Chelverton Growth posts significant outperformance – Over the year to 31 August 2017, Chelverton Growth Trust’s net asset value per share increased by 36.9% to 85.63p. This represents a significant outperformance over the benchmark index, the MSCI Small Cap UK Index which rose by 13.7%. Within the portfolio: The biggest change in the year to the […]

Regional REIT changes to manager line up – London & Scottish Investments has announced the appointment of Simon Marriott to the position of Investment Director. Simon will join the main LSI board and work closely with Chief Executive Stephen Inglis on Regional REIT. Simon joins LSI with over 30 years’ experience in the property industry, […]

VinaLand has sold its Project Phu Hoi City stake – VinaLand Limited has sold its entire stake in Project Phu Hoi City, a development project located in Dong Nai province, Vietnam. The project, which was acquired by VinaLand in 2007, is an 84-hectare parcel of land that has received approval for a future residential-township development. […]

Riverstone Energy cashes in part of Centennial Resource Development – Riverstone Energy Limited has announced that it is participating in an offering of shares in Centennial Resource Development. The offering is by affiliates of Riverstone Holdings LLC (which includes Riverstone Energy) and Natural Gas Partners. Riverstone Energy  has participated for its proportional share of the […]

LXi invests more in care homes and supported living properties – LXi REIT has announced the acquisition of two separate portfolios of care homes and supported living properties for a total consideration of GBP30.3 million. Each of the portfolio acquisitions is being funded from equity resources following the second issue of shares on 12 October, with […]

John Laing Environmental gets replacement for David Hardy – The board of John Laing Environmental Assets Group says that it has been notified by John Laing Capital Management (“JLCM”), the investment adviser to the Company, that Chris Holmes will join JLCM in January 2018 to take on the role as joint lead adviser to the company. […]

Majedie redeems debt to cut gearing – Majedie Investments PLC has given notice that it is exercising its right to redeem all of the outstanding £13.5m of its 9.5% coupon bond that was due to mature in March 2020. 6 December 2017 will be the redemption date. As Majedie is buying back the bond early, it has to pay compensation under the […]

JZ Capital sells Factor Energia – JZ Capital Partners Limited has sold, at net asset value , its majority equity interest in Factor Energia S.A., which was held through its EuroMicrocap Fund 2010, L.P. The transaction enterprise value was approximately EUR120 million. Factor is being acquired by a public-sector asset manager, on behalf of a major Canadian […]

Oakley buys Career Partner – Oakley Capital Investments Limited has agreed to acquire, through its Oakley Capital Private Equity III fund (“Fund III”), Apollo Global Germany GmbH (“Career Partner Group”), from its current shareholder Apollo Education Group Inc. Fund III, together with a number of underlying Fund III investors, will hold a 79% stake in the […]

Redefine sells German retail property portfolio – Redefine International has announced the sale of the Leopard (German supermarket) portfolio to PATRIZIA Immobilien AG. Completion is anticipated to take place in December 2017. The consideration will reflect a purchase price of EUR205.0 million, reflecting a 10.8% (EUR20 million) premium to the 31 August 2017 book value. They say […]

Raven Russia buys Moscow logistics park – Raven Russia says that a subsidiary has entered into an agreement for the acquisition of a logistics park in Moscow. The agreement is to acquire a completed warehouse complex from Industrialniy park “Sever” Limited Liability Company, a company incorporated in Russia. Initial consideration of RUR 5.119billion ($86.58million), is […]

Henderson Far East Income suffers as growth stocks shine – Henderson Far East Income says that, for the year ended 31 August 2017, the net asset value total return was 17.7% whilst the share price total return was 17.3%. As a comparison, the peer group average fund returned 22.2% and the All-World Asia Pacific ex Japan Index (sterling […]

AEW UK REIT buys Portsmouth retail property – AEW UK REIT has announced the acquisition of 208-220 Commercial Road and 7-13 Crasswell Street, Portsmouth for GBP6.4m. The asset provides a net initial yield of 9.6% and is fully let to seven retail tenants and one office tenant providing a WAULT of 4 years to expiry. The […]

Fidelity Special Values beats its benchmark again – Fidelity Special Values has published results for the year ended 31 August 2017. The net asset value increased by 19.1% over the year and the share price by 28.1%, both well above the 14.3% return of the Benchmark Index (all returns on a total return basis). As […]

intu creates jv to own Chapelfield shopping centre in Norwich – intu properties plc and LaSalle Investment Management, acting on behalf of Greater Manchester Pension Fund and West Yorkshire Pension Fund, are forming a partnership to jointly own intu Chapelfield shopping centre in Norwich. LaSalle will acquire a 50 per cent interest in the property for net […]

Aberdeen stays as manager of Edinburgh Dragon on a reduced fee – Edinburgh Dragon says that, for the year ended 31 August 2017, the NAV rose by 21.6% on a total return basis. However, this performance was less than the benchmark’s increase of 27.2% in sterling terms. Following concerns over performance, the Board undertook a detailed […]

Premier Energy & Water becomes Premier Global Infrastructure – The Board of Premier Energy and Water Trust PLC has announced that the name of the company has changed to Premier Global Infrastructure Trust PLC in order to reflect a change of investment emphasis within the portfolio. The name change has been registered at Companies House today […]

JPMorgan Claverhouse fixes debt until 2045 – The Board of JPMorgan Claverhouse has announced that it has agreed to issue GBP30m fixed rate 25 year unsecured notes at an annualised coupon of 3.22% – nothing surprising there. However, the funding date is expected to be 30th March 2020, the date of the maturity of the 7% […]

Henderson International Income’s European bet pays off – Henderson International Income says that, for the year ended 31 August 2017, its net asset value (on a total return basis) increased by 18.8%. The return on the share price (on the same basis) was 19.3%. These returns compare to a total return of 19.1% for the MSCI World (ex UK) […]

Central Asia Metals PLC (AIM: CAML) has received approval, from the Macedonian Competition Commission, for the acquisition of Lynx Resources (see post 24 Sept). Therefore, the transaction is expected to be completed on 6 November 2017. About Lynx Resources Lynx is a Bermudan holding company set up explicitly to acquire the Sasa mine in 2015, […]

Ranger in discussions with potential co-managers – Ranger Direct Lending’s board, in conjunction with Ranger Alternative Management II, LP, today announces that it is in discussions with potential co-managers who could assist in and strengthen some or all aspects of the manager’s current role and responsibilities, including identifying new lending categories, sourcing platform partnerships, conducting platform due […]

Greencoat UK Wind buys five wind farms from EDF – Greencoat UK Wind PLC has acquired an 80% stake in five wind farms from EDF Energy Renewables for a total consideration of GBP98 million (including GBP7 million cash and working capital). All five wind farms are situated within 25 miles of Peterborough, and in total comprise […]

NextEnergy Solar piles into Italy – Next Energy Solar Fund has made its first investments in Italy; eight operating solar plants with an installed capacity of 34.5MWp at a total cost of €131.9m. Five of the acquired plants are in the region of Puglia (total 21.5MWp) and three are in the region of Campania (total […]

SEGRO swaps an industrial estate for a Big Box warehouse – SEGRO has acquired a fully let 390,000 sq ft big box warehouse in the Midlands region of the UK from LGIM Real Assets (“Legal & General”), in exchange for Kingsland Business Park, which is a multi-let industrial estate in Basingstoke, and a balancing cash […]

Investment Trust Insider on BioPharma Credit James Carthew: don’t let Biopharma’s slow start give you the wrong impression (title by Citywire!!) This week I’m revisiting Biopharma Credit (BPCR) which I last wrote about at the end of March, when it listed having raised £610 million. As things stand, it still holds the top slot for […]

Scottish Oriental ups Asian Frontiers exposure – Scottish Oriental Smaller Companies says that, over the 12 months to August, its Net Asset Value per share rose by 15.7 per cent in total return terms, while the ‘comparative indices’, MSCI AC Asia ex Japan Index and MSCI AC Asia ex Japan Small Cap Index, rose by […]

JZ makes two sales – JZ Capital Partners Limited has realised two of its US micro-cap investments, Nielsen-Kellerman and K2 Towers, for a total gross value of $39.9 million, representing a cumulative $13.4 million uplift to JZCP’s net asset value as of 31 August 2017. K2 Towers K2 was founded in 2009 and specialises in acquiring and maintaining […]

AEW Long Lease buys St Helens industrial estate – AEW UK Long Lease REIT has bought Pocket Nook Industrial Estate, St Helens for GBP9.0m reflecting a net initial yield of 5.4%. The 16.1 acre site is let to three tenants and provides a weighted average unexpired lease term of 66 years to expiry, with 49% […]

Investment Trust insider on Impax James Carthew: Impax ticks all the right boxes for the environment Many funds lay claim to incorporating environmental, social and governance (ESG) aspects into their investment approach, including many passive, index-tracking funds. However, often this is just a crude, and sometimes clumsy, box-ticking exercise. Few funds really set out to […]