Third Point wants to narrow its discount with $200m buy back – Third Point Offshore Investors, the hedge fund managed by Daniel S. Loeb’s Third Point LLC wants to improve the persistent discount that the share price trades at relative to NAV. The board intends to: increase communication and active marketing of Third Point Offshore Investors to existing […]
Warehouse REIT invests in Cheshire – Warehouse REIT has exchanged contracts to acquire the Midpoint Estate, a multi-let estate of 20 high quality, individual warehouse units on 29 acres in a strategic location off the M6 motorway in Middlewich, Cheshire for GBP15.5 million, reflecting a net initial yield of 6.6 per cent. The Midpoint Estate […]
Aberdeen Frontier Markets hit by Pakistan weighting – In what the chairman describes as a particularly disappointing year, Aberdeen Frontier Markets returned -14.0% in NAV terms (NB all these figures are in US dollars) and -14.4% in share price terms against a positive 5.2% return from the MSCI Frontier Markets Index. The dividend was maintained […]
In QuotedData’s other news 26 September 2019: 3i Infrastructure has completed the purchase of cold storage company, Ionisos, that was announced in July Custodian REIT has extended a borrowing facility that was coming to the end of its life by three years and expanded it too. Lloyds Bank agreed to increase the total funds available under […]
In QuotedData’s other news 25 September 2019: Primary Healthcare Properties raised the £100m it was looking for in just a few hours – issuing 78.125m shares at 128p. All the directors put in more money. Augmentum converted its convertible investments in Tide into shares. The value of this position has risen by £4.2m as a result, […]
Manchester and London powers further ahead – Manchester and London Investment Trust delivered an NAV return of 9.8% over the year ended 31 July 2019. By contrast, its benchmark, the MSCI UK Investable Market Index, returned just 1.0%. The trust was 50% ahead of its benchmark over three years at 31 July 2019. The dividend […]
Shaftesbury upbeat despite wider retail woes – in a trading statement covering the period from 1 April to 24 September, Shaftesbury, the owner of 15.2 acres of property in London’s West End, said: West End remains busy and our food, beverage, leisure and retail occupiers continue, on average, to report year-on-year sales growth. Continued good […]
PRS REIT reports accelerating home completions – PRS REIT has published results covering the year ended 30 June 2019. Highlights are: 768 new rental homes added to the portfolio, taking the cumulative total to 1,173 at 30 June 2019 Annualised estimated rental income GBP10.7m (30 June 2018: GBP3.6m) a further 3,196 homes under construction across […]
Aberdeen Standard European Logistics sees strong demand – in its interim results statement published this morning, Aberdeen Standard European Logistic’s manager, Evert Castelein, says “The key drivers behind the demand for logistics space in Europe, such as e-commerce, remain strong. We have been able to build a high quality, well-diversified property portfolio with eleven investments […]
QuotedData takes a look at Vietnam – QuotedData recently attended a investor presentation by a London-listed Vietnam country-specialist investment company. We figured it would be interesting to share some findings given the level of interest in Vietnam, on the back of strong economic and stock market performance, shaped by its evolvement beyond low-cost manufacturing. The […]
Fundraising news – JARA and Merian Chrysalis JPMorgan Global Core Real Assets (JARA), a new, Guernsey based, investment company investing in funds managed by JPMorgan Asset Management in infrastructure, property and transport assets, managed to raise almost £149m from investors, just shy of its £150m target. The opening NAV is projected to be 99.01p. The […]
Tritax EuroBox has acquired two prime logistics facilities in Bremen, Germany for €60.3m, reflecting a net initial yield of 4.8%. The company said the assets are “highly reversionary” against current market rents in the area. Purpose-built in 2013 and 2019 respectively, the two facilities have a combined gross internal area of 57,537 sq m, eaves […]
Town Centre sees assets and profits drop – Town Centre Securities reports that, for the year ended 30 June 2019, its EPRA NAV fell by 7.8% to 354p on the back of a 3.8% fall in the value of its portfolio. Despite a 2.6% increase in like-for-like rents, EPRA profit before tax fell by 7.9% […]
In QuotedData’s other news 24 September 2019 Starwood European Loan Finance has lent a developer £56.8m for two years. The money will be used to complete a residential development in London. Also the final €15m lent to a European industrial portfolio has been repaid. This leaves SWEF with net cash of £5.5m against unfunded commitments of […]
Shires Income cuts debt costs – Shires Income has entered into a new GBP20 million loan facility agreement with Scotiabank Europe PLC. The new facility is for a three year period to 20 September 2022 and extends the company’s previous GBP20 million loan facility agreement with Scotiabank Europe PLC which was due to mature on 30 […]
Target Healthcare hit by loss of tenant – Target Healthcare REIT has received notice from one of its tenants, Orchard Care Homes, which operates six homes in the Target portfolio, of its intention to exit these six leasehold homes as part of a wider business restructuring. Target says that it is continually preparing for such contingencies […]
In QuotedData’s other news 23 September 2019 Urban Logistics REIT has bought six parcel distribution depots from Connect Group for £9.9m, a 7.0% net initial yield. Plus two DHL warehouse facilities in Sittingbourne and Thatcham bought for £5.3m and a 5.9% yield. Hipgnosis Songs Fund has applied to be listed on the Premium Segment of the […]
CQS New City High Yield adjusts fee calculation – alongside a minor rejig of its management arrangements (see below), CQS New City High Yield has introduced a third, lower tier to the calculation of its management fee. The investment management contract has moved from CQS Cayman Limited to CQS (UK) LLP Lmited. The same individuals […]
Impact Healthcare REIT buys Nailsea care home – Impact Healthcare REIT has exchanged contracts to acquire Argentum Lodge Care Home for a net consideration of GBP6.95 million. The initial rent will be GBP467,000. Argentum Lodge is a purpose-built nursing home located in the village of Nailsea, approximately 10 miles to the south west of Bristol. Impact […]
Reasonable start for Ashoka India – Ashoka India Equity has announced its first set of results, covering the period from its listing until 30 June 2019. Over that period, it delivered a return on NAV of 11.0%, ahead of its benchmark, the MSCI India IMI Index, which returned 10.1%. However, the NAV return [which is […]
Ruffer annual results reflect challenging year – Ruffer Investment Company (RICA), the un-benchmarked multi-asset investor (part of the AIC’s ‘flexible investment’ sector), has released annual results to 30 June 2019. The objective of RICA is to achieve a positive total annual return, after all expenses, of at least twice the Bank of England (BOE) bank rate. […]
Stenprop has acquired 100 industrial units in five separate transactions for an aggregate price of £16.7m, as it continues its portfolio transformation into fully focused multi-let industrial (MLI). The biggest estate in the portfolio bought by Stenprop is the Hillfoot Industrial Estate in Sheffield. It paid £10.2m for the 81-unit scheme, reflecting a net initial yield of 6%. The total […]
In QuotedData’s other news 20 September 2019 – Tufton Oceanic Assets today announced that it has raised gross proceeds of $31m through a placing. The company invests in a portfolio of secondhand commercial sea-going vessels. Further to announcements made earlier this month with regard to a proposed placing, Merian Chrysalis says that indicative orders significantly in excess of […]
US Solar reports inaugural interim results – US Solar Fund (USF) has reported inaugural interim results to 30 June 2019, with highlights including: Highlights to 30 June: In April 2019, the company listed on the premium segment of the London Stock Exchange, raising gross proceeds of $200m, primarily from UK institutional investors; 1H19 interim dividend of 0.41 […]
Middlefield Canadian Income positioned to benefit from potential Canadian tailwinds – In yesterday’s news coverage, we looked at the looming sale of one of Middlefield Canadian Income’s (MCT) real estate holdings, to Blackstone for the equivalent of $4.7bn (click here to read the story). MCT has this morning reported interim results to 30 June 2019, including: […]
SDCL Energy Efficiency Income in EUR64m Spanish cogeneration deal – SDCL Energy Efficiency Income (SEIT) has struck a deal to acquire a portfolio of cogeneration assets in Spain for around EUR64m. SEIT says that the substantial majority of the portfolio’s revenues are investment grade, with nine operational projects providing in aggregate 125 MW of clean and efficient […]
City of London increases dividend for 53rd consecutive year – City of London Investment Trust (CTY) has reported annual results covering the year to 30 June 2019. CTY delivered an NAV total return of 2.7%, outperforming its market and sector benchmarks, while the dividend was increased (by 5.1%) for the 53rd consecutive year. Performance highlights […]
Middlefield Canadian Income REIT holding in $4.7bn Blackstone deal – One of Middlefield Canadian Income’s (MCT) core holding’s (about 2.5% of NAV), Dream Global REIT (Dream Global), looks set to be acquired after funds managed by Blackstone Group (Blackstone) agreed a cash deal on 16 September, worth the equivalent of $4.7bn. The deal is subject to shareholder approval. […]
UK Commercial Property REIT reported a net asset value total return of 1.9% for the first six months of the year. The company, which is managed and advised by Aberdeen Standard Investments, saw a increase in EPRA earnings per share of 19% to 1.7p compared with the same period last year. It put the rise down […]
In QuotedData’s other news 19 September 2019 Real Estate Credit Investments is placing new stock at 167p – a discount of 0.6% to the closing share price on 18 September 2019 and a premium of 1.8% to the NAV as at 31 August 2019. plus results from Bluefield Solar and UK Commercial Property REIT, deals by Standard Life […]
