News

Multi-commodity mining giant, Glencore, yesterday briefed investors on its preparedness for a lower price environment. The company has reduced 2015 capex from US$6 billion to US$5.7 billion, and expects to reduce 2016 capex to US$3.8 billion. For its main mineral products it expects low cost profiles of US$1.10/lb copper, US$0.33/lb zinc, US$2.95/lb nickel and US$39/t […]

Standard Life Investments Property Income Trust has announced that it is extending the timetable for its initial placing and offer until 11 a.m. on 18 December 2015. The company says that the Investment Manager is in advanced legal negotiations in relation to the sale of one of the properties in the company’s portfolio, which is […]

LondonMetric Property has announced that it has exchanged contracts to sell its 210,000 sq ft WH Smith distribution warehouse in Birmingham to a UK institution for GBP18.2 million, reflecting a net initial yield of 5.2%. The property was acquired in 2013 for GBP10.1 million with 11 years remaining on the lease. Simultaneous with purchase, LondonMetric re-geared […]

Terra Catalyst Fund has announced its interim results for the six months to 30 September 2015. Terra Catalyst’s sole remaining asset is Spazio Investments NV, an externally managed property fund that specialises in investment in Italian industrial real estate. Spazio owns a portfolio of 169 properties of predominantly industrial and logistics use, located throughout Italy. […]

GLI Finance Limited announced, on 17 November 2015, plans to consider the issue of further securities in order to refinance certain existing borrowings as well as to provide additional working capital and finance growth. The related prospectus and circular to shareholders were published on 3 December 2015. One option detailed in this Circular is to […]

Dalradian Resources has reported good infill drilling results from a programme designed to convert Inferred resources to Indicated at its 100%-owned Curraghinalt gold project, in Northern Ireland. Highlights include 2.53 m at a grade of 10.82 g/t gold from the Mullan vein; 2.01 m at a grade of 33.52 g/t gold from the Slap Shot […]

Ediston Property has announced that the acquisition of Plas Coch Retail Park in Wrexham for £22.4m (net of acquisition costs) from Diageo Pension Trust. The acquisition, which provides a net initial yield is 6.52% (rising to 7.35% in March 2016 on expiry of a rent-free period), will be funded from existing cash resources and completion […]

Riverstone Energy has announced that it’s placing and open offer, which has raised the full £67.6m. The company announced its intention to raise £67.6m, through the issue of up to 8,448,006 new ordinary shares at £8.00 per share on 23 November 2015. The intention was to use the proceeds to increase its stake in portfolio […]

Tritax Big Box REIT has announced that it has completed the purchase of Matalan Retail’s Northern Distribution Centre at Knowsley Business Park, Liverpool, for £42.38m (net of acquisition costs). This reflects a net initial yield of 6.27% on the acquisition, which is being funded out of equity proceeds, with senior debt finance expected to be […]

Alpha Real Trust has announced the purchase of a residential development site, in central Leeds, for £3.75m. The “Monk Bridge” site has planning consent for 269 residential apartments over 140,000 net saleable square feet with potential for ground floor commercial development within existing disused railway arches. The company says that, like it purchase of the […]

Hansa Trust has announced its interim results for the six-months ended 30 September 2015. During the period, the trusts NAV fell 4.1% on a total return basis. The company says that, excluding the Brazil-focused Ocean Wilsons Holdings, the Company’s NAV fell 3.6%. This compares to a return of 1.7% for the benchmark, which is absolute […]

MedicX fund grows post 8.3% NAV growth during the year MedicX Fund has announced its interim results for the year ended 30 September 2015. During the period, the company’s EPRA NAV increased by 5.4p to 70.8p per share, an increase of 8.3%. The company’s EPRA earnings were £13.4m. This is an increase of £4.7m or […]

F&C Global Smaller Companies‘ interims covering the six months ended 31 October 2015 show the fund delivering a -1.5% return on net assets and a -0.8% return to shareholders. The benchmark is 70% MSCI World ex UK Small Cap Index and 30% Numis UK Smaller Companies (excluding investment companies) Index. This showed a -4.0% total […]

Japan Residential Investment Company has announced that the third party, with which it has been in discussion with, regarding a potential bid has advised that it is no longer interested in making an offer for the company. On 13 November 2015, Nikko III Pte. Ltd. and Japan Residential Investment Company announced that they had reached […]

A new Japan focused investment trust, CC Japan Income & Growth Trust, has announced that it has raised gross proceeds of £66.5m from its first placing, offer for subscription and intermediaries offer. The net proceeds of this first issue are expected to be approximately £65.3m. The shares, which were issued at a price of 100p […]

Ground Rents Income Fund has announced its annual results for the year ended 30 September 2015. The NAV per share at 30 September 2015 was 114.2p (2014: 104.3p), an increase of 9.5%. Profit before tax (including a £9.19m valuation gain) was £12.5m for the period (FY 2014: £4.7m (which included a £2.62m valuation gain). Basic […]

UK-based precious metal consultancy group, Metals Focus, reports that global gold mining total cash costs (TCC) have fallen to their lowest level since 2011 but despite this the basic producer margin (gold price less total cash cost) is at the lowest level since the Metals Focus series began in 2010. In the Q3 2015, TCC […]

Lowland, managed by James Henderson (pictured), has released its annual results for the year ended 30 September 2015. In what the board describe as a difficult year, the company’s NAV total return rose 0.8%, beating its FTSE All-Share benchmark, which fell 2.3%. The share price opened the year at a small premium, but closed at a […]

Alpha Pyrenees announces today that it has sold a portfolio of five properties in France totalling approximately 127,850 square metres for €142.7 million. The properties included in the portfolio were the Trust’s largest property, the Villarceaux-Nozay Business Park let to Alcatel-Lucent, and the Trust’s properties at Evreux, Goussainville, Roissy-en-France and Nimes. The purchaser is an […]

Henderson European Focus Trust has published accounts for the year ended 30 September 2015 that show it outperforming its benchmark. The net asset value total return for the year was 5.3% compared to a total return from the FTSE World Europe ex UK Index of -1.2%. The ordinary share price total return was 5.2%. They also announced […]

Matthew Read, senior analyst at QuotedData, analyses how two different trusts invested in Japan are benefiting – or not – from the country’s internationalisation and Shinzo Abe’s three arrows reform agenda. As Japan enters another recession, more fears surface about whether Abenomics is really working, with the country yet to show it has succeeded in […]

Hg Capital, the Manager of Hg Capital Trust, has announced that it has agreed the sale of TeamSystem Holding SpA, a leading provider of business critical, regulatory driven software products to accountants, HR professionals and SMEs in Italy, to Hellman & Friedman LLC, a leading private equity investment firm. Hg Capital intends to retain a […]

K&C REIT, which was admitted to AIM on 3 July 2015, has released its annual results for the year ended 30 June 2015. On its admission to AIM, the Group issued 43,035,622 ordinary shares, including 35,663,400 shares issued at 10 pence per share pursuant to a fundraising, generating gross cash proceeds of £3,566,340. Shortly after […]

JPMorgan Private Equity has announced that, further to its announcement on 27 October 2015 (regarding the spin-out of the company’s investment management team from J.P. Morgan Asset Management to an affiliate of Fortress Investment Group LLC) the company has now been advised that a definitive agreement in relation to the transfer has been signed. As […]

Derwent London has announced the sale of old Wedge House, 40 Blackfriars Road SE1, a 38,700 sq ft vacant freehold office building, for £33.5m before costs to Ennismore. Derwent, in collaboration with Ennismore, obtained planning permission this summer for a 110,000 sq ft hotel and office scheme at the site. Ennismore will now undertake the […]

Phoenix Spree Deutschland has exchanged contracts to buy four properties in Berlin and has sold two buildings in Nürnberg at a significant premium to book value. The four Berlin properties were bought for an aggregate consideration of €R19.8m (£14m), excluding acquisition costs; representing a price per square metre of €1,640. The deal covers 150 residential and 10 commercial units […]

Scottish Investment Trust announced a cut in its borrowings yesterday as it purchased in the market for cancellation 21,188,000 5.75% Secured Bonds 2030. Upon cancellation 82,827,000 5.75% Secured Bonds 2030 will remain in issue. Today it has announced results for the year ended 31 October 2015. The total return on net assets was 4.0% while the share […]

Candover Investments says Arle Capital Partners has agreed to sell Stork to Fluor Corporation for an enterprise value of €695m. The sale of Stork, provider of knowledge-based asset integrity services, completes the full exit of the investments held through Stork Holding BV following the sale of Fokker Technologies earlier this year to GKN plc for €706m. The […]

Standard Life European Private Equity has announced results for the year ended 30 September 2015. The net asset value total return for the year was 11.9 but the closing share price was 214.0p, a decrease of 7.0% over the year and a discount of 24.0% to NAV. The dividend was increased from 5p to 5.25p. […]