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QuotedData’s morning briefing 12 October 2020

Alex Barr joins Henderson Alternative team

In QuotedData’s morning briefing 12 October 2020:

  • Henderson Alternative Strategies reports that cash accounts for about 74% of the portfolio as at 9 October 2020. The manager expects that the cash level will rise to about 79% by mid-November 2020. Given the high percentage of cash in the portfolio, the current intention is to put forward proposals for the liquidation of the company, and for the distribution of this cash shortly after the appointment of the liquidators. The manager would be engaged to assist the liquidators in the process of realisation of any remaining assets.
  • BMO Commercial Property Trust says its subsidiary, SCP Estate Holdings, has agreed a new £100m term loan and revolving credit facility agreement with Barclays Bank. This extends (until July 2022) and replaces a previous arrangement which was due to expire in June 2021. The interest rate is 1.85% over 3-month LIBOR (previously 1.50 per cent over 3-month LIBOR) and a commitment fee of 0.74% per annum (previously 0.60%) on the undrawn amount. As at 30 June 2020, the LTV was 22.9%.
  • NB Global Monthly Income says its initial monthly dividend (in November) is expected to be about 4p per share, equivalent to a 5% yield. The board expects the dividend to rise from January next year. 80% of the portfolio has been redeployed into the new strategy. The portfolio yield at present, on a yield-to-maturity basis, is 6.7% and on a current yield basis is 5.7%. Around 79% of the portfolio has been allocated to traditional credits and the remaining 21% to alternative credits.
  • GCP Infrastructure Investments has been granted the London Stock Exchange’s Green Economy Mark.

We also have rent collection updates from logistics heavyweights Tritax Big Box REIT and LondonMetric, and London office landlords Great Portland Estates and Helical.

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