Tritax EuroBox has announced that it has completed the fundraising that it announced on 21 May 2019, raising €135m of gross proceeds in a placing to both existing and new shareholders. The proceeds are to be used to fund both the companies investment pipeline and asset management initiatives within the existing portfolio. Placing was not […]
Odyssean Investment Trust (OIT) has announced its first set of annual results. These cover the period between 21 December 2017 (OIT’s date of Incorporation) to 31 March 2019. The reults include the following key highlights: Successful launch and IPO in May 2018, raising gross proceeds of £87.5m from a high-quality list of shareholders. Portfolio Manager […]
BMO UK High Income revamp yet to pay dividends – BMO UK High Income has released results covering the year to the end of March 2019. The NAV total return for the ordinary shares and the B shares was 3.5% compared to the total return of the benchmark of 6.0%. The share price total return for […]
GCP Infrastructure Investments discusses social housing in results announcement – GCP Infrastructure Investments (GCP) has reported half-yearly results for the period ended 31 March 2019. Key numbers from the period include: Shareholder total return for the period of 4.5% (31 March 2018: -3.8%). Profit for the period of £33.6m (31 March 2018: £39.5m). Loans advanced totalling […]
LondonMetric bids for A&J Mucklow – The boards of directors of LondonMetric and Mucklow have reached agreement on the terms of a recommended offer. LondonMetric will acquire the entire issued and to be issued ordinary share capital of Mucklow by means of a scheme of arrangement under Part 26 of the Companies Act. For each Mucklow […]
Ecofin Global Utilities and Infrastructure interims show an 8.5% return on NAV for the six months ended 31 March 2019. Dividends of 3.23p were declared and the discount has narrowed so that, on 20 May 2019, it stood at 11.3% (still wider than it would like). Hg Capital‘s share split – ten shares in exchange […]
Hadrian’s Wall provides against biomass loans – Biomass Premium Fuels Limited (“BPFL”) and Biomass Optimum Fuels Limited (“BOFL”) acquired the assets of Arensis Energy Ltd, Entrade Energy Ltd and Arensis Energy One Ltd out of administration on 21 December 2018. Hadrian’s Wall Secured Investments financed these acquisitions and provided additional money for working capital and capex. […]
NewRiver REIT results reflect retail downturn – NewRiver REIT has published results for the year ended 31 March 2019. Highlights: EPRA NAV per share fell to 261 pence (March 2018: 292 pence), impacted by portfolio valuation decline of -6.4% EPRA earnings per share fell to 16.6p from 18.6p. Ordinary dividend per share increased by 3% to […]
Amgen takeover of Nuevolution provides rare valuation for preclin immune/inflam assets US giant Amgen has announced an agreed takeover offer of SEK1.6bn (c$167m) for Nuevolution, a Swedish biotech, in a move which puts a monetary value of a small number of orally available preclincal assets, mostly in the immune/inflamamtory space. This area has seen relatively few […]
EPE Special Opportunities expressed its sadness at the death of its chairman, Geoffrey Vero. Tiny Energiser, which sold its revenue generating investments in its previous accounting year, made a significant provision against its investment in KCR (writing down the holding by £390,000 to £1,315,000). This cut its NAV from 1.47p to 1.03p. We also have […]
Picton Property Income wants to be larger – Picton Property Income has released results for the year ended 31 March 2019. Highlights are: Increase in net assets of 2.5%, to GBP499 million, or 93p per share Total return of 6.5% Increased EPRA earnings to GBP22.9 million, or 4.3p per share Paid dividends of GBP18.9 million, or […]
Developments beneficial for Great Portland – Great Portland Estates has announced results for the year ended 31 March 2019. Highlights are: EPRA NAV per share of 853 pence, up 1.0% over twelve months; net assets of GBP2,309.7 million EPRA earnings of GBP53.7 million, down 19.2% on 2018 following GBP348.9 million of asset sale EPRA EPS […]
Manager change at Fundsmith Emerging Equity – Michael O’Brien and Sandip Patodia have been promoted by Fundsmith LLP, following consultation with the board, to the roles of FEET’s portfolio manager (replacing Terry Smith) and assistant portfolio manager, respectively, with effect from 31 May 2019. Michael and Sandip joined Fundsmith ahead of the launch of FEET in […]
HICL reduces Carillion provision – HICL Infrastructure has published its results for the year ended 31 March 2019. Its NAV rose by 5% to 157.5p and the total return on NAV (including dividends) was 10.8%. The dividend for this period was 8.05p, in line with previous guidance. HICL’s board has re-affirmed its 8.25p target for the next […]
JPMorgan Multi-Asset delivers 5.1% NAV return in inaugural year – JPMorgan Multi-Asset (MATE) has reported its first set of annual results following its launch in March 2018. MATE replaced JPMorgan Income & Capital following the latter’s wind-up. Over the year to 28th February 2019, MATE’s underlying portfolio performed much better than the shares. Total return […]
Westmoreland failings do not affect Civitas or TriplePoint – On 20 May 2019 the Regulator for Social Housing issued a judgement on Westmoreland Supported Housing (a Registered Provider that features in both Civitas Social Housing and Triple Point Social Housing’s portfolios). The judgement relates to a number of properties that Westmoreland is responsible for but […]
Hipgnosis buys catalogue from Jamie Scott – Hipgnosis Songs Fund has acquired a music catalogue from Jamie Scott, a British song writer and record producer responsible for 84 Number 1, 188 Top 5 and 247 Top 10 Chart positions globally. Jamie Scott has co-written multiple platinum certified singles including the four times platinum certified ‘Cold Water‘ […]
Warehouse REIT (WHR) had a strong year to 31 March 2019. In it’s preliminary results announcement this morning, the company reported a 7,4% increase in EPRA NAV per share. The portfolio performed well as tenant demand remained strong despite current political and economic uncertainties, while supply of space remained constrained, with capital values generally below replacement […]
North Atlantic Smaller Companies reports NAV growth in tough environment – North Atlantic Smaller Companies (NAS) has reported preliminary results for the year-ended 31 January 2019 with the diluted NAV per share increasing 6.8% year-on-year to 3,708p, compared to an increase of 3.7% during the year in the Standard & Poor’s 500 Composite Index (Sterling […]
John Laing Environmental Assets Group (JLEN) has announced the appointment of Hans Joern Rieks as a non-executive director of the company, commencing 13 June 2019. LXi REIT (LXI), the specialist inflation-protected very long income REIT, has reported annual results for the year ended 31 March 2019. LXI’s leases are typically 20 to 30 years to expiry […]
GCP Infrastructure (GCP) predominantly invests in UK infrastructure debt. The company has this morning announced that it has entered into a conditional commitment to subscribe for two new loan worth around £64m. If issued, the loan notes will be used to finance an investment in the subordinated debt and shareholder interests of an operational onshore […]
PRS REIT raises £200m debt finance – Sigma, the private rental sector, residential development and urban regeneration focused company, has announced that its wholly-owned subsidiary, Sigma PRS Management Limited, has secured a further £200m of debt facilities on behalf of PRS REIT (PRS) in its role as manager to the investment trust. We note that […]
Residential Secure Income reports interims after busy period of portfolio building – Residential Secure Income (RESI), the affordable shared ownership, retirement and local authority housing investor, has announced its interim results covering the six months to 31 March 2019. The portfolio benefits from 96% of rental income being subject to contractual inflation-linked rental uplifts. Financial […]
Murray International has agreed a new GBP30 million loan facility with the Royal Bank of Scotland International Limited which was drawn in full on 16 May 2019 and fixed for five years at an all-in rate of 2.25%. The new facility has, in part, been used to repay a maturing GBP15 million loan (also with the […]
Urban Logistics REIT has announced that it has sold a site located on Postley Road, Bedford for £9.2 million “realising a Total Property Return of 74%”. (The company defines total property return as capital growth plus net rental income plus sale profit expressed as a percentage of the purchase price. It says that it will […]
Regfional REIT mulls fundraise – In a very short announcement entitled “Growth Opportunities Under Consideration”, Regional REIT has said that it is “it is considering an equity fundraise to take advantage of its growing near-term pipeline of opportunities in the investment market. The funds would be deployed in line with its investment policy with a […]
Scottish mortgage posts double digit returns and raises over £400m – Scottish Mortgage (SMT), the £7.7bn market cap global growth trust, reported another strong set of annual results (to March 31, 2019) earlier today. Total return NAV was up 14.6% while the shares rose 16.5%. SMT holds a number of companies in the technology space […]
BBGI SICAV (BBGI), the global public private partnership (PPP) infrastructure investment company, announced that it had completed the acquisition of a further 33.3% equity interest in the Ohio River Bridges – East End Crossing PPP Project and now owns 66.6% of the equity in the project. The project is a large-scale availability-based infrastructure project that […]
Tritax Big Box gets green light for new distribution centre – The UK-focused logistics investor, Tritax Big Box REIT (BBOX), has received planning permission for the development of a new regional distribution centre (RDC) at Symmetry Park, Biggleswade. The facility has been pre-let to The Co-op Food Group, part of The Co-operative Group. Co-Op Group […]
RDL Realisation announced that Deloitte LLP has confirmed that valuation work required to finalise the audit is substantively complete. RDL now expects to publish its annual accounts for the financial year ending on 31 December 2018 by 28 May 2019. The shares remain suspended. Regional REIT has announced a number of new lettings. TwentyFour Income Fund […]
