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Investment Companies News

Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).

09 Jan 2014

Hammerson : HMSO – buys French shopping centre

Hammerson is acquiring a 75% stake in Saint Sebastien shopping centre in Nancy, France for £109m, equivalent to an initial yield of 6%. Recent rent deals have been agreed at a 10% uplift. Hammerson hopes to create significant value by renovating the centre, introducing a dedicated restaurant area and refreshing the tenant mix. The centre, in central […]

Sectors
07 Jan 2014

Hansteen : HSTN – disposals

Hansteen has announced the sale of 27 assets (11 industrial estates in the South West of the UK and a further 16 individual assets) over the course of Q4 2013 for a total consideration of £76.4m. Hansteen made £4.2m profit on the sales which included the disposal of Horndon Industrial Park in Essex, the Malthouse Estate […]

Sectors
03 Jan 2014

CATCo Reinsurance : CAT – distribution

After a successful year in 2013 with no significant insured losses and with 2014’s investments already made, CATCo is proposing to distribute the 20 cents per share it earned last year to shareholders. This distribution comes in addition to CATCo’s annual LIBOR +5% distribution (expected to be declared on 6 January 2014). The mechanism for achieving the […]

02 Jan 2014

Henderson High Income : HHI appoints co-manager

David Smith has been appointed co-manager of Henderson High Income – to work alongside Alex Crooke. David has worked for Henderson Global Investors for the past 11 years and has been a fund manager since 2008.

Sectors
30 Dec 2013

Schroder UK Growth : SDU – interim results

SDU’s interims for the six months ended 31 October 2013 show an almost 10% outperformance of its NAV over its benchmark and a narrowing of its discount leading to further outperformance ion share price terms. Over the period the NAV returned 17.0%, the benchmark 7.7% and the share price 23.9%. These were the first results since […]

Sectors
30 Dec 2013

Invista European : IERE – secures extension of loan maturity

IERE has announce that Bank of Scotland has agreed to extend the maturity of its loan to IERE until 30 April 2014. Bank of Scotland has sold the loan to Promontoria Holdings and IERE hopes to use this additional time to explore solutions to refinancing the loan with the new owner of the debt.

Sectors
30 Dec 2013

John Laing Infrastructure : JLIF – acquisitions

JLIF has bought additional stakes in three assets – Street Lighting projects in Lambeth and Redcar and Peterborough Schools (a new build academy and the refurbishment of two secondary schools).  

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • North America
30 Dec 2013

Caledonian Trust : CNN – final results

Caledonian’s lengthy and detailed results for the year ended 30 June 2013 show the NAV per share barely changed on the year before – 145.8p vs. 145.6p. Increased emphasis is being placed on redeveloping properties. They are considering a range of development options for their largest asset – St Margaret’s House a 92,000 sqft 1970s […]

Sectors
30 Dec 2013

Unitech Corporate Parks : UCP – interim results

UCP’s results for the half year ended 30 September 2013 show a fall in the NAV per share from 58p to 52p, despite an increase in the value of UCP’s property portfolio. The fall is largely attributable to the decline in the value of the Indian Rupee over the period. UCP reports increased lettings and rents […]

30 Dec 2013

Bilfinger Berger Infrastructure : BBGI – acquisitions

Using some of the cash it recently raised, BBGI has completed the acquisitions of a 58.8% interest in the E18 road between Grimstad and Kristiansand in Norway, a 24.5% equity and 40% loan interest in Mersey Care mental Health Hospital and a 100% interest in Tor Bank School.  

30 Dec 2013

Dragon Ukraine : DUPD – disposal

DUPD’s interest in Henryland Group, a “big box” retail company, has been sold at a substantial discount to DUPD’s valuation at end of June 2013 – the whole asset fetched  $23.7m vs. a 30 June valuation of $30.9m – DUPD owned 38%. The statement gives no reason for the substantial change in the valuation.

Sectors
30 Dec 2013

Japan Residential : JRIC – acquisition

JRIC has bought a 61 unit apartment complex in East Village Sannomiya for Y796m. The estimated prospective net operating yield is 5.9%.  

Sectors
30 Dec 2013
Globalworth Real Estate sees strong growth in preliminary results

Globalworth : GWI – acquisition

Globalworth Real Estate has bought Bucharest One – a 20 storey, 48,732 sqm office development that will be the second highest tower in Bucharest once complete. The tower is expected to be complete by Q3 2015.  

Sectors
30 Dec 2013

MedicX : MXF – acquisition

MedicX has bought a primary healthcare centre in Ynyshir, Porth for £1.6m

30 Dec 2013

Bluefield Solar : BSIF – acquisitions

BSIF is acquiring three additional solar plants in Hampshire, Norfolk and Glamorgan and plans to extend a plant in Oxfordshire – total cost £38.5m. Following this BSIF will have invested over 75% of the money it raised and will have investments in plants capable of generating 81MW.  

30 Dec 2013

Hansteen : HSTN acquisition of a loan

Hansteen Holdings has bought a loan secured against a portfolio of 370,000 sqm of mainly multi-let light industrial property in the Netherlands for €41.675m. The underlying borrower, Lancelot Land BV, is in breach of the loan and hence Hansteen was able to buy it at a 51% discount to par. About 20% of the portfolio […]

Sectors
20 Dec 2013

Spark Ventures : SPK – interim results

Over the six months to the end of September 2013 SPK’s NAV fell to 11.4p, in part following a 2p per share distribution to shareholders but also due to operating losses and write downs in the values of some assets. Since the period end Spark has sold notonthehighstreet for £11m. The Board hopes to make […]

Sectors
20 Dec 2013

Hammerson : HMSO – sells shopping centre for £202m

Hammerson, as part of a 50:50 jv with Aviva, are selling Queensgate Shopping Centre in Peterborough for £202m, equivalent to a yield of 6.4%. Hammerson says it is planning to put the money towards its development and refurbishment programme for 2014 and says it is also considering selective acquisitions.  

Sectors
20 Dec 2013

Primary Health Properties : PHP – invests in medical centre for £3m

PHP is funding (for £3.1m) the construction of a medical centre in Nottingham to be completed in 2015

20 Dec 2013

John Laing Infrastructure : JLIF – completes acquisition

JLIF has completed its acquisition of a 75% stake in the North Staffordshire Hospital project

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • North America
20 Dec 2013

JP Morgan Indian : JII – annual results

Over the year ended 30 September 2013 the NAV fell by 13.7%, slightly more than the fall in the value of the benchmark, the , which fell by 12.7%. JII’s discount widened resulting in a share price return of -17.6%. The managers point to overweights, relative to the benchmark, in Infrastructure Finance Development Corporation and cement […]

Sectors
20 Dec 2013

Candover Investments : CDI – debt refinancing

Candover has extended the maturity on its US$ debt with an issue of new notes with a coupon of 7.02% and a maturity of 31 December 2015. The Board felt it wanted to wanted to protect the fund from any potential shortfall if the current investment disposal programme failed to free up sufficient cash to […]

20 Dec 2013

BlackRock Income : BRIG – annual results

BRIG’s results for the year ended 31 October 2013 show an NAV return of 16.2% and a share price return of 24.3% as compared to a return from the FTSE All-Share Index of 22.8%. BRIG’s total dividend for the year has been increased to 5.5p (from 5.25p) and is now fully covered by revenue. It […]

Sectors
Companies
20 Dec 2013

JP Morgan Brazil : JPB – interim results

The six months to 31st October 2013 was not a good one for JP Morgan Brazil as the NAV and share price fell by more than the fund’s benchmark index. Over the period the NAV return was -16.6%, the share price return -15% and the MSCI 10/40 Brazil index fell by 9.3% in Sterling terms (3.5% […]

Sectors
20 Dec 2013

LXB Retail Properties : LXB – update on buybacks

LXB’s sale of its Sainsbury’s and M&S investments at Greenwich has completed as planned, releasing £58m of sales proceeds. LXB’s Board plans to return “a substantial proportion” of this money to shareholders by buying in shares. At last night’s close LXB’s market capitalisation was just over £250m; what proportion of the company’s share capital will […]

19 Dec 2013

Artemis Alpha : ATS – interim results

Artemis Alpha, the UK equity growth investment trust, has released interim results for the six months ended 31 October 2013 that show its portfolio comfortably outperformed its benchmark, the FTSE All-Share index. ATS’s NAV return was 13.1% over the period while the index returned 7.7%. Three stocks in ATS’s unquoted portfolio were written up – Metapack (a business […]

Sectors
Companies
19 Dec 2013

Bilfinger Berger Infrastructure : BBGI – acquisition

BBGI has acquired an additional 50% stake in Golden Ears Bridge (pictured, a concession to manage and operate a bridge near Vancouver, Canada which has been open since 2009) and Women’s College Hospital in Toronto, Canada (the project is expected to be completed and operating by March 2016).  

18 Dec 2013

India Capital Growth : IGC – abandons subscription share issue

Following discussions with shareholders, IGC will not proceed with its planned issue of subscription shares.

Sectors
18 Dec 2013

Picton Property Income : PCTN – sells two assets

Sale of two non-core assets for 15% more than their value at the end of September Picton has sold Highgrove Industrial Estate, Portsmouth and Spencers Wood near Reading for £4.89m. Picton plans to use the proceeds from this and other sales to make larger acquisitions.

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