In QuotedData’s morning briefing 27 July 2020: Gold has climbed to a record high, pushed on by a weakening dollar as cases continue to rise in the US. Global sentiment is also being negatively affected by rising cases across Europe. Regional REIT (RGL) announced that further to its announcement on 8 July 2020, Q2 rent collection […]
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: M&G’s approach to UK Mortgages – which could results in a takeover; Baillie Gifford’s new China trust – rising from the ashes of Witan Pacific; […]
The big news this week has to be the move of Witan Pacific to Baillie Gifford, where it will become a fund focused on China. Anyone who doesn’t want to come along for the ride will have the option of a cash exit at 1% discount to NAV (capped at 40% of the trust). Witan […]
LXI REIT has announced that it has sold two portfolios of long-let social housing assets for £10.7m, and has exchanged contracts on the pre-let forward funding acquisition of a Lidl foodstore in Barnard Castle, County Durham for £7.5m. Disposal of social housing asset portfolios The sales, to two separate social infrastructure funds, reflect a 5.25% […]
CLS Holdings has announced that it has unconditionally exchanged contracts to sell Albert-Einstein-Ring 17-21 in Hamburg for €36.45 million excluding costs, with completion expected on 30 September 2020. About Albert-Einstein-Ring Albert-Einstein-Ring 17-21 was acquired by CLS in 2017 as part of the Metropolis portfolio and consists of 13,419 sqm (144,441 sq. ft) of offices located […]
SEGRO has made three separate announcements this morning which, when taken together, comprise the redemption of €118m of existing (debt during August and September), while raising €450m of new debt finance in a private placement that is split across three tranches. The announcements can be summarised as follows: SEGRO is redeeming the last of its […]
In QuotedData’s morning briefing 24 July 2020: Stenprop has provided the market with a trading update for the second quarter of 2020 to the market. It says that it has now collected 93% of the rent due at the end of March, and 84% of the rent due at the end of June. We have also […]
RTW announces second deal of the day – RTW Venture Fund confirms that it participated in a private placement of shares in Milestone Pharmaceuticals (committing $25m). Milestone is a publicly-traded, clinical stage biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines. Milestone is advancing Etripamil, its lead investigational product, through Phase 3 clinical […]
London office landlord and developer Helical has said it expects to collect between 90% and 95% of rent this quarter. As at 22 July 2020, the group collected 77.3% of the June quarter rent, with agreements in place for a further 13.6% to be paid in installments in the period leading up to the September […]
AEW UK REIT has declared a dividend for the quarter to the end of June of 2p in line with its targeted annual dividend of 8p. The group has seen EPRA earnings per share for the quarter fall to 1.81p (March 2020: 2.12p) as rent collection figures fell slightly, but has decided to maintain its […]
RTW backs Encoded Therapeutics – In June, RTW Venture Fund participated in a $135m Series D financing round for Encoded Therapeutics, together with other investment firms. Encoded is a US-based privately held preclinical stage biotech company developing precision gene therapies for a broad range of severe genetic disorders. This was RTW’s seventh investment following its […]
ICG Longbow finances St James’s office – ICG Longbow has provided a new £16.9m loan facility to a vehicle managed by GMG Real Estate, to help it buy an office property in St James’s, which leased to a UK Government agency. The company’s £16.9m forms part of a £22.3m facility, with the balance of the money […]
Bid for HWSI Realisation – To our shame, we missed this story yesterday morning – Cubitt Trade Holdings has made a recommended cash offer for HWSI Realisation at 55.5p per share. The offer values HWSI at about £79,642,300. The price is a 91.38% premium to the closing price of 29p on 21 July 2020 and a discount […]
In QuotedData’s morning briefing 23 July 2020: US Solar Funds says its fifth acquisition – a 61MWDC portfolio of four utility-scale solar plants in Oregon – has commenced operations. The company has reiterated its target of a fully cash covered 5.5 cent dividend in 2021. RDI REIT has let its recently completed 168,154 sq ft industrial and […]
Riverstone Energy commits $25m to wood pellet firm – Riverstone Energy has made a $25 million commitment to participate in the recapitalisation of Enviva Holdings LP. More than $1 billion of new equity contributions and incremental equity commitments is coming from affiliates of Riverstone Holdings LLC (the manager). Enviva is the world’s largest supplier of utility […]
The UK and Europe debt (structured finance) fund, TwentyFour Income (TFIF), released its annual results to 31 March 2020. The NAV was down (12%) in total return terms, over the financial year. We note that as at 21 July, TFIF’s shares were down by about (8.4%) over the year-to-date – they have recovered most of […]
Witan Pacific (WPC) has a entered into an investment management agreement to appoint Baillie Gifford as its new manager. New China-focused investment policy proposed WPC is proposing that subject to shareholder approval, its investment objective is changed to produce long term capital growth by investing predominantly in shares of, or depositary receipts representing the shares of, […]
City Merchants High Yield (CMHY) has appointed Rhys Davies as its named lead manager, effective today. Edward Craven has been appointed as deputy portfolio manager Paul Read and Paul Causer, co-heads of the Invesco Henley Fixed interest team, will step back as co-fund managers but will continue to provide support along with the wider fixed interest team. […]
In QuotedData’s morning briefing 22 July 2020: Apax Global Alpha (APAX) released a performance update covering the period to 30 June 2020. Salim Nathoo, part of the investment committee of APAX’s manager, noted: “Valuations of the Apax VIII and Apax IX funds recovered strongly in the second quarter of 2020, driven by an overall rebound in […]
In QuotedData’s morning briefing 21 July 2020: BioPharma Credit has received a notice of prepayment for its $150 million senior secured loan with Amicus Therapeutics, Inc. As a result, the company is expected to receive on or before 4 August 2020, approximately $156.2 million, comprised of $150 million in principal, $1.2 million in accrued interest and […]
Capital and Counties (Capco) updates ahead of Shaftesbury deal – the company is updating shareholders on progress within the business up to 30 June 2020. In the face of social distancing restrictions, the company takes comfort from the pedestrianised nature of its core Covent Garden asset. It says that additional streets around the Piazza have […]
HICL takes control of Irish road – HICL Infrastructure says that it has agreed to acquire the remaining 50% interest in the M17/M18 Gort to Tuam Road PPP in the Republic of Ireland from the Marguerite I Fund. The consideration is €41m and the transaction is expected to complete by the end of September. The project is […]
M&G Investment Management Limited (“MAGIM”), on behalf of one of its managed funds, M&G Specialty Finance Fund (£) SCSp says that it has made several approaches to the board of UK Mortgages Limited with a view to making a recommended cash offer, all of which have been rejected. The most recent approach was made on 15 […]
Schroder REIT has reinstated its dividend at a level 50% below its previous rate. The company postponed the dividend for the quarter to 31 March 2020, but following better than expected rent collection it has reinstated the dividend for the quarter to the end of June. It will pay a dividend of 0.38575p per share, […]
Gore Street Energy Storage (GSF) expects to benefit from a recent legislation change to allow larger energy storage projects, above 50 MW in England and 350 MW in Wales. ‘Number of battery storage projects on the grid could triple’ In a statement this morning, GSF said: “The new legislation removes energy storage, except pumped hydro, from […]
Fair Oaks Income (FAIR) will resume the payment of dividends, on a quarterly basis and at a variable rate. The board’s decision has been made in light of the continued performance and the increased resilience of Master Fund II’s investments. FAIR expects to announce the first quarterly dividend at the end of July in an amount of […]
Growth sector company, Merian Chrysalis (MERI), announced that it had entered into a transaction to partially realise one of its investments in the portfolio; this realisation is expected to raise approximately £20m. This transaction has been undertaken at a valuation that represents a material mark up in the company’s current carrying value of the asset. MERI notes […]
My guest on this week’s weekly show was Nick Wood, head of Investment Fund Research at Quilter Cheviot (you can listen back here). He enthused about Baillie Gifford US Growth, which is the second-best performing investment company over the past six months (after Golden Prospect). The Baillie Gifford trust’s NAV is up by 48% over […]
The good news is it appears rent collection rates for the current quarter have not dropped from the previous quarter. Three weeks after rents were billed 48% was received versus 47% in the equivalent period after March quarter day, according to data from commercial property management platform Re-Leased. The bad news is, still only 48% […]
Personal Assets (PAT) has published its final results for the year ended 30 April 2020, during which it has bucked the trend, substantially outperforming the market (its NAV per share rose by 5.3%, substantially ahead of the return on the All-Share, which PAT says lost 19.8%). The announcement provides the following key highlights: PAT is […]
