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27 Jan 2014

International Public Partnership : INPP – new investment in Germany

International Public partnership is buying all but 3% of a PPP project that is building a 55,000 sqm office for the Federal German Ministry of Education & Research in Berlin (estimated completion is July 2014). The cost to INPP is €11.9m.  

27 Jan 2014

London Metric Property : LMP – sale of Odeon, Dudley

LMP has sold its Odeon Multiplex in Dudley for £7.7m, equivalent to a yield of 5.95% (falling to 5.8% in June). LMP bought the cinema as part of a package of ten. these were acquired in November 2013 for £80.6m, equivalent to an initial yield of 7.2%.  

27 Jan 2014

HICL Infrastructure : HICL – invests £23.5m

HICL has invested in two new investments – Holdfast Training Services (a 30 year concession to design, build, refurbish and maintain 32 buildings, 21 refurbishments and five training areas across the UK for the Royal School of Military Engineering) and the Sheffield BSF Schools Project (a 27 year PFI deal to build, finance, maintain and […]

27 Jan 2014

Vietnam Holding : VNH – interim results

VNH has announced interim results covering the six month period ended 31 December 2013. During this period the benchmark index, the VNI, rose by 5.4% in US dollar terms, by contrast, VNI’s net asset value rose by 13.2%. VNH’s discount widened however, its share price rose by just 3.4% .

27 Jan 2014

BlackRock Commodities Income : BRCI – Annual results

BlackRock Commodities Income’s full year results for the 12 months to the end of November 2013 reflect a difficult period for investors in commodity related assets but were well ahead of its benchmark. The net asset value total return was a decline of 5.9%. the share price return was negative 6.0%. By contrast the Euromoney Global Mining […]

27 Jan 2014

Duet Real Estate Finance : DREF – trading update

DREF has announced today that the master fund has realised three of its mezzanine loan investments (numbered one, three and eight – DREF does not report who it lends money to but these borrowers were against a retail property in Denmark, against eight hotels in Germany and against an office and light industrial park in France). […]

27 Jan 2014

Jupiter European Opportunities : JEO – half year report

Jupiter European has released results for the half year to 30 November 2013. Over the period the fund lagged the return on the FTSE World Europe ex UK index – the NAV returned 3.6% while the index returned 6.8%. The Board say relative performance has improved since the end of the period and now for […]

24 Jan 2014

Independent Investment Trust : IIT – final results

IIT has announced its final results for the 12 months ended 30 November 2013. Over the year Independent’s net asset value total return (including income) was 20.2%. By comparison the FTSE All-Share Index returned 19.8% and the FTSE World Index 22.5% over the same period. IIT’s discount narrowed during the year, boosting the return to shareholders to […]

24 Jan 2014

New River Retail : NRR – raises £85m

New River Retail has raised £85m of extra capital in a placing. 32m new shares were issued at 265 pence per share. The new shares will start trading on 21 February 2014. NRR is a real estate investment trust (REIT) specialising in retail property. It describes itself as one of the UK’s largest value-creating owners and […]

24 Jan 2014

Midas Income & Growth : MIGT – sale of fund manager

Midas Income & Growth has announced that Miton Capital Partners, the fund’s manager, has been sold by Miton Group : MGR to Seneca Investment Managers Limited, part of Seneca Partners Group, based in Liverpool. The fund will continue to be managed by Alan Borrows, assisted by Simon Callow. The Board is happy that Seneca will be […]

24 Jan 2014

DCG Iris : IRIS – interim results

DCG Iris, a fund investing in insurance-linked contracts, has today released its interim results for the six months ended 30 November 2013. On 30 November IRIS’s NAV was 99.46p, slightly below the level at close of business on 31 May 2013 when the NAV was 99.79p. Including income however the total return for the period […]

23 Jan 2014

Redefine International : RDI – sale of property

Redefine has sold St. Anne’s House, Croydon (an empty 75,000 sq ft 1960’s office building with planning permission to convert into a 144 bedroom hotel and 46 residential units) for £8.4m – that is £3.4m than the value Redefine ascribed to it in its valuation at the end of August 2013.  

23 Jan 2014

Qatar Investment Fund : QIF – Q4 report

Qatar Investment Fund has released its Q4 2013 report (not its annual results). Over 2013 the NAV rose by 25.5%, just behind the Qatar Exchange Index which rose by 26.2%.

23 Jan 2014

F&C Managed Portfolio : FMPI – half yearly report

FMPI has announced its interim results covering the six months ended 30 November 2013. The net asset value returns for the period were 2.9% for the Income shares and 7% for the Growth shares. This compares to a 3.9% return on the FTSE All-Share Index and 3.1% on the FTSE Equity Investments Index. The Board say […]

23 Jan 2014

Hg Capital : HGT – acquisition

Hg Capital is acquiring Zenith Vehicle Contracts, one of the UK’s leading independent leasing, fleet management and vehicle outsourcing businesses. In total HGT will contribute £21m to the purchase price (as Zenith is acquired by a range of funds managed by Hg Capital). After this deal, using the figures announced as at the end of […]

23 Jan 2014

Eastern European Property Fund : EEP – disposal

Eastern European Property Fund has sold the Yellow Building and Asmali Cumba (buildings in Asmalimescit Street, Beyoglu, Istanbul). The properties fetched $1.6m – about 2% lower than the valuation on 30 June 2013.

22 Jan 2014

Dragon Ukrainian Properties : DUPD – future of company

Dragon Ukrainian Properties is calling an extraordinary general meeting on 17 February 2014 to put a set of proposals to shareholders. First it plans to make no new property investments, to sell “as quickly and effectively as the Ukrainian property market will allow” the existing portfolio and return the proceeds to shareholders. DUPD also hopes to change […]

22 Jan 2014

British Land : BLND – sale of Eastgate centre

BLND has announced that it has sold the Eastgate centre in Basildon, a 700,000 sq ft shopping centre, for £88.6m.

22 Jan 2014

GLI Finance : GLIF – NAV and portfolio update

NB: one important disclosure – James Carthew, the author of this post, is a director of GLIF. GLIF’s Net asset value at the end of December fell to 50p from 51.8p at the end of September 2013 – mainly down to a fall in the value of GLIF’s US$ denominated CLO investments. A number of significant […]

22 Jan 2014

Land Securities : LAND – Q3 statement

LAND’s Q3 statement does not include a new NAV – they only value their properties twice a year – but it does states they have signed £7.3m of lettings in new developments and have a further £7.9m of lettings in solicitors’ hands. LAND have started £243m of new developments at 1 New Street Square and […]

22 Jan 2014

Schroder Real Estate : SREI – end December NAV

SREI’s NAV increased from £161.6m to £168.5m over the final quarter of 2013 – the NAV per share increased from 45.4p to 47.3p – mainly driven by a 3.4% increase in the underlying property valuation.  

22 Jan 2014

Picton Property Income : PCTN – NAV

Picton has announced that its net assets increased to £204.3m at the end of December 2013, from £180.3m at the end of September 2013 as the underlying property portfolio increased in value by 3.3% and PCTN raised £11.9m by issuing 22.2m shares at 53.5p. The EPRA NAV per share increased by 6.7% to 53.8p. PCTN […]

21 Jan 2014

Golden Prospect Precious Metals : GPM – joint portfolio manager

Golden Prospect has appointed Keith Watson to work alongside Will Smith as co-manager of the portfolio. Keith was a senior natural resource analyst at Mirabaud Securities and before that had research jobs at Evolution, Dresdner Kleinwort Wassertein, Commerzbank, Credit Suisse/BZW and worked as a portfolio manager and research analyst at Scottish Amicable.

21 Jan 2014

John Laing Infrastructure : JLIF – new investment policy

JLIF has made a few minor changes to its investment policy. The fund will in future be able to invest up to 30% in projects under construction (up from 15%). QD comment: investing in assets under construction increases the risk profile of the fund but could increase the return. Invest up to 10% of the portfolio […]

20 Jan 2014

BlackRock Commodities Income : BRCI – change of manager

BRCI’s manager who has managed the fund since it was launched in 2005, Richard Davis, has stepped down as portfolio manager. The Board have agreed with BlackRock that the new manager will be Olivia Ker, assisted by Thomas Holl who was also deputy manager to Richard Davis.  

20 Jan 2014

JP Morgan Income & Growth : JIGI – change of manager

JP Morgan Income & Growth has announced that its manager Neil Nuttall is leaving JP Morgan and so is giving up his job as manager of JIGI. The Board has agreed with JP Morgan that the management of the fund will pass to James Elliot and Katy Thorneycroft.  

20 Jan 2014

VinaLand : VNL – sale of investment

VNL has sold its stake in Vina Properties which owns a 5 star hotel located in Ho Chi Minh City. The hotel fetched $16.1m, 19% more than its value in the NAV at the end of December 2013

20 Jan 2014

Electra : ELTA – buys shoe company

Electra has announced that it has invested £85m in Hotter Shoes. The acquisition will have no immediate impact on Electra’s net asset value. Hotter Shoes is the UK’s largest manufacturer of shoes, has 59 own stores, sells through another 200 outlets and has a large online presence. If you are curious, the easiest thing to […]

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