European Opportunities talks about Wirecard – European Opportunities Trust has published results for the year ended 31 May 2020. The trust beat its benchmark, returning 0.1% against -1.9% for the MSCI Europe. However, a widening of the discount left shareholders with a return of -6.9%. In many ways though, all the ‘excitement’ happened after the year […]
In QuotedData’s morning briefing 24 September 2020 Good progress with the construction of Gore Street Energy Storage’s Irish assets has helped deliver a 1.6p increase in the fund’s NAV over the second quarter of 2020 to 96.2p. An interim dividend of 2p has been declared, making 7p in total for the year ending 31 March 2020. […]
Home REIT prospectus published Home REIT’s prospectus has been published and, if you were waiting to read it having read our IPO note, here it is – click here The timetable is fairly short. Applications under the intermediaries offer close at 5pm on 6 October. For the offer for subscription it is 11am on 7 […]
Over Murray Income’s (MUT) financial year-ending 30 June 2020, it delivered total NAV and share returns of (5.3%) and (5.8%). Both were ahead of the FTSE all-share index total return of (13%). We have included a section on performance attribution below, which details where value was added and lost, over the year. MUT’s total dividends […]
Following on from the announcement by Temple Bar (TMPL), on 2 September, that it had delayed the release of its interim results due to an ongoing review of its investment management arrangements, the fund has entered into a heads of terms agreement with RWC Asset Management (RWC). The portfolio will be managed by the long-term partnership […]
In QuotedData’s morning briefing 23 September 2020 – Hg, the Manager of HgCapital Trust (HGT) announced the sale of A-Plan Group, one of the UK’s largest specialist insurance intermediaries, to Howden. The deal is subject to regulatory approval. This transaction values HGT’s current investment in APG at £21.5m. This would represent an uplift of £3.2m (18%) over […]
Town Centre Securities (TOWN) has posted a 17.4% fall in net asset value (NAV) in full year results to the end of June 2020. The company, which owns property in Leeds, Manchester and London, saw its NAV fall from 354p to 292p per share, primarily as a result of a revaluation of its portfolio, which […]
Bluefield Solar seems to be riding out the storm – Bluefield Solar Income Fund has published results for the year ended 30 June 2020. Over the year, while long-term power price forecasts have been slashed across the renewable energy sector, the NAV fell slightly from 117.98p to 117.01p. Underlying earnings per share rose from 8.62p to […]
Standard Life Investments Property Income Trust has reported half-year results that show an 11.5% fall in net asset value (NAV). The company’s NAV per share fell to 79.6p on 30 June 2020 (Dec 2019: 89.9p) due to an 9.9% drop in the value of its property portfolio to £447.3m. NAV total return in the six months […]
Tritax Big Box REIT (BBOX) has sold three assets for £77m. The group said the three assets had reached their full value following the completion of asset management initiatives that delivered rental growth and a lease extension. The assets comprise Baker Business Park in Ripon, Langley Mill, in Nottingham and Warth Park in Raunds. All […]
In QuotedData’s morning briefing 22 September 2020; Ground Rents Income Fund says that it notes the announcement published on 4 September 2020 by the Competition and Markets Authority (“CMA”), detailing its enforcement action against four leading housing developers as part of its ongoing investigation in relation to the sale of leasehold homes. The CMA have also […]
Stenprop has acquired two multi-let industrial (MLI) properties for £11.1m, reflecting a blended net initial yield of 6.5%. The two estates, in Glasgow and Stoke-on-Trent, comprise 18 units and brings Stenprop’s MLI portfolio to over 5m sq ft and 61% of its overall portfolio. The Excelsior Industrial Estate on the south west side of Glasgow […]
Apax Global Alpha sells Neuraxpharm – The Apax VIII Fund, which Apax Global Alpha is invested in as a limited partner, has agreed to sell its stake in Neuraxpharm, a leading European specialty pharmaceutical company focused on the treatment of central nervous system disorders, to funds advised by Permira. The transaction is expected to close in […]
Real Estate Investors (RLE), the Midlands-focused REIT, has reported a 4.6% drop in net asset value (NAV) in half-year results. The company’s EPRA NAV fell from 67.4p per share at the end of 2019 to 64.3p at 30 June 2020. The fall was mainly driven by a 3% drop in its portfolio valuation, from £228.9m […]
Town Centre Securities, the regional property investor and car park operator, has sold four retail properties in Scotland and London for £35.2m. It has sold two Waitrose stores in Milngavie and Glasgow; an Aldi/Home Bargains store in Milngavie; and a high street retail store in Chiswick, London. The details of the sales are as follows: […]
Baillie Gifford’s Schiehallion Fund (MNTN) has released interim results covering the six months to 31 July 2020. Over the period, NAV per share increased by 4.3% while the shares delivered a return of 8.2%. Manager’s report from Baillie Gifford – ‘62% of the capital raised had been invested by the end of July’ “The global spread […]
Hipgnosis Song (SONG) has announced plans to raise up to £250m through an ordinary share placing, at a price of 116p. We note that on 9 September SONG announced that it had invested approximately 82% of the net proceeds from its July C share issue. Since then, SONG acquired several more catalogues including Chrissie Hynde, Rick James […]
In QuotedData’s morning briefing 21 September 2020 – Crystal Amber (CRS) reported annual results to 30 June 2020. The UK smaller companies fund’s NAV fell by (55.4%) in total return terms. It was a better second half of the year, with CRS’ NAV increasing by 11.2% over the year-to-date to 30 June 2020. The main […]
The big news of the week in the investment companies sector is probably Troy Asset Management securing the management contract for Securities Trust of Scotland from Martin Currie. Securities Trust is a £200m global equity income fund. Troy already has a UK equity income trust and Personal Assets, a global absolute return trust, both of […]
In QuotedData’s weekly news show 18 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: Securities Trust of Scotland changing its manager Premier Global Infrastructure changing its investment approach JPMorgan Brazil losing its continuation vote Gabelli […]
Real estate landlords must be thinking ‘when are we going to catch a break?’ Or more to the point ‘when is the government going to give us a break?’ This week, in all his wisdom, communities secretary Robert Jenrick announced an extension to the ban on evicting commercial tenants until the end of the year. […]
City of London (CTY) has announced its annual results for the year ended 30 June 2020, during which it lagged its benchmark, but stock selection was positive. During the year, CTY’s total return was -14.6%, which the trust says was behind its benchmark, the FTSE All-Share Index, which returned -13.0%. CTY’s share price return was […]
North American Income Trust (NAIT) has announced its interim results for the six-months ended 31 July 2020, which shows that it has successfully navigated challenging markets. During the period, NAIT’s NAV per share declined by 11.7% on a total return basis in sterling term, which the trust says marginally underperformed the -10.7% return in sterling […]
U and I Group (U+I), has announced that Yoo Capital Investment Management has acquired a majority ownership interest in Shepherd’s Bush Market for its Yoo Capital Fund II, L.P., forming a joint venture partnership with U+I. About Yoo Capital Investment Management Yoo Capital is a privately held real estate investment firm, with over £2 billion […]
Macau Property Opportunities (MPO) has provided an update on its progress with its loan refinancing and portfolio divestment. To summarise, on the loan side, MPO has entered into a HK$540 million (US$69.7 million) five-year loan facility with Hang Seng Bank, while on the divestment side, MPO has entered into a provisional sale and purchase agreement […]
JLEN Environmental Assets (JLEN) has announced that it has acquired Northern Hydropower Holdings Limited (NHHL) for a total consideration, including working capital, of £4.74m. NHHL owns 100% of the equity in Northern Hydropower Limited, which in turn holds the rights to two operational hydro projects, which includes a co-located operational battery storage system at one […]
Grit Real Estate Income (GRIT) has announced that it has entered into a binding agreement with Gateway Real Estate Africa Ltd (GREA) for Grit to dispose of a 39.50% interest in Delta International Bahrain SPC (DIB), the beneficial owner of AnfaPlace Mall (Anfa) for a total of US$25,488,440. Anfa forms part of a mixed-use complex […]
In QuotedData’s morning briefing 18 September 2020: We have details of the GRIT Real Estate Income’s disposal of its stake in Anfaplace Mall, JLEN Environmental Assets acquisition of two hydro assets (one with a co-located battery storage asset), Macau Property Opportunities progress with its loan refinancing and its divestment of its remaining individual unit at One […]
Aquila European Renewables looking for cash – Aquila European Renewables Income Fund has published a prospectus in support of an initial placing and offer for subscription and a subsequent placing programme. The company is also convening a meeting to ask shareholders’ permission to issue new shares on a non pre-emptive basis. The initial target is a fundraising […]
JPMorgan Brazil loses continuation vote – last single country fund in Latin America will liquidate At JPMorgan Brazil’s AGM, which was held today, all of the resolutions put to the shareholders were passed except Resolution No. 10 relating to the continuation vote. The board has recommended that shareholders vote against continuation so perhaps this wasn’t a […]
