New European Property Investments has published its results for the year ended 31 December 2014. Over the period the net asset value rose from €3.56 to €4.52 and the adjusted net asset value, which adjusts for items such as goodwill and deferred tax, rose from €3.70 to €4.63. The directors have announced a 17.35 cent distribution […]
Sirius Real Estate is spending €21.8m on two business parks in Aachen and Bonn. The Aachen business park is located in the expanding Würselen district, just west of the Company’s Bonn and Cologne parks and well situated next to the Dutch and Belgian borders. It has a total lettable area of 26,759 sqm and is […]
Electra Private Equity has published the results of the review of the company’s structure that was promised after it defeated Sherborne’s proposals. The plan is to cut the management fee from 1.5% to 1%, leave the performance incentives intact and remove all the currency hedging – which will effectively reduce Electra’s cash pile and cut its […]
Derwent London has announced a deal with LaSalle Investment Management where it is swapping 22 Kingsway WC2, Mark Square House EC2, and a 50% interest in a new joint venture at 9 and 16 Prescot Street E1 for a minimum 175-year long leasehold of 20 Farringdon Road, Clerkenwell EC1 and £27.3m in cash. 20 Farringdon Road […]
Secure Property Development & Investment is planning an issue of up to 29,719,890 new ordinary shares at 25p by way of an open offer to shareholders. The open offer shares are available on the basis of 1 new shares for every 1.14 existing shares held but shareholders can apply for more than that if they wish (up […]
NextEnergy Solar Fund says its net asset value at the end of January 2015 was 101p (£182.4m), up 0.7% on the level at the end of December 2014. previously announced acquisitions of Bilsham, Gover Farm and Brickyard completed during January 2015. The Company is currently targeting a final dividend of 2.625p per Ordinary Share for […]
Alpha Pyrenees has announced that its main lender, Barclays, has agreed to extend the deadline for repaying its debt until 11 May 2015. The total outstanding is €271m. Alpha Pyrenees will pay 0.5% or €1.35m as a fee for the extension. The announcement says that the company is within its debt covenants as at 11 […]
Land Securities has announced that work will soon begin on its £440m joint venture development, alongside the Crown Estate, of Westgate Oxford. Preparatory works will begin imminently and construction is set to start in spring 2015. The new 800,000 sq. ft. (74,300 sq. m) retail and leisure scheme in the heart of Oxford city centre […]
JZ Capital has announced the acquisition of National Inspection and Consultants, LLC (“NIC”). The final purchase price is still to be finalised but is expected to be between $9-10 million. JZCP owns 37.4% of the combined entity on a fully-diluted basis (alongside The Edgewater Funds). Headquartered in Fort Myers, Florida, NIC provides teams of experienced, […]
Global Fixed Income Realisation has announced that, at the end of December 2014, its net asset value was 50.25p. £1.4m of that was in cash. The fund holds three investments in funds managed by Vision Brazil where the primary underlying asset is undeveloped farm land in Brazil. They say “Over the last year, Gottex Asset […]
Northern Investors has announced the sale of its investment in Kerridge Commercial Systems Limited to the incumbent management team backed by private equity funds managed by Accel-KKR. Kerridge provides integrated business software solutions for the distributive trades. Northern Investors has received cash proceeds of £16.38m. The directors’ valuation as at 30 September 2014 was £14.6m so the uplift is therefore […]
The Board of Scottish Investment Trust has decided to make Alasdair McKinnon its investment manager. He has been doing the job on a temporary basis since John Kennedy stepped down in July last year. Alasdair has been working for the trust since 2003. SCIN : Alasdair McKinnon confirmed as Scottish Inv Trust manager
Elephant Capital has announced results for the year ended 31 August 2014. These are somewhat academic now but for the record the NAV then was 35p – up 2p from the previous August. The new news is that Elephant Capital will return £1m to shareholders via a buy-back programme starting on 9 March 2015. Elephant […]
This morning the Department for Business, Innovation and Skills (“BIS”) announced its intention to place at least 40 million ordinary shares in Greencoat UK Wind at a price between 103p and 105p. Barclays, RBC Capital Markets and Winterflood aim to have the deal wrapped up by lunchtime tomorrow. Vince Cable (the minister) said: “The department invested in […]
Empiric Student Property has made its first acquisition in London with the purchase of a student accommodation block from Brandeaux Accommodation Funds for £13.25m. The announcement says the property, Liberty Fields in Camberwell, South London, is a high-quality conversion of an attractive building, which was part built in the 1930s and the 1970s and is part […]
ARC Capital Holdings has announced that at the EGM held yesterday the proposals put forward were approved by shareholders. Alpay Ece, Sean Hurst and Cosimo Borrelli (the “New Board”) have therefore been appointed as directors of the Company with immediate effect. Steven Feniger, Helen Wong and Tian-Cho Chu have been removed from the office of […]
In May 2014 Dexion Absolute offered shareholders a chance to exit the company. 50.9% of the issued GBP Shares, 15.6% of the issued EUR Shares and 48.8% of the issued US$ Shares were redeemed. Shareholders that opted for redemption had to wait until now for the first tranche of their money (the balance will be payable in […]
Polar Capital Global Financials Trust has published its accounts for the year ended 30 November 2014. over that period the net asset value total return was 9.8%, a little behind the fund’s benchmark, MSCI World Financials Index, which returned 11%. Financials lagged the wider market, the MSCI World Index rose by 14.8%. To compound the […]
Humphrey van der Klugt, Chairman of Fidelity European Values PLC has announced that the Board has agreed with Fidelity that with effect from 1st January 2015 the investment management performance fee will be removed. He said this should mean a lower overall fee for shareholders, and a simple and transparent fee arrangement. The base fee (Annual Management […]
Carador Income Fund’s manager has changed. GSO / Blackstone Debt Funds Management LLC has announced the appointment of J. Richard (“Dik”) Blewitt as the Company’s new portfolio adviser following the resignation of Mark Moffat from GSO Blackstone. Mr. Moffat will continue to advise the Company in a joint capacity with Mr. Blewitt for a 3 month hand over […]
HICL Infrastructure has announced the sale of its 56% stake in Colchester Garrison for £108.3m. This is £21.7m more than HICL was valuing this investment as at 30 September 2014. This is the deal they were anticipating in the interim results published in November last year. The purchaser was subsidiaries of Allianz Group, the PPP […]
JZ Capital Partners has announced three property deals this morning – two in Williamsburg to complement their existing portfolio and a third, their first property venture outside New York state, in Miami, Florida. The deals were done alongside its property joint venture partner, Red Sky Capital LLC, and comprise, in New York, 184-186 and 204-206 Bedford Avenue, […]
Cambium Global Timberland’s net asset value fell from 40p to 33p over the six months ended 31 October 2014. However since then a wind storm in Hawaii has damaged the Pahala plantation there and the fall in the Braziian Real and a weak Brazilian economy have impacted the valuation of their Brazilian assets (the bulk […]
Invista European Real Estate has published its results for the year ended 30 September 2014. The net asset value fell again, from 15p to 12p, as property values fell and sales were struck at prices below last valuations. The property valuation fell from €325.6m to €281.8m (partly the result of sales but also a 7.39% […]
Aurora Russia has announced the sale of its 24.3% stake in Superstroy for £680,000. This is quite a bit more than its valuation in Aurora Russia’s last accounts when it was valued at £280,000 but this is a company that Aurora Russia invested £16.6m into and it is supposed to be one of the leading […]
JZ Capital Partners has a history of adapting its investment focus to suit market conditions. The Board has decided to ask shareholders to approve a relaxation of the investment policy for the fund to permit it to shift assets to the regions and sectors that its managers think look most attractive. At present they say that US microcaps […]
Chenavari Capital Solutions has announced results for the period from its incorporation on 12 July 2013 to the end of September 2014. Its net asset value rose by 4% compared to its value after issue expenses and they paid dividends totalling 5.25p (they were aiming for 5p). The net asset value at the end of […]
Redefine International has announced that it has bought 56 German retail properties in a 50/50 joint venture with Redefine Properties Limited (Redefine International’s largest shareholder). The whole portfolio is valued at €157m which equates to an initial yield of 7.5%. The portfolio comes with €100m of bank debt, they expect to refinance this shortly (approximately […]
Aberforth Smaller Companies reported a 0.7% fall in its asset value on a total return basis over 2014, better than the -1.9% return generated by the Numis Smaller Companies excluding Investment Companies Index. The return to shareholders over the period was 0.1%. the final dividend was 17p, making a total of 24.75p for the year, an […]
Diverse Income Trust interim results for the six months ended 30 November 2014 show the fund generating a return on net assets of -3.2% and a return to shareholders of -1.9%. the first half dividend rose from 0.8p to 0.9p. The fund is skewed towards smaller companies relative to the FTSE All-Share Index and this accounts […]
