Intu has announced that it is buying a 50% interest in the Westfield Merry Hill shopping centre, a 100% share in Westfield Derby shopping centre and 100% of Sprucefield retail park for £867.8m. It plans to pay for the deal by borrowing £424m and raising the rest via a 2 for 7 rights issue at […]
Starwood European Real Estate Finance has completed its first financial year. At the end of 2013 its net asset value was 99.13p and its share price 100.75p (it launched on 17 December 2012 at £1). It paid a dividend of 1.9p for the period in February this year, less than forecast at the time of the […]
Juridica Investments, chaired by Lord Brennan (pictured), has announced its results for the period ended 31 December 2013. Over the year its net asset value fell from $2.20 per share to $2.02 as it paid out a 14p dividend (cost to the fund $25.7m) while generating net income of just $5.1m. Net income was dragged down […]
Globalworth Real Estate has bought Upground Towers, a 70,000 sqm residential complex in the northern part of Bucharest. The cost was €52m – settled part in shares and part in cash.
Over 2013 Asian Growth Properties’ net asset value rose from 106.9p to 110p as property values were revised upwards. High occupancy at the Dah Sing Financial Centre in Hong Kong, the sale of commercial parking spaces and residential units at Forest Hills in Hong Kong and “satisfactory” hotel operations at the Crowne Plaza in Hong Kong […]
HICL Infrastructure is making its first investment in Australia, a 5.85% stake in the AquaSure Victorian desalination project. The Board has decided, in the interests of good corporate governance, to ask shareholders to approve the transaction. They will get to vote on the deal on 15 April 2014.
UK Commercial Property has released its results for the year ended 31 December 2013. The net asset value rose from 69.6p to 73.1p over the year (the total NAV return was 13.2%) driven largely by income returns and an uplift in property values in Central London, South Eastern industrial assets, distribution warehouse and some regional offices. The […]
North American Income Trust has announced its results for the period ended 31 January 2014. Perhaps the most significant figure in these is a 38.5% increase in the dividend (from 19.5p to 27.0p). this comes on the back of a more than 50% rise in revenue per share and pushes the yield on the fund […]
JP Morgan US Smaller Companies beat its benchmark in 2013 as its net asset value rose by 38.7% vs. 35.9% for the Russell 2000 Index (in sterling). The shares did even better, rising by 58.6%. JUSC was trading at a premium at the year end and issuing shares. The Board say that managing a tight […]
Dunedin Enterprise’s net asset value declined slightly over the course of 2013 but, including income, the total return was just positive (0.6%). By contrast the FTSE Small Cap. index rose by 43.9%. Gains in some investments, notably Practice Plan (sold) and CitySprint, (the same-day courier, now the largest holding) were offset by falls in the values of […]
Capital Gearing, chaired by Tony Pattison (pictured) has announced that its annual management fee is being cut from 0.85% of gross assets to 0.6% of gross assets. The announcement says that the fee reduction is in response to “significant organic growth of gross assets”.
From 1 April 2014 the annual management fee on Fidelity China Special Situations will fall from 1.2% to 1% of net assets. At the same time the cap on the performance fee will reduce from 1.5% to 1% per annum and outperformance above the fee cap cannot be carried forward to future periods (including any available to […]
The annual management fee on Fidelity Japanese Values has been cut from 1.0% of gross assets to 0.85% of gross assets.
EPE Special Opportunities results for the year ended 31 January 2014 show an increase in the net asset value of 31.5% over the period. The share price increased by 55% but the shares still traded at a considerable discount – 87p vs. an NAV of 135.4p. Two stocks that contributed to EPE Special Opportunities’ performance […]
HICL Infrastructure has announced a revision to its fee structure. Assets under construction will no longer be charged at a higher rate of 1.5% per annum. Assets under management in excess of £2.25bn will be charged at 0.8% per annum. The fee changes take effect from 1st April 2014
Over the year to the end of November 2013 Japan Residential Investment Company’s portfolio increased in value by 3% however adverse movements in the sterling / yen exchange rate pushed the net asset value down by 11%. Average occupancy nudged up to 95.6% from 95.2% but again yen weakness pushed down revenues. the dividend was […]
Henderson High income has announced figures for the year ended 31 December 2013. over the year the net asset value generated a total return of 30.7% – much better than the 16.8% return on HHI’s benchmark. revenue rose by 8.1%, allowing them to increase the quarterly dividend to 2.15p per share.
The Board of Pacific Horizon, led by Jean Matterson (pictured), has appointed Ewan Markson-Brown as its portfolio manager. He will be assisted by Roderick Snell, the current deputy manager. Ewan used to work at PIMCO Europe and before that Newton Investment Management.
Dexion Trading Limited has announced that intends to put proposals to shareholders to wind up the company. The fund is shrinking by 30% in any case as the tender that took place in February was oversubscribed. Following the tender Dexion Trading reckon the fund will be around £64m in size and, if all tender requests had […]
ICG Longbow has committed to its ninth transaction, a £10.00 million loan to Lanos (York) Limited, secured against the Best Western York Monkbar Hotel, which is located close to the city centre of York. The loan will allow this 99 bed hotel to be refurbished and extended by 27 beds. The loan has a maturity date of 31 December 2018 […]
The Board of Utilico Emerging Markets has agreed a number of changes to the management fee. The base fee is being amended to 0.65% of net assets from 0.5% of gross assets less current liabilities. Utilico Emerging Markets has gearing of about £20m at the moment on net assets of £412m so this translates into an […]
Riverstone Energy has announced two new investments (following on from its Liberty II investment which completed yesterday). Rock Oil Holdings, a Denver and Houston based oil & gas company, will get an investment of $250m, $83m of which will come from REL. Rock Oil’s focus will be on shale (Eagle Ford, Utica and the Permian […]
Witan, managed by Andrew bell (pictured) has posted a decent set of results. Over the year ended 31 December 2013 Witan’s net asset value total return beat its benchmark by 8.7% and they increased their dividend by 9.1% to 14.4p. The discount narrowed from 10.2% to 6.1%.
In 2013 Murray International, managed by Bruce Stout (pictured), had a poor year relative to its benchmark – returning 4.6% (in net asset value terms) and 4.1% (in share price terms) vs. 21.2% for the benchmark (60% FTSE All-Share and 40% FTSE World ex UK). It did manage to increase its dividend from 40.5p to 43.0p […]
The Board of Investors Capital, led by Iain McLaren (pictured) have agreed to cut the management fee from 0.9% of net assets to 0.75% (this takes effect on 1st April 2014). They also scrapping the performance fee.
Raven Russia’s net asset value rose by 1 cent over 2013 to 126 cents. It raised its dividend by a third though. Bank debt at the year end of $815m is offset by cash of $229m. They reckon they can add 50,000 to 100,000 sqm per annum to their existing portfolio of 1.4m sqm of […]
Bilfinger Berger Infrastructure has acquired a 50% interest in the Northern Territories Secure facility – a 1,000 bed correctional facility in Holtze near Darwin, Australia. The facility will be operational in Q2 2014 and the concession lasts for thirty years.
Hg Capital’s share price returned 1.4% over 2013. At the end of December 2013 Hg Capital’s net asset value was £11.80 – having delivered a total return for 2013 of -1.6%. Part of the problem was the drag from Hg’s high cash balances. They made five new investments but money has been flowing back from disposals […]
Crystal Amber, managed by Richard Bernstein (pictured), hold 10% of Leaf Clean Energy Company : LEAF and has decided to requisition an Extraordinary General Meeting to change LEAF’s Board and its investment strategy. Crystal Amber say LEAF has three problems: visibility of the underlying values of Leaf’s investments (LEAF uses a DCF method to value its investment even though most of them […]
Over the year ended 31 December 2013 Alliance Trust generated a total net asset value return of 18.4%. The total return to shareholders was 22.7% as the discount narrowed. Their equity portfolio outperformed the MSCI All Country World Index and Alliance Trust Savings made a profit for the first time in eight years as assets […]
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