In QuotedData’s morning briefing 23 July 2020:
- US Solar Funds says its fifth acquisition – a 61MWDC portfolio of four utility-scale solar plants in Oregon – has commenced operations. The company has reiterated its target of a fully cash covered 5.5 cent dividend in 2021.
- RDI REIT has let its recently completed 168,154 sq ft industrial and distribution development at Unit 1B, Link 9, Bicester, to Arrival Automotive Ltd. The UK-based electric van maker will now occupy both units 1A and 1B totalling approximately 288,000 sq ft. The scheme is now fully let. The new lease will run co-terminus with Arrival Automotive’s existing 15 year lease on unit 1A, which was agreed in December 2019. Both leases expire in December 2034 with no breaks, at a total annual rent of £2,335,000, subject to five-yearly reviews to the higher of open market rental value and RPI capped and collared at 2% and 4%. The development and subsequent lettings have achieved a 7.5% yield on cost.
- SQN Secured Income is to drop ‘SQN’ from its name, following the change of manager to KKV.
- Marble Point Loan Income is reinstating its quarterly dividend at a rate of 2 cents per share.
- Tiger Resource Finance is now Tiger Royalties and Investments
- Hipgnosis has secured an increase in its debt facility from $150m to $400m. The facility is provided by a syndicated group of lenders, with JPMorgan Chase Bank as lead arranger. The loan comes with some covenants – maximum 40% LTV, one year’s total costs to be held in cash or covered by undrawn facility and the facility cannot exceed 4.5x the net publisher’s share of income on the catalogues owned by the fund.
- JPMorgan Global Emerging Markets Income has agreed a fee cut from 1% of NAV to 0.9%. This takes effect on 1 August.