Warehouse REIT buys Widnes Amazon warehouse – Warehouse REIT has exchanged contracts for the acquisition of a warehouse in Widnes, Cheshire for£2.765m, reflecting a net initial yield of 7.3%. The asset is fully let to Amazon UK Services Ltd on a newly agreed five-year lease to serve the online retailer’s last mile distribution requirements across the surrounding […]
LXi REIT deploys £109m – LXi REIT recently raised £175m from investors and today it has announced five deals that will deploy £109m of this. The company says it is in solicitors’ hands on further acquisitions which will fully deploy the balance in the next few weeks. Further acquisition announcements will be made shortly. BCA logistics facility, […]
UK Commercial Property sells Barclays Bank in Exeter – UK Commercial Property REIT Limited has sold a retail asset, 16-20 High Street, in Exeter, to a UK pension fund for £23.5m. The price is in line with book value and reflects a net initial yield of 4.75%. The sale follows the completion of the REIT’s asset management […]
Caledonia selling Choice Care Group – Caledonia Investments is selling Choice Care Group, a provider of residential and supported living services for people with learning disabilities and mental health conditions, to iCON Infrastructure Partners, IV L.P., a fund advised by iCON Infrastructure LLP, an independent infrastructure investment group with approximately EUR2.5bn of assets under management. Choice was […]
NextEnergy Solar Fund says no fee on preference share cash – NextEnergy Solar Fund is in the process of issuing preference shares – a story we reported on 16 October. NextEnergy Capital IM Limited has now agreed to waive a proportion of the investment management fee due to it, so that no investment management fee is payable by […]
JPMorgan American cuts gearing – JPMorgan American‘s gearing policy is to operate within a range of 5% net cash to 20% geared in normal market conditions, with a strategic (i.e. long-term target) level of gearing being set at 10% plus or minus 2% (i.e. a range of 8% to 12%). On 8 June 2018, the fund […]
Interactive Investor buys Alliance Trust Savings – Alliance Trust has agreed the sale of its subsidiary company Alliance Trust Savings (ATS) to Interactive Investor, the UK’s second largest investment platform. Lord Smith of Kelvin, Alliance Trust’s chairman, commented: “The board is pleased to announce the sale of ATS to Interactive Investor. The two businesses are highly complementary […]
CATCo warns on hurricane Michael and Typhoon Jebi – Markel CATCo Investment Management Ltd, CATCo Reinsurance Opportunities‘ investment manager, says that the unaudited net asset value of the company’s ordinary Shares and C shares was $0.7174 and $1.1287 respectively, as at the close of business on 30 September 2018. Both sets of shareholders are exposed to potential […]
intu properties receives a new possible offer. intu properties (INTU) has issued a statement after it has received a possible offer from a consortium of parties interested in acquiring it. Reciept of a possible offer On 4 October 2018 the consortium comprising the Peel Group, the Olayan Group and Brookfield Property Group (together the “consortium”) announced that they were in […]
New investment trust Smithson raises £822m – Smithson Investment Trust (SSON), a newly established investment trust has successfully raised a total of £822.5 million as a result of its IPO. It is believed to be the largest recorded UK-listed investment trust launch. Smithson announces successful capital raising Applications have been received under the Initial Issue for 82,250,956 Ordinary […]
Schroder Income Growth announces lower management fee – Schroder Income Growth Fund (SCF) has announced that new fee arrangements have been agreed with the company’s investment manager Schroder Investment Management (SDR.LN) The new arrangements is effective from 1 September 2018. The previous fee structure The previous arrangement was a flat fee of 0.75% per annum on the value of the […]
Scottish Oriental Smaller Companies held back by domestic companies in Philippines Scottish Oriental Smaller Companies (SST) has released its results for the twelve months to 31st August 2018 Total Return Performance for the year ended 31 August 2018 (audited) Net Asset Value (2.4)% MSCI AC Asia ex Japan Index (£) 2.2% Share Price (3.3)% MSCI AC […]
3i Infrastructure moves tax residence to the UK – following the introduction of the BEPS (Base Erosion and Profit Shifting) tax rules, and in order to mitigate the risk of tax leakage for the company, the board of 3i Infrastructure (3IN) announced its intention to move the tax domicile and management of the company to the UK with effect […]
JPMorgan Smaller Companies’ second consecutive year of outperformance – Shareholders of JPMorgan Smaller Companies (JMI) enjoyed very strong returns in the financial year to 31st July 2018 The company delivered outperformance against the benchmark, combined with a tightening of the discount to net asset value. Michael Quicke OBE, the chairman noted in his statement that this is the […]
NextEnergy Solar issues preference shares – NextEnergy Solar fund (NESF) has announced that it has entered into a conditional subscription agreement with AIP Solco Limited, who have agreed to subscribe to new non-voting Preference Shares of NextEnergy Solar. AIP Solco Limited AIP Solco Limited is a wholly owned subsidiary of AIP Infrastructure LP, an investment vehicle backed by three BAE Systems […]
Ranger Direct Lending releases information on Princeton bankruptcy – As previously announced by Rangers Direct Lending (RDL) , and reported by us in previous news posts (click here to view more) one of the company’s holdings, Princeton is filing for Chapter 11 bankruptcy in the US. Ranger is currently in process of forming a reorganisation plan for submission […]
Regulator looking into Westmoreland Supported Housing – The Regulator of Social Housing has published a new grading under review notice – this time on Westmoreland Supported Housing, a leading registered provider in the portfolios of Civitas Social Housing and Triple Point Social Housing REIT. The notice says “The Regulator of Social Housing reports that Westmoreland Supported Housing Limited […]
Caledonia acquires Deep Sea Electronics – Caledonia Investments (CLDN) has announced that it has acquired a majority stake in Deep Sea Electronics Ltd (DSE) The transaction values DSE at £162.0m. About DSE DSE is a UK based designer and manufacturer of controllers for diesel-powered electricity generators and intelligent battery chargers and is described in the announcement as world leading in this […]
JPMorgan Emerging Markets benefits from “simple, consistent and patient” approach – the annual statement for year ending 30th June 2018 for JPMorgan Emerging Markets (JMG) has been published. Performance The company reported a positive year with the total return to shareholders of +7.0% NAV return of +8.3%. The company’s benchmark index , the MSCI Emerging Markets Index returned +6.5% (TR in sterling terms) Both asset allocation and stock selection were […]
Tritax Big Box REIT buys Bosch warehouse – Tritax Big Box REIT has exchanged contracts, conditional on receiving full planning consent, to provide forward funding for the development of a new National Distribution Centre at Midlands Logistics Park, Corby. The property is pre-let to BSH Home Appliances Limited, part of the Bosch Group. The Bosch Group is […]
SEGRO sells Rome warehouse to Tritax EuroBox – SEGRO has exchanged contracts to sell a 158,000 sq m warehouse in Rome for EUR118 million. The transaction is expected to complete by the end of October 2018. The warehouse was developed by SEGRO-Vailog in August 2017 for a global online retail company on a 15 year lease. […]
Local Shopping REIT may be worth 34.5p per share – The Local Shopping REIT has sold or exchanged contracts for sale on 36 properties since its last update, for an aggregate price of £5.8m, a 1.1% premium to carrying value before sales costs. 16 of these properties were sold at auction, mainly in September. The aggregate sale […]
TR European Growth pauses for breath – over the year to the end of June 2018, TR European Growth‘s net asset value total return per share was 0.6% compared to a total return for its benchmark of 6.9%. The share price total return for the year was -3.2%. This year of underperformance and discount widening followed a […]
PRS REIT to be fully invested by 2019 – The PRS REIT has published its first set of results, covering the 13 months from commencement of trading on 31 May 2017 to 30 June 2018. Financial highlights Total revenue of £1.8m, generated from rental income, with net rental income of £1.5m Operating profit of £2.7m Profit after […]
SVM UK Emerging to pay fees – Given its size, SVM UK Emerging Fund‘s manager has waived its right to management fees on the fund since 2004. However, this is about to change. SVM Asset Management is entitled to a fee for providing investment management and secretarial services to the fund. This is payable quarterly in arrears at […]
Warehouse REIT gets planning for Glasgow site – Warehouse REIT has secured planning permission for change of use on 16 acres of its land at the Queenslie Park industrial estate in Glasgow. The proposed development will deliver up to 250,000 sq ft of employment-led space, comprising a combination of distribution/logistics, industrial, commercial, storage, retail and hospitality space. […]
CQS New City High Yield steady in face of Brexit worries – CQS New City High Yield Fund reports that its net asset value total return was 5.82% for the year ended 30 June 2018. The share price total return for the same period was 5.50%, and the premium to net asset value stood at 7.1% at […]
Gabelli Merger Plus yet to shine – The Gabelli Merger Plus+ Trust has published its first annual report, covering the period from its listing on 19 July 2017 to 30 June 2018. Over this period the fund generated a return on NAV of 2.78%, ahead of the return on 3-month treasury bills (which it uses as a […]
Henderson Eurotrust prepares for Tim Stevenson’s retirement – Henderson EuroTrust has published its results for the year ended 31 July 2018. The net asset value total return was 6.8% compared to a total return from the benchmark index, the Europe (ex UK) Index, of 5.8%. The dividend is being hiked by 22% – to 30.5p from 25p. The […]
Vietnam Holding reports on year of transition – Vietnam Holding reports that its NAV increased by 6.6% over the year to the end of June 2018, compared to a full year total return of 17.2% for the Vietnam All Share Index. The manager says the underperformance can be explained partly by the widening performance gap between large-cap stocks […]
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