With the roadmap out of lockdown and into economic recovery in place, Standard Life Investments Property Income Trust (SLI) has turned its attention to future-proofing its portfolio. This has put environmental, social and governance (ESG) at the forefront of its decision-making process for asset disposals and acquisitions, with longevity of income considered critical to the process. Identifying lasting trends that have developed and accelerated during the pandemic, such as the growth in online r
Companies: Standard Life Investments Property Income Fund Limited
With the roadmap out of lockdown and economic recovery in place, Standard Life Investments Property Income Trust (SLI) has turned its attention to future-proofing its portfolio. This has put ESG at the forefront of its decision-making on disposals and acquisitions, with longevity of income critical to the process. Identifying lasting trends that have developed and accelerated during the pandemic, such as the growth in online retailing and how the office will be used, and its impact on future dem
Starting on Tuesday we heard from managers running investment trusts across all of the world’s major equity regions and found a bullish but cautious outlook was prevalent as the tide begins to turn on COVID-19.
Companies: AAS JEO MNP MAJE BRLA BRWM JGC SLI SWEF BBH IBT EWI SHRS
There was an eclectic mix of property companies to feature in the top price movers for September. Top of the tree was private rented sector and residential development specialist Sigma Capital Group, with a 34.2% rise. The group launched a £1bn joint venture with EQT Real Estate, the real estate platform of global investment firm EQT, to deliver 3,000 private rental homes in Greater London. Micro-cap investor Panther Securities also hit double-digit gains, while Macau Property Opportunities saw
Companies: SUPR DIGS CRC PSDL ASEI TPON RLE UKCM BREI BCPT RGL SIR SLI TOWN CAL
As with the wider real estate investment trust (REIT) sector, Standard Life Investments Property Income Trust’s (SLI) share price has been hit hard during the COVID-19 pandemic. Rent collection rates have been impacted with many tenants struggling during the crisis and property values have fallen.
Standard Life Investments Property Income Trust (SLI) has a long-term track record of market-beating returns achieved by investing in a diverse portfolio of commercial property in the UK. Minimal retail holdings and a bias to industrial property have proved beneficial to the fund. However, its active approach to asset management, aiming to keep voids low and rent flowing, has also been fundamental to its performance. Identifying and selling assets where the rental income may be at risk, and recy
There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies.
Companies: AEMC BIOG MAVT IBT JEFI MHN CHRY MTE PSH RSE SIR FJV LTI MVI SEQI SONG SLI EGL SUPP VNH CSH VSL BRLA UTL JADE SOHO GPM TPOU JRS JLEN SEC IGC MPO LIV CCRGF THRL
Standard Life Investments Property Income Trust (SLI) has built a diverse portfolio of commercial property in the UK. A bias to industrial property is proving beneficial to the fund, but the manager, Jason Baggaley, is keen that all parts of the portfolio pull their weight. In an environment that is growing more challenging, he stresses the importance of getting to know the fund’s tenants and ensuring that their needs are being met. This is one way of keeping voids low and the rent flowing.
Standard Life Investments Property Income Trust (SLI) has built a diverse portfolio of commercial property in the UK. A bias to industrial property is proving beneficial to the fund, but the manager, Jason Baggaley, is keen that all parts of the portfolio pull their weight. In an environment that is becoming more challenging, he stresses the importance of getting to know the fund’s tenants and ensuring that their needs are being met. This is one way of keeping vacancies low and the rent flowing.
Standard Life Investments Property Income Trust (SLI) has been managed by Jason Baggaley since September 2006. He aims to generate an attractive level of income, along with capital and income growth, from a broadly diversified portfolio of UK commercial property. While the manager is currently somewhat cautious on the industry outlook, he is continuing to find attractive new investment opportunities, as well as actively managing SLI’s existing assets. The company has a consistent record of outpe
Phaunos Timber – Response to final cash offer by Stafford | Fair Oaks Income - Return of capital to 2014 shareholders | Standard Life Property – Half-year to 30 June 2018
Companies: PTF FA17 SLI
Standard Life Investments Property Income Trust (SLI) is managed by Jason Baggaley. He aims to deliver an attractive level of income with the potential for income and capital growth from a diversified portfolio of UK commercial property. The manager notes that the industry is in a period of change, such as in the office sector, where tenants are demanding a higher level of service from their landlords. Baggaley says that SLI is embracing and benefiting from the changing environment, continuing t
Standard Life Property Income Trust aims to generate an attractive and sustainable income stream from investments in UK commercial property. Over the last three years it has generated the second highest amount of income of the UK direct property trusts, which has helped push it on to a consistent premium. The trust is yielding 5%, the third highest figure in the sector. The portfolio is biased towards industrial assets and very underweight retail, as the manager, Jason Baggaley, thinks the latte
Standard Life Investments Property Income Trust (SLI) aims to generate both income and capital growth from investing directly in UK commercial property. Its emphasis continues to be on generating above-average income for shareholders and it currently yields 5.4%. In FY16, the dividend was 117% covered by earnings and the manager, Jason Baggaley, is reasonably sanguine about future dividend prospects. Relative performance is measured against the quarterly version of the IPD Monthly Index Funds, w
Standard Life Investments Property Income Trust (SLI) is an actively managed closed-ended company investing directly in UK commercial property. The trust has grown substantially since mid-2014 using share issues to fund asset purchases and the proposed acquisition of a c £165m portfolio provides the opportunity to make a step change in scale without materially altering the portfolio profile. Maintaining gearing at c 30% LTV, SLI has outperformed the IPD UK Monthly index over five years. The shar
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Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS
Companies: Duke Royalty Limited
Altus has acquired an effective 0.418% NSR over the producing Caserones copper mine in Chile. Altus’ royalty interest was acquired for $34.1m in cash as part of a strategic 50:50 partnership with EMX Royalty Corp. The acquisition was part financed with a $29m loan facility from major shareholder, La Mancha. The royalty is immediately cash generative and Altus expects the NSR to generate post-tax royalty flows of US$3.2m pa. Caserones is a large open-pit copper porphyry in Chile, operated by JX N
Companies: Altus Strategies PLC
Agronomics has announced a follow-on investment in existing portfolio company, Formo (previously LegenDairy Foods). The company has invested €3.15m in Formo's Series A funding, and now holds c5.9% of the enlarged share capital. The fundraise has generated a 7.5x uplift for Agronomics original €1m investment (Dec-19) and values Formo at c€180m (post-money) versus c€16m post-money value following the Seed round. Formo now becomes Agronomics largest holding, c9.1% and has delivered a net uplift in
Companies: Agronomics Limited
A disappointing earnings release coupled with low transparency on the Sandringham Financial Partners acquisition have led M&G’s share price to return to its pre-crisis level. While our valuation suggests a positive recommendation considering the low point, momentum remains uncertain.
Companies: M&G Plc
NextEnergy Solar Fund’s investment in NextPower III ESG is delivering in terms of widening international exposure with NPIII following its recent project win in Spain with another in Poland. This is the first acquisition the vehicle has made in Poland and the project will be supported by a fifteen year CfD. We see NESF’s investment in NPIII ESG as delivering a diversified asset growth opportunity and so far this is proving to be the case.
Companies: Nextenergy Solar Fund
Deltic Energy has had a highly successful 2021 year-to-date, as indicated in the interim statement. The key events have been the well investment decision in March for the Pensacola Zechstein prospect and the farm-out deal with Cairn Energy (CNE.L) in August over five licences in the Carboniferous/Zechstein fairway, towards the northern margin of the Southern North Sea Basin (SNS). The farm-outs firstly with Shell in 2019 and then Cairn have validated Deltic’s strategic focus on the Carboniferous
Companies: Deltic Energy PLC
What’s new: Tatton has signed a 5 year distribution partnership with Fintel and agreed to acquire Fintel’s Verbatim Funds for £5.8m cash consideration of which £2.8m is on competition and £3.0m is subject to performance
Companies: Tatton Asset Management Plc
Tatton has acquired the Verbatim funds from Fintel for (up to) £5.8m adding £650m AuM – and pushing Tatton’s AuM through the £10bn milestone. A long term strategic partnership has also been formed allowing Tatton to market to Fintel’s significant intermediary client base. We upgrade our earnings forecasts by +4% for the part year contribution in FY22e and +11% FY23e (the first full year) – but make no assumption around the potentially material opportunity from the distribution partnership. Tatto
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Companies: Harworth Group PLC
In line interim results to 30 June 2021: reported revenue was £11.4m, down 3.4%, as a result of the trust disposals; and reported PBT was £0.9m, down 6.5% YoY also as a result of disposals as well as disappointing volumes in certain areas of new business, namely UK SIPPs and the flexible annuity product. Positively, however, higher-than-anticipated revenues came from UK workplace pensions, while recurring revenues improved, reaching 88% without the inclusion of transaction-driven income in the d
Companies: STM Group PLC
AEX Gold (AEXG LN) – Further management changes at AEX to drive development of new plan
Altus Strategies* (ALS LN) – Valuation 125p – First Caserones NSR royalty payment in respect of Q2/21 expected this month
Beowulf Mining* (BEM LN) – CEO letter to Minister Baylan regarding Kallak
Bluejay Mining* (JAY LN) – Valuation 37.7p – Interims highlight activity towards development of the Dundas ilmenite mine and other exploration
Caerus Mineral Resources (CMRS LN) – Progress report on prospective j
Companies: AEX ALS BEM JAY CMRS CORA PDL POW TYM URU CCZ IRR