Redefine International has announced that it has bought 56 German retail properties in a 50/50 joint venture with Redefine Properties Limited (Redefine International’s largest shareholder). The whole portfolio is valued at €157m which equates to an initial yield of 7.5%. The portfolio comes with €100m of bank debt, they expect to refinance this shortly (approximately […]
Aberforth Smaller Companies reported a 0.7% fall in its asset value on a total return basis over 2014, better than the -1.9% return generated by the Numis Smaller Companies excluding Investment Companies Index. The return to shareholders over the period was 0.1%. the final dividend was 17p, making a total of 24.75p for the year, an […]
Diverse Income Trust interim results for the six months ended 30 November 2014 show the fund generating a return on net assets of -3.2% and a return to shareholders of -1.9%. the first half dividend rose from 0.8p to 0.9p. The fund is skewed towards smaller companies relative to the FTSE All-Share Index and this accounts […]
Jupiter European Opportunities has announced interim results for the six months to the end of November 2014. The fund outperformed its benchmark, delivering a 3.4% return on NAV as compared to a 0.4% fall in the FTSE Word Europe ex UK Index. The shares moved from trading at a small premium to trading at a […]
The Board of JPMorgan Chinese Trust have negotiated a reduction in the fees that JPMorgan charges the fund. the base management fee will be 1% of the Company’s total assets less current liabilities and the performance fee is being scrapped. Tese changes take effect at the end of September 2015 so JPMorgan can still earn […]
Advance Developing Markets has published its results for the year that ended on 31 October 2014. Over that period the fund saw its asset value fall by 0.3% and its share price fall by 2.3% while its benchmark, the MSCI Emerging Markets Index rose by 0.9%. The managers’ report says that good fund selection and […]
Alpha Pyrenees Trust has announced that it is in talks with its lender about potential refinancing options for the company, including the potential refinancing of assets by third party lenders and potential asset sales. To enable these discussions to proceed further the Company is discussing an extension of its current facilities for a period of […]
McKay Securities has announced that it has started work on the development of an office development in Redhill, Surrey. the completed project will offer 48,050 sq ft, (4,463 sq. m) of office space laid out over a ground floor and three upper floors, with 87 car parking spaces at ground and basement level. They are calling the […]
Baker Steel Resources Trust has published more detail on its proposed expansion plans. Shareholders get to vote on elements of the proposed plans at an EGM being held on 23 February 2015. They will acquire a portfolio worth £18.6m and potentially buy a further £60.7m worth of investments – issuing new shares to pay for […]
Henderson Diversified Income has published results for the year that ended on 31 October 2014. The net asset value rose from 87.92p to 88.82p over the year but the share price slipped a little – from 91.5p to 91.25p – still a healthy premium to the asset value. The premium allowed the fund to issue a […]
Custodian REIT has announced that it intends to try to raise a further £20m from investors as it continues to expand its portfolio. This morning’s acquisition is of a 44,192 sq ft industrial unit on the Tilbrook Industrial Estate, Milton Keynes. They are paying £2.1m for it. the new property is immediately opposite a 52,532 […]
The Board of Cambria Africa has decided that there is not much point in the company persevering with the cost of an AIM quote and intends to cancel the trading of the company’s shares on AIM. They reckon they’ll save about £250,000 per year. To enable shareholders to buy and sell shares, the Board intends to facilitate […]
F&C Managed Portfolio has announced results for the six months that finished on 30 November 2014. The FTSE All-Share Index returned -0.1% over that period but F&C Managed Portfolio Growth shares (FMPG) returned 4.3% and the F&C Managed Portfolio Income shares (FMPI) returned 3.0% over the period. This may be largely down to a good […]
Safestore has published results for the year ended 31 October 2014 that show its EPRA NAV growing by 3.6% to 218p, an increase in the dividend from 5.75p to 7.45p. They reported a fall in earnings per share from 57.8p to 23.2p (-60%) but there was a 31.8p per share impact from a deferred tax credit that arose […]
SQN Asset Finance Income has updated the market now that it is just over six months old. It announced that its NAV at the end of December was estimated to be 98.92p. The Board is declaring a dividend of 0.92p for the final quarter of 2014. 93.7% of the capital raised at IPO has been committed […]
Balfour Beatty, which rejected a bid of £1bn for its infrastructure assets from John Laing Infrastructure Fund in December 2014, has now upped its estimate of the value of these assets to £1.3bn. The Board cite “lower discount rates and revised cash flow assumptions on the UK portfolio and improved cash flow assumptions on the […]
Riverstone Energy is committing C$75m towards a C$465m investment in CanEra Inc. CanEra Inc. is a newly-formed, Calgary-based oil and gas company. This is the third partnership that Riverstone Holdings (the company behind Riverstone Energy) has entered into with CanEra’s management team which includes J. Paul Charron (pictured). The previous two ventures were CanEra Resources Inc. […]
Workspace Group has announced that it has bought Edinburgh House, SE11 for £25.3m and Peer House, WC1 for £6.1m. Edinburgh House is a prominent building in Kennington, close to Oval and Kennington Underground stations, the Vauxhall transport hub on London’s South Bank and Workspace’s existing cluster of properties in this area. Originally constructed in the 1970’s and […]
3i Infrastructure has announced an agreement to sell its stake in Eversholt Rail Group, to CK Investments S.A R.L., generating net proceeds of £358m. At 48.7%, this is a significant uplift on the 30 September 2014 valuation of £240.8m. The transaction is expected to close in March 2015. Eversholt is one of three leading rail stock companies in […]
Origo Partners has announced that all the resolutions put forward at the Extraordinary General Meeting on Friday were defeated. Brooks MacDonald requisitioned the meeting in November with the aim of removing Origo’s existing directors (except Chris Rynning) and appointing Brett Miller and Rhys Davies with a mandate to sell off Origo’s assets. The announcement says that between […]
Bankers Investment Trust has published its results for the year that ended on 31 October 2014. The net asset value rose by 1.5% while the FTSE All-Share Index fell by 2.3%. The full year dividend was increased by 4.7% to 14.8p and the Board is forecasting a dividend of at least 15.5p for the current […]
TwentyFour Select Monthly Income has published results covering the period from its incorporation on 12 February 2014 to 30 September 2014 (it listed on 10 March 2014). On the income side of things, dividends in the period totalled 3.07p and they continue to target payments of 0.5p per month. The net asset value at the […]
Fair Oaks Income has announced its first dividend since it launched in June 2014. Shareholders on the register on 30 January will get a 4.25 cent per share dividend. the Board of Fir Oaks has decided that the fund will now shift to paying monthly dividends, with the first of these payable in February. Fair […]
British Assets’ results for the year ended 30 September 2014 show the fund generating a return on net assets of 6.6%. This compares to a return of 7.3% on its benchmark (80 per cent FTSE All-Share Index and 20 per cent FTSE World (ex UK) Index). The return to shareholders over the period was 6.3%. […]
Summit Germany has announced that it has raised €120m from investors by way of a placing of 171.4m new shares at 70- cents per share. They plan to use the money to expand the portfolio and have identified an office portfolio worth the full €120m which they are now negotiating on, part of this will […]
BlueCrest BlueTrend announced today that as the average of the Company’s monthly net asset value as at the end of October, November and December 2014 was less than US$100m, it will hold a continuation vote (this is a requirement under the company’s articles). They say Notice convening the general meeting will be published by no later than […]
Origo Partners has announced that eleven employees, including Chris Rynning and Niklas Ponnert, have resigned from the company and eight of these are now employed by Origo Advisers Limited, three employees had their employment contracts terminated at a cost to Origo Partners of $21,000. Origo Advisers Limited has now taken up the reins of managing […]
Independent Investment Trust’s results for the year that ended on 30 November 2014 show it beating the FTSE All-Share Index but lagging the FTSE World Index, returning 10.4% on NAV vs. 4.7% for the UK market and 13.7% for the global index. The discount didn’t change much and so the return to shareholders was 10.6%. […]
North American Income Trust has announced that its current manager, Paul Atkinson, has decided to return to Europe with his family, leaving Aberdeen’s Philadelphia office. Paul has managed the trust since its change of remit in 2012. He will be succeeded by Ralph Basset (the deputy head of North American equities) and Fran Radano (a […]
International Biotech is part owner of an unquoted UK biotech stock, Convergence Pharmaceuticals, that is being acquired by Biogen Idec. At the purchase price of $675m, International Biotech’s stake is worth £6.8m. This compares to the £442,000 valuation of the company in International Biotech’s accounts. For now though International Biotech is writing up the value […]
