ERET : European Real Estate sees NAV fall 9.0% during first Half European Real Estate‘s NAV has fallen 9% during the first half of 2014. The value of the portfolio reduced by £4.0m relating to a ‘re-gearing’ of the Panrico leases (this saw a 25% reduction in rent in exchange for ‘useful’ lease changes) and a […]
AcenciA Debt Strategies potential for continuation option through to 2017 AcenciA Debt Strategies provided an NAV total return of 3.5% during the first half of 2014. Its share price beat this with a total return of 9% and, reflecting this, the discount to NAV narrowed from 9.3% to 3.9%. AcenciA has a hard wind up at the end of […]
BBOX : Tritax Big Box REIT acquires DHL Distribution Warehouse in Lancashire for £28.9m Tritax Big Box REIT has announced it is to acquire a Distribution Warehouse in Skelmersdale, Lancashire, currently let to DHL Supply Chain Ltd, for £28.9m (net of purchase costs). The warehouse was originally constructed in 2003 and is a fully fitted distribution facility, […]
EPG : EP Global Opportunities’ Japanese exposure contributed to underperformance in H1 EP Global Opportunities Trust‘s recent interims confirm its NAV per share fell 0.6% during H1 2014, whilst total returns from the FTSE All-World Index and FTSE All-Share Index were 3.2% and 1.6% respectively. The share price discount to NAV also widened modestly from 1.5 per cent […]
BLND : British Land sells 52 Poland Street, Soho, for £26m British Land has announced the sale of 52 Poland Street, Soho, London for £26m. 52 Poland Street is a 20,500 square foot multi-let building over basement, ground and seven upper office floors. The total passing rent of £693k per annum equates to £33.84 per square foot, […]
CREI : Custodian REIT acquires ‘Staples’ retail warehouse in Milton Keynes for £5.7m Custodian REIT has acquired a freehold retail warehouse, currently let to leading UK stationary and office supplies company ‘Staples’, at 1 Grafton Gate East, Milton Keynes (pictured). The lease runs until September 2020 and has a current passing rent is £419k per […]
JUSC : JP Morgan US Smaller Companies in line with a lacklustre market during H1 JP Morgan US Smaller Companies results, for the first half of 2014, report a fall in JUSC’s NAV of 0.4% versus a fall of 0.2% in the Russell 2000 (all in sterling terms). JUSC’s share price saw a sharper fall (8.1%) as […]
AFRB : AFI Development reports strong growth in rental income during H1 AFI Development has released its interim results for the first half of 2014. Rental and hotel operating income has grown by 9% year-on-year to US$74.8m, whilst the contribution from AFIMALL City (pictured) grew 18% year-on-year to US$56.6m (H1 2013: US$48.0m). The gross value of portfolio of […]
BYG : Big Yellow reduces the cost of its debt financing Big Yellow Group has announced that it has completed the refinancing of its existing bank facilities. This will lead to both a lower average cost of debt (from 4.6% to 3.7%) and an increased average unexpired term of its debt facilities to 7.8 years. Key features […]
SREI : Schroder Real Estate Investment Trust to acquire Stacey Bushes industrial estate for £9.2m Schroder Real Estate Investment Trust has exchanged contracts to acquire Stacey Bushes Industrial Estate, Milton Keynes, for £9.2m. The freehold property is a 213,536 square foot multi-let industrial estate, constructed in the 1980’s and recently refurbished, let to 12 tenants with an […]
AAIF : Aberdeen Asian Income Fund – performing in line with benchmark Aberdeen Asian Income Fund’s interim results show AAIF’s NAV returned 3.8% in sterling terms, in line with the MSCI AC Asia Pacific ex Japan Index, which returned 3.9%. The return on the share price was 5.4% reflecting an expansion of the trusts premium to NAV […]
MAX : Max Property Portfolio sale completed, delisting tomorrow (19 August 2014) Max Property has announced that the sale of its entire issued share capital to Marina Topco (Jersey) Limited , approved by shareholders at the EGM on 11 August 2014 , has completed today (18 August 2014). The cancellation of the admission to trading on AIM and […]
KWE : Kennedy Wilson Europe Real Estate Acquiring Fairmount Hotel, St. Andrews, for £32.4m Kennedy Wilson Europe Real Estate has announced that it is to acquire the Fairmount Hotel, St. Andrew’s, Scotland (pictured) for £32.4m. The iconic property is managed and operated by Fairmont Hotels and Resorts under an agreement that lasts until 2031. The transaction […]
JRIC : Japan Residential Investment Company Sells Branche Kanamecho IV for £3.2m Japan Residential Investment Company has sold its Branche Kanamecho IV property (a 20 unit apartment building in Toshima Ward, Tokyo) for Yen 550m (£3.2m) excluding taxes and sale costs. This represents a 34.1% premium to the 31 May 2014 valuation, of Yen 240m, and is a […]
RCP : RIT Capital struggling to find attractive investments RIT Capital Partners has published its interim figures covering the first half of 2014. The net asset value total return was 2.4% for the period. This compares to a 4.1% return on the MSCI All Countries World Index and a 2.6% return on a benchmark of […]
ALPH : Alpha Pyrenees edges closer to negative NAV territory Alpha Pyrenees’ interim results published on 15 August show a fall in its net asset value to 5.3p from 12.7p. (12.0p from 22.8p if, as Alpha Pryenees do, you adjust for the fair value movement on the currency swap – eliminated in October 2013, the interest […]
RSS : RAB Special Situations will hold continuation vote at end 2015 RAB Special Situations saw an increase in its net asset value over H1 2014 – from 16.83p to 17.25p per share. The increase comes in spite of falling index values fro AIM stocks and the FTSE AIM Basic resources Index. The Board and […]
BRWM : BlackRock World Mining says past the bottom of the commodity cycle BlackRock World Mining’s interims, covering the first half of 2014, show the net asset value underperforming its benchmark – returning 0.8% vs. a 3.0% return on the Euromoney Global Mining Index. The ordinary share price total return was 2.4%. The managers believe that […]
MCT : Middlefield Canadian Income powered by energy sector Middlefield Canadian Income, managed by Dean Orrico, Richard Faiella and Andy Nasr, reported its interim figures for the period ended 30 June 2014 today. Its net asset value return of 8.8% was well ahead of the return on the S&P/TSX Composite High Dividend Index which returned 0.6%. […]
CAT : No disasters in 2014 for CatCo CatCo Reinsurance Opportunities has said that its net asset value has been unaffected by any significant insurance event in H1 2014. This means that the NAV return for H1 was 4.3%. The share price return for the period was 4.0%. European winter storms and severe weather in the […]
DLN : Good start to 2014 from Derwent London Derwent London’s interims show a 13.6% increase in its EPRA NAV for the first half of 2014. The interim dividend has been increased by 8.4% to 11.65p on the back of a 12.3% improvement in EPRA earnings. Derwent London has undrawn facilities of £364m and its loan […]
NBLS / NBLU : Flat first half for NB Global Floating Rate Income Both NB Global Floating Rate Income’s US dollar and Sterling net asset values were remarkably stable over the first half of 2014 (difference was fractions of a cent / penny). Adjusting for income, the total return on net asset value was 1.8% for […]
SPK : Spark Ventures final results show big cash inflow Spark Ventures has published its results for the year that ended 31 March 2014. £33m of cash came in during the year from sales of investments including Kobalt, notonthehighstreet and IMIMobile. Shareholders have received distributions of 6.5p. The net asset value fell 18% to 10.65p. Most […]
VNH : Vietnam Holding says CEO of manager has resigned Vietnam Holding has announced that the CEO of its management company, Pham Ngoc Bich, has resigned and plans to leave VietNam Holding Asset Management on 30 September 2014. As a temporary measure, the Board of Vietnam Holding has appointed one of its own members, Vu […]
PEY : Half of Princess Private Equity portfolio now in direct investments Princess Private equity has published its interim results for the period that ended 30 June 2014. They say that more than 50% of the portfolio is now invested in direct private equity investments (in line with the objective they adopted some time ago). […]
LAND : Land Securities sells its Bristol shopping centres Land Securities has sold its 50% stake in Cabot Circus shopping centre, the adjacent Quaker Friars luxury goods and dining centre and high street shops. Collectively these generated rents of £17.3m for Land Securities – they fetched £267.8m, equivalent to a yield of 6.5%. Land Securities […]
CREI : Custodian REIT buys property in Nottingham Custodian REIT is paying £1.741m for 15 St. Peter’s Gate in Nottingham. The retail unit is let to the White Company until June 2020 at a rent of £140,000 per annum – equivalent to a net initial yield of 7.75%. Custodian REIT is paying for the property […]
WTAN : Witan benefits from discount narrowing but underlying performance dull Witan delivered a return to shareholders of 6.9% for the six months ended 30 June 2014. This was almost entirely down to discount narrowing however as the fund shifted to trade on a 1.5% discount. the underlying net asset value total return was 1.1% […]
RSE : Riverstone Energy invests $100m in new Canadian oil & gas company Riverstone Holdings, associated funds, a Middle Eastern Sovereign Wealth Fund and Grafton Asset Management are investing $675m into a new oil & gas company based in Calgary – Canadian Non-Operated Resources LP (CNOR). Riverstone Energy is stumping up $100m of this. CNOR is […]
SLI : Standard Life Investments Property puts another £29m to work Standard Life Investments Property Income has spent £28.65m on three logistics assets. Tetron 93 and Tetron 141 (pictured) both in Swadlincote in Derbyshire and Denby 242 on the Denby Hall estate, also in Derbyshire were built in 2008/9 and throw off rent of £2.1m between them – equivalent […]
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