In QuotedData’s morning briefing 30 September 2020:
- The growth capital sector company, Schroder UK Public Private (SUPP), released interim results to 30 June 2020. The NAV declined by 8.1% (the decline since 1 April has been 1.5%). The following is an extract from the accompanying manager’s report: “Over this reporting period, the impact of the pandemic on the performance of the portfolio has been particularly evident in the relative development of the public and private segments of the portfolio. The company’s quoted holdings experienced a high level of market volatility in the initial aftermath of the pandemic as evidenced in the first quarter NAV announcement. However, these sharp declines in prices have been followed by quick recoveries giving rise to a much stronger performance in the second quarter. By comparison, the values of the company’s unquoted holdings, however, have taken longer to fully reflect the impact of the current crisis which remained shrouded in uncertainty at the end of the first quarter. It is important to note that private asset values are a product of far more than simply delayed public market valuations. Fundamentally, private asset valuations are anchored on capturing idiosyncratic risks and returns of individual assets over longer investment periods. The nature of these valuation frameworks means that they are designed to provide comparative stability during times of market turbulence.”
- Triple Point Social Housing REIT (SOHO) has announced its intention to raise £70m in a placing. The issue price of 106p per share represents a discount of 1.9% to the closing price on 29 September and a 1.9% premium to NAV. The investment manager has identified a pipeline of investment opportunities worth £150m. The announcement was made with half-year results in which it reported a stable IFRS NAV per share of 105.34p.
- Retail landlord Hammerson has appointed a new chief executive. Rita-Rose Gagné will take up the hot seat at the end of the year to replace David Atkins. Gagné was most recently president of growth markets at Ivanhoé Cambridge where she had responsibility for $7.6bn of real estate assets across Asia Pacific and Latin America.
- Land Securities announced its chief financial officer, Martin Greenslade, was stepping down after 15 years in the job. He will step down in 2021 when a successor is appointed.
- CLS Holdings completed a £154m “green” loan with Aviva Investors secured on a portfolio of 12 UK properties. The loan replaces three existing loans of £67m, which were due to expire in 2020 and 2021. The loan has a loan to value covenant of 55% and is in two equal tranches that expire after 10 years and 12 years, an average fixed interest rate of 2.62%. A 10-basis point reduction in the margin will occur depending on specific sustainability targets being met.
- BMO Commercial Property Trust posted a 7.8% fall in NAV for the six months to 30 June 2020. The group’s NAV total return for the period was -6.7%. Capital values fell 5.2%. The group has now collected 83.7% of rents in the quarter to June 2020 and 81.2% so far in the quarter to the end of September.
We also have results from India Capital Growth, Manchester & London, and updates from 3i Infrastructure and Standard Life Private Equity.