Yesterday Origo Partners announced that the Isle of Man Court handed down judgment in favor of it, regarding a complaint raised by Brooks MacDonald in relation to terms of convertible zero dividend preference shares issued on March 8, 2011. Today Brooks Macdonald Asset Management (International) Ltd., notified Origo Partners that it was making a claim against it. Brooks Macdonald believes […]
At 30 June 2015, Candover had $83.9m (£53.1m) of US private placement notes outstanding, with a maturity date of 31 December 2015. The Company’s net debt position as at 30 June 2015 was £32.3m (as they had $20.8m of cash and cash equivalents. The Company has agreed a new term loan facility with 17Capital LLP for up […]
NewRiver Retail is buying a portfolio (“the Ramsay Portfolio”) of retail parks and development sites for £69.1m. the price is equivalent to an initial yield of 8% on the income producing assets. The Portfolio is to be acquired from a major foodstore operator utilising a portion of the funds to be raised following completion of the […]
Invista European says its Strategic Review has included a number of discussions with third parties in order to achieve either a recapitalisation of the Company or a sale of subsidiary undertakings owning the core portfolio. Recently, there has been a tenant default as well as the unexpected exercise of lease breaks which, in the absence of […]
Oryx International Growth outperformed both the FTSE Small Cap. and the AIM Index over the year that ended on 31 March 2015, producing a total return on net assets of 5.2% vs. 2.8% for the FTSE Small cap. and -15.8% for the AIM Index. This result builds on the company’s good track record of recent […]
Templeton Emerging Markets Investment Trust has announced that, with effect from 1 October 2015 and subject to regulatory approvals, Carlos Hardenberg, senior vice president and managing director, Templeton Emerging Markets Group will be named lead portfolio manager of TEMIT working alongside Mark Mobius, who remains as a portfolio manager on the fund. Carlos will relocate to London. […]
Artemis Alpha announced results for the year ended 30 April 2015 late on Friday. These show it underperforming the FTSE All-Share index by some margin – the total return on net assets was -0.9% while the return on the index was 7.5%. Shareholders did even worse however as the discount widened from 10.2% to 15.7% […]
Infrastructure India has published its results for the year ended 31 March 2015. Over this period the net asset value fell from 62p to 55p despite by strengthening of the Indian Rupee against Sterling at the end of the fiscal year, a decrease in the yield of the Indian 10 year bond, which serves as the […]
Hammerson says it has exchanged contracts to sell its interest in Grand Maine shopping centre situated to the south west of Angers, to a leading French institutional investor for a net €63.2m (£45.3m). Grand Maine comprises 8,600 sqm of retail space with 57 units over two levels, and is adjacent to a large Carrefour supermarket. […]
North Atlantic Smaller Companies announced that on 8 July it signed a conditional contract to sell its investment in Celsis. On completion, the transaction will increase the net asset of the Company by just over £1 per share and increase the cash balance by approximately £50m. NAS : North Atlantic Smaller sells Celsis
Spark Ventures’ results for the year to the end of March 2015 show that the NAV fell by 12% over the year (adjusting for cash returns) but they point out that it has recovered most of this fall since the end of the period. 4.5p or £19m has been returned to shareholders. They struck a […]
Changes in yesterday’s budget in relation to the Climate Change Levy (removal of Climate Change Levy exemption) for renewable electricity have had a knock-on effect on the net asset values of companies operating in the renewable energy sector as it changes the assumptions used to calculate them. Greencoat UK Wind says it was already factoring […]
AEW UK REIT has made two further acquisitions for £14.65m. Sandford House, located in Solihull town centre, provides 34,418sq ft of offices with parking for 130 vehicles. It was acquired for £5.4m. The property is fully let to the UK Borders Agency with a tenant break option in just under 2 years. The purchase price reflects a […]
Over the year to the end of March 2015, SVM UK Emerging underperformed its benchmark index, the IMA UK All Companies Sector Average Index, as it returned 2.0% on net assets against the benchmark’s 5.6%. The return to shareholders was 2.2% as the discount narrowed slightly from 21.9% to 21.7%. The manager did not charge […]
On 7 July 2015, Japan Residential Investment Company acquired Minamisuna 7 Chome Building, a seven story apartment complex located in Koto Ward, Tokyo. The purchase price was Yen488m (£2.5m), excluding tax and other acquisition costs, and has an estimated prospective net operating yield of 4.7%. The property was purchased at a 2.4% discount to a […]
3i Infrastructure and AMP Capital will jointly acquire 100% of Danish company ESVAGT from Maersk Group. 3i Infrastructure will be investing approximately £109m for a 50% interest in ESVAGT and will have an equal shareholding with AMP Capital. Headquartered in Esbjerg, Denmark, ESVAGT is a leading provider of emergency rescue and response vessels and related […]
SQN Asset Finance is providing £16m of funding for two Combined Heat and Power Plants that will be used to provide heat, carbon dioxide and electricity to the largest glasshouse tomato growing facility in the UK (located on the Isle of Wight). The project is being managed by Triple Point. The CHP plants will be gas […]
In a perfect illustration of the dangers of buying a fund on a large premium, BACIT results show that its share price fell by a penny or 0.8% from 122p to 121p over the year to the end of March 2015 – this despite the net asset value rising by 9.6% from 114p to 125p. […]
HICL Infrastructure is buying a 50% stake in the Southmead Hospital PFI project from Carillion for £87.8m. £48.7m of this number relates to a future loan note subscription obligation, which will be paid by the Group in September 2015. The Project is a £430m, 35 year concession to design, build, finance, operate and maintain an 800-bed acute […]
Summit Germany has acquired a loan facility secured on six commercial properties in Germany. The deal price is €40m and they are buying loans with a face value of €78m. The Company has previously owned the Portfolio (The Telecom Portfolio) and as a result of acquiring the loan facility, will regain full control. The Portfolio consists […]
St. Peter Port Capital has just published results for the year ended 31 March 2015 that show the NAV falling by 37.5% on the year as they wrote down the values of some investments. Sales from the portfolio generated cash proceeds of £3.36m and they had £4m in cash at the end of June 2015. […]
F&C Commercial Property has announced that, on 30 June 2015, it sold its Absolute Ownership (Scottish equivalent to English Freehold) in 124-125 Princes Street, Edinburgh for £18.05m. The property comprises a seven storey building providing a prominent retail unit and office accommodation on the upper floors. The retail unit is currently let to Urban Outfitters and […]
K&C REIT has made its first acquisition – buying 25 Colherne Road, a 3,976 sq. ft. residential building in Chelsea, London, comprising ten studio apartments for £3.63m. 25 Coleherne Road was valued at £4m on 22 June 2015. The Group also owns a further three smaller properties. The property is held through an SPV, Silcott […]
Starwood European Real Estate Finance has committed to provide two facilities for a total of DKK350.3m (about £33.5m) for a portfolio of light industrial assets throughout Denmark. The first facility is a mezzanine facility to refinance a portfolio already owned by the sponsor. The second facility is a whole loan to support the acquisition of […]
Polar Capital Technology managed to beat the Dow Jones Word Technology Index over the year to the end of April 2015 as its net asset value per share returned 30.7% as compared to 29.5% return on the index. shareholders did even better as the discount narrowed from 3.6% to 1.2%, giving them a 33.9% return on the share price. […]
Alpha Real Trust has announced the purchase of a 162 unit central Birmingham development site with planning consent (original plan pictured) for 90,000 net developable square feet of residential apartments with ground floor commercial. The site has no outstanding Section 106/Community Infrastructure Levy requirements and has an affordable unit designation for 9 flats. Current planning […]
Schroder UK Growth has published results for the year ended 30 April 2015. The fund lagged the FTSE All-Share index by some margin over this period, returning 1.9% on net assets and negative 3.1% on share price (the discount widened to 8.4%) as compared to positive 7.5% for the benchmark. the dividend for the year […]
Custodian REIT has acquired a 16,143 sq ft industrial unit at Glasgow International Airport let to DHL Global Forwarding (UK) Limited on a lease expiring on 31 March 2020. Net passing rent is £92,385 per annum, reflecting a net initial yield of 7.08%. Other logistics occupiers at the airport include UPS and Expeditors. The agreed […]
Kennedy Wilson Europe has issued £300m of bonds. These have been rated BBB. The bonds, which are unsecured, have an annual fixed coupon to the Company of 3.95%, which was effectively reduced to 3.35% as a result of KWE entering into swap arrangements to convert 50% of the proceeds into Euros. Interest on the Unsecured Bonds is […]
Primary Health Properties is buying two modern, purpose built health care facilities for a total consideration of £8.7m by acquiring: 1) the entire share capital of a company whose sole asset and activity is the ownership of a medical centre located in Thornaby, North Yorkshire (pictured). The property is occupied by two GP practices, a pharmacy, […]
