JZ Capital has announced figures for the year ended 28 February 2014. Over the period it generated a NAV return of 8.8%. It is making a distribution of $0.30 per share. The company invested $150m over the year and is making investments in a new industrial sector – logistics solutions – kicking off with an investment […]
Workspace Group has done a deal with London & Quadrant whereby L&Q will develop a 2 acre site owned by Workspace in Creekside, Deptford – building 148 apartments and a 52,000 sq ft business centre – and will pass Workspace the completed business centre and £9.5m in cash.
Chenavari Capital Solutions has made its second primary deal, a £9m investment in a first loss exposure to a portfolio of c250 primarily investment-grade corporate loans made by a German corporate and investment bank. Following this transaction, Chenavari Capital Solutions will have committed 70% of its IPO proceeds and the company says the manager is […]
HICL Infrastructure has bought a 10% stake in a planned dual carriageway, the N17/N18, linking Gort to Tuam in the Republic of Ireland and due to be completed in November 2017. HICL Infrastructure has also bought an additional 16.5% stake in the Miles Platting Social Housing PFI Project in Manchester. The total cost for both […]
Workspace Group is adding to its portfolio of rentable office space in London by buying Vestry Street Studios, a 23,000 sq ft studio space near Old Street, London N1 for £12.55m. The net initial yield is 4.1% but Workspace believe the current rent of £23 per square foot can be improved
International Oil & Gas Technology announced its results for the year ended 31 December 2013 on 30 April. Over the year its net asset value fell from $9.34 to $4.10 as litigation against its former manager dragged on and it was forced to write down the value of some of its holdings.
Phaunos Timber has announced that Green Resources (a company that Phaunos Timber owns 26% of) is buying Global Solidarity Forest Fund (a company with plantations in Mozambique adjacent to Green Resources’ own forests). The deal will dilute Phaunos Timber’s holding down to 18.9% but is being struck at a price for Green Resources equivalent to […]
JP Morgan Private Equity has announced that it has invested $50m in four companies since December – one third of their target for the period ended 31 December 2015. All of the investment has been funded from the proceeds of distributions from its existing portfolio. $14m of the $50m was invested in a US based […]
Invista European Real Estate has agreed a new €220m credit facility with Blackstone Real Estate Debt Strategies and has repaid all the money it owed to Cerberus Capital Management / Bank of Scotland. The new facility is priced at 770 basis points over LIBOR and has an initial LTV covenant of 85%. If, by selling […]
Edinburgh Dragon’s figures for the six months ended 28 February 2014 show a fall of 5% I total return terms for the company’s net assert value – 4% worse than the 1% fall in its benchmark index. The Chairman attributes this Edinburgh Dragon’s holdings in Greater China and Singapore.
Aberdeen New Thai’s net asset value fell over the course of the year to the end of February 2014, posting a negative total return of 25.6% – marginally better than the -26.6% return on the Stock Exchange of Thailand Index. The discount widened resulting in a return to shareholders of -33.3%. The average discount over […]
Witan Pacific has published its results for the year ended 31 January 2014. The net asset value total return for the year was a fall of 6.5% – this compares to a positive 0.2% return from the company’s benchmark. The discount narrowed a little and so the return to shareholders was -5.2%. Gillian Nott, the […]
Mid Wynd has announced that as Michael MacPhee, who is the company’s existing investment manager, is retiring, they have decided to move Mid Wynd’s management contract from Baillie Gifford to Artemis. The new management team will comprise Simon Edelsten, Alex Illingworth and Rosanna Burcheri who are, collectively, Artemis’s Global Select team. They focus on “a […]
Investors In Global Real Estate has decided to appoint a new manager to replace CBRE Clarion Securities LLP – the new manager is expected to take up their duties in July 2014. In the meantime Investors in Global Real Estate has decided to suspend its discount control mechanism.
Gresham House’s net asset value fell from 445.1p to 378.5p over the year ended 31 December 2013. most of the fall can be accounted for by write-downs in the valuation of the company’s investment properties and the fall in value of one of its equity investments – Memorial Holdings (a cemetery company which lost its […]
The Cayenne Trust has posted its figures for the year ended 31 January 2014. The Cayenne Trust generated a net asset value total return of 13.6% for the year – 3.6% more than the return on the FTSE Equity Investments Instruments Index.
Carador has announced results for the year ended 31 December 2013. Over the year it generated a NAV return of 3.99% as an NAV fall of 7.75% was offset by dividend payments totalling 13.1 cents. The target dividend for 2014 is 10 cents (to be paid in quarterly chunks of 2.5 cents)
British Land has sold two retail parks – The 250,000 sq ft St James Retail Park in Dumbarton (sold to Legal & General for £45.75m) and the 136,000 sq ft Cwmbran Retail Park (sold to UBS for £32.3m). The net initial yields on these transactions were 5.9% and 6.4% respectively. British Land said they are […]
Back in 2012, F&C Commercial Property entered into a forward agreement to buy four pre-let office buildings in Aberdeen – once construction had finished. Two blocks were ready in March and F&C Commercial Property has just announced that it completed on the other two on 17 April. The total cost of the 300,000 sq. ft. […]
ICG Longbow has released its first set of results, for the period ended 31 January 2014. At that stage the company had made eight investments, was 85% invested and the NAV per share was 98.79p. The earnings for the period were 1.29p per share – lower than anticipated at the time of the IPO – this […]
Hg Capital has bought a stake in Visma (a software and business process outsourcing company centred on the Nordic region) – acquiring a 31% stake for £405m. £40m of this will come from the Hg Capital Trust and the rest from Hg’s limited partnership vehicle, Hg Capital VII. The net effect of the transaction will be that […]
Candover has sold Innovia (a manufacturer of films for packaging and the substrate for polymer banknotes – they are working on the new £5 and £10 notes) for €498m. this was the last asset in Candover’s 2001 fund. Candover Investments (the fund) will get €12.8m of proceeds and €7.6m of carried interest from the transaction. […]
Utilico Emerging Markets has consulted shareholders and decided not to proceed with its plan to issue long term debt and hold a continuation vote. It has instead extended a £50m bank borrowing facility it has with Scotiabank until April 2016.
Foresight Solar Fund has announced that its 16MW Pitworthy plant is now connected to the grid and operational. Also RWE Supply and Trading will finance construction of Foresight Solar Fund’s 37MW Kencot plant and Foresight no longer plans to buy a plant in Deptford that was highlighted as a potential acquisition in the fund’s prospectus. […]
Hansa Trust (which has two classes of shares – voting shares HAN and non-voting shares HANA) has announced that it is broadening its investment approach. Where, to date, it has mostly invested in UK equities and also has a stake in holding company, Ocean Wilsons, it will now also invest in other asset classes – […]
ICG Longbow has made its tenth loan – £8m to Quay Hotels, secured against the Ramada Encore Hotel in Gateshead. With the deal concluded ICG Longbow would have invested slightly more than all the proceeds of its original issue. It has today issued 3.6m shares at 102p per share to cover the shortfall. Following the […]
Standard Life Investment Property Income has announced its results for the year ended 31 December 2013. Over the year the fund generated a net asset value total return of 25.2%. The share price increased by 20.2%, equivalent to a total return of 29.2%. The dividend was unchanged on the previous year but the yield at the end […]
3i has announced that one of its larger holdings, animal health and nutrition specialist Phibro, has IPO’d in the US. 3i gets £67.6m in cash and still has a £25m stake in the business. Overall the deal adds £21.8m to 3i’s net asset value.
F&C Commercial Property Trust, managed by Richard Kirby, has announced results for the year ended 31 December 2013 that show the fund delivering a net asset value total return of 13.0% for the year – better than the 10.9% return generated by the IPD Quarterly Universe. The company has a sizeable cash pile to deploy which, […]
Utilico Emerging Markets is considering putting long-term finance in place with the aim of securing fixed rate funding at an attractive rate. Before it does so it wants to make sure that shareholders are happy with the idea and therefore is proposing to hold a continuation vote now and get shareholders to agree that the […]
