2% Liquidity in Circle Property Plc
Radnor Capital Partners is pleased to announce that it recently advised Circle Property plc (CRC.L) on the successful placing out of a 2% stake (c£1 million) with a new institutional investor.
Circle is a specialist property company, focused on well-located offices, predominantly in key regional cities such as Milton Keynes, Birmingham and Bristol.
UK Quoted Property – Equity Fundraising activity since 2015
Given the negative headlines around UK property, why is investor demand for UK quoted property equity the highest level it has been for three years? So far in 2017, £4.7 billion of equity has been raised by the UK property sector, more than the two previous years combined.
Radnor Capital Partners working with Circle Property Plc
Radnor Capital Partners is pleased to announce that it will be working with Circle Property Plc to advise on its investor marketing activity. Circle Property (CRC.L) is a specialist property company, focused on well-located regional offices, predominantly in key cities such as Milton Keynes, Birmingham and Bristol.
"We believe Circle represents a unique opportunity in the listed property sector. The combination of a highly experienced team, a highly differentiated strategy and steadfast emphasis on value creation is exciting. Radnor Capital’s sector expertise is well-suited to help achieve the company’s ambitions.”
Joshua Cryer, Radnor Capital Partners
+44 (0)20 3897 1833
Radnor advises PILR on successful £53m fundraising
Radnor Capital Partners is pleased to announce the successful conclusion of the £53m placing by Pacific Industrial & Logistics REIT plc (PILR.L). Radnor acted as Capital Advisor and Placing Agent, raising £28m of capital.
Across two fundraisings, Radnor has now delivered in excess of £36m of fresh equity capital from a broad range of investors. This has resulted in a well-diversified and liquid shareholder register capable of supporting PILR's future growth.
This fundraising is the next step in PILR's strategy to create an institutional quality portfolio delivering superior total returns from the last-mile, small box distribution and logistics sector. Previously, this sub-sector has been ignored by institutional investors creating an opportunity to secure assets at attractive initial yields with significant asset management potential to grow returns. The proceeds of this placing will be used to fund the off-market purchases of regional distribution and logistics assets within the next three months. PILR's portfolio is expected to be in excess of £110m following these acquisitions.
“I would like to thank the team at Radnor for their significant contribution to this fundraise. This is the second transaction we have worked on with Radnor. Throughout the process they were wholly focused on helping us achieve our goals.”
Richard Moffitt - CEO, Pacific Industrial & Logistics REIT
"This transaction is further evidence that Radnor’s broad investor relationships can be a significant source of equity capital. Since IPO, PILR has raised £76m of new equity to which Radnor has contributed significantly."
Joshua Cryer – Radnor Capital Partners
Pacific Industrial & Logistics REIT plc is an AIM listed real estate investment trust (PILR.L, market cap £84m). The investment strategy is focused on smaller single-let industrial and logistics properties in key geographical locations. Income and capital returns will be generated by identifying and acquiring good quality and attractively priced assets. PILR's managers will focus on active asset management opportunities against the backdrop of an under-invested sector with excellent fundamentals. PILR is externally managed. PILR's website can be found at www.pacificil.com.
Radnor Capital Partners is a Capital Advisory firm bridging the gap between companies and untapped capital. We identify and deliver relevant and new investor demand to our clients in a time effective way. We are authorised and regulated by the FCA. Our website can be found at www.radnorcp.com.
+44 (0)203 897 1833
Next Fifteen Communications Group Plc – Interim Results
Given poor news-flow from elsewhere in the peer group (a WPP online advertising wobble is never helpful for sentiment, despite very little direct read across for NFC); these interim results were reassuringly solid. The key North American business continues to deliver healthy organic growth whilst the UK is experiencing both organic growth and M&A contribution.
Next Fifteen Communications Plc – M&A Strategy – Accretive, Value Focus, Lowe Risk
Next Fifteen (NFC) has announced the acquisitions of Velocity Partners and Circle Research for a combined net initial consideration of £9m (£7.9m in cash). Both acquisitions are in line with the NFC M&A strategy; single digit acquisition multiple; entrepreneurial continuing management, digital focus with North American ambitions.
Radnor Capital Partners – Moves into Life Sciences, Liz Klein joins the team
Radnor Capital Partners is pleased to announce that Elizabeth Klein has joined the team as a Senior Consultant. Throughout her twenty year career as a top ranked Life Sciences analyst, Liz has developed a deep understanding of the companies and investors in the Life Science sector. Liz also has considerable experience in advising clients on all aspects of their capital markets strategy; from equity fundraising to investor messaging.
Liz holds a First Class Degree in Applied Biology with Genetics, an MA in Medicine, Science & Society, and an MBA. Liz started her City career in 1995 at D E Shaw, subsequently moving to Dresdner Kleinwort, RW Baird, Bridgewell. In 2015, Liz left N+1 Singer to set up her own consultancy, Klein-Edmonds Associates. For much of her City career, Liz was Top 10 ranked in the Extel Survey and was the Starmine Healthcare Stockpicker of the year in 2006 and 2013.
“Liz is a highly regarded figure in the Life Science sector. We are delighted someone of her calibre has joined the team. We understand the challenges faced by Life Science companies engaging a non-specialist investor audience. Liz’s insight and experience will be instrumental in helping us deliver the outcomes our clients are seeking.”
Iain Daly, Radnor Capital Partners
“I am excited to be helping the Radnor Capital team grow their presence in the Life Science sector. Their focus on bridging the gap between companies and investors is ideally suited to the sector. Everyone knows the specialist investors; the generalists are harder to reach.”
+44 (0)20 3897 1832
MiFID II – IR burden falling squarely on corporate shoulders
MiFID II is just around the corner, with many corporates unprepared for the impact on their ability to engage new investors. This paper is our take on the real-world implications; not a technical treatment of the proposed rule changes. We believe two key areas will be highly disrupted; equity research and investor access.
Investment Companies Insights – Active management fight back
In the section ‘Active management fights back’ we have covered a few recent events or news stories that highlight the benefits of active management that fit investment companies structure well, together with a short review of sector activity as we approach the end of May.
Radnor Capital Partners working with Vietnam Enterprise Investments Limited
Radnor Capital Partners is pleased to announce that it will be working with Vietnam Enterprise Investments Limited to develop a highly targeted investor access programme.
Founded in 1995, Vietnam Enterprises Investment Limited (VEIL) is the longest running closed end fund focused on Vietnam, with a current NAV of £864m and a market cap of £781m. The fund, managed by Dragon Capital, invests primarily in companies listed on the three Vietnam stock exchanges (Ho Chi Minh, UpCom and Hanoi). Since the London listing in July 2016 VEIL has outperformed the local market index as well as the MSCI Asia Pacific index, returning 25.6% and a compound total return since inception of over 10%. Dragon Capital is the largest investment firm in Vietnam, with expertise across equities, fixed income, clean tech and real estate and a blue chip list of (100% offshore) investors ranging from pension funds to family offices and sovereign wealth funds. The three strong VEIL portfolio management team is supported by an extensive local research team.
“We believe VEIL represents a highly attractive way for UK investors to access the growing, young and dynamic Vietnamese economy outside of the more traditional multi-country funds. The team at Dragon Capital bring a track record of performance, experience and substantial on the ground expertise.”
Tom Durie, Radnor Capital Partners
+44 (0)20 3897 1831