HMRC has rejected Gresham House’s application for investment trust status for the year ended 31 December 2012. GHE intends to appeal but says it does not have any liability to corporation tax or capital gains for that period. QD comment: this is all a bit technical but failing to get investment trust status can be […]
Standard Life Investments Property Income has bought three retail warehouse investments (in Leyland, Kings Lynn and Bradford (pictured)) for £12.7m and will earn an initial yield of 8% on these investments.
Results for the year to end October 2013. SCIN had a good year, beating both the FTSE All-World Index and the FTSE All-Share (SCIN NAV +28%, SCIN share price +29%, World Index +24%, UK Index +23%). Gearing was positive, adding 1.4% to returns.
In its eighth deal, LBOW lends £13.25m against a London based portfolio of high street retail and residential properties. LBOW now 85.1% invested with an average coupon of 7.28% per annum and an average yield to maturity of 8.29%.
Lowland has published its results for the year ended 30 September 2013 and the fund has had another great year. The total return was 33.3% on the NAV and 37.5% on the share price. they compare themselves to the AIC UK Growth & income sector – this returned 26.4% on average – and the FTSE […]
Atlantis Japan Growth announced its interim results for the six months ended 31 October 2013. In NAV terms AJG outperformed its benchmark, the Topix, returning 5.1% vs. 2.9%. The manager believes the Tokyo market looks good value on a price / earnings and price / book basis. They also note that domestic investors have started buying […]
Brian O’Neill will retire as manager of Henderson Global on 31 January 2014 after 30 years of managing the fund; Brian is one of the longest serving investment managers in the closed-end fund world. He will be replaced by Wouter Volckaert. Wouter only recently joined Henderson; he was a Global equity fund manager at Morgan […]
Results for the year ended 30 September 2013. RIG’s NAV increased from 34.72p to 35.65p – shareholders total return in NAV terms was 7.2%. The various members of the CQS Group own 68.7% of RIG’s shares between them (CQS Cayman LP made a mandatory offer for RIG’s shares last year). There is a continuation vote […]
Schroder Real Estate buys 244-248D Commercial Road, Portsmouth (a 27,359 sq ft retail parade let to Sportsdirect.com, Mothercare, Tui and the Gold Centre) and for £7.2m. The initial yield on the purchase price is 8.3%.
Interim results for the half year ended 31 October 2013. NAV rose by 12.6%, well ahead of the Dow Jones World Technology Index which returned 8.9% in sterling terms. The fund moved from trading at a discount to trading at a premium to NAV and so the share price return was 17.1% over the period. […]
Interim results for IIP for six months ended 30 September 2013. NAV falls to 63p from 78p. Fall in value of Indian rupee and increase in the Indian risk free rate (used to value investments) unhelpful, Vikram Logistics having difficulty in getting disbursement of approved debt which is holding up construction. Stakeholders in Shree Maheshwar Hydel Power […]
Qannas has sold its entire holding of shares in Rak Petroleum for $6.66m (bought for $3.85m). QIL NAV now $0.92.
Results for year ended 30 September 2013 show total shareholder return of 13.1%. Quarterly dividends running at 1.425p per quarter, equivalent to a yield of 7.1%. c70% of dividend covered by underlying earnings, NAV fell from 63.7p to 63.1p per share.
Results for the year ended 30 September 2013 show a net asset value total return of 16.9% and a share price total return of 9.7% as the discount (calculated with debt at fair value) expanded from 20% to 28.4%. The full year dividend was maintained at 10.5p per share (net revenue was less than 65% of […]
LBOW has made two further loans. One, to Halcyon Nominees for £8.6m, refinances 21 commercial freeholds. The other, to Carrara Nominees for £1.3m, refinances the ground rent on a freehold office property in the North of the UKBOW has now committed 72.2% of its capital.
Great Portland Estates has sold its lease on 20 St. James’s Street (55,490sq ft office / retail building) for £54.5m. The property was acquired for £42.5m in 2010. It was producing a net rent of £1.2m per annum. GPOR will use the proceeds to invest in other projects.
VinaLand(VNL) is considering raising £20m by issuing 20m zero dividend preference shares at 100p. The new ZDPs would have a life of three years and the gross redemption yield would be determined by a bookbuild – potential investors will be asked to bid for the ZDPs at yields between 7% and 8%. The issue proceeds […]
Graphite Enterprise (GPE) invests £14.2m in City & County Healthcare – GPE’s first investment through Graphite VIII. Becomes GPE’s third largest investment. City & County provides home care assistance for the elderly and specialist care for young people and adults with learning disabilities, mental health needs and brain injuries; operating from 64 branches across England, […]
Bilfinger Berger Infrastructure BBGI raises £145m from placing and offer for subscription. Issues 133.1m shares at 108.9p.
Real Estate Investors (RLE) sells three units in a retail park in Derby for £4.3m. Buyer was parent company of Lidl. RLE retains ownership of five units that are let or under offer and have an estimated rental value of £250,000 per annum. RLE bought the whole park for £4.8m in September 2011.
