding member, bassist, and lead songwriter of Mötley Crüe. With Mötley Crüe, Nikki Sixx has sold more than 100 million albums worldwide as well as achieving seven platinum or multi-platinum […]
The debate around the future of the office continues to rage. It was reported today that the government is likely to set about on a campaign to get people back to the office. If the economy is going to bounce back quickly, cities like London, Manchester and Birmingham buzzing with office workers will certainly help. […]
BBGI, which provides exposure to a global portfolio of 49 availability-based PPP infrastructure assets, has reported interim results to 30 June 2020. Over the period, the company’s investment basis NAV per share increased by 0.1%. The 2020 target dividend of 7.18pps represents a 2.6% increase compared to last year. Portfolio highlights include 99.8% asset availability As at 30 […]
In QuotedData’s morning briefing 28 August 2020: Invesco Asia (IAT) announced two measures aimed at meeting its 10% discount target. Chairman, Neil Rogan, says that they are being introduced to spark new demand for the company. Conditional tender offer: subject to approval by shareholders, the board intends to introduce a performance-related conditional tender offer. Under the […]
GCP Student Living fee cut Gravis Capital Management has agreed to a reduction on the amount it charges GCP Student Living – from 1% of NAV to 0.75% on the first £950m of assets, plus 0.6375% on amounts between £950m and £1.5bn and 0.5625% on amounts over £1.5bn. That is quite a big drop in […]
Pershing Square (PSH) announced the issuance of a private placement of $200m of 12-year bonds with a coupon rate of 3.00%, maturing on July 15, 2032. The 2032 bonds are callable two years prior to their maturity at par with no penalty. Bond proceeds will be available to PSH for new investments and general corporate purposes. The […]
