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QuotedData’s morning briefing 6 August 2020

In QuotedData’s morning briefing 6 August 2020:

  • VinaCapital Vietnam Opportunity has completed its sale of its stake in International Dairy Products. The fund shares $45.4m with its co-investment partner Daiwa PI Partners. All in, this deal added 14 cents to the NAV but this is already in the NAV (has been reflected there since 10 July).
  • Warehouse REIT has collected 94% of rents due in June. 27% of rents are now covered by monthly in advance payments. On 21 July it sold seven smaller, non-core assets for £9.9m, reflecting a blended net initial yield of 6.1%. These sales were in line with the 31 March valuation. The manager is making progress on a £346m pipeline of opportunities – the company has £111m of cash and £63m of undrawn facilities to pursue these – is another fund raise on the way?. A planning application is in for a combined 803,000 sq ft of new high-bay warehouse units, ranging from 60,000 sq ft to 340,000 sq ft at Radway Green, the company’s 25-acre multi let industrial estate located at Junction 16 of the M6 motorway in Cheshire.
  • Triple Point Social Housing REIT has completed the acquisition of 16 properties, comprising 70 individual units in total for £9.6m. CPI-linked, upward only leases of between 20 and 40 years have been entered into with care providers or housing associations, including Blue Square Residential, Inclusion Housing, Keys Group and Sandwell Community Caring Trust. There is no problem with rent collection.
  • Ediston Property says it will have collected 90.4% of the current quarter’s rent – if the tenants who paid monthly for July and August continue to make payments for September. the company is paying a monthly dividend of 0.3333p. This could be covered between 1.3x and 1.4x.
  • UK Commercial Property REIT’s NAV return was -2.3% over the second quarter of 2020. The NAV ended June at 83.9p. As at close of business on 3 August 2020, the company had received payments reflecting 74% of rents due for the third quarter of the year – roughly the same as the previous quarter. The dividend is maintained at 0.46p.
  • Monks has issued £100m of debt in the form of two private placement notes – £60 million with a fixed coupon of 1.86% to be repaid in 2054 and £40 million with a fixed coupon of 1.77% to be repaid in 2045. Coupons will be payable semi-annually. The funding date for both tranches is the 7th August 2020.
  • NB Global Floating rate will hold a 40% tender at a 2% discount. It also plans to broaden its remit to include distressed debt, CLO tranches, mezzanine debt and loans arranged by the manager. [The exit opportunity looks like the attractive option to us given that the dedicated distressed fund has not made money for investors and there are plenty of other funds providing dedicated access to CLOs and direct lending.] The board has promised a wind up if the NAV is less than £150m after 2022. There will also be six-monthly tenders at a 2% discount from June 2022.

We also have an acquisition by Stenprop, an electric vehicle charging investment by SDCL Energy Efficiency, results from Pantheon and BMO Managed Portfolio, an update from Civitas and a rights issue by Hammerson.

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