This sector includes mortgage companies, property management companies and REITs
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Atrato Onsite Energy (0:22) • LXi/LMP merger (9:57) This week’s interview was with Tim Levene from Augmentum – watch it again here.
Balanced Commercial Property Trust has agreed the sale of three office holdings in a strategic move to reduce its office exposure. The sale comprises two regional out-of-town business park holdings in Edinburgh and Aberdeen and a multi-let asset in London’s West End. The sales have been agreed at an aggregate sale price of £42.8m, representing […]
The boards of LondonMetric and LXi have reached agreement on the terms of a recommended all-share merger. LondonMetric will acquire the entire issued and to be issued ordinary share capital of LXi as the merger is effected by means of a scheme of arrangement under Part 26 of the Companies Act. Each LXi shareholder will […]
In QuotedData’s morning briefing 11 January 2024: Hipgnosis (SONG) says that Sylvia Coleman has resigned as independent non-executive director with immediate effect. Robert Naylor (the chairman) thanked her for the help she provided to him and and his fellow new board directors over the last few months, and wished her all the best for success […]
In QuotedData’s morning briefing for 9 January 2024: Unite Group (UTG) has released fourth quarter 2023 valuation information on its student accommodation portfolio. The group’s USAF property portfolio (27,922 beds in 71 properties across 19 university towns and cities in the UK) was independently valued at £2,992m at 31 December 2023, a 2.1% increase on […]
In QuotedData’s morning briefing for 8 January 2024: Aquila European Renewables (AERI) has announced that it has entered into a €50m five-year debt facility with ING Bank N.V. Sucursal en España. The facility is secured by AERI’s wholly owned Spanish solar PV portfolio, with the leverage equal to 26%. The pricing of the debt remains […]
As we begin another year here at QuotedData, we thought we’d have some fun and challenge our analysts to come up with some ideas for investment companies that they like and think could do well over the course of 2024. To keep things interesting, each analyst has been asked to select two ideas – one […]
Tritax EuroBox has let the first phase of its two-unit development in Rosersberg, a prime logistics location near Stockholm. The 5,007 sqm letting reduces the company’s portfolio vacancy rate to 4.3%. A new five-year lease has been signed with a leading Scandinavian photovoltaic (PV) company at a rent that is 3% above the estimated rental […]
In QuotedData’s morning briefing 4 January 2024: Digital 9 Infrastructure (DGI9) says that Keith Mansfield has decided to step down as a director with immediate effect. The board has made some changes: Aaron Le Cornu is appointed chair of the Audit Committee and Brett Miller will join the Audit Committee. Brett Miller is appointed chair […]
In QuotedData’s morning briefing 3 January 2024: India Capital Growth says that 15,159,876 shares, equivalent to 15.7% of its issued share capital, have been submitted to its annual redemption facility. The redemption price will be annouunced on 8 January 2024. [That is quite a blow for a fund that has delivered a 35% share price […]
Back in October, we highlighted some issues facing the investment companies industry related to the rules around cost disclosures – basically, investors have been presented with misleading figures for charges that include the running costs of any underlying funds. That is putting off new investors, encouraging selling by others, and has led to platforms restricting […]
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
In QuotedData’s morning briefing 21 December 2023: HICL Infrastructure is paying £20m for a 3.1% stake in the A63 Motorway concession in France. Completion is expected in early 2024, subject to customary third-party consents. The 40-year toll-road concession covers the design, upgrade, finance, operating and maintenance of a 104km section of the existing A63 between […]
A new valuation report on Home REIT’s portfolio has revealed a 57.7% reduction to the price it paid for them of £977.0m. The report conducted by JLL, which was appointed by Home’s new manager AEW, valued the portfolio at £412.9m at 31 August 2023. The majority of the properties have been valued on a vacant […]
In QuotedData’s morning briefing 20 December 2023: International Public Partnerships (INPP) announced a series of measures to optimise the company’s portfolio and reallocate capital to improve shareholder returns and address its discount. These include: a transaction involving the realisation of its four OFTO senior debt investments worth c.£200; the full repayment of its corporate debt […]
LondonMetric Property is in talks with LXi REIT over the possible merger of the two companies. The boards of the two companies are in discussions over the deal that would see LondonMetric acquire the entire issued share capital of LXi. A merger would create a combined company with assets worth £6.4bn and a market capitalisation […]
In QuotedData’s morning briefing 19 December 2023: Alternative Income REIT (AIRE) has completed the acquisition of a Virgin Active leisure club in Streatham, in South-West London for £5.1m. The price reflects a net initial yield of 9.8% and a discount to replacement cost. The acquisition of the asset redeploys the majority of the net proceeds […]
In QuotedData’s morning briefing 18 December 2023: US Solar (USF) has announced that six of its Oregon projects have signed new long-term contracts to sell Renewable Energy Certificates (RECs). The REC contracts and revised estimates of future REC prices are expected to increase USF’s NAV by c.$7.6m based on the 30 September NAV ($286.3 million) […]
In QuotedData’s morning briefing 14 December 2023: JZ Capital Partners (JZCP) is getting $62.5m in connection with the sale of Felix Storch from the portfolio of secondary investments that it sold in 2020. It had the right to share in distributions from that fund above an agreed limit. The transaction adds 19 cents to its […]
In QuotedData’s morning briefing 13 December 2023: Triple Point Energy Transition (TENT) announced its interim results for the six months ended 30 September. The company’s NAV fell 4.3% while shares fell 22% as the discount widened to over 40% at last close. In light of the stubborn discount the company has announced that an orderly […]
In QuotedData’s morning briefing for 11 December 2023: Syncona (SYNC) has provided an update on the clinical study of its portfolio company, Autolus Therapeutics. The results have indicated the strong safety profile of the drug and importantly show a durable response for patients. Taylor Maritime Investments (TMI) has released its half year results for the […]
In QuotedData’s morning briefing 7 December 2023: Laurence Fumagalli plans to step down from his role as co-head of the Schroders Greencoat LLP team managing Greencoat UK Wind (UKW) on 1 March 2024. Matt Ridley, a partner at Schroders Greencoat, will succeed Laurence to co-manage the fund alongside Stephen Lilley. Matt is currently head of […]
abrdn Property Income Trust (API) has captured strong rental growth within its portfolio with three rent reviews in its industrial portfolio. In Bristol, a rent review at Kings Business Park was agreed at £96,350 per annum, reflecting a 38.6% uplift to the previously passing rent. This was in line with the September 2023 valuation, but […]
Schroder European REIT (SERE) reported a 8.9% fall in net asset value (NAV) to 128.2 euro cents per share in annual results to 30 September 2023, reflecting the impact that challenging economic and geo-political risks have had on asset valuations. The group’s portfolio of European real estate declined in value by 8.5% to €214.1m, reflecting […]
In line with the wider real estate sector, Residential Secure Income’s annual results were impacted by the higher interest rate environment. EPRA net tangible assets (NTA) was 81.8p per share, delivering a total return of -18.1%. Portfolio value was down 10% on a like-for-like basis with an 80 basis points (0.8%) outwards yield shift, reflecting […]
In QuotedData’s morning briefing 5 December 2023: Personal Assets Trust (PNL) announced its interm report for the six months to 31 October 2023. The company’s NAV fell by 2.7% while shares fell 4.5% with shares falling to a discount of around 1%. The company continues to be positioned defensively with almost 40% of the fund […]
It was a year of two halves for Tritax EuroBox, which reported a large fall in EPRA net tangible assets (NTA) over the year to 30 September 2023 driven by falls in the value of its portfolio in the first half of its financial year. The value of the group’s European logistics portfolio fell by […]
Life Science REIT (LABS) has completed a major letting at its Oxford Technology Park asset to Oxford Ionics, an Oxford University spinout and pioneer in quantum computing. The letting for the entire Building 6A, comprising 29,661 sq ft of space sees Oxford Ionics (an existing occupier of the park) increase its footprint at the campus […]
Life Science REIT (LABS) has completed the sale of Lumen House in Oxford for £7.65m to Harwell Science and Innovation Campus, a joint venture between Brookfield and the UK Atomic Energy Authority together with the Science and Technology Facilities Council. The disposal price represents a 5.6% net initial yield and is 2% ahead of June […]
Tritax EuroBox (EBOX) has exchanged contracts for the sale of its redevelopment site in Malmö, Sweden to a data centre owner-occupier for a headline price of SEK320 million (€28m). The net sale price is 39% above the valuation as at 31 March 2023. EBOX acquired the property with the intention of redeveloping the site for […]
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