News

JP Morgan Private Equity has announced that it has sold part of its stake in Terra Firma Deutsche Annington (the largest holding in the portfolio). Deutsche Annington is the largest investor in German real estate with almost 175,000 residential units. JP Morgan Private Equity acquired its stake in two chunks – one in 2006 and a […]

Max Property has published its results for the year ended 31 March 2014. Over the year its EPRA NAV has risen by 21% from 136.5p to 164.5p on the back of a 12.4% uplift in the value of its property portfolio which, with income, translated into a 19.3% ungeared return on property. Within this its […]

Kennedy Wilson Europe is paying Bank of Scotland up to £93.5m to acquire a portfolio of loans all of which are in receivership. The passing rents on the portfolio are £7m. The portfolio is spread across England and comprises “high tech properties”.

HICL Infrastructure has released its results for the year ended 31 March 2014. The net asset value rose from 116.4p to 123.1p over the period and this, coupled with a dividend of 7.1p meant the total return on net assets was 11.9%. In the current year HICL Infrastructure is switching to paying quarterly dividends and […]

Real Estate Investors has bought three properties – City Gate House in Leicester (cost £1.8m, initial yield 8.75% – let to government), a building let to WH Smiths in High Street, Bromsgrove, Worcestershire (cost £500,000, initial yield 10.4%) and a 6 acre site earmarked for residential development – the former Sandwell College campus in Smethwick, Sandwell […]

European Investment Trust has published figures for the half year ended 31 March 2014 that show the net asset value total return for the period was 13.9% – some way ahead of the FTSE All-World Europe ex UK Index which returned 7.7%. the discount narrowed from 10.9% to 9.7% so the share price did even […]

Eastern European Property has released figures to the end of December 2013. These are quite out of date now but they show the net asset value was just about static – rising slightly from 105.03p to 105.19p. The discount widened however as the share price fell to 70.75p from 87.5p. Over 2013 they sold £2.5m […]

Over the year to end March 2014, Great Portland Estates saw its EPRA NAV rise by 27.6% to 569p. Properties were revalued upwards by 18.7% – the bulk of this return came from the profit generated by their developments (95 Wigmore Street, City Tower EC2 and 240 Blackfriars Road were all completed during the year). […]

BlackRock Frontiers, managed by Sam Vecht (pictured), says that over the six months ended 31 March 2014 the total return on its net asset value was 7.8% in Sterling (11.0% in US dollars). The return lagged that of the MSCI Frontiers Index which returned 11.2% in Sterling and 14.4% in US dollars. The report attributes the […]

JP Morgan Income & Capital Trust, managed by Sarah Emly (pictured) and John Baker,  has released results for the year ended 28 February 2014. These show the overall fund outperforming its benchmark by 6.4%. The total assets generated a total return of 18.4% over the year compared to 12.0% for the benchmark of 90% FTSE350 Index and […]

Lowland has released its results for the half year ended 31 March 2014. Over that period the total return on the net asset value was 7.3% and the total return to shareholders was 7.5%. The quarterly dividend has been upped to 9p per quarter from 8.5p. The report says that some money from strongly performing […]

CQS Rig has been told by its largest shareholders, CQS (UK) LLP, CQS Asset Management Limited and CQS Cayman LP, that they would support a voluntary liquidation of the company. Together they hold 65.5% of the shares and a liquidation resolution would require 75% of those voting to vote in favour so it seems likely […]

Big Yellow has released its results for the year ended 31 March 2014. The net asset value grew from 419.2p to 446.5p (7% uplift). The dividend was raised by a significant margin – from 11.0p to 16.4p, an uplift of 49%. Occupancy rose to 69.8% from 64.8% and average rents rose by 6%. Gearing fell […]

GLI Finance has announced that it will sell its remaining two CLO investments to Fair Oaks Income Fund (a new fund that intends to seek admission to trading on the Specialist Funds Market). The valuation that the two parties have agreed for these assets is $55m. GLI Finance will get a mixture of cash and […]

Standard Life Equity Income, managed by Thomas Moore (pictured), has released its interim results covering the six months ended 31 March 2014. The fund did well over that period as the net asset value total return of 11.1% was well ahead of the 4.8% return on the benchmark, the FTSE All Share Index. The return to […]

Shaftesbury has released its interim results for the six months ended 31 March 2014. Over this time its EPRA NAV rose by 5.1% to 596p. The interim dividend has been increased by 4% to 6.5p. Altogether the total return on net assets was 6.2%. The capital return on the portfolio was 5.4% – in line […]

Strategic Equity Capital has reviewed its management arrangements following the departure of Adam Steiner and Jonathan Morgan from GVOIM (the company’s managers). It has decided to retain GVOIM and has reinstated the 4% tender it suspended when the resignations were announced. Strategic Equity Capital’s portfolio management team now comprises Stuart Widdowson and Jeff Harris.

Ground Rents Income’s net asset value rose from 97.5p to 101.8p over the six months ended 31 March 2014. The percentage of the portfolio invested passed the 70% mark during the period and the statement says a further £2.4m (just under 3%) was committed to new investments at the end of March. The Chairman says […]

Target Healthcare REIT has bought three new, purpose-built care homes located in Wigan, Stockport and Coventry and let to Ideal Carehomes Group. The acquisition cost was £13.9m and for that Target Healthcare REIT gets 169 en-suite bedrooms, generating an initial yield of 7% with 35 year, inflation adjusted leases.

Land Securities has released results for the year ended 31 March 2014. The net asset value was up – adjusted / diluted up 12.2% to £10.13. Overall they underperformed the IPD quarterly universe – the ungeared total property return was 12.8% vs. 13.6% for the index. They increased the dividend to 30.7p (up 3%). At 20 Fenchurch […]

NewRiver Retail has released results for the 12 months ended 31 March 2014. The EPRA net asset value was unchanged on the year at 240p but this excludes the payment of a 10p special dividend. NewRiver Retail also say there were one-off costs of 11p during the year. The return to shareholders was 55% as […]

MedicX is buying a new health centre with an integral pharmacy for an anticipated £6.7m. The building, located in Peterborough, is due to be completed in June 2015. With this deal, MedicX has now committed over £500 million to its portfolio and has 134 primary healthcare facilities, five of which are under construction.

Baring Emerging Europe had a difficult six months to end March 2014 – the net asset value total return was -13.3%, behind the return on the MSCI 10/40 Index of -10.3%. Its discount narrowed a little however so the return on the share price was -12.1%. The Chairman places the underperformance squarely on the Ukrainian […]

GCP Sovereign Infrastructure Debt has released its IMS covering the period from 19 December 2013 to 15 May 2014. Normally we don’t bother to comment on these but in this case it is interesting that GCP Sovereign Infrastructure Debt has failed to conclude any investments since launch – they say down to an unfamiliarity of […]

Investors Capital, managed by Rodger McNair (pictured), has released its annual results for the year ended 31 March 2014. The fund outperformed – generating a total return on the net asset value of 9.7% vs. a 9.1% return on the FTSE All-Share capped 5% Index (its benchmark). The fund, which is managed with two portfolios – one […]

Cambium Global Timberland has sold its 8,065 acre property in Stewart County, Georgia (US) for $9.1m. They sold another property in Clinch County, Georgia a few weeks ago for $8.6m and they are going to use the proceeds from these sales to repay debt of $6.2m and look at returning surplus cash to shareholders.

British Land has released its results for the year ended 31 March 2014 The EPRA NAV rose by 15.4% to 688p. The company’s property portfolio outperformed its relevant IPD index – delivering a return of 14.2% vs. 13.6% for the index. Occupancy rose in both their retail and office portfolios (retail 97.6% to 98.6% and office 96.2% […]

3i, run by Simon Borrows (pictured), has released its results for the year ended 31 March 2014. Over the period 3i delivered a net asset value total return of 16.3%  – ending the year with a net asset value of 348p (up from 311p). The return to shareholders was 30% as the share price rose in […]

Taliesin Property has sold its last three properties in Leipzig for an aggregate consideration of €950,000 – 11% more than the valuation Taliesin put on them in its last net asset value at 31 December 2013. Taliesin Property is refocusing its business on its operations in Berlin.

Primary Health Properties plans to issue £75m of unsecured guaranteed convertible bonds. Maturing in May 2019, the bonds will be priced to carry a coupon somewhere between 3.75% and 4.25% and convertible in ordinary shares at a 15% to 25% premium to their current value. Primary Health Properties will use the money raised to pay […]