Berlin residential landlord Phoenix Spree Deutschland (PSDL) has proposed a change to the fee structure for its property advisor, capping its annual fee at €5m. The company’s core rental business remains strong, but it had to suspend its dividend earlier this year as this was paid out of proceeds from condominium sales (which have been […]
Impact Healthcare REIT (IHR) has transferred the leases of care homes let to Silverline Group, which has not paid its rent due for the first two quarters of this year, to an affiliate of an existing tenant of the company. IHR has transferred the leases of Silverline, which let seven homes and accounted for 3.4% […]
In QuotedData’s morning briefing for 5 June 2023: Digital 9 Infrastructure (DGI9) has announced a $100m green loan debt facility, and an update on the syndication of one of its invested companies. The $100m debt facility is being utilised by Verne Global Iceland, one of DGI9’s invested companies. Verne Global is a leading data centre […]
The recent annual results from CT UK High Income (CHI) and Edinburgh Investment Trust (EDIN) have given us the interesting opportunity to compare the views of two managers targeting the UK equity income sector. Since the pandemic lows reached towards the end of 2020, the two funds have seen a wide divergence in performance with […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • TR Property (0:32) • Aquila European Renewables (10:36) Andrew McHattie provided an update on NAV and price performance during May and highlights anomalies activity […]
Chrysalis (CHRY) portfolio company The Brandtech Group has completed the acquisition of Jellyfish, a global digital media and marketing group. CHRY says that the deal creates the number one digital-only marketing group in the world with over US$1bn in revenue, over 7,000 employees, working for eight out of ten of the world’s largest advertisers, and […]
TR Property (TRY) has published its annual results for the year ended 31 March 2023, which its chairman, David Watson (pictured), has described as “a very difficult year for the property market, for property shares and for the Company”. During the period, TRY’s NAV total return was -35.5%, which is modestly worse than its benchmark’s […]
In QuotedData’s morning briefing 2 June 2023: Apax Global Alpha (APAX) has announced that it expects to invest approximately €1.7m in Swing Education on a look-through basis, via the Apax Global Impact Fund (AGIF). APAX Partners describes Swing Education as “a pioneering online marketplace that connects schools and substitute teachers”. Founded in 2015 by former […]
AVI Global Trust’s half-year figures (covering the six months ended 31 March 2023) were unfortunately dented by March’s nervous markets. At the end of February 2023, the trust was running about 1% ahead of its MSCI AC World ex US benchmark, but by the end of March it was 5% behind. The NAV return for […]
Cordiant Digital Infrastructure says that its portfolio company, Emitel S.A. has bought American Tower Corporation’s subsidiary in Poland, ATC Polska. ATC Polska’s portfolio will comprise of 65 modern lattice towers which are leased to leading mobile network operator (MNO) tenants via inflation-linked contracts with long tenors (average 14 years remaining on tenant lease agreements). The […]
CT UK High Income Trust says that for the year ended 31 March 2023 it generated an NAV return of -0.4%, underperforming its All-Share benchmark which returned +2.9%. The return to ordinary shareholders was +0.6% and to B shareholders +2.3%. Total dividends increased by 1.1% to 5.51p, representing the tenth consecutive year of dividend/capital repayment […]
JLEN Environmental Assets says that its first grid-scale battery project, the West Gourdie 50MW lithium-ion plant, has started commercial operations. The announcement notes that battery energy storage systems are playing an increasingly important role in the energy transition and the West Gourdie plant, situated in Dundee, Scotland, will provide critical balancing support to the GB […]
In QuotedData’s morning briefing 1 June 2023: ICG Enterprise (ICGT) has agreed a new €240m multicurrency revolving credit facility with SMC International and Lloyds Bank that matures on 30 May 2027 and costs 120 basis points (bps, equal to 1.2%) upfront, 115bps on undrawn amounts and 300bps over euro or sterling interest rate benchmarks (EURIBOR […]
Odyssean Investment Trust (OIT) announced its annual results for the year ended 31 March 2023. NAV per share fell 2.2% while shares fell 1.2% over the 12 month period, comfortably outperforming the benchmark Numis Smaller Companies Index ex IC plus AIM Total Return Index which fell 13.4%. Shares in the company continue to trade at […]
Taylor Maritime Investments (TMI/TMIP) Limited announced the appointment of Henry Strutt as non-executive chair of the company with effect from 1 June 2023. Strutt brings extensive financial services experience from his time spent in senior positions at several financial institutions, including Robert Fleming Group of Companies, Smith & Williamson, and Harrods Bank. He also has […]
Home REIT has announced an update on its internal investigation into allegations of wrongdoing including matters raised in the Viceroy Research report. As announced on 16 February 2023, the company instructed Alvarez & Marsal Disputes and Investigations (A&M), as independent forensic accountants to conduct an investigation. A&M delivered to Home REIT a detailed report prepared […]
Jade Road Investments Limited (JADE) (formerly Adamas Finance Asia Limited) has published its final results for the year ended 31 December 2022. The company’s main focus for the year was to pivot from its legacy portfolio of Asian assets to investing in geographically diverse assets in more stable regions. The headline numbers were poor with […]
The Edinburgh Investment Trust (EDIN) announced its annual results for the period ending 31 March 2023. Net Asset Value (NAV) per share (with debt at fair value) on a total return basis increased by 7.9%, comfortably exceeding the 2.9% return on the FTSE All-Share Index. The share price total return was 8.4%. Dividends for the […]
JPMorgan China Growth & Income (JCGI) announced its half year report for the year ended 31 March 2023. During this period, JCGI delivered a total return on net assets of 7.9% (in sterling terms), compared to the benchmark return of 7.3%. This positive performance follows a challenging time for the company in the last financial […]
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Momentum Multi-Asset Value (0:21) • RM Infrastructure (4:09) • Home REIT (10:49) • LondonMetric/CT Property (16:14) This week’s interview was with Andy Ho & […]
Another week in property, another M&A announcement. This time it is LondonMetric pouncing on smaller peer CT Property Trust (CTPT) with an all share offer that values the company at around £200m. In recent weeks we have seen Industrials REIT taken private by Blackstone, Civitas Social Housing also recommending a bid for the company and […]
HarbourVest Global Private Equity (HVPE) has released the annual results for its financial year ending 31 January 2023. HVPE reported a 12 month NAV total return of -1.2%, compared to the -7.3% return of the FTSE All-World Index. HVPE’s positive returns from infrastructure and real assets, credit, and small to mid-cap buyouts were more than […]
UK Commercial Property REIT has sold its 186,455 sq ft Wembley180 logistics asset in London for £74m, which reflects a net initial yield of 3.49% and is broadly in line with the 31 March 2023 valuation. The buyer was Covent Garden IP Limited, a registered charitable company that supports The Church of Jesus Christ of Latter-day […]
Welcome to the videos from the Property Investment Conference 2023. The conference was for property analysts and REIT investors from all the major asset management groups, banks, stockbrokers, wealth managers and IFA Groups. Private investors were also welcomed this year via live streaming who were able to follow the panel discussions and expert speakers. We […]
Funds managed by Marwyn Investment Management LLP have made an investment of £8m in Palmer Street Limited. £6.2m of this is coming from the listed fund. Palmer is being set up to take advantage of the opportunity to provide a differentiated business proposition in the private capital servicing sector. Palmer’s management team: Martin Schnaier, James […]
Shires Income reports that for the year ended 31 March 2023, it generated an NAV total return of -2.2% and a share price return of -5.5% (as the shares moved from a 0.3% premium to a 3.1% discount), which compares with a +2.9% return for its benchmark. The dividend was upped by 2.9% to 14.2p, […]
The board of Momentum Multi-Asset Value Trust has decided that the fund is too small to be viable and is proposing that it be liquidated and investors given the option of rolling into the manager’s equivalent open-ended fund. Recent market challenges and share buy backs through the operation of the discount control mechanism have seen […]
In QuotedData’s morning briefing 25 May 2023: Gresham House Energy Storage (GRID) raised £50m from its placing and retail offer. Less than its £80m target but not a bad result in the current environment. 32,154,341 shares will be issued at a price of 155.5p. 30,584,387 of these shares will be issued via the placing and […]
HICL Infrastructure (HICL) has announced its annual results for the year ended 31 March 2023. The chair, Mike Bane, describes the financial performance in the year as being resilient, with NAV growth of 1.8p per share to 164.9p. The return from the portfolio was 10.2% (March 2022: 9.6%), outperforming the company’s expected return of 6.6% […]
Capital Gearing (CGT) has published its annual results for the year ended 31 March 2023, which its chairman, Jean Matterson, describes as a difficult year for the trust and traded markets generally (however, she notes that it is only the second year in the last 41 years, when CGT has failed to achieve a positive […]
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