Summary
ACTIVIST investor Principle Capital Investment Trust has upped its stake in sister fund South African Property Opportunities. PCIT increased its holding in the business from 9,204,550 shares to 9,404,550, or 15.10% valued at just over [pounds]4 million at yesterday's price of 34p. The trust was established in 2005 by Brian Myerson, one of the pioneers of activist investment in the UK, and grew to [pounds]67 million under management in midsummer this year. Both funds are owned by Principle Capital. The trust was one of the fund's largest investors at launch in 2007, since when its price has fallen from 112p to its current lows.
South African Opportunities was launched to exploit development potential in the country's industrial heartland and is already fully invested with [pounds]68.9 million committed. Once completed and tenanted, the company expects the portfolio to be valued at about [pounds]711.1 million, it said in results issued at the end of November.See the full content of this document
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