News

In a perfect illustration of the dangers of buying a fund on a large premium, BACIT results show that its share price fell by a penny or 0.8% from 122p to 121p over the year to the end of March 2015 – this despite the net asset value rising by 9.6% from 114p to 125p. […]

HICL Infrastructure is buying a 50% stake in the Southmead Hospital PFI project from Carillion for £87.8m. £48.7m of this number relates to a future loan note subscription obligation, which will be paid by the Group in September 2015. The Project is a £430m, 35 year concession to design, build, finance, operate and maintain an 800-bed acute […]

Summit Germany has acquired a loan facility secured on six commercial properties in Germany. The deal price is €40m and they are buying loans with a face value of €78m. The Company has previously owned the Portfolio (The Telecom Portfolio) and as a result of acquiring the loan facility, will regain full control.  The Portfolio consists […]

St. Peter Port Capital has just published results for the year ended 31 March 2015 that show the NAV falling by 37.5% on the year as they wrote down the values of some investments. Sales from the portfolio generated cash proceeds of £3.36m and they had £4m in cash at the end of June 2015. […]

F&C Commercial Property has announced that, on 30 June 2015, it sold its Absolute Ownership (Scottish equivalent to English Freehold) in 124-125 Princes Street, Edinburgh for £18.05m. The property comprises a seven storey building providing a prominent retail unit and office accommodation on the upper floors. The retail unit is currently let to Urban Outfitters and […]

K&C REIT has made its first acquisition – buying 25 Colherne Road, a 3,976 sq. ft. residential building in Chelsea, London, comprising ten studio apartments for £3.63m. 25 Coleherne Road was valued at £4m on 22 June 2015. The Group also owns a further three smaller properties. The property is held through an SPV, Silcott […]

Starwood European Real Estate Finance has committed to provide two facilities for a total of  DKK350.3m (about £33.5m) for a portfolio of light industrial assets throughout Denmark.  The first facility is a mezzanine facility to refinance a portfolio already owned by the sponsor.  The second facility is a whole loan to support the acquisition of […]

Polar Capital Technology managed to beat the Dow Jones Word Technology Index over the year to the end of April 2015 as its net asset value per share returned 30.7% as compared to 29.5% return on the index. shareholders did even better as the discount narrowed from 3.6% to 1.2%, giving them a 33.9% return on the share price. […]

Alpha Real Trust has announced the purchase of a 162 unit central Birmingham development site with planning consent (original plan pictured) for 90,000 net developable square feet of residential apartments with ground floor commercial.  The site has no outstanding Section 106/Community Infrastructure Levy requirements and has an affordable unit designation for 9 flats. Current planning […]

Schroder UK Growth has published results for the year ended 30 April 2015. The fund lagged the FTSE All-Share index by some margin over this period, returning 1.9% on net assets and negative 3.1% on share price (the discount widened to 8.4%) as compared to positive 7.5% for the benchmark. the dividend for the year […]

Custodian REIT has acquired a 16,143 sq ft industrial unit at Glasgow International Airport let to DHL Global Forwarding (UK) Limited on a lease expiring on 31 March 2020.  Net passing rent is £92,385 per annum, reflecting a net initial yield of 7.08%.  Other logistics occupiers at the airport include UPS and Expeditors. The agreed […]

Kennedy Wilson Europe has issued £300m of bonds. These have been rated BBB. The bonds, which are unsecured, have an annual fixed coupon to the Company of 3.95%, which was effectively reduced to 3.35% as a result of KWE entering into swap arrangements to convert 50% of the proceeds into Euros. Interest on the Unsecured Bonds is […]

Primary Health Properties is buying two modern, purpose built health care facilities for a total consideration of £8.7m by acquiring: 1)  the entire share capital of a company whose sole asset and activity is the ownership of a medical centre located in Thornaby, North Yorkshire (pictured).  The property is occupied by two GP practices, a pharmacy, […]

Alcentra European Floating Rate Income has announced results for the year ended 31 March 2015. the net asset value fell slightly in Sterling terms (from 106.56p to 105.31p) but rose in Euro terms from 129.06 cents to 145.7 cents. The dividend fell to 5.04p from 5.21p. As at 31 March 2015, the portfolio was invested in […]

Aberdeen Private Equity has published results for the year ended 31 March 2015 that show it generating a return on net assets of 18.2% and a share price return of 15.5%. A dividend (roughly 10% of distributions received by the fund) is payable, this worked out at 2.2p for the period – 10% up on […]

Better Capital has published figures for its 2009 and 2012 cells for the year ended 31 March 2015. For the 2009 cell the net asset value grew by 11% driven by solid performance from two of the investee companies in Fund I, Gardner and Santia. For the 2012 cell, the combination of write-downs in City […]

NextEnergy Solar results for the year ended 31 March 2015 have been published. The NAV rose from 100p to 103.3p over the period. Energy generation was 23.2GW, 4.8% above budget. Lower  energy prices than forecast meant that this translated into revenues 1.9% above budget or earnings of 9.13p per share, from which they are paying dividends […]

ARC Capital has requested that its shares be suspended from trading pending the finalisation of its report and accounts for the year ended 31 December 2014. ARCH :  ARC Capital suspends trading

Dolphin has put out a statement following the imposition of capital controls within Greece. It says the cash balances of the Group’s subsidiaries deposited with banks operating in Greece as at 26 June 2015 amounts in aggregate to €1.5m and the largest part of the Greek deposits relates to working capital used in the operations of […]

Globalworth Real Estate has just published its results for the year ended 31 December 2014. In brief, the EPRA NAV rose from €6.03 to €8.09. Underlying EPS was 16.1% higher at €2.02. The loan to value rose from 29.5% to 34.4%. the weighted average cost of debt is 3.99%, down from 5.95% with a weighted […]

LondonMetric Property has acquired a Next Distribution warehouse for £29m, reflecting a net initial yield of 6.3%. The off market acquisition is from a private property company and will be funded from the Company’s existing resources. The warehouse is located two miles north west of Junction 38 of the A1(M) in South Elmsall,   Doncaster near […]

Treveria has published results for the year ended 31 December 2014. Briefly, the NAV fell to 5.1 cents (€30.7m) from 7.9 cents but the German tax authorities want €45m in Real Estate transfer Tax off them. They are disputing this but one legal challenge has failed and they must now decided if they want to […]

Hg Capital has announced the sale of its interest in SimonsVoss to Allegion plc. Hg Capital Trust’s share of the deal is £18.6m – at this price the fund’s NAV is uplifted by £2.3m. They say the NAV will rise to 1,215.6 pence per share – an uplift of 6.1 pence. SimonsVoss is a  European leader […]

Henderson High Income has decided that it wants to take advantage of the low interest rate environment by issuing £20m of fixed rate notes. These have a 19 year life and pay a coupon fixed at 3.67%. The funding date is 8 July 2015 with interest payable semi-annually in arrears. The principal repayment date will be 8 […]

Oakley Capital has announced that it has sold most of its German on-line price comparison business, Verivox, to ProSiebenSat.1 for €200m making a 15x return on its original investment or an IRR of 73%. Verivox was held within its first fund, Fund I. Under the terms of the deal, Fund I could earn a further €50m […]

The year to the end of April 2015 was a good one for Invesco Asia as the fund generated a return on net assets of 28.3% and a return to shareholders of 29.4%, both well ahead of the 22.7% return on the company’s outgoing benchmark – MSCI All Countries Asia Pacific ex Japan Index (to […]

Over the 12 months to the end of April 2015 Aberdeen New Dawn generated a total return on net assets of 17.1% and a return to shareholders of 14.3%. Unfortunately the company’s benchmark did much better – the MSCI All Countries Asia Pacific ex Japan Index returned 22.7%. The dividend was increased to 3.8p from […]

Smaller Companies Dividend Trust has reported its annual figures covering the year to the end of April 2015. Over this period the total return on the portfolio was 6.9%, adjusting for the effects of the zero dividend preference shares, this made the return in the net asset value of the ordinary shares 7.2%. The ordinary […]

Advance Developing Markets has released its interim results covering the six months to the end of April 2015. Over that period the total return on net assets was 6.9% and the return to shareholders 6.6% while the return on the MSCI Emerging Markets Index was 8.3%. The manager’s report says that being underweight China at […]

MedicX has announced that it is making its first foray into the Irish market with a €10.1m deal to fund a new primary healthcare medical centre in Mullingar, Westmeath. The property is due to be completed in August 2016. The completed development will be let to a number of GPs and the Health Service Executive […]