River & Mercantile Micro Cap has issued its first interim results, covering the period from incorporation, through its launch on 2 December 2014 through to the end of March 2015. Over that period its net asset value total return was 5.3%, just ahead of the 5% return posted by its benchmark. The return to shareholders […]
Henderson European Focus Trust outperformed its benchmark over the six months ended 31 March 2015, generating a return on net assets of 14% compared to a 10.0% return on the FTSE World Europe ex UK Index. Shareholders did even better than that as the discount narrowed, giving them a return of 16.9%. The interim dividend […]
Highcroft Investments has acquired the entire issued share capital of B L (Wisbech) Ltd together with its wholly owned subsidiary Belgrave Land (Wisbech) Ltd from its six private shareholders. B L (Wisbech) Ltd and Belgrave Land (Wisbech) Ltd own a single asset, the Belgrave Retail Park in Wisbech, Cambridgeshire, which comprises a freehold retail warehouse park totalling 56,082 […]
SVG Capital has announced this morning that funds advised by Permira have signed a definitive agreement to sell New Look to Brait SA. The transaction values SVG Capital’s holding in New Look at £37 million, a £15 million uplift (8p per share) to the 31 January 2015 valuation of £22 million. New Look is a leading […]
International Public Partnerships Limited, “INPP”, has announced that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure and Transmission Investment has been appointed as preferred bidder for the long-term license and operation of a further offshore transmission project. The latest scheme, comprising the transmission cable connection to Westermost Rough Offshore Wind Farm represents the sixth such project […]
Kennedy Wilson Europe is paying €30m for Puerta del Sol 9, a high street property in the iconic Plaza Puerta del Sol in Madrid. Plaza Puerta del Sol is a landmark location in the heart of Madrid’s city centre offering a wide range of restaurants, shops, cultural sights and attractions. Recently, the plaza benefitted from […]
RIT Capital Partners is borrowing £151m in three tranches of fixed rate debt with maturities in 10, 15 and 20 years time. They will be unsecured and pay fixed interest semi-annually at annualised coupons of between 3.00% and 3.56%, with a weighted average of 3.45%. The Notes were priced on 22 April 2015 and the funding […]
Standard Life Equity Income Trust is publishing its half year results for the six months ended 31 March 2015. The total return on net assets came in well ahead of the return in the benchmark (FTSE All-Share Index) at 12.8% vs. 5.3%. The share price return though was 5.7% – still ahead of the benchmark […]
Alliance Trust is to buy Stocktrade from Brewin Dolphin in an effort to bolster its Alliance Trust Savings business. They say the deal has the potential to add more than 48,000 new customers and £4.6bn of new assets into ATS across three main channels; direct customers, intermediary customers and strategic partnerships. The purchase price is […]
British Land’s results for the year ended 31 March 2015 have been published. The EPRA NAV rose by 20.5% to 829p. They have declared a quarterly dividend of 6.92p; bringing the full year to 27.68p (2014: 27.0p) and the first quarter dividend for the new financial year will be 7.09p, an increase of 2.5%. The NAV increase […]
3i Group’s annual results for the year ended 31 March 2015 show the company performing well with NAV increasing by 14% to 396p per share (despite foreign exchange losses of 12p per share). Management report that all three businesses are performing well. The private equity portfolio saw realisations worth £831m, investment of £369m across four transactions and an […]
NewRiver Retail has published its annual results for the year ended 31 March 2015, which management describe as their best financial year to date. These show a 14% increase in its EPRA NAV to 265p (2014: 240p). It was a busy year for the company during which it raised £75m of equity (to fund £71 million acquisition from its joint venture […]
Hansteen has sold its Hansteen UK Industrial Property Unit Trust II for £192.1m to a fund advised by Brockton Capital LLP in a partnership with Dunedin Property. The deal adds about £5m to Hansteen’s end December asset value. They launched the unit trust in May 2013 with £107m investment from them and clients of Aviva Investors. They […]
Finsbury Growth & Income’s interim results for the six month period that ended on 31 March 2015 demonstrate why it is so popular with investors. The total returns on both net asset value and share price were 17.4% and 17.3% respectively while the return on the FTSE All-Share Index was just 5.3%. The first interim […]
3i Infrastructure’s results for the year ended 31 March 2015 demonstrate the positive impact on the business from their sale of Eversholt Rail. The total return on net assets for the period was 24.6%. The dividend is upped from 6.7p to 7p and a 17p special dividend is planned for July. They plan to pay a […]
JZ Capital has announced results for the year ended 28 February 2015 show that the fund generated a total return on net assets of 8.9%. They declared a second dividend of 17.5 cents per share for the six months ended 28 February 2015, compared to 16.0 cents for the period ended 28 February 2014. Having […]
LXB Retail has published figures for the six months ended 31 March 2015. It was a busy period for the company with a number of major deals announced within the portfolio. The net asset value climbed by 5.57p as the value of its property portfolio was marked up by £12.1m. The company faces a continuation […]
Keystone’s interim results for the six months ended 31 March 2015 show the fund’s net asset value delivering a total return of 7.8% – ahead of the 5.3% return generated by the FTSE All-Share Index. The return to shareholders was 7.2%. The dividend was maintained at 18p per share. The report says holdings in Reynolds […]
Nimrod Sea Assets published a trading update on Friday afternoon in which it said Fletcher Shipping has notified Aberdeen Offshore (which is the General Partner of the entity in which Nimrod Sea Assets has a 75% equity interest) that it will not be taking delivery of the second vessel (known as FS Scorpius) from the […]
Shareholders in John Laing Infrastructure refused to support one of the resolutions that the Board put forward at the company’s recent Annual General Meeting. In language might have been incomprehensible to many shareholders, the Board had couched a resolution that would have made it easier to issue new shares in the company without first offering […]
Polar Capital Global Healthcare interim results for the six months ended 31 March 2015 show the company’s net asset value total return was 19.1%, a good result but unfortunately 2.6% behind the MSCI All Countries World Index Healthcare Index. What’s more, the discount widened from 5.4% to 9.8% so the return to shareholders was even […]
Empiric Student Property has announced the acquisition of Claremont Place in Newcastle, a terrace of Grade II listed buildings being converted to a luxury, direct-let, student accommodation property by specialist developer, Ziggurat Student Living. The building is expected to be operational by September 2015, in time for the 2015/16 academic year. The property is immediately adjacent to […]
Scottish Mortgage has published results for the year ended 31 March 2015. Its net asset value total return for the year was 27.7% and the share price total return was 29.6%; these returns were well ahead of the FTSE All-World Index, which produced a total return over the period of 19.2%. A final dividend of 1.55p is proposed, giving […]
Whitehall Road offices receive planning permission: Town Centre Securities has secured planning consent for an eight story, 70,000 square foot office with 38 parking spaces on a brownfield plot on Whitehall Road, Leeds. The development forms part of the TCS Whitehall Riverside scheme which includes 300,000 square foot of premium office space, a 500 space multi-storey […]
Baring Emerging Europe’s half year results, for the six months to the end of March 2015, show that the fund outperformed a falling market with the net asset value total return being -9.9% as compared to a -11.0% return on the MSCI Emerging Market Europe 10/40 Index. The return to shareholders was -8.2%. The Chairman’s statement […]
JZ Capital Partners and its property partner, Red Sky Capital, are buying 192 Bedford Avenue in Williamsburg, New York. The property features frontage of 20 ft. on Bedford Avenue and offers up to 6,000 sq. ft. of build-to-suit multi-level retail space with only one short term lease (Mizu, a Japanese restaurant) encumbering the property. JZ […]
Kennedy Wilson Europe has paid £68.5m to acquire a loan secured against the freehold interest in Pioneer Point, Ilford. The loan is non-performing and the unpaid principal balance of the loan is £149m. Kennedy Wilson reckon that the purchase price of the loan is materially below the replacement cost of the property. Pioneer Point is […]
MedicX Fund has issued £50m worth of loan notes to Standard Life Investments. The loan notes mature on 30 September 2028. £25m has been drawn down now and the balance will be drawn down in September 2015. The interest rate on the notes is 3.838% per annum and this brings the weighted average cost of debt […]
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