Thalassa makes possible offer for Local Shopping REIT – Thalassa says that it did not support Local Shopping REIT’s member’s voluntary liquidation in December 2018 for reasons that Thalassa has set out in previous announcements, most recently on 10 December 2018. On that date, Alliance News reported that “Thalassa said it was not meaningfully consulted by […]
Baillie Gifford US gets new co-manager – Recognising her contribution to the management of the Trust, the Board of Baillie Gifford US Growth Trust plc is pleased to announce that Helen Xiong will forthwith become co-manager of the Trust. Ms Xiong joined Baillie Gifford in 2008 as a graduate from the University of Cambridge, and has […]
NB Private Equity accelerates revamp with sale of funds – NB Private Equity is shifting its focus from investing in private equity funds to making direct investments. The sales process was focused on maximising value to NBPE shareholders both by absolute value and the opportunity cost of holding vs. selling. All fund investments were analysed and a decision […]
Safestore new stores power earnings uplift – Safestore reports that, for the year ended 31 October 2018, its EPRA NAV rose from 329p to 402p, an increase of 22%. EPRA earnings per share were up 15.5% to 26.8p on the back of a 10.8% rise in revenue. This in turn was the result of higher occupancy […]
Athelney EGM seeks to oust board – On 28 December 2018, Athelney Trust announced that an Extraordinary General Meeting of Athelney Trust Plc would be held at 11.30 am on Tuesday 22 January 2019 at Druces LLP, Salisbury House, London Wall, London, EC2M 5PS, for the purpose of considering Agenda item one, and if thought […]
LondonMetric Property sells three warehouses – LondonMetric Property has announced the disposal of three distribution warehouses for £24.3m (sold to a range of buyers), reflecting a blended net initial yield of 5.4%. The sale price achieved was 4% above book value. Two of the properties are located in Wakefield and the third is a regional distribution […]
LXI swaps Travelodges for industrial sites – LXi REIT has, following an unsolicited approach, sold two of its older Travelodge hotels, in Haverhill and Ipswich, to an institutional buyer for £12.6m. This translates as a low exit yield of 5.0%, which compares favourably to the acquisition yields of 5.92% and 6.12% paid in March and July 2017, […]
Carador Income Fund (CIFU) and Blackstone/GSO Loan Financing (BGLF) have announced that the rollover of CIFU shares into new BGLF C shares has been delayed because the anti-money laundering (AML) checks have not been completed in time. The companies say that this is “partly due to seasonal factors”. As a consequence, the capital reorganisation has […]
Hipgnosis buys catalogue from Giorgio Tuinfort – Hipgnosis Songs Fund Limited has bought a music catalogue from Giorgio Tuinfort. In addition to winning multiple Grammy Awards, Giorgio Tuinfort has written 23 number 1 singles and has won the prestigious BMI Songwriter Award an unprecedented 30 times. The company has acquired 100% of Giorgio Tuinfort’s interest in […]
PRS REIT buys nine more sites – The PRS REIT has signed contracts over nine additional sites. One site is a newly-completed development of homes that has been acquired from Sigma PRS Management Limited, the investment adviser, and seven are development sites, with construction already underway at some sites. The remaining site has been bought under […]
Marwyn to return £5m with bookbuild – Marwyn Asset Management Limited, manager of Marwyn Value Investors, is making a partial offer to buy ordinary shares for cash by way of a reverse bookbuild process. Qualifying shareholders (those not located in places such as the US – see list below) should contact Liberum to make their offers […]
Third Point Offshore restructures to cut fees – Third Point Offshore Investors has announced that, as of January 1, 2019, it will switch its entire portfolio into a newly-created share class of the underlying Master Fund managed by Dan Loeb and his team. The new share class will be subject to a 25% quarterly redemption gate. […]
Hansteen sells portfolio to Stenprop – Stenprop has acquired a portfolio of multi-let industrial properties from Hansteen for £72.2m (including acquisition costs of £4.3m). The portfolio is made up of 22 separate properties across the UK with a gross lettable area of approximately 1.16 million square feet (107,749 sq m) and a diversified base of approximately […]
Will Landers steps down at BlackRock Latin – BlackRock Latin American Investment Trust’s board says it has been informed that Will Landers, the trust’s portfolio manager, has notified BlackRock of his intention to leave the firm on 17 March 2019, and that two analysts based in Sao Paulo will also be leaving. The board says it […]
UK Commercial Property buys warehouse portfolio – UK Commercial Property REIT has bought a portfolio of five distribution warehouses in locations across the Midlands from Clipstone Logistics REIT for a headline price of GBP85.4million, reflecting a headline net initial yield of 5.5%. The acquisition has been funded from existing cash resources. The portfolio totals 909,030 sq […]
Tritax funds new Durham logistics facility – Tritax Big Box REIT has completed contracts for the forward funded development of a new logistics fulfilment centre at Integra 61, near Durham, pre-let to a “financially robust world leading retailer” [Amazon?]. The price represents a maximum commitment of GBP147.3 million, reflecting a net initial yield of 5.25% (net […]
HgCapital invests in Combell – Hg, the manager of HgCapital Trust plc, has agreed to invest in Combell Group, a leader in mass hosting services for SMEs across Europe. The transaction is subject to regulatory approval and so will close in the New Year. The terms of the investment are not disclosed. HgCapital Trust plc will […]
Caledonia buys Stonehage Fleming stake – Caledonia Investments plc has agreed terms to acquire a minority stake in Stonehage Fleming Family & Partners Ltd, one of the world’s leading independently owned family offices. Stonehage Fleming was formed in 2015 and is the largest family office in EMEA and the second largest non-bank provider of family office […]
Renewables Infrastructure buys Swedish wind farm – The Renewables Infrastructure Group has exchanged contracts to acquire a 75% interest in Ersträsk Wind Farm, a 229.1MW onshore wind farm near Piteå in Northern Sweden. The project is being acquired from Enercon Independent Power Producer GmbH. The deal increases TRIG’s generation capacity to 1.11GW and will mean that […]
BlackRock Income and Growth caught by Patisserie Valerie potential fraud – BlackRock Income and Growth lagged its benchmark by 3%, returning -4.5% against -1.5% over the year ended 31 October 2018. Its discount also widened, leaving shareholders nursing an 8% loss. The chairman says that holdings in Patisserie Holdings and TP ICAP held back performance. […]
Murray International cuts management fee – Murray International has announced that, with effect from 1 January 2019, its management fee will be 0.5% of net assets up to GBP1,200m and 0.425% of net assets above GBP1,200m. (The existing fee, chargeable until 31 December 2018 is 0.575% of net assets up to GBP1,200 million, 0.5% of […]
Lazard World Trust Fund sets out wind down proposals – Lazard World Trust Fund has published a circular to effect a managed wind-down of the company. The company will sell off its assets, trying to strike a balance between speed and value maximisation. Shareholders are being asked: to amend the investment policy to enable a controlled, […]
Alpha Real Trust sells Frankfurt data site – Alpha Real Trust has announced that it has entered into a binding contract for the sale of its data centre site in Frankfurt for a cash consideration of EUR44.8 million. Completion of the sale is subject to certain agreed conditions being satisfied, including customary German local authority land […]
AS Euro Logistics celebrates full investment with fee cut – With the exchange of contracts on the assets in Zeewolde and Waddinxveen in the Netherlands, Aberdeen Standard European Logistics Income has committed the whole of the funds it raised in December 2017. The most recent addition to the portfolio (a warehouse in Meung-Sur-Loire in France) […]
Greencoat UK Wind ushers in era of subsidy free renewable energy – Greencoat UK Wind has entered into an agreement to acquire the Douglas West wind farm from Blue Energy. Completion is expected to take place in Q1 2019, subject to the finalisation of construction, operation and maintenance contracts. Subsidy free Douglas West is located 7 […]
Polar Capital Global Healthcare let down by widening discount – Polar Capital Global Healthcare reports that its NAV rose by 19.8% over the year end of September 2018 on a total return basis, ahead of its benchmark, the MSCI ACWI Healthcare Index, which returned 17.2% over the same period. However, a widening in the discount to NAV […]
Following on from its announcement on 7 December 2018 that its manager Markel CATCo Investment Management Ltd, is subject to enquiries, by the US and Bermuda governments, into loss reserves recorded in late 2017 and early 2018 (click here to read the story), CATCo Reinsurance Opportunities (CATCo) has now announced that its board has noted […]
Tetragon Financial Group (TFG) has announced that its GreenOak Real Estate joint venture is to merge Bentall Kennedy, which it describes as Sun Life Financial Inc.’s leading North American real estate and property management firm. The combined entity will be named Bentall GreenOak and will be part of Sun Life Investment Management. The merger is […]
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 its seed portfolio for £87m million. SEIT has that the terms of the acquisition are in accordance with its prospectus that was published […]
John Laing Environmental Assets Group (JLEN) has announced that it has acquired an anaerobic digestion asset, Biogas Meden Limited, for £16.2m. Biogas Meden owns the Welbeck Anaerobic Digestion Plant. Following this acquisition, JLEN has a portfolio of six anaerobic digestion projects and the total capacity of the renewable energy assets in the JLEN investment portfolio […]
