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QuotedData’s morning briefing 22 October 2020


In QuotedData’s morning briefing 22 October 2020:

  • BMO Real Estate Investments has reported a 1.9% fall in NAV (from 96.6p to 94.8p) for the quarter ended 30 September and a negative 1.3% NAV total return. As expected, it is having problems collecting rent from retail tenants, which account for 25.9% of the portfolio (with retail warehouses a bit better than other forms of retail) but its balance sheet is not stretched – LTV of 25.2% – and it is paying dividends of 0.625p per quarter.
  • Oakley Capital is buying WindStar Medical GmbH, Germany’s leading over-the-counter consumer healthcare company. The platform, which is expected to generate over €120 million in revenues this year, offers a wide range of premium high-growth branded products in Germany, including SOS (wound care / disinfectants), Zirkulin (gastro-intestinal care), GreenDoc (mental wellbeing) and EyeMedica (eye health). WindStar Medical is also a provider of private label products to German drug stores and supermarkets. The trust is contributing £43m towards the acquisition price.
  • Aberdeen Standard European Logistics Income (ASLI) has entered into a new uncommitted four year €40m master facilities loan agreement with Investec Bank. Under the facility, the company may make requests for drawdowns at selected short-duration tenors as and when needed to fund acquisitions.

We also have a proposed capital raise by Shaftesbury, third quarter updates from AEW UK REIT and Town Centre Securities plus new news on Ground Rent’s problems with Beetham Tower in Manchester.

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