News

ERE : Board considering leaving AIM after Eredene asset value falls sharply Eredene published its accounts for the year ended 31 March 2014 today. The net asset value fell to 11.3p from 18.5p. They are still trying to sell off the portfolio and cut overheads and have had some success – the recent Sattva deal […]

DIVI : Diverse Income races ahead, leaves All Share standing Diverse Income Trust has published its third set of final accounts. These cover the year that ended on 31 May 2014. over that period Diverse delivered a return on net assets of 26.1%. The level of the premium was unchanged on the year and so […]

WKP : Workspace jv to build 98 flats in Hayes Workspace Group has got planning permission to redevelop Enterprise House in Hayes. The plan is to create 98 apartments and 38,000 sq t of space dedicated to creative industries (one anchor tenant is the Vinyl Factory – a business making vinyl records. The redevelopment will […]

SVI: SVG Capital sees net inflow in first half SVG Capital received £92.5m in H1 2014 as Pemira stepped up the pace of realisations within its funds and it has seen a further £116.6m flood in since the end of June. SVG reinvested £78.6m of this in the first half and has had calls of […]

NewRiver Retail pays £140m for three shopping centres NewRiver Retail is acquiring a portfolio of three shopping centres. The purchase is being made through its Bravo joint venture – both parties are taking a 50% equity stake in the venture. In total they are buying 758,000 sq ft of space, let to 185 tenants, in three […]

MYI : Murray International outperforms in H1 Murray International Trust, managed by Bruce Stout (pictured), beat its benchmark over the first half of 2014, delivering a total return on net assets of 5.4% vs. a 2.8% return on the company’s benchmark (40% FTSE World UK and 60% FTSE World ex UK). The share price total return […]

New name and new objective for Investors in Global Real Estate IGRE : Investors in Global Real Estate plans to change its name to Schroder Global Real Estate Securities (provided shareholders approve that is). The change reflects the appointment of Schroders as managers of the fund earlier this month. The Board, following conversations with Schroders, […]

IERE : Invista European shaves €5m off debt pile with Spanish sale Invista European Real Estate, managed by Ludovic Berard (pictured), has sold a logistics asset in Alovera, Spain for €12.2m. Their plan is to use €7m of the proceeds from the sale to fund capital expenditure that they have planned elsewhere in their portfolio and […]

TRIG : Renewables Infrastructure buys three more solar parks The Renewables Infrastructure Group has acquired three operational solar parks in Dorset, Norfolk and Cornwall. Combined the parks have the capacity to generate 56.6MW. Parley Court Farm in Dorset is a 24.2MW plant built by Isolux Corsan and attracts a subsidy of 1.6 ROCs. Egmere Airfield […]

DCI : Dolphin Capital refinances its Amanzoe project Dolphin Capital has announced that Colony Capital will loan Dolphin’s Amanzoe project €40m. The money will be used to return a €10m deposit from Archimedia, repay a loan from Dolphin Capital and finance the extension of the project. Amanzoe is an Aman beach club, spa, villa and hotel […]

JLEN : John Laing Environmental says fire will not affect dividend A fire that struck John Laing Environmental’s Frog Island Mechanical Biological Treatment Facility in East London has been brought under control. The full extent of the damage is still being assessed. The facility is fully insured and John Laing Environmental says it expects the […]

JAM : JPMorgan American technology overweight pays off JPMorgan American, managed by Garrett Fish (pictured), has published its interims for the period to end June 2014. It outperformed its benchmark over this period, delivering a net asset value total return of 4.1% vs. a 3.6% return on the S&P500 Index. The return to shareholders was 4.2%. […]

KWE : Kennedy Wilson Europe buys exposure to 99 assets in four months – and keeps going Kennedy Wilson Europe has published its first set of figures since listing late in February 2014 (the second largest real estate IPO on the LSE ever). They show that by the end of June 2014 it had spent […]

NRR: NewRiver Retail sells Bramley Shopping Centre in Leeds Bramley Shopping Centre has 54 units spread across 121,342 sq ft. The units are let top the likes of Tesco, Farmfoods, Boots, Bright House, Greggs and Pound Stretcher. NewRiver Retail bought the property in 2010 as part of a package of five centres and, over the […]

Impax Environmental Markets says not holding Tesla unhelpful Impax Environmental Markets has published results for the first six months of 2014. Over this period the total return on the net asset value was 2.9% and the return to shareholders was 2.8%. This represents an underperformance of the FTSE ET100 Index (which returned 5.9%) but is […]

Premier Energy and Water outperforms in H1 Premier Energy and Water’s interims for the period ended 30 June 2014 that show the fund generating a total return ahead of the FTSE All-World Utilities Index (fund returned 12.6% vs. the index’s 12.4%) and well ahead of the FSE All-Share Index which returned 1.6%. Thanks to the gearing effect […]

Hg Capital sells stake in Voyage Care Hg Capital Trust will get £8.4m in cash as its share of a £375m deal where Duke Street, Partners Group and Tikehau are acquiring Voyage Care. Voyager Care is a provider of specialist residential services and supported living for people with learning disabilities, associated physical disabilities, autistic spectrum disorders, acquired brain injuries […]

Phaunos Timber Fund needs to raise cash as one of its holdings, Greenwood Timber, looks likely to make a cash call on the company and one of its main revenue producing assets, the New Zealand timber plantation at Mataraki, has suspended its dividends as a consequence of falling timber prices in China (as cautioned earlier […]

Riverstone Energy – Liberty II Bakken Asset Deal Liberty II Resources, one of the handful of companies that Riverstone Energy has invested in, is exchanging 31,500 acres of its holdings in North Dakota’s Williston Basin for an additional 4,175 acres in Williston Basin (located in Williams County) and $78.4m in cash. The deal adds another 30 drilling locations. The […]

Cambium Global Timberland Final Results have been released. These cover the year that ended on 30 April 2014. Over this time Cambium’s net asset value fell to 40p from 59p. Almost 40% of this relates to currency movements but the bulk relates to changes in the value of their investments. $17.6m was raised from the […]

Globalworth Real Estate acquisition of Timisoara Airport Park Globalworth Real Estate is buying a light industrial complex north east of Timisoara (close to Traian Vuia International Airport in western Romania). Valeo (car parts) and Continental (tyres) occupy c73,000 sqm of space and have options to extend that to c113,000 sqm. Globalworth is paying €18m up front […]

GCP Infrastructure is investing £16.5m in GCP Education 1 – this will finance the acquisition of the debt related to a school PPP. With this deal, GCP Infrastructure has invested 64% of the money it raised for its C share and this is enough to trigger the merger of the C share and ordinary share classes. […]

LMS Capital has published its interim figures for the six months ended 30 June 2014. £40.5m was realised from the portfolio and £40m returned to shareholders by way of a tender during the period. In addition a net £5m was generated from their fund investments. The net asset value rose to 94p from 88p despite […]

JPMorgan Private Equity has sold its interest in Parallel Private Equity LP. This fund made investments into European middle-market companies – starting in 2007 / 2008. JPMorgan Private Equity is getting $36.1m for its stake in the fund (a price equivalent to 96.25% of Parallel’s net asset value). The deal also releases JPMorgan Private Equity […]

Electra Partners has spent £49m adding to its portfolio of holiday parks. It bought two parks – Southview in Skegness, Lincolnshire and Manor Park in Hunstanton, Norfolk – spending £20m of its own money and securing a debt facility from Investec. The two parks bring a nine hole golf course and a four star hotel, the Southview […]

Private Equity Investor saw its net asset value fall slightly over the year to the end of March 2014 (from 230.8p to 228.4p) but this was almost entirely attributable to the strength of Sterling over the period as, in US dollar terms (most of the assets are in the US) the net asset value rose by […]

European Assets Trust has published its interim figures covering the six months ended 30 June 2014. Over the period European Assets Trust underperformed its benchmark – the total return on net assets was 2.5% in Sterling terms vs. 6.6% for the Euromoney Smaller European companies ex UK Index. The fund’s rating improved however and so […]

The Invesco Perpetual Select Trust Balanced Risk portfolio, managed by Scott Wolle (pictured), generated a total return on net assets of 5.5% over the year that ended on 31 May 2014. Its discount widened however so that the return to shareholders was 4.5%. The net asset return matched the return on 3 month LIBOR+5%. The biggest […]

The Invesco Perpetual Select Trust Global Equity Income portfolio (managed by Nick Mustoe – pictured) generated a total return on net assets of 9.1% over the year that ended on 31 May 2014. Its discount widened however so that the return to shareholders was 8.3%. This was still better than the return on the MSCI […]

The Invesco Perpetual Select Trust UK Equity portfolio generated a total return on net assets of 18.3% over the year that ended on 31 May 2014. Its discount widened however so that the return to shareholders was 9.2%. This was still better than the return on the FTSE All-Share Index (+8.9%). The dividend for the […]