Share Name Share Symbol Market Type Share ISIN Share Description
Gcp Infrastructure Investments Limited LSE:GCP London Ordinary Share JE00B6173J15 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.40 -0.36% 110.20 109.40 109.80 111.20 108.60 111.20 1,778,908 16:35:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 73.4 8.6 12.8 969

Gcp Infrastructure Inves... Share Discussion Threads

Showing 26 to 50 of 150 messages
Chat Pages: 6  5  4  3  2  1
asmodeus - yes, true! But typical: 3IN, HICL, JLIF the same. GCP makes loans rather than equity, so might be safer.
Was going to buy today after seeing results - until I found 10%+ premium.
GCP Student Living - first dealings today. 100p issue price, £70m. EPIC is "DIGS". (!)
cnx - thanks. I read about this in Investors Chronicle last month and there was a suggestion of possible conflict of interest. Anyway, I won't be able to subscribe at IPO, but might look when dealings start.
from killik GCP Student Living - 23/04/2013 Gravis Capital Partners (GCP) the specialist investment advisory firm, formed in May 2008, plans to launch a new UK Real Estate Investment Trust (REIT) on the Specialist Fund Market (SFM) of the London Stock Exchange (LSE) next month. GCP Student Living will target an initial 5.5% annual yield, and an 8% to 10% total return by investing in newly built, fully let, purpose built student accommodation and teaching facilities located in London and branded under Scape Student Living. In 2010, GCP launched GCP Infrastructure Investments (GCP-LON) on the London market, a feeder fund into the GCP Infrastructure Fund, providing exposure to a portfolio of subordinated debt securities issued by operational UK infrastructure assets. GCP'S total assets under management now stand at c. £700m and whilst the current fund specialises in all UK social infrastructure assets, the management team have considerable experience in student residential and educational property assets, having advised on projects totalling in excess of £500m in value over the last 10 years. The lead fund manager of the new fund will be Tom Ward. The company will target an initial capital raise in excess of £50m, which will be used to acquire the Scape East Building, a property housing a total of 588 studios and 20,000 sq. ft. of teaching facilities located directly opposite Queen Mary University of London in Mile End, London. The property was fully operational in time for the start of the 2012/13 academic year and is currently at full occupancy on 51 week tenancies and with a stand-by waiting list. The proceeds of the issue will be used to acquire the property, independently valued at £93m (equating to a net yield of 6.3%). £35.2m of the purchase price will be paid to the initial asset vendor and £57.8m of debt will be assumed. It is expected that approximately £13.3m of the debt facility shall be repaid by the company (based on a £50m raise) reducing the loan-to-value (LTV) to 48%. The company has set limits of between £43m and £70m for the IPO raise and the amount of the debt facility which will be paid down will be adjusted accordingly. The LTV could therefore range between 26% at the maximum and 55% at the minimum. The long-term plan is for gearing to be no greater than 30% of gross assets. The existing debt facility (which was initiated for the development phase) has a 2.5% margin on a 2.75% fixed interest rate swap, equating to a rate of 5.25%. This facility matures on 20 July 2015. Management have forecast a refinancing rate of 4.25% on a now operational asset, based on a conservative premium on current debt markets for a property on a 50% LTV. However, this financing event clearly poses a risk and leaves the fund susceptible to rates rises between now and 2015. All occupants of the building are required to be in full-time education in a Higher Education Institution (HEI), of which there are 40 in London. 63% of current revenues come from direct leases on a 51-week term (with the remaining week used for cleaning and restoration work). 31% of revenues are generated from the leases arranged through a ten-year RPI-linked agreement with a HEI (INTO). Further rental income is generated through a 30-year lease of teaching facilities (c. 6%) and food retail outlets (0.5%) in the property. Full-time student numbers in the UK have increased by c. 65% since 1995. Applications into higher education did decline in the 2011/12 year in the face of the increase in tuition fees, however, these declines were small and were in large part seen due to the comparison with record number of applications in the previous year as fewer domestic students deferred applications ahead of the fee increases. Strong growth continues to be seen in the numbers of overseas students, which now make up 17% of all students in higher education in the UK (nearly 26% in London). With university-owned halls of residence in short supply and often only provided for first-year students, private, purpose-built student accommodation is increasingly in demand. Data from Jones Lang LaSalle shows historical rental growth in the sector has proved robust, delivering steady and rising rents, in excess of RPI since 1994. The Specialist Fund Market (SFM) is the LSE's regulated market for specialist investment funds, targeting 'institutional, professional and highly knowledgeable investors'. This specialist listing may mean the fund falls off the radar of main-market listed investors which, along with its initial small size, may disadvantage liquidity in the secondary market. However, the company intends to grow the fund in size and this may mean a main-market listing is considered in the future. The fund has a right-of-first-offer to acquire two further Scape properties with estimated value of over £160m – Scape Greenwich (due for completion in 2013/14) and Scape Shoreditch (2015/16). The funds secondary, Channel Islands Stock Exchange listing will make the offering eligible for ISAs in either the secondary market or via the placing. It is expected that initial charges will equate to 3% of gross proceeds, meaning the initial NAV will be 97p on a 100p issue price. However, this disclosed cost also includes all acquisition costs of the initial asset and the charges involved in the transfer and repayment of the existing debt. The externally managed structure will also carry an annual management charge of 1% per annum, based on net asset value. The company will have no specific discount control measures in place other than the ability to buy back up to 15% of issued share capital per annum. Protection against the risk of the company not making further investments and increasing the size of the company is achieved through the proposal to convene a conditional continuation resolution if, by its third annual general meeting in 2016, the company is the owner of no more than one student residential property. A continuation resolution will also be held at the fifth annual general meeting in 2018. The focus on operational student residential property assets makes this a unique offering for the London market. The economics of the student housing market, particularly in London, remain strong. Notwithstanding a widespread change in global student trends, immigration laws, or competition from alternative living arrangements, we believe this fund provides an attractive opportunity to play the sector and provide long-term inflation-linked cashflows. There is clearly concentration risk in the initial single asset and potential refinancing risk between now and 2015. However, GCP have successfully executed their strategy on the existing listed fund and the significant personal investment in the fund from both the new and existing partners of the property asset adds extra comfort. The order book is due to close in the first week of May, with trading expected to commence on 20 May.
NAV 101.96p on 28/03, making this the biggest premium of the four infrastructure funds I hold. But the fact that they do loans not equity perhaps increases the safety margin. And quite an interest rate charged!
Yes, all the infrastructure funds are firm: 3IN, HICL, JLIF and this one. The government's commitment to infrastructure spending should ensure plenty of investment opportunities.
Moving up nicely.
FT today: BlackRock, the world's biggest manager of money, is to launch its first foray into the global infrastructure debt market as it seeks to fill the void left by banks that are no longer prepared to invest in big government projects. Investors say the entry into the market by BlackRock, the giant fund manager with $3.67tn under management, will encourage other asset managers, pension funds and even sovereign wealth funds to invest in infrastructure.
thnx jonwig
June and December (xd a month before) 3p - 4p expected each time.
Excuse for asking...when r divs paid?
"As at close of business on 28 September 2012, the unaudited net asset value per Ordinary Share of the Company was 100.95 pence."
My broker wants minimum application of £50k, which I'd overlooked earlier. They're in an ISA so there's no way. Since conversion will be on a NAV-C:NAV-O basis, it should still be worth picking some up in the market so long as the ords trade at a premium.
The Board of Directors of the Company is pleased to announce that the Prospectus relating, inter alia, to the Company's proposed issue of C Shares of £0.01 each ("C Shares") by way of a placing and offer for subscription with a target issue size in excess of £80 million and an issue price of £1.00 per C Share (the "Issue") has been published. Closing date is 10 October
"As at close of business on 31 August 2012, the unaudited net asset value per Ordinary Share of the Company was 100.41 pence."
C-share issue to raise at least £80m at 100p. Would be 2:3 on a pro rata basis but likely to be a placing plus something like 1:2. EGM 5 Oct, dealings mid-Oct.
Smaller than 3IN, HICL and JLIF, this fund differs in that investments are loans to, rather than equity stakes in infrastructure projects. Loans typically produce a return of over 9%pa (some with inflation protection) over 20 years. The current NAV is around 99.8p so there is a premium of about 7%, in line with the others. Yield is higher, at about 6.1% but there is a bit less scope for dividends to increase, apart from indexing on some of the loan issues. This is probably a safer investment than such as HICL.
hTTp:// The Fund's investment objective is to provide its Shareholders with long-term distributions, at levels that are sustainable, and to preserve the capital value of its investment portfolio over the long-term. The Fund has invested substantially all its capital in GCP Infrastructure Fund Limited. The Fund is a Jersey incorporated closed ended investment company. The Fund was admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities in July 2010. Significant Holdings (17/10/12) Total 281,384,013 shares The list below is out of date following the C share issue in Oct 2012 and further fundraising: Cheviot Asset Mgt .......... 10,264,479 8.52% West Yorkshire PF .......... 10,166,919 8.44 Brewin Dolphin .............. 9,294,822 7.71 Bradford Council ............ 8,000,000 6.05 Investec Wealth ............. 7,795,023 6.46 Insight Investment .......... 7,475,351 6.20 JM Finn ..................... 6,051,304 5.02 CCLA Inv Mgt ................ 6,575,999. 4.96 Smith & Williamson .......... 5,942,517 4.93 Premier Asset Mgt ........... 4,793,297 3.98 Rathbones ................... 4,523,234 3.75 Co-operative Asset Mgt ...... 3,884,400 3.22 Close Brothers Asset Mgt .... 3,854,678 3.08
what has to be remembered. is that a property/ asset is only worth what someone will pay for it. The seller can have a vlaue. but if the buyer says NO. Its only worth X ----. that is all the seller will get. Granada want more than what anyone will pay. They would do better to sell individual hotels. As each of their hotels are special. Granada didn,t and / or wouldn,t see that when they acquired from FORTE,s. they tried to run the hotel,s like service stations. It didn,t and doesn,t work that way. They felt they cold dictate to customers. they cannot and never will. thye have lost the thread. The plot. whatever./
When HILTON announce lower useage. due to weather. and their share price fall. isn,t it also understandale that Granada hotels also suffer the same probls. Or is it more fundermental. Perhaps. Does it have the wrong CEO.perhaps. we all make our own decisions. why on this BB are there so many saying BUY and very few stating facts. That allow shareholders/ potential shareholders to make valued decisions.
is the delay in an announcement. All due to the fact that Perhaps Granada have in the past ignored the real costs that WILL BE incurred to bring all Hotels/ and other establishments into line. So that Disabled people can gain the same service as everyone else, all set out very clearly in recent Acts of Parliment, that are now law?????????. As my understanding is that this issue has been ignored.
Does anyone know what happens to gcp shares, when demerger occurs,what proportion of Compass Hospitality,and Granada Media do you get.
GCP is to sell its hotels to numura (Japan)who will purchase because they own half of granadas tv rental chain .Hotels include forte,heratige and travel inn.This will bring £££££s for GCP=Share price up.
Whats going on? Up nicely yesterday - big drop first thing this morning. Makes no sense, or do you know different?
Chat Pages: 6  5  4  3  2  1
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