Primary Health Properties (PHP) has announced that it has contracted to acquire a The Meath Primary Healthcare Centre, in Dublin 8, for a total cost of €10.9 million. The transaction is being conducted through Primary Health Properties ICAV, an Irish investment vehicle that is wholly owned by PHP. This acquisition, which has a completion date […]

Premier Global Infrastructure suffers tough 2018; struggles against benchmark – In the year ended 31 December 2018, Premier Global Infrastructure reported a negative total return on assets of 11%. This was a stark underperformance compared to the FTSE global core infrastructure index, which returned a positive 2.7%. NAV per share dropped to 112.55p from 165.07 […]

Globalworth Real Estate sees strong growth in portfolio – Globalworth has released its preliminary results for the year ended 31 December 2018. Things are looking good here – last year Globalworth made €538.3m of acquisitions in Poland and Romania, totalling eight new investments. The combined portfolio rose by 35.6% to €2.5bn, split 51% in Romania, […]

Schroder Real Estate sells Victory House in Brighton – Schroder Real Estate Investment Trust has exchanged unconditional contracts to sell Victory House in Brighton to an institutional purchaser for GBP36.1 million. The disposal is scheduled to complete on 30 April 2019. Victory House is an 84,988 sq ft office building in Brighton city centre, let to BUPA […]

Hg Capital mulls fundraise and share split – HgCapital Trust has published results for 2018. Highlights are: NAV per share of GBP21.57, a total return of 14.3%. Share price total return of 3.5% to 31 December 2018. Proposed final dividend of 30 pence per share (full year dividend of 46 pence per share). Strong revenue and […]

Murray International fee cut after disappointing year – Murray International has reported a total return (ie with net income reinvested) of -7.5% for 2018, which it describes as a disappointing performance in absolute terms. This was somewhat below the total return of -5.2% from the benchmark (40% World UK Index and 60% World ex UK Index).  The […]

JPMorgan Claverhouse results for the year ended 31st December 2018 show that its net asset total return for the year to 31st December 2018 was -13.5%. This compares with a total return for the same period from its benchmark index of -9.5%, an underperformance of 4.0%. The discount narrowed over the period, from a discount of […]

FastForward invests in EMMAC Life Sciences – FastForward Innovations Limited has subscribed for 6,666,667 new shares in EMMAC Life Sciences at a price of GBP0.30 per share for total consideration of GBP2 million. The deal was part of a GBP11 million funding round completed by EMMAC), bringing the total funds raised by EMMAC at GBP0.30 to GBP17 […]

European Assets UK migration almost complete – European Assets generated an NAV total return for the year ended 31 December 2018 of -15.4%. This compares to the total return of its benchmark the EMIX Smaller European Companies (ex UK) Index of -12.7%. The discount was 9.5% at the year end in comparison to a small premium of […]

Aberdeen Smaller Companies Income hit by widening discount – Aberdeen Smaller Companies Income reports that, for the year ended 31 December 2018, its performance was slightly behind that of its benchmark, the Small Cap (excl. investment trusts) Index, with a total return of -14.6%, versus a benchmark total return of -13.8%. Share price performance on the […]

Caledonia Investments acquires minority stake in BioAgilytix – Caledonia has invested a minority stake in US-based pharmaceutical services business BioAgilytix, which specialises in bioanalytical testing solutions for molecule research and development. Caledonia has invested alongside Cobepa (a Belgium and US-based investment company), which it has a 5% shareholding in. BioAgilytix has offices in Raleigh, North […]

Schroder Real Estate sells Basingstoke warehouse – On 7 March 2019, the UK-focused REIT announced that it has scheduled sale of its Basingstoke retail warehouse for 29 March 2019. The sale has been confirmed for £12m, which compares to an independent valuation of the property at 2018 year end, pricing it at £12.5m. This reflects […]

SDCL Energy Efficiency Income makes first US acquisition – SDCL Energy Efficiency Income Trust (SEIT), which listed on the London Stock Exchange on 11 December 2018 having raised £100m from its IPO, has announced that it has completed the acquisition of a 71% interest in a high-quality Combined Heat and Power (“CHP”) portfolio. The portfolio consists […]

Symphony International suffering, NAV and share price decline sharply – Symphony International Holdings has realised a substantial loss on both share price and NAV in their 2018 results. NAV declined 24% in 2018, moving from $1.27 per share to $0.96 per share, a roughly 24% decrease. This comes as a result of one of the […]

ScotGems reports losses in year-end results – ScotGems plc has announced their results for the year ended 31 December 2018. The company’s objective is to invest in diverse, small cap companies for long term results. The company reportedly was 72.3% invested by 31 December 2018. Since its inception in June 2017, the share price has […]

Secure Income has landmark acquisition year – Results for the 2018 year have been published today for Secure Income REIT. EPRA NAV in total returns terms for the year increased 11.9%, with shareholder returns increasing by 8.3% alongside it. This is starkly different from the UK REIT sector, which returned -13.0% for shareholders on average. […]

Tritax Big Box expands portfolio in 2018 – Tritax Big Box has released its 2018 results today. Some of the highlights are: dividends declared in 2018 totalled 6.70p per share, meeting its target. The earnings per share increased by 8.0% to 6.88p per share in 2018. EPRA NAV per share increased 7.4% resulting in a […]

Foresight Solar 2018 results published: Things looking up Foresight Solar has announced its results for the 2018 year, and things are looking up. NAV has increased to £610.3m from £481.3m in the previous year, and NAV per share increased to 111.2p from 107.0p (a 4.9% increase in total return terms). This was essentially due to […]

Aberdeen Standard European Logistics secures debt facility – Aberdeen Standard European Logistics Income has completed the purchase of its property in Erlensee, Germany (gross value EUR33.3 million / net initial yield of 5.2%) and has now completed the acquisition of the freehold logistics warehouse near Krakow, Poland f (net value of EUR24.5 million / net initial yield […]

Apax Global Alpha has strong results despite market negativity – Apax Global Alpha has announced its 2018 results today. NAV return in total terms was +7.1% or +5.4% in constant currency (which adjusts figures to remove the impact of foreign exchange rates). This demonstrates a solid performance of the private equity portfolio and a strong contribution […]

Biopharma Credit increases diversity of portfolio – BioPharma Credit has published their annual report for the 2018 year. They have invested in three new companies totalling $494 million which greatly increased the scale and diversity of their portfolio. They have also deployed a further $164 million to support previous investment agreements. Tesaro Inc. was acquired […]

RIT Capital Partners outperforms equity markets in 2018 results – RIT Capital Partners has released its results for the 2018 year. In summary, the NAV per share returned 0.8% in total return terms, which outperformed equity markets. Their investments beat RIT’s equity index benchmark (the MSCI All Country World Index in sterling and local currencies) by […]

Greencoat plans fundraise after transformational year – Greencoat Renewables has published its first set of results since listing. Highlights are: Acquisition of ten wind generation assets during 2018, increasing the portfolio to twelve wind farms in total, and increasing net generating capacity from 137MW to 384MW €883.5 million of gross asset value as at 31 […]

Syncona’s Nightstar Therapeutics to be acquired for $877m – Syncona Limited founded Nightstar Therapeutics in 2013, with an original investment of £56.4m. Syncona’s holding of Nightstar at the time of sale was £254.6m, a £135.4m uplift previous valuation. This results in a 4.5x multiple on Syncona’s original investment and an internal rate of return (IRR) […]

Alpha Real sells Monk Bridge residential site – Alpha Real Trust has announced the sale of its residential development site, “Monk Bridge” in Leeds to Highline Holdings Limited and Whitehall Holdings Limited, wholly-owned subsidiary entities of City Developments Limited for a total transaction value of £15.4 million. Alpha Real bought the development site in December 2015 […]

Ashoka India Equity lags index and discount widens – Over the period from launch (on 6 July 2018) to 31 December 2018, Ashoka India Equity lagged its benchmark,  returning -8.7% in share price terms and -0.3% in NAV terms versus a 3.1% return for the MSCI India IMI Index. The chairman says that the main […]

Jeroen Huysinga moving to charity sector – The board of JPMorgan Global Growth & Income has announced that Jeroen Huysinga, the company’s joint portfolio manager will be retiring from JPMorgan after 22 years’ service to pursue a Masters degree in charity finance and administration and then a role in the charity sector. Jeroen’s specific portfolio management […]

Scottish American maintains inflation busting dividend increases – Scottish American delivered a share price total return of -1.6% and an NAV total return of -2.4% for 2018. Global equities, as measured by the MSCI World Index, fell by 3.4%. The full year dividend will be 11.5p per share, 3.6% higher than the 2017 dividend of 11.1p. The […]

TRIG buys Jadraas wind farm in Sweden – The Renewables Infrastructure Group (“TRIG”) has exchanged contracts to acquire a 100% interest in the Jädraås wind farm, an operational onshore wind farm with a capacity of 212.85MW for a consideration of approximately EUR207 million on an unlevered basis. The wind farm is located near Ockelbo, north of Stockholm […]

Alliance Trust’s equity portfolio underperformed in 2018 – Alliance Trust has published results for 2018. Highlights were: Total shareholder return for 2018 was -6.1% (2017: 19.2%) and its share price at 31 December 2018 was 688.0p, down 7.8% compared to 746.5p at 31 December 2017 NAV total return for 2018 was -5.4% (2017:18.5%) and its NAV […]