Manager’s stock picks deliver for Henderson Euro Trust – Henderson Euro Trust (HNE) delivered an NAV total return of 6.6% over the year to 30 July 2019. This was 1.9% ahead of its benchmark (FTSE World Europe (ex UK)) in sterling terms. Chairman, Nicola Ralston, said: “The portfolio we hold at the moment is relatively concentrated, with […]
Student accommodation specialist Unite Group has sold two properties in Coventry to a Singaporean investor for £96m. The two assets, Callice Court and Millennium View, comprise a total of 1,127 beds and have been sold to Mapletree Investments. The transaction price is in line with book value and Unite said it would recycle the capital […]
Something has to change at Jupiter UK Growth – During the twelve months to 30 June 2019 the total return on the net asset value of the company’s shares was -11.9% and, as the discount widened, the share price return was -15.4%. This compares with the total return on the company’s benchmark, the All-Share Index, of […]
Macau Property Opportunities reflects on tough year – The value of Macau Property Opportunities’s (MPO) portfolio declined by 7.7% to US$311.1m, over the year to 30 June 2019. Reported figures for adjusted and IFRS NAV were down 17.0% and 23.7%, respectively. Mark Huntley, chairman of MCO, said: “The past year has unquestionably been challenging. We are also […]
JZ Capital exiting Xpress – Within the circular that covers the adoption of JZ’s proposed liquidity strategy, JZ Capital is also seeking approval for its plans to sell its entire interest in Xpress Logistics, a subsidiary of one of the portfolio companies, U.S. Logistics. The proposed sale would, in effect, be made to Capstone Logistics which is […]
John Lewis is seeking to withhold 20% of the service charge it pays shopping centre landlords, in a move that will put more pressure on several listed property companies. The BBC has reported that the department store chain has told landlords in some locations that it will withhold 20% of the service charge it is […]
In QuotedData’s other news 4 October 2019 – The Renewables Infrastructure Group raised £227.6m from an issue of shares that was “heavily oversubscribed”. It will issue 185m new shares. The money will be used to pay off its short-term debt and to finance new acquisitions. JPMorgan Indian failed to beat its benchmark (MSCI India) over the […]
Schroder Japan frustrated by short term performance over year to end July 2019 but sees value in portfolio and is prepared to raise gearing. Over the period, the NAV and share price total returns were -4.6% and -8.4%, respectively, compared with +1.0% produced by the TOPIX. The chairman said “The single largest frustration is in […]
Workspace books chunky profit on Farringdon sale – Workspace Group says that it has exchanged contracts for the disposal of 12-13 and 14 Greville Street in Farringdon for a total of GBP14.75m. The sale of the property is at a premium of 47.5% (GBP4.75m) to the 31 March 2019 valuation, a net initial yield of 1.3% […]
ScotGems board considering future – On 26 September, we told you that ScotGems’ manager had resigned – see story – last night, the board released the following statement: “On 25 September 2019 the company announced that Tom Prew had assumed the role of lead manager with immediate effect, with Tom Allen continuing as co-manager. Mr […]
Gore Street gets more Irish money – Gore Street Energy Storage says it has been successful in its first applications to manage energy storage projects in the Republic of Ireland. Under the terms of its agreement with the National Treasury Management Agency (NTMA), it will be able to draw down an additional £9.5m in funding […]
JPMorgan Emerging extends its run of good performance – over the year to 30th June 2019, the return to JPMorgan Emerging Markets shareholders was +21.5% and the return on net assets was +13.3%. This compares favourably against the benchmark index (the MSCI Emerging Markets index) which returned 5.0%. The revenue return per share for the year […]
CLS Holdings has exchanged contracts to buy two London offices for £66.65m. The offices – 6 Lloyds Avenue, in the City of London, and the Clockwork Building, in Hammersmith – have a blended annual passing rent of £4.2m and a net initial yield of 6.2%. 6 Lloyds Avenue comprises 34,640 sq ft of multi-let office […]
Jupiter European confirms manager change – Since the announcement on 1 July 2019 regarding Alexander Darwall’s intention to establish a new investment management company, Devon Equity Management Limited, the board of Jupiter European Opportunities has undertaken a consultation with major shareholders and also appointed a firm of specialist professional advisers to conduct a due diligence exercise […]
TR European lags benchmark as micro caps struggle – over the year ended 30 June 2019, the trust returned -7.3% in NAV terms against a 0.6% positive return for the Euromoney Smaller Companies Index (ex UK). A widening of the discount left shareholders with a return of -10.4%. The dividend was upped from 19p to 22p. […]
In QuotedData’s other news 3 October 2019 3i Infrastructure will issue up to 81m new shares through a placing. The price will be determined through a book build – where investors say what price they are prepared to pay and the deal is done at the highest price that allows the fund to issue all the […]
In QuotedData’s other news 2 October 2019: Hadrian’s Wall Secured Lending (HWSL) has provided an update with respect to Biomass Premium Fuels Limited and Biomass Optimum Fuels Limited which separately acquired the assets of Arensis Energy Ltd, Entrade Energy Ltd and Arensis Energy One Ltd out of administration on 21 December 2018. BOFL has entered […]
Strategic Equity Capital has announced its final results for the year ended 30 June 2019, during which it beat its benchmark comfortably. During the year, the company provided positive NAV and share price total returns (2.2% and 4.8% respectively) while its benchmark fell by 8.6%. The chairman, Richard Hills, points out that this has been […]
JZ Capital Partners has announced that its board has decided on a more ambitious liquidity plan. It says that it plans to raise approximately $400-500 million in liquidity by the end of the Company’s fiscal year ending February 2023. This plan is intended to enable JZCP to pay down a substantial amount of debt and […]
On 12 September 2019, Supermarket Income REIT (SUPR) announced its intention to raise £50m to grow its portfolio (Click here to read our story). However, following approval by shareholders yesterday of the necessary resolutions that were required to allow the fundraise to proceed, the board has announced today that it is doubling the size of […]
Augmentum makes first German purchase – Augmentum Fintech has made its first investment in Germany with a €6 million investment in Grover (http://www.Grover.com/), a German technology rentals platform. Augmentum’s investment leads a €11 million funding round, and coincides with Grover signing a new €30 million debt facility with Varengold Bank, one of Germany’s major fintech banking […]
In QuotedData’s other news 1 October 2019: Genesis Emerging Markets (GSS) reported annual results covering the year to 30 June 2019. The shares delivered a total return of 11.1% while the NAV was up 9.0%. The fund benefitted from opportunities arising from market weakness at the end of 2018 and into early 2019, with several new […]
Foresight Solar seeks share placing – Foresight Solar (FSFL) announced its intention to issue new ordinary shares of no par value in the company by way of a placing. The placing will be conducted under the company’s remaining shareholder authorities granted at the last AGM to issue up to 54,894,155 ordinary shares on a non-pre-emptive […]
Central and Eastern Europe-focused Globalworth Real Estate seeks capital raise to fund pipeline – Globalworth Real Estate (GWI), a leading office investor in Central and Eastern Europe, has announced its intention to raise additional equity capital through a placing of up to approximately 28.5m new shares to existing and new investors to take advantage of what it […]
Pacific Assets shares return +12.3% over H1 – Pacific Assets (PAC) has announced results covering the six-month period to 31 July 2019.. NAV total returns amounted to +10.5% over the period, which the company framed by comparing to an annualised return of +12.2% over the last five years, and of +11.9% over the nine-year period. The […]
Grit Real Estate Income Group, a pan-African real estate company, reported impressive full-year results today including a 57.3% growth in profit from operations. The company, which now has owns 25 properties across seven countries and five asset classes, reported a 27.4% jump in earnings per share to US$8.09 and a total return of 12.4%. Its portfolio […]
Hammerson has agreed a deal to sell a retail park in Scotland for £67m as it continues its disposal programme to reduce debt. The sale of Abbotsinch Retail Park, in Paisley, means it has now exceeded its minimum disposal target of £500m in the year. Following the sale of a major stake in its Italie Deux shopping centre […]
LMS Capital reviewing management arrangements – LMS Capital has been reviewing its investment management arrangements since July. The review concluded with a majority of the board deciding that Gresham House Asset Management (“GHAM”) should continue as the appointed investment manager on terms that include both a reduction in the annual management fee (excluding any cash over […]
Several investment companies reported results this morning. In QuotedData’s other news 27 September 2019: Africa Opportunity Fund (AOF) reported half-year results to 30 June 2019 with NAV per share of US$0.689 as at 30 June 2019; this represented a 2% increase from the 31 December 2018. AOF noted that the single biggest factor on the negative front is an underlying macro-economic pattern in several African countries. Governments in countries […]
Tritax EuroBox increases bank facility by EUR125m – The continental European logistics real estate assets investor, Tritax EuroBox (EBOX), has announced a EUR125m increase to an existing EUR300m unsecured revolving credit facility This increase is on the same terms as the existing facility, with an opening margin of 1.55% and a maturity date of October 2023 […]
