HICL comments on PFI/PPP situation – HICL Infrastructure has released interim results covering he six months ended 30 September 2017. The highlights from these are that the NAV total return for the period was 8.9%, HICL is on track to hit its 7.85p dividend target this year and is targeting 8.05p for the year to […]
Investment Trust Insider on Sherborne James Carthew: the trusts that could be Sherborne’s next takeover target At the beginning of July 2017, Sherborne Investors C (SIGC) raised £700 million to ‘realise capital growth from investment in a target company identified by the investment manager with the aim of generating a significant capital return for shareholders.’ […]
LondonMetric sells Tesco warehouse – LondonMetric Property has announced the disposal of a Tesco’s logistics warehouse in Bolton for GBP24.4 million, reflecting a net initial yield of 5.35%. The 274,000 sq ft regional warehouse was acquired as part of the GBP117 million Cabot logistics portfolio in August 2017 off a blended NIY of 6.1%. The […]
Standard Life Property Income buys Bracknell office – Standard Life Investments Property Income Trust has completed the purchase of a multi let office, 1 Station Square, in Bracknell for GBP12m, reflecting a yield of 6.9% on the topped up rent. The office has had a substantial refurbishment, and is located adjacent to Bracknell train station, and […]
New manager for Schroder European Real Estate – The Board of Schroder European Real Estate Investment Trust has announced that, from 1 January 2018, Jeff O’Dwyer will take over all day-to-day responsibilities for portfolio management of the company, and Tony Smedley will cease to be involved. Jeff has been involved in the management of the portfolio since […]
Tritax buys two more logistics facilities – Tritax Big Box REIT has exchanged contracts to acquire two separate, modern logistics facilities from a single vendor for a combined purchase price of GBP43.86 million, which are both being funded from equity. Cerealto (UK) Limited National Distribution Centre at Dukeries Industrial Estate, Worksop, Nottinghamshire The facility at […]
MedicX invests in South Wales – MedicX Fund has contracted to acquire, by way of forward funding, a new primary healthcare medical centre near Glynneath in the Vale of Neath, South Wales. The property is due to be completed in September 2018. The acquisition is being made under the framework agreement which provides MedicX Fund […]
Schroder Income matches benchmark beats peers – Schroder Income Growth says that, for the year ended 31 August 2017, the company returned 14.3% in NAV terms, matching the All-Share Index and ahead of the AIC UK Equity Income peer group average of 13.0%. The share price increased by 18.8% in total return terms during the […]
MedicX sells five properties – As part of its planned asset management activities, MedicX Fund has today, Thursday 16 November 2017, completed the disposal of five primary healthcare properties located in Wolverhampton, Southampton, Gravesend, Leicester and Grimsby. The total gross sale price was GBP5,575,000, representing a gain of approximately GBP250,000 over the most recent external […]
Pacific Industrial sells Bedford property – Pacific Industrial & Logistics says that, on 16 November 2017, it completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of GBP5.8 million. The sale price represents a net initial yield of 6.0%. The Disposal follows the recent letting of the property on a 10-year […]
VPC Speciality Lending invests more in Borro – Victory Park Capital, VPC Speciality Lending’s investment manager has decided that the funds that it runs will take a majority equity stake in Borro. Through this transaction, VPC Speciality Lending will end up owning approximately 49% of Borro. The remaining 51% of the equity will be held by […]
Eastern European Property consults on way forward – Eastern European Property Fund Limited continues to procure and progress negotiations with interested parties with a view to securing the disposal of EEP’s remaining key property asset as soon as possible. However, as highlighted in the company’s interim report for the period to 30 June 2017, the […]
European Assets introduces tiered fee – In response to a sustained period of growth in net assets, the Supervisory Board of European Assets Trust NV has decided to announce an amendment to the basis of calculation of the investment management fee payable to F&C Investment Business Limited, the investment manager. Previously, the investment manager received […]
Ediston plans dividend hike as buys four retail warehouse parks – Ediston Property Income is seeking to expand and raise its dividend at the same time. Dividend increase “It is the Board’s intention to increase the annualised dividend by 4.5 per cent. to 5.75 pence per share, in the absence of unforeseen circumstances, commencing with the dividend in […]
River & Mercantile Micro Cap returning more money – River and Mercantile UK Micro Cap Investment Company completed its first partial compulsory redemption in June 2017. This returned approximately GBP15 million to shareholders and reduced the company’s net asset value to around GBP100 million, in accordance with the fund’s policy of keeping itself small and nimble, given the size of […]
Stock selection lets down JPMorgan Japanese – JPMorgan Japanese has released results for the year ended 30 September 2017. Over the year it produced a total return on net assets of +9.7%, lagging its benchmark index by some 2.5%. When the effects of a tightening discount to net assets at which the shares trade is taken […]
P2P Global cuts US exposure – The Board of P2P Global Investments says that the company has entered into an agreement to sell a significant proportion of its exposure to US consumer loans. The transaction represents a reduction of GBP36.9 million net exposure (4.56% of the NAV as at 30 September 2017) and GBP167.1 million gross […]
James Carthew: new faces and a brighter future for Japan Shinzo Abe, who has just become an internet meme by doing a backward roll into a golf bunker, while hanging out with Donald Trump, has pulled off what Theresa May couldn’t, calling a snap election and securing an increased majority. Japan’s prime minister first secured […]
Ranger takes another hit from Princeton – Further to the announcements regarding the bankruptcy proceedings in respect of Argon Credit, LLC and Argon X, LLC, Ranger Direct Lending has been informed by the Princeton Alternative Income Fund Ltd that it intends to take an additional gross reserve of approximately $10.4 million against the Argon portfolio due to a […]
British Empire beats its World ex US benchmark – British Empire achieves an 18.8% return on net assets for the year ended 30 September 2017. 2.5% ahead of the return on its principal benchmark, the MSCI AC World ex US index. The Board has elected to increase the final dividend to 10.0p per share, which […]
John Laing Infrastructure reveals thinking on Labour PFI threats – in a trading update released today, John Laing Infrastructure Fund talks about various issues including the threat to PFI from a Labour government, a write-off in the portfolio and Catalonia. PFI At the annual UK Labour Party conference in September 2017, the UK’s Shadow Chancellor of […]
Axiom European Financial Debt has announced proposals for a share placing. The company says that shares will be issued at a 1.6% premium to the latest published estimated cum income NAV per share, as at the time the Placing closes, to cover the costs of the Placing, and Winterflood Securities will act as bookrunner in […]
LXi REIT has announce that it has exchanged contracts on the pre-let forward funded acquisition of a new Premier Inn hotel in the East Midlands. The total funding commitment is £6.9 million, reflecting a net initial yield of 5.20% (net of acquisition costs to the Company), and the acquisition is being funded from equity resources […]
Qatar Investment Fund (QIF) has announced a tender offer to purchase up to 10% of its issued share capital. This follows QIF’s announcement on 16 October that it intends to change its investment policy to become a Gulf Investment Fund, in which the board announced that it would put proposals for a tender offer. Tender […]
Regional REIT has announced that its asset manager, London & Scottish Property, has exchanged contracts to sell a development site in Leeds for £10.5m, on a subject-to-planning basis, to Unite Students. The 21,000 square foot site, which was acquired by Regional REIT in March 2016 as part of the Wing Portfolio together with the adjacent […]
Investment Trust Insider on Princess Private Equity It is 10 years since Princess Private Equity (PEY) listed in London. This private equity fund has had an interesting history, largely by virtue of its willingness to adapt to make itself more appealing. Prior to listing in London, Princess had a listing in Frankfurt but it wanted […]
Pacific Industrial & Logistics REIT (PILR) has announced that it has completed the acquisition of a modern 41,494 square foot logistics warehouse at Victoria Road, Seacroft, Leeds for a total consideration of £2.8 million. It says that the purchase price represents a net initial yield of 6.8% and the site has a rent of £5.00 […]
