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 […]
Electra has announced that it has invested £85m in Hotter Shoes. The acquisition will have no immediate impact on Electra’s net asset value. Hotter Shoes is the UK’s largest manufacturer of shoes, has 59 own stores, sells through another 200 outlets and has a large online presence. If you are curious, the easiest thing to […]
ARC Capital has sold its stake in Ningxia Xiajin Dairy, the largest manufacturer of dairy products in Ningxia province, for $30m – 1.7x the price ARC paid for it but just 80% of its estimated value at 30 September 2013.
Bankers results for the year to the end of October 2013 show a 23.8% uplift in its net asset value and a closing of its discount, enabling a 33.9% share price return to investors and sufficient demand for its shares to allow it to issue 350,000 in the period. This was the first time Bankers has issued […]
BRCI’s manager who has managed the fund since it was launched in 2005, Richard Davis, has stepped down as portfolio manager. The Board have agreed with BlackRock that the new manager will be Olivia Ker, assisted by Thomas Holl who was also deputy manager to Richard Davis.
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.
NB Distressed Debt is ready to make its first distributions to shareholders. These will be done via compulsory redemptions of shares – $28m in the case of NBDD (the original fund) or $0.2255 per share and $20.9m in the case of NBDX (the continuation fund) or $0.0593 per share. For NBDD the money comes from […]
Between the 30 September 2013 and 31 December 2013 LEF’s NAV fell from 85p per share to 70.8p per share. 5p of the fall reflects a distribution that was made to shareholders, the rest is mainly a reduction in the carrying value of ECO Plastics as LEF changed they way they valued and accounted for that […]
SVI has announced that the remainder of its investment in ProSieben Sat.1 Media AG has been sold. SVG Capital will get £85.6m from the sale. SVI also announced that they’ll announce their results n 13 February 2014.
FEV will split each of its shares into 10 new shares (subject to shareholder approval at the next AGM). The shares are currently well over £15, so by splitting them FEV will make it easier for shareholders to invest smaller amounts of money in the company.
PHP is funding, to the tune of £2.25m, the building of a new medical centre in Wrexham and expects the centre will be operational by the end of 2014.
Over the six months to the end of November 2013 M&G High Income’s package units delivered a total return of 6.1% – ahead of the returns on the FTSE 350 High Yield Index (up 2.3%) and the FTSE All-Share Index (up 3.9%). Dividends for the first half totalled 2.8p, 7.7% up on the equivalent period […]
JPEL has secured third parties to buy up t0 84m of its shares at $0.80 per share – a premium to the current share price, it will cease making capital distributions and invest up to $150m in “growth” companies. Having repaid part of its zero dividend finance, cut debt and bought back $20m worth of shares […]
HICL has sold two assets and bought another three, raising £5.8m in the process. the assets sold were HICL’s stakes in the Dorset and Swindon police projects and the assets acquired were the remaining 20% stakes they did not own in the Derby and Newport Schools projects and the Medway police project.
Over the year to the end of October 2013 HDIV’s net asset value increased from 83.3p to 87.9p ( a total return, including income, of 12.0%). The dividend rose slightly from 5p to 5.05p but the Board have said that quarterly dividends will be 1.25p for the current financial year (i.e. back to 5p again). […]
HICL has acquired an 85% interest in the University of Bourgogne PPP (four new academic buildings on the university campus) and a 90% interest in the Troisseruex by pass RD901 PPP (a 7km dual carriageway being built as a bypass for the town of Troissereux near Beauvais). The total outlay for the two projects is […]
Invesco Property Income has confirmed that its sales of an office building in Rozendal Park, Hoeilaart, Belgium (pictured) and another office building in Gerrards Cross, Buckinghamshire have completed. the sales raised €7.96m and £3.21m for the fund respectively (uplifts of €0.16m and £1.47m over previous valuations). The proceeds have been used to repay borrowings. IPI has […]
McKay Securities has bought a 51,500sq ft office and retail building, 1 Crown, Place Woking for £6m – equivalent to an initial yield of 9.3% (an average rent of £11.60 per sq ft).
Majedie has appointed Majedie Asset Management as its sole investment manager and has decide to close its hedge fund business, Javelin Capital and redeem its £29.5m investment in Javelin Capital Emerging Markets Alpha Fund. Majedie Asset Management will purchase 10% of its share capital from Majedie Investments – reducing the fund’s interest in the asset management […]
The financial year to the end of September 2013 was transformative for Henderson Value Trust as, following a period of disappointing investment performance, the management contract moved from SVM Asset Management to Henderson Global Investors and the fund changed its name (from SVM Global). Over the year the fund’s NAV rose by 4.3%, well behind the increase in its benchmark, […]
On 9 January 2014 Schroder Real Estate raised £17.2m by issuing 35.6m new shares at 48.25p. The money has been used to buy the Arndale Centre in Headingley, near Leeds, for £16.2m. They bought the centre from the receivers. The Arndale Centre is a 125,834 sq ft retail, leisure and office estate. At the moment […]
Hammerson is acquiring a 75% stake in Saint Sebastien shopping centre in Nancy, France for £109m, equivalent to an initial yield of 6%. Recent rent deals have been agreed at a 10% uplift. Hammerson hopes to create significant value by renovating the centre, introducing a dedicated restaurant area and refreshing the tenant mix. The centre, in central […]
Derwent London has bought 22 Kingsway WC2, an eight storey, 91,400 sq ft freehold office building let to Kings College London and the 44,000 sq ft Peacock Theatre (let to the London School of Economics for just £1 per annum until 2054). The price was £59.3m (after costs), equivalent to a yield of 5.1%.
Hansteen has announced the sale of 27 assets (11 industrial estates in the South West of the UK and a further 16 individual assets) over the course of Q4 2013 for a total consideration of £76.4m. Hansteen made £4.2m profit on the sales which included the disposal of Horndon Industrial Park in Essex, the Malthouse Estate […]
