Stenprop buys in Glasgow – Stenprop has bought St Andrews Industrial Estate, a 73,248 sq ft multi-let industrial estate of nine high quality warehouse units near Glasgow city centre. The £5.5m acquisition price reflects a net initial yield of 7.3% and a capital value of £75 per sq ft. Located on the south side of Glasgow, […]
In QuotedData’s morning briefing 6 August 2020: VinaCapital Vietnam Opportunity has completed its sale of its stake in International Dairy Products. The fund shares $45.4m with its co-investment partner Daiwa PI Partners. All in, this deal added 14 cents to the NAV but this is already in the NAV (has been reflected there since 10 July). […]
Hipgnosis Songs (SONG) announced another deal this morning, after acquiring 100% of the writer’s share and neighbouring rights (sound exchange) royalties to Blondie co-founders, Debbie Harry and Chris Stein’s catalogue, made up of 197 songs. As pioneers of the American punk and new wave scene of the mid-70s in New York, SONG notes that Blondie […]
In QuotedData’s morning briefing 5 August 2020: SEGRO (SGRO), the £11.5bn market cap REIT focused on modern warehouses and light industrial property, announced results covering the interim period to 30 June 2020. Adjusted pre-tax profit of £140.4m, represented an increase of 6.5% year-on-year. Adjusted NAV per share increased by 2.6% over the six-month period, helped by an […]
In QuotedData’s morning briefing 4 August 2020, as BP cuts its dividend for the first time in a decade: BMO Commercial Property is to reintroduce a monthly dividend from this month at 0.25p per share (half the previous rate). The NAV return for the three months ended 30 June 2020 was -2.9%. The retail and leisure […]
Henderson Alternative Strategies disappoints again – On 3 July 2020, shareholders in Henderson Alternative Strategies approved a plan tp sell off the portfolio and return the proceeds to shareholders. Over the year to the end of March 2020, the NAV total return on the fund was -13.8%, well below the -6.0% return posted by the fund’s […]
Private equity sector company, HgCapital Trust (HGT), has indirectly invested a further £8.1m in Evaluate alongside other institutional clients of its manager, Hg. Hg is a leading European software investor ‘A leading provider of commercial intelligence and predictive analytics to the pharmaceutical industry’ Evaluate is described as a leading provider of commercial intelligence and predictive analytics to […]
Technology sector trust, Allianz Technology (ATT), has reported interim results to 30 June 2020. It was an outstanding period for the fund, with technology flourishing over the pandemic. ATT’s NAV increased by 36.7%, while the shares delivered a return of 36.9%. Benchmark beat led by remote working and stay at home ATT comfortably beat its […]
Hipgnosis Songs (SONG) has acquired the music royalty catalogue of Barry Manilow, described as one of the world’s bestselling recording artists of all time, having sold more than 85m records. ‘The top Adult Contemporary chart artist of all time’ SONG notes that Barry Manilow has been named the top “Adult Contemporary” chart artist of all time by both […]
In QuotedData’s morning briefing 3 August 2020: Fidelity Japan (FJV) reported interim results to 30 June 2020. The trust’s NAV increased by 2.3% in sterling terms, which FJV noted was ahead of its reference index which returned (0.8%) and the average of the peer group which returned 0.7%. Manager, Nicholas Price, notes that: “Japan continues to […]
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: The planned merger between Perpetual Income and Growth and Murray Income JPMorgan Brazil’s board’s decision to recommend voting against continuation Watch it again here We’ll […]
This week’s big story is the planned merger of Perpetual Income & Growth and Murray Income Trust. We think this is a great result – for PLI shareholders and could produce a new champion for the sector as a whole. The UK equity income sector has some great funds and managers, but it also seems […]
Octopus Renewables Infrastructure Trust (ORIT) has announced that it has signed an agreement to acquire a 100% interest in a portfolio of operational solar PV assets located across France for a cash consideration of €58.9m (£53.4m). The portfolio consists of 14 fully operational solar PV assets with a total installed capacity of 119.5MW. Following the purchase, ORIT […]
Henderson Smaller Companies Investment Trust (HSL) has announced its annual results for the year ended 31 May 2020 during which it has significantly outperformed its benchmark (by 7.7%) and maintained its final dividend (leading to a 2.2% increase in the total dividend for the year to 23.5p). HSL also beat its UK smaller companies’ investment […]
In QuotedData’s morning briefing 31 July 2020: Artemis Alpha Trust has appointment Nplus1 Singer Advisory LLP as its sole corporate broker with immediate effect. Tetragon has published its interim results for the six months ended 30 June 2020. During the period, it provided an NAV total return of -1.9% (this compares against a +8.1% NAV […]
At its AGM on 30 July 2020, Gabelli Value Plus + Trust (GVP) failed its continuation vote. The trust needed 50% of all votes to be in favour of continuation for it to be approved but, on the day, it achieved just 34.31% (or put another way, 65.59% of votes cast were against continuation). GVP’s Board […]
BioPharma anticpates Lexicon prepayment – BioPharma Credit has a $124.5m loan to Lexicon Pharmaceuticals (part of a $150m loan) which is secured against its XERMELO® (telotristat ethyl) product. Lexicon is planning to sell XERMELO to TerSera Therapeutics for $224m. BioPharma believes that Lexicon will use the upfront proceeds from the XERMELO sale to substantially reduce its debt, including […]
JPMorgan Brazil gives up – JPMorgan Brazil has published results for the year ended 30 April 2020. The total return on net assets was -31.3%, compared with -33.2% returned by the benchmark, the MSCI Brazil 10/40 Index. However, since 30 April, the net asset value has risen by 40.0%, against an increase of 32.7% in the benchmark […]
In QuotedData’s morning briefing 30 July 2020: Secured Income Fund’s latest factsheet discloses that it extended loans accounting for 27.5% of its portfolio by 12 months in response to COVID-related pressures on the borrowers. This extends the weighted average maturity of the portfolio from 2.58 years to 2.89 years. Shareholders just voted to wind down […]
COVID cuts Custodian’s NAV – Custodian REIT has reported a drop in its NAV to 95.7p from 101.6p over the second quarter of 2020, related to COVID-19. The NAV total return for the period was -4.9%. The valuation yield on the property portfolio rose to 7% from 6.8%. However, 92% of rents were collected (after adjusting […]
Merian Chrysalis (MERI) has confirmed that the underlying asset referred to in the announcement dated 20 July 2020 (we covered the story here) is TransferWise. MERI has participated in TransferWise’s US$319m secondary share sale, which valued the business at US$5bn. MERI’s first sale The transaction is the first sale conducted by the MERI and has generated […]
Hipgnosis Songs (SONG) has signed up Rodney Jerkins, adding the music catalogue of the four-time Grammy winner. Rodney will also join SONG’s board. Rodney Jerkins, a producer, rapper, composer and songwriter, rose to prominence in 1997 having co-written, arranged and produced five songs for Mary J. Blige’s US Number 1 and 3x US platinum-certified album ‘Share […]
The pandemic has brought considerable challenges to Electra Private Equity (ELTA), with its two largest businesses operating in the retail (Hotter Shoes) and hospitality sectors (TGI Fridays). In an update this morning, ELTA said that its portfolio companies have and continue to receive significant support from the UK Government. ELTA noted that “this support, comprising rates […]
Perpetual Income and Growth (PLI), which served notice to Invesco and Mark Barnett in April, has this morning announced that following a new manager search, the board has agreed a heads of terms for a combination of PLI with Murray Income (MUT). PLI notes: “MUT is managed by the UK Equities team at Aberdeen Standard Investments […]
In QuotedData’s morning briefing 29 July 2020: Primary Health Properties (PHP) reported interim results to 30 June 2020, with performance highlights that include: Adjusted EPRA earnings per share increased by 7.1%; Average uplift of 2.2% per annum on rent reviews completed in the period (FY 2019: 1.9%; FY 2018: 1.4%); Additional annualised rental income on a […]
In QuotedData’s morning briefing 28 July 2020: Grit Real Estate says the offer by Botswana Development Corporation Limited and Zep-Re (PTA Reinsurance Company) for Grit shares listed on the Johannesburg Stock Exchange (JSE) is unconditional. Grit will de-list from the JSE on 29 July 2020 as planned. The shares continue to trade in London as normal. Aseana […]
Cheaper Princess – Princess Private Equity has agreed a fee cut with its manager. With effect from 1 July 2020, while the headline rate remains the same (0.375% per quarter), the fee will be based on assets excluding unfunded commitments (money that Princess has promised to invest in private equity funds or companies but hasn’t […]
Supermarket Income REIT (SUPR), the UK supermarket REIT providing inflation-protected, long income from grocery property in the UK, has acquired Tesco Extra in Newmarket, Suffolk, from Standard Life Pooled Pension Property Fund for £61.0m, at a net initial yield of 4.6%. Tesco has a long history of trading from this prominent 9-acre site which was originally developed in […]
RTW Venture Fund (RTW), an investment company focused on identifying assets with high growth potential across the life sciences sector, noted the announcement by portfolio company, iTeos Therapeutics (iTeos), on 23 July of its pricing of a $201.1m IPO and admission to trade on NASDAQ. A clinical-stage biotechnology company – oversubscribed IPO values iTeos at 1.8x RTW’s initial investment […]
Global sector company, F&C (FCIT), has reported its interim results to 30 June 2020. The company’s growth and income mandate is carried out through investments in public markets, unquoted investments and private equity. With a market cap of £3.8bn, it is amongst the largest closed-end investment companies and was the first investment trust to launch, back […]
