Over the six months to the end of December 2013, AGIT’s ordinary share NAV rose by 41% and the share p[rice by 41.2%. The zero dividend preference share NAV rose by 3.3% and its share price by 0.8%. The FTSE All-Share rose by 11.4% over the period while the Numis Small cap Index excluding investment […]
ND Distressed Debt is proposing to create a new class of shares. This new “Global” portfolio will invest in the global distressed debt market with a particular focus on Europe and North America. The manager will have until 31 March 2017 to invest the issue proceeds and after this date all capital and profit from […]
FSFL has announced that it expects all its IPO proceeds to be invested in fully operational and grid connected assets by the end of Q1 2014. The company’s largest asset, Wymeswold in Leicestershire (pictured), is generating electricity at rates 15% ahead of target. Foresight also say that they are on-track to pay the planned 6p per […]
DIVI’s interim accounts covering the six months ended 30 November 2013 show its net asset value rising by 19.2% – a good result when compared to the FTSE All-Share Index (up 2.1% or the FTSE Small cap ex Investment companies (up 15.9%). This translated into a 21.6% return for shareholders as the shares finished the […]
International Public partnership is buying all but 3% of a PPP project that is building a 55,000 sqm office for the Federal German Ministry of Education & Research in Berlin (estimated completion is July 2014). The cost to INPP is €11.9m.
LMP has sold its Odeon Multiplex in Dudley for £7.7m, equivalent to a yield of 5.95% (falling to 5.8% in June). LMP bought the cinema as part of a package of ten. these were acquired in November 2013 for £80.6m, equivalent to an initial yield of 7.2%.
HICL has invested in two new investments – Holdfast Training Services (a 30 year concession to design, build, refurbish and maintain 32 buildings, 21 refurbishments and five training areas across the UK for the Royal School of Military Engineering) and the Sheffield BSF Schools Project (a 27 year PFI deal to build, finance, maintain and […]
VNH has announced interim results covering the six month period ended 31 December 2013. During this period the benchmark index, the VNI, rose by 5.4% in US dollar terms, by contrast, VNI’s net asset value rose by 13.2%. VNH’s discount widened however, its share price rose by just 3.4% .
BlackRock Commodities Income’s full year results for the 12 months to the end of November 2013 reflect a difficult period for investors in commodity related assets but were well ahead of its benchmark. The net asset value total return was a decline of 5.9%. the share price return was negative 6.0%. By contrast the Euromoney Global Mining […]
DREF has announced today that the master fund has realised three of its mezzanine loan investments (numbered one, three and eight – DREF does not report who it lends money to but these borrowers were against a retail property in Denmark, against eight hotels in Germany and against an office and light industrial park in France). […]
Jupiter European has released results for the half year to 30 November 2013. Over the period the fund lagged the return on the FTSE World Europe ex UK index – the NAV returned 3.6% while the index returned 6.8%. The Board say relative performance has improved since the end of the period and now for […]
IIT has announced its final results for the 12 months ended 30 November 2013. Over the year Independent’s net asset value total return (including income) was 20.2%. By comparison the FTSE All-Share Index returned 19.8% and the FTSE World Index 22.5% over the same period. IIT’s discount narrowed during the year, boosting the return to shareholders to […]
New River Retail has raised £85m of extra capital in a placing. 32m new shares were issued at 265 pence per share. The new shares will start trading on 21 February 2014. NRR is a real estate investment trust (REIT) specialising in retail property. It describes itself as one of the UK’s largest value-creating owners and […]
Midas Income & Growth has announced that Miton Capital Partners, the fund’s manager, has been sold by Miton Group : MGR to Seneca Investment Managers Limited, part of Seneca Partners Group, based in Liverpool. The fund will continue to be managed by Alan Borrows, assisted by Simon Callow. The Board is happy that Seneca will be […]
DCG Iris, a fund investing in insurance-linked contracts, has today released its interim results for the six months ended 30 November 2013. On 30 November IRIS’s NAV was 99.46p, slightly below the level at close of business on 31 May 2013 when the NAV was 99.79p. Including income however the total return for the period […]
FMPI has announced its interim results covering the six months ended 30 November 2013. The net asset value returns for the period were 2.9% for the Income shares and 7% for the Growth shares. This compares to a 3.9% return on the FTSE All-Share Index and 3.1% on the FTSE Equity Investments Index. The Board say […]
Hg Capital is acquiring Zenith Vehicle Contracts, one of the UK’s leading independent leasing, fleet management and vehicle outsourcing businesses. In total HGT will contribute £21m to the purchase price (as Zenith is acquired by a range of funds managed by Hg Capital). After this deal, using the figures announced as at the end of […]
Eastern European Property Fund has sold the Yellow Building and Asmali Cumba (buildings in Asmalimescit Street, Beyoglu, Istanbul). The properties fetched $1.6m – about 2% lower than the valuation on 30 June 2013.
Redefine has sold St. Anne’s House, Croydon (an empty 75,000 sq ft 1960’s office building with planning permission to convert into a 144 bedroom hotel and 46 residential units) for £8.4m – that is £3.4m than the value Redefine ascribed to it in its valuation at the end of August 2013.
Qatar Investment Fund has released its Q4 2013 report (not its annual results). Over 2013 the NAV rose by 25.5%, just behind the Qatar Exchange Index which rose by 26.2%.
Dragon Ukrainian Properties is calling an extraordinary general meeting on 17 February 2014 to put a set of proposals to shareholders. First it plans to make no new property investments, to sell “as quickly and effectively as the Ukrainian property market will allow” the existing portfolio and return the proceeds to shareholders. DUPD also hopes to change […]
BLND has announced that it has sold the Eastgate centre in Basildon, a 700,000 sq ft shopping centre, for £88.6m.
NB: one important disclosure – James Carthew, the author of this post, is a director of GLIF. GLIF’s Net asset value at the end of December fell to 50p from 51.8p at the end of September 2013 – mainly down to a fall in the value of GLIF’s US$ denominated CLO investments. A number of significant […]
LAND’s Q3 statement does not include a new NAV – they only value their properties twice a year – but it does states they have signed £7.3m of lettings in new developments and have a further £7.9m of lettings in solicitors’ hands. LAND have started £243m of new developments at 1 New Street Square and […]
SREI’s NAV increased from £161.6m to £168.5m over the final quarter of 2013 – the NAV per share increased from 45.4p to 47.3p – mainly driven by a 3.4% increase in the underlying property valuation.
Picton has announced that its net assets increased to £204.3m at the end of December 2013, from £180.3m at the end of September 2013 as the underlying property portfolio increased in value by 3.3% and PCTN raised £11.9m by issuing 22.2m shares at 53.5p. The EPRA NAV per share increased by 6.7% to 53.8p. PCTN […]
Golden Prospect has appointed Keith Watson to work alongside Will Smith as co-manager of the portfolio. Keith was a senior natural resource analyst at Mirabaud Securities and before that had research jobs at Evolution, Dresdner Kleinwort Wassertein, Commerzbank, Credit Suisse/BZW and worked as a portfolio manager and research analyst at Scottish Amicable.
JLIF has made a few minor changes to its investment policy. The fund will in future be able to invest up to 30% in projects under construction (up from 15%). QD comment: investing in assets under construction increases the risk profile of the fund but could increase the return. Invest up to 10% of the portfolio […]
JP Morgan Income & Growth has announced that its manager Neil Nuttall is leaving JP Morgan and so is giving up his job as manager of JIGI. The Board has agreed with JP Morgan that the management of the fund will pass to James Elliot and Katy Thorneycroft.
VNL has sold its stake in Vina Properties which owns a 5 star hotel located in Ho Chi Minh City. The hotel fetched $16.1m, 19% more than its value in the NAV at the end of December 2013
