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QuotedData’s morning briefing 23 December 2020

In QuotedData’s morning briefing 23 December 2020 –

  • International Public Partnerships (INPP) made an additional  €10m investment and a contingent commitment of a further €14m to the 100% indirectly owned special purpose company that owns the Northern Diabolo Rail Link (Diabolo). Diabolo is a rail infrastructure investment which integrates Brussels airport with Belgium’s national rail network. The additional €10m has been invested by INPP to support the Project’s liquidity position, ensure its debt covenants will continue to be met, and ultimately protect the value of the company’s investment. INPP noted that this commitment has been flagged previously.
  • Princess Private Equity’s (PEY’s) NAV increases by 3.1% in November. Portfolio developments were positive (+3.5%) and currency movements were negative (-0.2%). Amongst the largest contributors to performance was GlobalLogic.The company provides outsourced software product engineering services for businesses globally, supporting clients’ digital transformation and strengthening their digital capabilities, products, and end-customer experiences.
  • Standard Life Investments Property Income (SLI) completed several sales. The most significant is the sale of a portfolio of 4 multi let industrial estates for £37.75m in line with the previous valuation figure of £37.7m. SLI has also completed the sale of a standalone retail warehouse in North Shields for £3.3m (previous valuation £3.65m) and exchanged unconditionally on the sale of an office building in Derby for £4.3m (previous valuation £3.8m).
  • Mercantile (MRC) entered into a two-year revolving credit facility for £100m with the London Branch of The Bank of Nova Scotia. This facility is in addition to the existing £178.9 m(at par value) of long-dated debt instruments already in issue by the company and will be used to provide portfolio gearing.

We also have a portfolio update from British Land.

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