In QuotedData’s morning briefing 18 February 2021: SEGRO (SGRO) says its French subsidiary is making a tender offer for the 5.6% of Sofibus Patrimoine that it doesn’t already own. SEGRO’s offer is €313.71 per share. Grainger (GRI – the residential property company) has made Robert Hudson its chief financial officer. Rob is currently chief finance and operations […]
Supermarket Income REIT has acquired its first Northern Ireland asset with the purchase of a Sainsbury’s supermarket in Bangor for £24.8m. The price for the 10-acre site, which also includes a Homebase unit, reflects a net initial yield of 6.6%. Developed in 2011, the site comprises a 44,000 sq ft net sales area supermarket with 650 […]
The Renewables Infrastructure Group (TRIG) has published its annual results, covering the period to 31 December 2020. Performance highlights include: Portfolio generated 3,953GWh of electricity in the year (2019: 3,036GWh) Directors’ portfolio valuation of £2,213m, as at 31 December 2020 (2019: £1,745m) following six acquisitions NAV total return of 6.1% for the year and 8.1% since IPO (annualised) Earnings […]
In QuotedData’s morning briefing 17 February 2021 – Greencoat UK Wind’s (UKW’s) placing raised gross proceeds of £198m. The net capital raised will be deployed towards reducing borrowings under the company’s revolving credit facility, to allow the company to fund its pipeline of acquisition opportunities. Chrysalis Investments (CHRY) will seek approval from its shareholders to issue up […]
CC Japan subscription shares are here – CC Japan Income says today it has allotted 26,946,122 subscription shares to qualifying shareholders whose names were on the share register on 15 February 2021. Application has been made for the admission of the subscription shares to the standard segment of the official list and to trading on […]
Shareholders will vote on BH Global fees – BH Global’s board has been thinking about how to respond to the investment manager’s letter demanding a fee increase. The manager asked that the fee rate be increased from 1% to 2% and that this increased rate be applied unconditionally to the NAV, removing from the calculation the […]
A little late in the day, but Great Point Entertainment Income published its prospectus on Thursday 11 February and, as promised, here is a link to it. As the prospectus makes clear, access to the issue is subject to some geographical restrictions. Make sure you read these. As always, we aren’t recommending that you buy […]
LXI REIT looks to grow – LXI REIT hopes to raise £75m by way of an initial placing, open offer, offer for subscription and intermediaries offer for a target issue of up to 60,164,539 new ordinary shares at an issue price of 124.5p. The issue price represents a premium of 2.3% to the estimated NAV as at […]
JLEN Environmental expanding remit – JLEN Environmental hopes to widen what it is allowed to invest in. Shareholders need to approve the change. Under the planned revised investment policy, the company will continue to seek to achieve its investment objective by investing in a diversified portfolio of environmental infrastructure. However, the definition of “environmental infrastructure” […]
In QuotedData’s morning briefing 16 February 2021: GCP Student Living (DIGS) has terminated WeWork’s lease on the commercial space at Scape Shoreditch. The 50,000 sq ft Grade A space is just a two-minute walk from Old Street Underground. WeWork had £2.3m of rent arrears up to the end of 2020. GCP Student Living has collected £3.1m […]
Grit Real Estate, which invests in pan-african real estate assets (ex South Africa) has reported a 6.3% increase in EPRA net reinstatement value (NRV – one of the new EPRA reporting metrics for property companies replacing EPRA net asset value (NAV)) – over the six months to the end of December 2020. This increase (from […]
NextEnergy Renewables publishes prospectus – NextEnergy Renewables has announced the publication of a prospectus in relation to its initial public offering (IPO). As promised, here is a link to the prospectus, which was published today. As the prospectus makes clear, access to the issue is subject to some geographical restrictions. Make sure you read these. As […]
Cordiant Digital raises £370m – Cordiant Digital Infrastructure Limited has successfully raised gross proceeds of £370m through its placing and offer for subscription of ordinary shares and issue of subscription shares at an issue price of 100p per ordinary share. Subscription shares will be issued to subscribers in the initial issue for nil value on the […]
St Peter Port Capital proposes auctioning off its remaining assets – the board of St Peter Port Capital Limited is considering auctioning off all the company’s assets and then returning the net cash proceeds to shareholders (less a small amount to cover the costs of an orderly liquidation). The shareholder consent for the appointment of a […]
In QuotedData’s morning briefing 15 February 2021: Tritax EuroBox (EBOX) has sold its asset in Lodz, Poland for €65.5 million, 15% above its most recent valuation at 30 September 2020 and, based on the company’s target gearing of 45%, delivering an attractive geared IRR of 16.5% to shareholders. They bought this is April 2019 and completed a […]
QuotedData’s weekly news show 12 February 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Immunocore upsized IPO (RTW Ventures – RTW – and Schroder UK Public Private – SUPP) Greencoat UK Wind […]
Back in December, we published a note on BlackRock Throgmorton, which we called “Infectious enthusiasm”. In it, we tried to bring out the excitement that its manager, Dan Whitestone, had about the future of the companies in his portfolio, and by implication the future of the trust. Over the two months since, the trust’s share […]
After witnessing the anguish of property companies slashing dividends left, right and centre, at the start of the pandemic last year, it is encouraging to see news of dividend hikes now filtering through. Not all companies have experienced tenant distress during the crisis, and it is good to see that investors are being rewarded with a […]
Care home investor Target Healthcare REIT has announced its intention to raise £50m through a placing to fund new acquisitions. The issue price of 111p per share represents a discount of 4.8% to last night’s closing price of 116.6p and a 2.6% premium to its last reported EPRA net asset value (NAV) of 108.2p (at […]
Scottish American (SAIN)has announced its annual results for the year to 31 December 2020, during which it has outperformed global equities, driven by resilient operational performance of its investee companies. Some key take-aways from the report are as follows: Dividend – the full year dividend, including a recommended final dividend of 3.00p, is 12.00p per […]
Greencoat UK Wind (UKW) has announced a placing in which it is seeking to raise up to £198 million by way of a non-pre-emptive issuance to institutional investors at 131p per share. Proceeds from the Placing will be used to repay or reduce borrowings under UKW’s revolving credit facility to allow it to fund its pipeline […]
The Renewables Infrastructure Group (TRIG) has announced that it has acquired the Grönhult onshore wind farm in Sweden. Grönhult is a 67.2 MW ready-to-build onshore wind farm located in the southwest of Sweden. The Grönhult project is being acquired from Vattenfall, the leading Swedish utility and a major developer of renewables, who will also manage the […]
Apax Global Alpha (AGA) has announced that, on 11 February 2021, the Apax X Fund, in which AGA is a limited partner, announced that it has entered into a definitive agreement to acquire a majority stake of Herjavec Group (HG), a global Managed Security Services Provider (MSSP) and cyber operations leader. The transaction is expected […]
In QuotedData’s morning briefing 12 February 2021 Tetragon Financial are holding an investor call on 26 February 2021 at 3pm (UK time) to discuss its annual report and to provide a company update. The audio conference call may be accessed by dialling +44 (0) 800 358 9473 in the United Kingdom and +1 855 857 0686 […]
Warehouse REIT buys four warehouses in Liverpool – Warehouse REIT has bought four modern warehouse units on Boulevard Industry Park in Speke, Liverpool, totalling 390,000 sq ft. The purchase price of £35m reflects a net initial yield of 5.5%. Ranging from 74,000 sq ft to 163,000 sq ft, the units are occupied by three separate occupiers […]
Syncona backs Quell financing – Syncona Ltd has made a new £25.3m commitment to a £61.0m expanded Series A financing for Quell Therapeutics. This is the largest amount of funding to date for any stand-alone engineered T regulatory cell (Treg) company [see below] and takes Syncona’s total commitment to this business to £59.3m (of which £35.1m […]
In QuotedData’s morning briefing 11 February 2021: Schroder European Real Estate says that at its Metromar shopping centre in Seville (which it owns in a 50/50 joint venture) one of the fashion anchor tenants will exercise its lease termination right. This termination accounts for approximately 3,000 sqm (14%) of the total space. The rent due will continue […]
BlackRock Throgmorton’s (THRG) annual results to 30 November 2020 saw it deliver a NAV total return of 9.1%, which was well ahead of the benchmark return of 3.8%. THRG’s market return was 8.2%, in another strong year for the UK smaller companies fund. Ability to short a defining feature but strong performance led by long positions […]
In QuotedData’s morning briefing 10 February 2021 – Syncona, a leading healthcare company focused on founding, building and funding global leaders in life science, made note of the news that its portfolio company, Autolus Therapeutics announced the pricing of its underwritten public offering in the United States of 14,285,715 American Depositary Shares (“ADSs”) representing 14,285,715 […]
St Modwen Properties has continued its focus on the thriving logistics property sector, which now accounts for 49% of its portfolio. In full year results to the end of November 2020, the company said this had grown from 39% a year previously and would accelerate growth. The group also has a strong focus on the […]
