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.
Prosperity Voskhod will make a $50m return of capital to shareholders by means of a compulsory redemption of shares. The transaction will take place on 16 May with payment on 28 May and shareholders will get back $1.13 per share. After this, on 29 May, shareholders will vote on whether to cancel Prosperity Voskhod’s admission […]
Custodian REIT has made its first purchase since it listed in March buying a 25,000 sq ft industrial / distribution unit at Willowbridge Way, Castleford for £1.575m – a price equivalent to an initial yield of 7.5%. The property is let to Bunzl.
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 […]
BBGI, which changed its name from Bilfinger Berger Global Infrastructure to BBGI SICAV SCA on 1 May, has announced that it has completed the acquisition of Langan College in Northern Ireland (one of a number of deals announced on 4 December 2013, funded by the fund raising it completed around the same time).
F&C UK Real Estate has bought a retail warehouse in Bromsgrove for £7.55m. the warehouse has two units, one of which is let to Homebase Ltd for 20 years at GBP362,500 per annum and the other is let to Pets at Home Ltd for 15 years at GBP132,750 per annum – this works out as an […]
GCP Infrastructure has announced that it has invested a further £12.5m in loan notes issued by its Biomass entity. These have a 12 year life and a coupon of 10.5%. The money is being used to build 500KW anaerobic digestion plants in Northern Ireland.
LMS Capital, which is gradually selling off its portfolio and returning money to its shareholders, will tender for £40m of shares. Forms must be submitted by 22 May, the tender will be approved by shareholders on 27 May and the result of the tender will be announced on 28 May.
Kennedy Wilson Europe Real Estate is buying a portfolio of residential and commercial properties (the Central Park portfolio) in Sandyford, Dublin for €88m and another portfolio (the Opera portfolio) of seven offices and six retail properties – mostly in Dublin but with one asset in Cork for €391m. The Central park portfolio comprises 272 residential units and 31,000 […]
3i Infrastructure has published its results for the year ended 31 March 2014. Over the year it generated a total return on net assets of 6.6% (the NAV went to 126.4p from 123.0p and the dividend for the year is 6.7p). Good performance from their investments in Europe was offset by further disappointment in India […]
NextEnergy Solar Fund has spent 9% of its IPO proceeds (£7.98m) on a 6.3MW solar plant at Shacks Barn in Northamptonshire. the plant has been producing energy since march 2013 and qualifies for an older, more generous, government subsidy than a new plant would.
Scottish Mortgage has released figures for the year ended 31 March 2014. It was good year for the fund as the net asset value total return of 23.1% was well ahead of the 6.8% return on the FTSE All-World Index. The share price did even better, returning 28.9% as the discount closed to zero. The […]
The Ottoman Fund has announced that it will return £27m to shareholders (the sale proceeds from the Riva land sale it reported earlier this year. Shareholders will be entitled to the cash if they hold the shares on 14 May and the payment will be made on or about 27 May
Henderson European Focus Trust has announced its half year results for the period ended 31 March 2014. Its net asset value total return for those six months was 16.5%, well ahead of the 8.7% return generated by the FTSE World Europe Index (in sterling). The discount narrowed over the period, moving to a premium at times, and […]
Polar Capital Global Healthcare has released figures covering the six months ended 31 March 2014. The fund outperformed its benchmark during this period – generating a total return of 13.5% on the net asset value against an 11.8% return on the MSCI All Countries World Index – Healthcare Index. The fund’s shares underperformed however as […]
Kennedy Wilson Europe Real Estate has announced that it has bought three tranches of debt in a securitised property vehicle – the Fordgate Jupiter portfolio. The portfolio comprises 21 properties in England and Scotland and includes office, car showroom, leisure, retail and distribution properties. Kennedy Wilson Europe Real Estate bought the debt, which has a […]
Schroder Real Estate has announced that it has spent £33m of the £40.2m it raised recently to acquire a 25% stake in City Tower, Manchester. The rest of the tower is being bought by other property funds managed by Schroders. City Tower has over 600,000 sq ft of offices, retail and leisure space. The price is […]
Infrastructure India has arranged an $8.1m loan facility. The lender is Cedar Valley (an entity connected to GGIC who own more than 50% of the fund’s shares), the interest rate is 15%, there is an arrangement fee of $81,000 and the money is repayable on 30 November 2014. The loan proceeds will mostly be used […]
Troy Income & Growth has released its results covering the six months ended 31 March 2014. Over this period the net asset value total return was 7.6% – ahead of the 4.8% return on the FTSE All-Share Index. the return to shareholders was 7.7%. The run rate of the quarterly dividends was upped to 0.55p […]
Symphony International Holdings has announced that it has invested in the Wine Connection Group – a 50 strong portfolio of wine themes food and beverage outlets trading across South East Asia. Symphony International Holdings also announced today that its net asset value at the end of March 2014 was US$1.2134 (up from $1.1759 at the […]
Starwood European Real Estate Finance has increased the size of a loan it made last October by an additional €13.5m to allow the borrower to acquire seven light-industrial and office properties in the Netherlands – this means that they have commitments for 77% of the IPO proceeds
