Ediston Property (EPIC) has announced that it has signed a lease on unit B, Barnsley East Retail Park, with B&M Retail Limited (‘B&M’). The new letting has increased B&M’s occupation on the park by 40%. B&M will occupy both units A and B B&M already occupies the adjoining unit A which extends to approximately 25,000 […]
Yew Grove REIT has announced its annual results for the seven month period ended 31 December 2018. Jonathan Laredo, the company’s CEO describes these as a “strong set of inaugural results for the Group”. He also says that the net proceeds from the IPO have now been fully invested and the properties that have been […]
3i Infrastructure to sell Cross-London trains – 3i Infrastructure has agreed to sell its 33.3% stake in Cross London Trains, a company established to procure and lease the rolling stock for use on the Thameslink passenger rail franchise. The acquirer is a consortium of Dalmore and Equitix funds. The sale is conditional on certain third party […]
Infrastructure India edging closer to insolvency? – Infrastructure India has requested, but not yet been granted, a further extension of the date of maturity of the existing US$53.4 million unsecured bridging loan facility and the existing US$21.5 million working capital loan, both of which matured on 4 February 2019. On 31 July 2018, it announced that […]
Regional REIT buys Norfolk House, Birmingham – Regional REIT Limited has exchanged and completed on contracts to purchase Norfolk House, Smallbrook Queensway, Birmingham, for GBP20m, reflecting a current net initial yield of 7.92%. The deal was done off market. The 119,687 sq. ft. freehold property is in the centre of Birmingham; adjacent to Birmingham New Street […]
Warehouse REIT buys Glasgow air cargo centre – Warehouse REIT has exchanged contracts on the purchase of the Air Cargo Centre at Glasgow International Airport, from Airport Industrial Nominees Limited. The GBP11.1 million price represents a net initial yield of 6.7% and a reversionary yield in excess of 7%. The property is held by way of […]
Ground Rents Income loses court case – Ground Rents Income Fund says a High Court judgment has been handed down in connection with the recent hearing of the case between its wholly owned subsidiary North West Ground Rents Limited (‘NWGR’) and Blue Manchester Limited (‘BML’), a leaseholder within Beetham Tower, Deansgate, Manchester. In Ground Rents Income’s […]
Greencoat UK Wind raising cash to buy Scottish wind farms – Greencoat UK Wind (UKW) has entered into agreements to acquire 49.9% stakes in the Stronelairg and Dunmaglass wind farms from SSE (in partnership with a major UK pension fund whose investment is also managed by Greencoat Capital). UKW will acquire a net 35.5% stake in […]
Baker Steel Resources buys royalty in Queensland coal – Baker Steel Resources Trust has bought a 0.75% gross revenue royalty over the future production of coal from the Wilton and Fairhill properties in Queensland, Australia for A$6 million. The deal includes the option to acquire an additional 0.25% for a further A$2 million (exercisable any time […]
Aberdeen Emerging: underlying managers struggled in 2018 – Aberdeen Emerging Markets underperformed the MSCI Emerging Markets Index over the year to the end of October 2018, returning -12.4% in NAV terms against -9.0% for the benchmark. The discount widened, leaving shareholders with a return of -15.7%. total dividends of 21p were paid in accordance with the […]
Primary Health reports static earnings but increases dividend – Primary Healthcare Properties has published results for the year ended 31 December 2018 [a remarkable feat given this is just one month later]. Highlights are: A 4.4% increase in the EPRA NAV to 105.1p. The net initial yield of the portfolio fell to 4.85% from 4.91% EPRA […]
PRS REIT buys four more development sites – PRS REIT signed contracts over four additional private rental sector development sites in January. Three of the sites are ones which PRS will develop in conjunction with partners and the remaining site will be bought once it is fully-completed. The four sites are expected to deliver approximately 310 […]
Key highlights: Civitas Social Housing (CSH) has released its quarterly NAV and market update announcement. Key highlights are as follows: The IFRS NAV per share increased by 0.4% to 106.5p during the quarter (30 Sept 106.1p). This includes the recognition of two dividends in the quarter, and is equivalent to a total return of 2.6%. […]
Hipgnosis buys catalogue from Itaal Shur – Hipgnosis Songs Fund Limited has bought a music catalogue from Itaal Shur, best known for co-writing the multi platinum song ‘Smooth‘ which according to Billboard magazine is the second most successful song of all time. ‘Smooth’ is the only song to have ever appeared on two Billboard decade ending […]
CEIBA fully invested – CEIBA Investments Limited says it has now successfully deployed all of the £30m raised in its IPO. The company repaid the outstanding EUR30 million bridge loan (that was previously provided by its largest shareholder) in order to expand their interest in the Meliã Las Americas, Meliã Varadero and Meliã Sol Palmeras hotels […]
Drum Income Plus REIT ups dividend – Drum Income Plus REIT says that its net asset value per share at 30 September 2018 was 93.8 pence, 0.2% lower than the figure at the end of the previous year. When dividends paid during the year are included the net asset value total return for the year […]
Hg picks up Transporeon from TPG – Hg, manager of HgCapital Trust, has agreed to invest in Transporeon Group, one of the world’s leading cloud-based logistics platforms. HgCapital Trust will invest approximately GBP35.0 million in Transporeon, with other institutional clients of Hg investing alongside the Company through the Hg8 Fund. Founded in 2000 and headquartered in […]
BlackRock Commodities Income to ease up on option writing – BlackRock Commodities Income reports that, for the year ended 30 November 2018, the company returned 3.6% in NAV terms, outperforming both the MSCI World Energy Index which returned 3.5% and the EMIX Global Mining Index which returned 0.4%. However, a widening of its discount meant that the […]
Civitas Social Housing (CSH) has promptly announced that the Regulator of Social Housing (RSH) has issued a grading under review notice in respect of Bespoke Supportive Tenancies (BeST), one of the 15 housing associations that it is working with. CSH says that, as at 31 December 2018, BeST represents 4.3% of its net asset value […]
LXi announces clutch of deals including supported living sale – LXi REIT has exchanged contracts to provide forward funding for the pre-let development of a Travelodge hotel at Gosport in Hampshire for GBP6.6 million, reflecting a 5.7% net initial yield. The 70 bedroom hotel has been fully pre-let to Travelodge Hotels Limited, the principal trading company of […]
Henderson Opportunities caught by growth sell off – Henderson Opportunities reports a -5.6% NAV return for the year to 31 October 2018. That was 4.1% behind its benchmark and 3.0% behind its chosen peer group. The discount was unchanged (16.1%) and the share price return was -5.3%. The dividend was upped from 20p to 21p. The […]
Athelney Trust – All change please! Little Athelney Trust announced the results of its EGM, earlier this week, and they make for exciting reading! The three incumbent directors – Dr Emmanuel Pohl (the chairman) Simon Moore, Jemma Jackson and Jason Pohl – have all been voted off, but by the slimmest of margins! This was […]
Tritax Big Box dives as it announces dilutive share issue – Tritax Big Box REIT has conditionally agreed to acquire an 87 per cent. economic interest in db Symmetry, which owns one of the UK’s largest strategic land portfolios for the development of Big Box real estate assets and related logistics facilities. Created in 1996, db […]
Primary Health and MedicX to merge – The boards of Primary Healthcare Properties (PHP) and MedicX Fund have reached agreement on the terms of a recommended all-share merger between MedicX and PHP, which is intended to be structured as PHP acquiring the entire issued and to be issued share capital of MedicX. Under the terms of […]
Augmentum Fintech takes iwoca stake – Augmentum Fintech has made an investment of GBP7.5 million in iwoca, which Augmentum describes as a challenger SME lender. The new equity will allow iwoca to fund balance sheet expansion and accelerate growth. iwoca (www.iwoca.co.uk) aims to provide fast, flexible source of business finance for all UK and continental European businesses (examples it […]
Chenavari Capital Solutions hit by discount widening – Chenavari Capital Solutions Limited has published its annual report covering the year to the end of September 2018. The highlights are: A net asset value total return of 1.94% (dividends reinvested) (2017: 5.71%). The NAV declined from 92.91 pence at 30 September 2017 to 89.37 pence at 30 […]
WWH opens new positions in Takeda and Novartis Orbimed-managed Worldwide Healthcare Trust (WWH) has disclosed new substantial shareholdings in Takeda – the Japanese pharmaceuticals group that has just completed a takeover of Shire Pharmaceuticals – and Novartis, according to an analysis by Marten & Co. The shareholding in Takeda appears in third place and accounts for […]
Fee cut at Troy Income and Growth – The board of Troy Income & Growth Trust has announced a reduction in the annual management fee payable to Troy Asset Management Limited, the fund’s investment manager. With effect from 1 January 2019, the company has moved to a flat annual management fee of 0.65% of net assets. […]
BPCR boosted by windfall profit on Tesaro loan BioPharma Credit (BPCR), the LSE-listed investment vehicle that specialises in providing loans to biotech companies, is to receive a windfall profit from the early repayment of a $500m loan (of which it provided 64%) to Tesaro last year. This follows the completion of the acquisition of Tesaro, […]
CC Japan Income & Growth (CCJI) has announced its annual results for the year ended 31 October 2018. During the year, CCJI has provided an NAV total return of 4.1%, while its share price rose by 2.8%. CCJI has therefore outperformed the Topix, which it says fell by 0.4% (all in sterling terms). Richard Aston, […]
