Montanaro European Smaller Companies, managed by Charles Montanaro (pictured) has cut its base management fee from 1% of market capitalisation to 0.9%. At the same time it has eliminated its performance fee. the change took effect on 1 April 2014.
Conygar Investment Company has sold Site 1, Aker Village, Aberdeen for £8m (a 6.1% uplift over the end September 2013 valuation). The site has a 64,500 sq ft warehouse and an 11,500 sq ft office let to Aker Business Services.
LondonMetric Property is to develop a new 1m square foot retail distribution centre on the A14 in Islip, Northamptonshire. The facility will cost £77m to build and has been pre-let on a 25 year lease at £5 per sq ft to a major retailer.
Symphony International Holdings has released its results for the year ended 31 December 2013. The net assert value per share was unchanged on the year at $1.18 but its discount narrowed providing an uplift in the share price from $0.68 to $0.76. They made one full disposal and one partial disposal during the year and […]
Over the year ended 31 December 2013, Acencia Debt Strategies’ net asset value per share increased by 9.7% to 109.75p and the share price by 20.9% to 100.30p
LMS Capital has announced that it has sold its interest in Updata Infrastructure for £27.2m to Capita. The price reflects a 5.3x multiple on the cost of the investment and adds 4p per share to the net asset value. Updata was LMS capital’s largest investment.
Caledonia Investments has sold its investment in The Amber Chemical Company for £23m – well up on its £15.2m book value as at the end of September 2013.
3i Infrastructure has made a £13.1m commitment to buy a 25% interest in the Mersey Gateway Bridge project a new six lane toll bridge over the Mersey between the towns of Runcorn and Widnes – See more at: www.merseygateway.co.uk
Bilfinger Berger Global Infrastructure is buying a 37.5% interest in the Mersey Gateway Bridge project a new six lane toll bridge over the Mersey between the towns of Runcorn and Widnes – See more at: www.merseygateway.co.uk
Perpetual Income and Growth is issuing £60m of 15 year notes (repayable on 8 May 2029). These carry an interest rate of 4.37% (paid semi-annually). Perpetual Income & Growth’s existing £30m debt facility matures in July this year. The interest on the old notes was 6.125%.
Standard Life Investments Property Income is buying two industrial units in Livingston for £3.6m. The purchase price is equivalent to an initial yield of 10.65%. The units are let to UK Mail and Crown Worldwide.
F&C Private Equity delivered a 9.9% return on net asset value over the course of 2013 as its NAV rose to 269.1p. Realisations from the portfolio totalled £42.5m and F&C Private Equity reinvested £39.6m of this. FPEO is thinking about how to refinance its zero dividend preference shares which mature this year and might do […]
The Renewables Infrastructure Group is buying two more solar parks, one in Devon and the other in Essex. These add another 30.4MW of generation capacity to TRIG’s portfolio and come at a cost of up to £37m.
BH Global has announced results for the year ended 31 December 2013. The net asset value of the US dollar share class rose by 1.79% in 2013, the NAV of the Euro shares rose by 1.47% and the NAV of Sterling share class rose by 2.32%. Recent continuation votes held for each share class mean that the euro class will […]
Riverstone Energy has made a C$67 million commitment to Canadian International Oil Corp, part of $200m committed by Riverstone advised entities. Based in Calgary, Canadian International Oil Corp controls and operates an oil field centred on the Montney and Duvernay formations of Western Canada’s Deep Basin, about 400,000 acres in total and currently producing approximately 3,000 […]
International Public Partnerships net asset value increased from 121p to 123p over the course of 2013. Its dividend was increased to 6.15p per share (up 2.5%) and the Board has set targets of 6.3p for the current year and 6.45p for the next. At the end of December it had interests in 122 projects spread […]
Graphite Enterprise has released its results for the year ended 31 January 2014. Over the year its net asset value rose by 7.2% as they harvested £118m from the portfolio, helped by a £14m contribution from the sale of Alexander Mann (the recruitment company) – this deal added £6m to the net asset value. They reinvested £90m […]
GLI Finance has reported an increase in its net asset value from 49.09p to 49.99p per share and paid 5p of dividends over the year, up from 4.7p in the previous year. GLI Finance, led by CEO, Geoff Miller (pictured), made four acquisitions over the year and has made five since, increasing its exposure to the […]
The investment manager of UK Commercial Property, Ignis Asset Management, is being sold to Standard Life. The sale is supposed to complete by the end of Q2 2014. The Board of UK Commercial Property says it “will monitor the situation carefully and update shareholders as appropriate”.
Bilfinger Berger Global Infrastructure has announced its results for the period ended 31 December 2013. Over the year its net asset value rose from 103.5p to 105.6p (helped by a decrease in the discount rate used to value its projects from 8.51% to 8.39%) and it paid out 5.5p in dividends. The company grew in size […]
Picton Property has swapped its investment in Magna Park, Lutterworth for SEGRO’s investment in Parkbury industrial estate in Radlett, Hertfordshire. Picton sweetened its side of the deal by paying SEGRO an additional £6.5m Parkbury is a 32,810 sq m multi-let industrial estate located between junctions 22 and 21a of the M25 with 24 units and a net […]
Electra has announced that it has invested a further £15m in house builder, CALA homes, so that CALA could buy Banner Homes – both companies concentrate on the high end house building sector. Electra has also invested £14m buying audio-mixing console manufacturer, Calrec,
Greencoat UK Wind has announced results for the period ended 31 December 2013 (its first full results). At the end of the period Greencoat’s net asset value was 102.9p and its share price 103.0p. Dividends paid have been in line with projections. Power generation has been ahead of forecast. The company was fully invested and […]
Over the course of 2013 John Laing Infrastructure registered an increase in its net asset value from 105.7p to 106.8p, paid an increased dividend of 6.25p (vs. 6.0p) and delivered a total return to shareholders of 13.5%. JLIF plans to increase its overseas exposure and is looking at opportunities in Canada, Australasia and the US. […]
Intu has announced that it is buying a 50% interest in the Westfield Merry Hill shopping centre, a 100% share in Westfield Derby shopping centre and 100% of Sprucefield retail park for £867.8m. It plans to pay for the deal by borrowing £424m and raising the rest via a 2 for 7 rights issue at […]
Starwood European Real Estate Finance has completed its first financial year. At the end of 2013 its net asset value was 99.13p and its share price 100.75p (it launched on 17 December 2012 at £1). It paid a dividend of 1.9p for the period in February this year, less than forecast at the time of the […]
Juridica Investments, chaired by Lord Brennan (pictured), has announced its results for the period ended 31 December 2013. Over the year its net asset value fell from $2.20 per share to $2.02 as it paid out a 14p dividend (cost to the fund $25.7m) while generating net income of just $5.1m. Net income was dragged down […]
Globalworth Real Estate has bought Upground Towers, a 70,000 sqm residential complex in the northern part of Bucharest. The cost was €52m – settled part in shares and part in cash.
Over 2013 Asian Growth Properties’ net asset value rose from 106.9p to 110p as property values were revised upwards. High occupancy at the Dah Sing Financial Centre in Hong Kong, the sale of commercial parking spaces and residential units at Forest Hills in Hong Kong and “satisfactory” hotel operations at the Crowne Plaza in Hong Kong […]
