Rouble weakness weighs down Raven Property’s sterling returns – Russia-focused Raven Property (RAV) made note of improving fundamentals in its year-end results to December 31, 2018, which saw vacancy rates shift down and rents increase as the wider economy strengthened. However, while the rouble valuation of the investment portfolio was up 8%, it was down […]
European Assets Trust completes redomicile to the UK – European Assets Trust’s (EAT) has completed the move of its legal domicile from the Netherlands to the UK. There will not be any difference in the investment policy or dividend policy and the investment team will not change. EAT believes there are benefits to migrating to […]
Pyroguard sale boosts Dunedin Enterprise return in 2018 – the UK-focused private equity investment trust Dunedin Enterprise (DNE) made an NAV return of 6.4% in the year to 31 December 2018, largely on the back of valuation uplifts and realisations. Shareholders fared better with a total return of 9.4%. This was boosted by a return […]
Primary Health Properties to acquire new Kew medical centre for £4.6mn – Following its merger with MedicX Fund, Primary Health Properties (PHP) has announced that forward funding is in place for it to acquire a new primary healthcare medical centre in Kew, London. The property is due to be completed in October 2019 and will […]
New shares in Primary Health tradeable following MedicX merger – following on from the announcement on 14 March 2019 by MedicX Fund Limited and Primary Health Properties (PHP) that their merger had become unconditional in all respects, PHP announced that dealings in the new shares became effective at 8.00 a.m. today (March 15, 2019). The […]
3i Infrastructure seals Cross London sale and Tampnet buy – Following on from the completion of the sale of its 33.3% stake in Cross London on March 14, 2019, for £333mn, 3i Infrastructure plc (3I) has today finalised the acquisition of Tampnet for €226 million following the receipt of regulatory approvals in Europe and the USA. […]
Fidelity European Values stock selection stems declines in falling market – Fidelity European Values PLC (FEV) posted an NAV per share total return of -4.8% for the year ended 31 December 2018, while the benchmark index, the World Europe (ex UK) Index, returned -9.5%. The landscape across the second half of 2018 was challenging, as […]
Allianz Technology stock selection delivers benchmark beat – In the 13 months to 31 December 2018, Allianz Technology Trust’s (ATT) NAV per share increased by 9.0%. The company’s benchmark index, the Dow Jones World Technology Index (sterling adjusted, total return), increased by 0.1% over the same period. More volatility around tech For the technology sector, […]
Baillie Gifford Shin Nippon targets up to 10% in unquoteds – Baillie Gifford Shin Nippon (BGS) has reported preliminary results for the year to January 19. The net asset value per share (after deducting borrowings at book value) fell by 6.1% compared to a 7.8% fall in the comparative index (MSCI Japan Small Cap index). […]
Wellcome Trust charity cuts stake in Syncona – Wellcome Trust Limited, a UK biomedical charity, has confirmed that it has sold approximately 57 million ordinary shares in Syncona Limited (SYNC). This represents approximately 8.7% of Syncona’s issued ordinary share capital. The shares were sold at 245p per share, equating to gross proceeds of approximately £141m for […]
HICL Infrastructure Company (HICL) has announced that Diamond Transmission Partners, a consortium comprising HICL, Diamond Transmission Corporation Limited (a subsidiary of Mitsubishi Corporation) and Chubu Electric Power Co., Inc. has been selected by Ofgem as the preferred bidder to own and operate the Walney Extension Offshore Wind Farm offshore transmission link. The Walney OFTO The […]
Oakley Capital Investments Limited has announced full-year results for the year to December 31, 2018. NAV increased by 16% to £2.81 over the period, which the company largely attributed to several successful exits. The current portfolio of 11 private companies grew average earnings at 39% and realisations returned £115 million, at a combined premium of […]
Capital and Regional has announced its full year results for the year ended 30 December 2018. During the year, the company says that there has been an increase of 4.8 per cent in Adjusted Profit to £30.5 million from £29.1 million. It says that the increase has been achieved despite the headwinds from both structural […]
Sirius Real Estate has announced that it has completed the acquisition of a business park in Bochum in the Ruhr region of Germany, for a total consideration of €25.7 million, which equates to an EPRA net initial yield of 8.9%. The seller is a fund managed by DOBA-Grund Beteiligungs, Munich, which is part of the […]
EP Global held back by US and banks exposure – EP Global reports that, for the year ended 31 December 2018, its NAV fell by 8.6%, adjusting that return for the 6.5p dividend declared for the year (a 5.5p normal dividend and a 1p special dividend) gives a total return on NAV of -7.1%. The discount […]
3i Infrastructure buys Joulz Diensten – 3i Infrastructure has agreed to invest about EUR220m to acquire 100% of Joulz Diensten B.V., a leading owner and provider of essential energy infrastructure equipment and services in the Netherlands. Joulz is being acquired from Stedin Holding NV, a Dutch distribution grid operator. Joulz leases essential energy infrastructure equipment and […]
PRS REIT cuts long-term dividend forecast Steve Smith, chairman of the PRS REIT, said: “The PRS REIT made pleasing progress in the first half, and the growth in the number of completed rental homes is showing through in these financial results. We closed the half year with about 3,575 homes either built or under construction, […]
Syncona shifting funds into cash – Syncona is changing the way it invests the portion of its portfolio that is not committed to biotech investments. It says: “Over the last two years, Syncona has evolved the investment parameters of its strategic capital pool to focus on liquidity and capital preservation in order to support Syncona’s […]
F&C Investment Trust has reported an NAV total return of -3.3% for 2018, marginally better than its benchmark’s -3.4% return (it uses the All-World Index). Shareholders benefited from a narrowing discount, however and the trust delivered a share price total return of -0.6%. The annual dividend per share was up 5.8% to 11.0p, well above the 2.1% […]
F&C Investment Trust cautiously optimistic on 2019 – F&C Investment Trust (FCIT) has published its annual report for the year to 31 December 2018. Shareholder total returns were down 0.6% in what the fund described as “the most challenging year since the global finance crisis”, though they outperformed on a relative basis compared to the 3.4% […]
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 […]
