Prices and Markets

LXi REIT fully invested looks to gear up - The Board of LXi REIT has announced that the company has now fully deployed the net proceeds of its GBP138 million IPO since listing on 27 February 2017. They are also in solicitors' hands on additional acquisitions which will fully absorb the GBP55 million debt finance to be drawn under its Scottish Widows 12-year loan facility in the coming weeks. The headline statistics for the acquired assets are: Attractive average net initial...

Oakley Capital Investments Inspired wins backing from TA Associates - Inspired, a leading group of premium schools in Europe, Africa, Latin America and Australia and a portfolio company of Oakley Funds, has received a significant strategic growth investment from TA Associates, a leading global growth private equity firm, comprising both primary and secondary investment. OCL first invested in Inspired through Oakley Capital Private Equity L.P.'s ("Fund I") investment in Educas in July 2013. As Fund I is reaching the end...

Marwyn investment Zegona sells Telecable - Directors of Marwyn Value Investors Limited welcome the announcement made yesterday by its investee company, Zegona Communications plc ("Zegona") confirming the completion of the sale of Zegona's Spanish cable business, Telecable to Euskaltel, S.A. The transaction has generated significant upfront cash proceeds and Zegona intends promptly to return up to £140m to shareholders, representing 71p per share (44% of Zegona’s market capitalisation). It plans to return capital through a tender offer conducted by an intermediary. Full...

QuotedData is publishing a new Fidelity Closed-End Funds review. This covers funds in the Asia-Pacific ex-japan, Japanese Smaller Companies and UK All Companies sectors. Welcome to the fourth edition of QuotedData’s Fidelity Closed-End Funds Review – a regular publication looking at Fidelity and recent developments in three of its investment trusts – Fidelity Asian Values, Fidelity Japanese Values and Fidelity Special Values. In this issue: It is now over two years since Nitin Bajaj was appointed as manager of Fidelity Asian Values...

Land Securities has announced that it has exchanged contracts to sell its 50% stake of 20 Fenchurch Street, EC3M (the walkie talkie building) for £641.3 million and proposes to return £475 million to shareholders. The purchaser is LKK Health Products Group who will also acquire Canary Wharf Group's 50% stake in the building, bringing the total headline price to £1,282.5 million, reflecting a net initial yield to the purchaser of 3.4%. Completion is expected to take place at the end...

Tritax Big Box REIT has announced that it has exchanged conditional contracts to purchase a development site at Littlebrook, Dartford. The freehold of the former Littlebrook Power Station site has been acquired, for a total consideration of £65million (excluding purchaser's costs), which is being funded by the Company from equity. Good access to rail and road Tritax says that the site occupies a prime location within the M25 motorway and adjacent to the Dartford Thames River Crossing, providing the opportunity...

Quarterly investment companies roundup – Second quarter 2017 - Markets were cheered by a decisive win for Macron in France but, in the UK, a hung parliament and an unsteady start to Brexit negotiations were seen as bad news. Generally, stock markets have risen but, at the end of the quarter, some investors started to worry about what would happen when central banks tried to unwind the easy money policies of the past few years. In many places equities look...

QuotedData’s economic round up – July 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned. Kindly sponsored by Martin Currie. July Economic and Political Roundup Roundup Once again, the worst performing of the MSCI Indices...

HICL buys HS1 channel tunnel link - HICL Infrastructure Company Limited has signed an agreement to acquire a 35 per cent equity interest in the entities that comprise the High Speed 1 Project ("HS1"). HICL is a member of a consortium, alongside funds managed by Equitix Investment Management Limited and third party funds managed by InfraRed, which has agreed to acquire 100 per cent of HS1 from Borealis Infrastructure (on behalf of OMERS Administration Corporation) and Ontario Teachers' Pension Plan...