Hammerson in agreed bid for intu – The boards of Hammerson and Intu Properties have announced that they have reached agreement on the terms of a recommended all-share offer by Hammerson to acquire the entire issued and to be issued share capital of Intu. Intu shareholders will get 0.475 Hammerson shares for every Intu share that they […]
Sequoia secures new revolving credit facility – The board of Sequoia Economic Infrastructure Income Fund Limited has announced that it has secured a multi-currency Revolving Credit Facility (“RCF”) of GBP100 million from The Royal Bank of Scotland International Limited (Mandated Lead Arranger), ING Bank and Investec (Arrangers). The tenor of the RCF will be three […]
Biotech Growth manager denies allegations – The board of The Biotech Growth Trust says that it notes that the General Partners of OrbiMed Capital LLC, which acts as portfolio manager to the company, released a statement late on 5 December concerning founding partner Samuel Isaly, who is the subject of a press article containing allegations of […]
Custodian REIT sells Chepstow industrial estate – Custodian REIT has announced the disposal of a property from its portfolio. The company has sold a 82,081 sq ft multi-let industrial estate in Chepstow for GBP4.63 million, circa GBP0.9 million (25%) ahead of valuation and representing a net initial yield on sale price of 6.75%. The property was […]
Standard Life Equity Income boosted by asset manager stakes – Standard Life Equity Income has published results for the year to 30 September 2017. The Net Asset Value total return for the year was 14.7%, which compares with 11.9% from the All-Share Index. The discount narrowed slightly from 4.4% to 4.0%. This resulted in a share price […]
Majedie underperforms as absolute return investment loses money – Majedie says that, in the year ended 30 September 2017 the NAV (net asset value with debt at par) rose by 10.4% on a total return basis whilst the share price rose by 13.0%, also on a total return basis. The Board is recommending a total […]
Investment Trust Insider on ScotGems James Carthew: ScotGems’ soft start needs explanation It has been a busy year for new issues and we still might see a few more make it over the finish line before Christmas. Although property in various forms has been popular, we have also witnessed a few equity trust launches get […]
JPMorgan Asian’s dividend policy pays off – JPMorgan Asian reports that, in the year to 30th September 2017 the return on net assets was +21.5%, representing an outperformance of 2.7 percentage points over the benchmark, the MSCI AC Asia ex Japan Index, which returned +18.8% in sterling terms. The return to shareholders was +29.8%, reflecting a […]
BioPharma secures second deal for up to $200m – BioPharma Credit PLC has announced that it and BioPharma Credit Investments IV, S.àr.L., entered into a definitive term loan agreement for up to US$200 million with Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX), a fully integrated biopharmaceutical company with a current market capitalisation of approximately US$1.0bn. Lexicon markets XERMELO® (teloristat […]
BlackRock Frontiers premium persists despite share issues – BlackRock Frontiers Income reports that, during the year to 30 September 2017, the NAV increased by 21.5%, compared with the benchmark, the MSCI Frontier Markets Index, which rose by 25.5%. The MSCI Emerging Markets Index rose by 22.5% over the same period. (All performance figures are in US […]
Ground Rents Income ignoring discount problem? – In its results announcement this morning, the chairman of Ground Rents Income managed to make no mention of either the fund’s share price return for the year or its discount. For the record, the fund is trading at a discount of 10.4% to the net asset value at […]
Standard Life Private Equity benefits from narrowing discount – over the year to the end of September 2017, Standard Life Private Equity Trust’s net asset value produced a total return of 14.9% and its share price delivered a total return of 31.9%. The MSCI Europe Index returned 19.1% over the same period. As at the […]
Triplepoint portfolio continues to expand – Triple Point Social Housing REIT has completed four further acquisitions of supported housing properties, comprising 52 units in total, for an aggregate purchase price of approximately £10.4 million (excluding costs). The four properties are located in Merseyside (27 units), Lancashire (21 units) and Brighton (4 units). The Merseyside property […]
European Investment Trust rebounds with 30% return – European Investment Trust says that, for the year ended 30 September 2017, its net asset value total return was 29.9%, compared with 22.6% for the All-World Europe ex UK Index. This outperformance was welcome after a period of underperformance last year. The discount narrowed from 13.4% to 12.3% leading to a share price […]
P2P Global targets 15p quarterly dividend next year – P2P Global has presented the results of its strategic review. The merger of the managers completed on 15 September, creating an asset manager (Pollen Street Capital) with gross assets of over £2bn. They have reviewed existing loan origination arrangements and have started repositioning the portfolio towards, […]
LondonMetric spends £48m on two logistics warehouses – LondonMetric Property Plc has announced the acquisition of two logistics warehouses for GBP47.6 million, reflecting a blended net initial yield of 5.0% rising to a minimum of 5.6% after five years. The average lease length is over 18 years. At Ollerton in Nottinghamshire, LondonMetric has agreed to acquire a […]
Jupiter Dividend & Growth finalises rollover plans – Jupiter Dividend & Growth Trust, which is at the end of its life, has finalised details of its rollover into either Jupiter UK Growth or cash. 14,945,115 ZDP shares, 2,174,291 common shares and 71,821,57 ordinary income shares elected to rollover into Jupiter UK Growth. 17,173,916 ZDP shares, 5,879,754 common […]
INPP adds to Australian rolling stock project – International Public Partnerships Limited (“INPP”) has announced the acquisition of an additional interest in the Australian rolling stock public-private partnership, the Reliance Rail PPP Project. INPP has invested c.A$154 million (cGBP88 million) and will now own a 33% interest in the project with the remaining interest held […]
Hg gets bid for Ullink – Hg, the Manager of HgCapital Trust plc, has announced that it has received a definitive binding offer from Itiviti, a company backed by Nordic Capital, to acquire Ullink, a leading global provider of electronic trading and connectivity solutions to the financial community. This proposed sale is subject to French […]
Shaftesbury looks forward to Crossrail completion – Shaftesbury has posted results for the year ended 30 September 2017 that show that its EPRA NAV rose by 7.2% over the year to 952p and its EPRA earnings per share came in at 16.2p, up 15.7% on the year. The dividend has been increased from 14.7p to […]
Keystone portfolio shaken up under James Goldstone – Keystone has published results for the year ended 30 September 2017. It lagged its benchmark, the All-Share index, over the period, returning 7.8% in NAV terms against 11.9% for the index. The discount widened from 8.4% to 12.6% and so the return to shareholders was 3.2%. The total […]
Investment Trust Insider on the importance of diversification James Carthew: Herald shows Woodford and Biopharma the importance of diversification A month ago I wondered when Biopharma Credit (BPCR), the biggest investment company launch of the year, would get its flotation proceeds invested. Last week it took a big step towards answering this question by committing […]
International Public Partnership consortium preferred bidder for OFTO project – International Public Partnerships Limited says that it is pleased that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure and Transmission Investment has been appointed as preferred bidder for the long-term license and operation of a further offshore transmission project. The latest scheme, comprising the […]
Infrastructure India in refinancing discussions. In May Infrastructure India plc provided the following update: On 6 April 2017, Infrastructure India announced that the maturity date of the fully drawn US$17 million working capital loan facility provided to the company by GGIC, Ltd in April 2013 had been extended to 9 June 2017. The company does not currently have […]
Troy’s defensive stance leads to underperformance this year – For the year ended 30 September 2017, Troy Income & Growth returned +5.9% in NAV terms and a share price total return of +4.0%; the All-Share Index returned +11.9% for the period. The aggregate dividends for the year totalled 2.56p and represented an increase of 5.6% over […]
LondonMetric Property sells two leisure assets – LondonMetric Property has exchanged on the sale of an Odeon Cinema in Derby and a retail asset in Guisborough for GBP18.6 million reflecting a blended net initial yield of 4.8%. At Derby, the 10 screen, 37,000 sq ft cinema formed part of a portfolio of ten Odeon Cinemas […]
Primary Health Properties invests in Wincanton – Primary Health Properties has acquired a modern, well let, purpose built healthcare facility for a total consideration of GBP4.37 million (net assets of GBP4.37 million). PHP has acquired the entire issued share capital of Wincanton Healthcare Limited, a company whose assets and activity is the ownership of Wincanton Medical […]
Residential Secure Income buys 1341 retirement homes – Residential Secure Income plc has announced the completion of its first acquisition with the purchase of a rental homes portfolio comprising 1,341 retirement properties for a total consideration of approximately £100m. The UK-wide portfolio is concentrated in Southern England and comprises long-leasehold or freehold interests in primarily one […]
Schroder Oriental Income caps performance fee – Schroder Oriental Income Fund Limited has announced that its manager has agreed to reduce the cap on the performance fee payable to it from 1.00% to 0.75% of the net assets calculated at the end of any one accounting period, effective from 1 September 2017. The news came as […]
Custodian REIT buys Superdrug in Worcester – Custodian REIT has acquired a high street retail unit in Worcester let to Superdrug Stores plc. The property comprises a ground floor sales unit with upper floor ancillary accommodation, located in the prime retail pitch of High Street. Nearby shops include Boots, Marks & Spencer, Debenhams, TK Maxx, and […]
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