Over the six months ended 31 December 2013 Mid Wynd returned almost twice as much as its benchmark as the net asset value total return was 12.5% and the FTSE World Index total return was 6.6%. The company says that it benefited as money moved from bond investments to equities during the period. Investments that […]
Better Capital has released a trading statement today in which it cautions that trading conditions in two of the companies held in the 2009 cell have been “significantly below expectations”. Both are said to be profitable however. BCAP is warning that there could be a significant write down in the value of these companies at […]
Target Healthcare REIT has bought a 61 bedroom purpose built care home in Glasgow for £4.3m. The home is let to Mossvale Care Home limited for 30 years at a rent equivalent to an initial yield of 7.75% and the rent is subject to an annual uplift in line with RPI (subject to a cap […]
Masawara, a fund specialising in investment in Zimbabwe, has sold its 51% stake in Masawara Energy Mauritius Limited for $29.325m ($4.437m more than when the deal was first announced in July 2013). The proceeds will be reinvested in new deals.
Qannas is a small fund investing in private equity situations in the Gulf countries of the Middle East (pictured). It has agreed to a deal, technically a reverse takeover, whereby it will combine with two similar but unlisted limited partnership funds domiciled in Cayman and move its domicile from Jersey to Cayman. There is a […]
INPP has made a number of deals to tidy up its portfolio of Building Schools for the Future investments – adding to its investment in Kent BSF at a cost of £7.2m (taking its interest to 58% with Kent County Council owning the balance) and selling its minority interests in Hul, Leeds, Newcastle, Rochdale, Sandwell […]
Green REIT has now made two announcements concerning press speculation about its involvement with the Central Park portfolio of commercial real estate being sold by NAMA (Ireland’s National Asset Management Agency, which ended up owning a wide range of assets after Ireland’s financial sector ran into trouble in the credit crunch). GRN has confirmed that […]
Over the year to the end of September 2013 the assets of the company rose by 6.8%. The total return to an ordinary shareholder was 13.0% and the NAV return 11.0%. The numbers were held back by a fall in the value of ECWO’s largest holding, Lonestar Resources, in part because of a fall in […]
Over the six months to the end of November 2013 the UK equity share portfolio’s net asset value rose by 8.9% vs. 3.9% for the FTSE All-Share index (this portfolio is managed by Mark Barnett). The Global Equity Income portfolio NAV rose by 4.6% vs. 3.3% for the MSCI World Index. The Balanced Risk portfolio NAV […]
Intu Properties has commented on press speculation that it is considering buying Westfield’s shopping centre in Derby and buying an interest in and getting the management contract for the Merry Hill shopping centre in Dudley. Intu says discussions are taking place and, if the acquisition happens, it will be funded, in part, by a new issue […]
Between 30 April 2013 and 31 October 2013 Cambium Global Timberland’s net asset value per share fell from 59p to 48p. As previously announced (in October 2013) Cambium wrote down the value of its Tarrangower property in Australia and its properties in Hawaii. At the time they said they might have to make a provision […]
Over the six months to end November 2013 HSL delivered a NAV return of 14.5% and a share price return of 14.7% – marginally outperforming the Numis Smaller companies Index which returned 14.4%.
Prospect’s manager is keen that their investment remit be expanded, arguing that if they are allowed to take larger positions in companies and engage with them to encourage share buy-backs, asset sales and reconstructions, the fund will benefit. To that end the Board is proposing that the maximum investment in any one company be set […]
IERE’s Annual Report as at 30 September 2013 shows a fall in NAV from €0.38 to €0.246. They have €100m of property on the block and are working on renegotiating their bank debt. Disposals and new lettings have reduced the vacancy rate on the portfolio from 24% to less than 20%. The debt was reduced […]
Great Portland Estates reports a 5.8% uplift in the portfolio valuation over the final quarter of 2013 driven by an 8.2% uplift in the valuation of development properties and rental growth of 1.3%. This helped drive an 8.2% uplift in the EPRA NAV to 527p. Vacancy rates across the portfolio have fallen as they signed […]
Bilfinger Berger infrastructure has bought a one third stake in the Ohio River Bridge / East End Crossing PPP project. the bridge, close to Louisville, Kentucky connects Clark County Indiana with Jefferson County, Kentucky
GRIO’s results cover the 17 month period between its incorporation on 23 April 2012 and 30 September 2013. It is not yet fully invested – it said it would be by end May 2014. At the end of September it was 51% invested and when the report was published that figure had risen to 60%. […]
3i’s interim management statement covering Q4 2013 mentions £29m of realisation proceeds received – making £557m for the last nine months – 35% up on the previous year; £322m invested including four European Private Equity investments; completion of their acquisition of BIFM (an infrastructure business); and successfully closing their third US CLO. The NAV at […]
Over the year to the end of October 2013 Safestore had to contend with the impact of the imposition of VAT on UK self storage and this, they say, had a knock-on effect on revenues which fell by 2.7%. Earnings per share and EBITDA moved ahead however as borrowing costs fell, occupancy rates in France rose, and […]
Riverstone Energy has announced that Liberty Resources II, its largest holding, has bought a portfolio of oil & gas assets in North Dakota’s Williston Basin for $455m. Altogether the acquisition represents 53,000 acres and 4,000 barrels of oil equivalent per day production.
LMP has bought the Superdrug distribution centre in South Elmsall, Doncaster for £13m, equivalent to an initial yield of 7.3%. The 292,500 sq ft centre is located two miles from junction 38 of the A1(M) motorway and is fully let to Superdrug until 2025 with a break clause in 2020.
MedicX has announced that it has acquired a specialist primary care medical centre in Cardonald, Glasgow for £3.2m
Japan Residential Property has bought a 23 unit apartment building in the Toritsudai neighbourhood of Tokyo for Yen702m (£4.12m) equivalent to a 5.1% yield.
After announcing on 5 December 2013 that it would not proceed with its placing, open offer and offer for subscription, IGRE’s Board has been considering the future of the company. They believe it is in shareholders’ best interests to continue with the fund. Shareholders will soon be asked what they think – should the fund wind […]
ACD has been buying back shares, subject to having available liquidity available after paying dividends and maintaining its currency hedging programme, with the aim of keeping its discount at or below a 10% discount. the Board has decided to reduce this target to 7.5%.
PHP has made Nexus Tradeco its sole advisor as Nexus will take on non-property services from JO Hambro Capital Management. At the same time, PHP has renegotiated its property advisory fee to reflect the recent growth of the business. The overall fee will fall. Old fees were: First GBP50 million 0.5500% Between GBP50 million and GBP350 million 0.4125% […]
Over the year to the end of November 2013 DIL2’s NAV rose by 2.82%. The portfolio was over 50% invested in cash at the end of the period. Shareholders on the register on 28 January 2014 will have the option to redeem up to 15% of their shareholding at NAV less 2.5%. Cheques will be […]
GCP Infrastructure has invested just shy of £5m in loan notes with a yield of 9.3% at 20 year maturity. The borrower is GCP Rooftop Solar 4 Limited – a portfolio of domestic solar panel installations installed by A Shade Greener. The loan will be serviced from income derived from the Government’s Feed-in-tariff scheme. The […]
Like for like occupancy up 30bps to 97.1% 525,000 sq ft of lettings or renewals in Q3 with rent 5.3% ahead of ERV – split 386,000 sq ft retail and 139,000 sq ft offices. £405m of disposals including Eastgate in Basildon and a further £200m in the pipeline. £196m of acquisitions including £83m of Sainsbury’s […]
The EDIN Board has appointed Mark Barnett as manager of the fund with immediate effect, keeping the management contract at Invesco Perpetual. EDIN has also cut its fee to 0.55% of the market capitalisation and no performance fee. In addition any performance fee payable for this year will be capped at £7.5m.
