The Board has negotiated a reduction in the annual management fee from 1.5% of net assets to 1.25% of net assets. The change took effect on 1 January 2014.
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 […]
After a successful year in 2013 with no significant insured losses and with 2014’s investments already made, CATCo is proposing to distribute the 20 cents per share it earned last year to shareholders. This distribution comes in addition to CATCo’s annual LIBOR +5% distribution (expected to be declared on 6 January 2014). The mechanism for achieving the […]
David Smith has been appointed co-manager of Henderson High Income – to work alongside Alex Crooke. David has worked for Henderson Global Investors for the past 11 years and has been a fund manager since 2008.
China Private equity has announced that it is buying four domestic Chinese businesses. The deals are large enough to constitute a reverse takeover under the AIM rules and so CPEH will suspend its shares and prepare a new admission document encompassing the proposed transaction. To finance the transaction, CPEH needs to raise £3m by issuing […]
Using some of the cash it recently raised, BBGI has completed the acquisitions of a 58.8% interest in the E18 road between Grimstad and Kristiansand in Norway, a 24.5% equity and 40% loan interest in Mersey Care mental Health Hospital and a 100% interest in Tor Bank School.
Over the year to the end of June 2013 SAPO’s NAV fell from 87p to 69p. In part thanks to a fall in the value of the Rand.
DUPD’s interest in Henryland Group, a “big box” retail company, has been sold at a substantial discount to DUPD’s valuation at end of June 2013 – the whole asset fetched $23.7m vs. a 30 June valuation of $30.9m – DUPD owned 38%. The statement gives no reason for the substantial change in the valuation.
JRIC has bought a 61 unit apartment complex in East Village Sannomiya for Y796m. The estimated prospective net operating yield is 5.9%.
Globalworth Real Estate has bought Bucharest One – a 20 storey, 48,732 sqm office development that will be the second highest tower in Bucharest once complete. The tower is expected to be complete by Q3 2015.
MedicX has bought a primary healthcare centre in Ynyshir, Porth for £1.6m
BSIF is acquiring three additional solar plants in Hampshire, Norfolk and Glamorgan and plans to extend a plant in Oxfordshire – total cost £38.5m. Following this BSIF will have invested over 75% of the money it raised and will have investments in plants capable of generating 81MW.
Hansteen Holdings has bought a loan secured against a portfolio of 370,000 sqm of mainly multi-let light industrial property in the Netherlands for €41.675m. The underlying borrower, Lancelot Land BV, is in breach of the loan and hence Hansteen was able to buy it at a 51% discount to par. About 20% of the portfolio […]
SDU’s interims for the six months ended 31 October 2013 show an almost 10% outperformance of its NAV over its benchmark and a narrowing of its discount leading to further outperformance ion share price terms. Over the period the NAV returned 17.0%, the benchmark 7.7% and the share price 23.9%. These were the first results since […]
BLND has formed a jv with GIC, Singapore’s sovereign wealth fund. Each party owns 50% of Broadgate and they have plans to refresh and expand the estate to benefit, inter alia, from the development of Crossrail.
IERE has announce that Bank of Scotland has agreed to extend the maturity of its loan to IERE until 30 April 2014. Bank of Scotland has sold the loan to Promontoria Holdings and IERE hopes to use this additional time to explore solutions to refinancing the loan with the new owner of the debt.
JLIF has bought additional stakes in three assets – Street Lighting projects in Lambeth and Redcar and Peterborough Schools (a new build academy and the refurbishment of two secondary schools).
Caledonian’s lengthy and detailed results for the year ended 30 June 2013 show the NAV per share barely changed on the year before – 145.8p vs. 145.6p. Increased emphasis is being placed on redeveloping properties. They are considering a range of development options for their largest asset – St Margaret’s House a 92,000 sqft 1970s […]
UCP’s results for the half year ended 30 September 2013 show a fall in the NAV per share from 58p to 52p, despite an increase in the value of UCP’s property portfolio. The fall is largely attributable to the decline in the value of the Indian Rupee over the period. UCP reports increased lettings and rents […]
The payment will be made on 17 January and the ex-distribution date will be 8 January
Ottoman has announced its results for the year ended 31 August 2013 (so somewhat out of date now). OTM’s NAV rose from 63.5p to 65.9p over the period. The main driver of the uplift was a reassessment of the valuation of OTM’s Riva asset – a large parcel of development land. OTM sold part of […]
New City’s annual results for the year ended 30 September 2013 show a fall in the NAV of 19.2% and in the share price of 6.5%. The performance is attributed to falling commodity prices (on fears of slowing Chinese growth) and the strength of Sterling over the period. the Board has negotiated a reduction in the […]
JLIF has completed its acquisition of a 75% stake in the North Staffordshire Hospital project
Over the year ended 30 September 2013 the NAV fell by 13.7%, slightly more than the fall in the value of the benchmark, the , which fell by 12.7%. JII’s discount widened resulting in a share price return of -17.6%. The managers point to overweights, relative to the benchmark, in Infrastructure Finance Development Corporation and cement […]
Candover has extended the maturity on its US$ debt with an issue of new notes with a coupon of 7.02% and a maturity of 31 December 2015. The Board felt it wanted to wanted to protect the fund from any potential shortfall if the current investment disposal programme failed to free up sufficient cash to […]
BRIG’s results for the year ended 31 October 2013 show an NAV return of 16.2% and a share price return of 24.3% as compared to a return from the FTSE All-Share Index of 22.8%. BRIG’s total dividend for the year has been increased to 5.5p (from 5.25p) and is now fully covered by revenue. It […]
The six months to 31st October 2013 was not a good one for JP Morgan Brazil as the NAV and share price fell by more than the fund’s benchmark index. Over the period the NAV return was -16.6%, the share price return -15% and the MSCI 10/40 Brazil index fell by 9.3% in Sterling terms (3.5% […]
LXB’s sale of its Sainsbury’s and M&S investments at Greenwich has completed as planned, releasing £58m of sales proceeds. LXB’s Board plans to return “a substantial proportion” of this money to shareholders by buying in shares. At last night’s close LXB’s market capitalisation was just over £250m; what proportion of the company’s share capital will […]
