Morningstar has warned SpaceX is “significantly overvalued” and estimated its fair value at $780bn, less than half the $1.75tn-$1.8tn target in next month’s flotation. In their report, analysts Nicolas Owens and Suryansh Sharma cited regulatory and technical hurdles and also untested AI economics for their cautious assessment. Seeking to puncture some of the hype in the initial public offer that has helped push Baillie Gifford trusts Scottish Mortgage (SMT), Baillie Gifford US Growth (USA) and Schiehallion (MNTN) higher, they suggested investors would be better off waiting until after the listing before buying the stock. Broker Winterflood is handling a retail offer for UK investors through Hargreaves Lansdown, AJ Bell, Interactive Investor and Revolut, The Times reported.

British Land (BLND) has poached Jo McNamara, executive vice president, Europe at Oxford Properties, to be its next chief executive. This will be the first time the £4bn real estate investment trust will be run by a woman in 170 years. McNamara, 44, will start in November, replacing Simon Carter who said in January he would leave the group after 18 years, five of them as CEO. Chair William Rucker said: “Joanne is one of Europe’s most respected real estate professionals. With her deep expertise of real estate, valuable experience in the world of private capital and a strong reputation for decisive leadership, she is exceptionally well placed to drive the business forward.”

Tritax Big Box REIT (BBOX) has sold six logistics assets to EQT Real Estate for £199m cash. The “big box” and urban logistics properties in Leamington Spa, Peterborough, Didcot and Kettering generated annual rent of £12m.

QuotedData senior analyst Matthew Read said: “This is another useful point of NAV validation for Tritax Big Box REIT. The sale of six assets for £199m, in line with book value, reinforces the point that BBOX’s NAV is grounded in realisable values, not just valuers’ assumptions. Against this backdrop, BBOX’s 19% discount looks overdone, particularly given the strength of occupier and investor demand for high-quality logistics assets.

“The disposal also fits neatly with the strategy. BBOX has been an active recycler of capital and these proceeds can now be redirected into higher-returning development-led logistics opportunities and data centres, where targeted yields are materially above those available from standing assets. We think shareholders will be pleased to see that BBOX is self-funding that pipeline, while also strengthening its balance sheet.”

ICG Enterprise (ICGT) has agreed a 20% cut in the management fee cap payable to its fund manager ICG Alternative Investment. From 1 February 2027 the cap will be reduced to 1.125% of net asset value (NAV) and from 1 February 2028 the cap will be lowered to 1% of NAV. The current 1.25% cap saw £16.1m paid to the manager in the 2026 financial year. Had the 1% cap been in place the feed would have been reduced by £3.2m or 20%.

Matthew Read said: “This a sensible, shareholder-friendly move from ICG Enterprise Trust. It produces a tangible saving and helps address one of the regular criticisms of listed private equity funds – that investors are being asked to accept both wide discounts and relatively high fees. ICGT still needs to keep proving the robustness of its NAV and its ability to generate realisations but the fee reduction is a step in the right direction.”

3i Group (III) has invested in Laboratoire Nutergia, a leading French natural food supplements brand which it believes can help expand online and internationally. Founded in 1989 by Claude Lagarde, 3i says Nutergia has delivered double-digit organic annual growth for over a decade underpinned by strong patient trust and high brand loyalty. The Lagarde family will retain a significant minority shareholding and continue to be involved in the business. Pierre-Axel Botuha, partner and co-head of France Private Equity at 3i, said: “We have known Nutergia for a long time and have followed its progress for many years and are delighted to now partner with the team to support the next phase of the company’s development.” Terms were not disclosed.

GCP Asset Backed Income (GABI), the £108m loan fund in wind-down, intends to return more capital to shareholders through a compulsory share purchase after agreeing the £41.4m sale of three senior loans secured against UK care homes. The price was in line with the latest valuation of the Gravis managed company.

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