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QuotedData’s Morning Briefing 4 December 2020


In QuotedData’s Morning Briefing 4 December 2020:

  • Downing Renewables & Infrastructure Trust (DORE) has successfully raised gross proceeds of £122,500,000 in its IPO at an issue price of 100 pence per Ordinary Share. QuotedData wrote an IPO note on the company – click here to read – which will look to provide sustainable income streams, with an element of capital growth for its shareholders, by investing the proceeds in a portfolio of renewable energy and infrastructure assets diversified by technology, geography, project stage and revenue type. It believes that such diversification reduces the overall risk whilst increasing the consistency and stability of revenues.
  • Hipgnosis Songs Fund (SONG) has released its interim results for the six months ended 30 September 2020. At the period end, SONG had invested approximately £1.18 billion through the acquisition of 117 Catalogues on a blended acquisition multiple of 14.76x historical annual net income, resulting in interests in 57,836 songs. During the period, SONG says that its “Operative NAV” increased by 7.4% to 125.35p (31 March 2020: 116.73p), Net revenue from the portfolio increased to £44.8 million (30 September 2019: £22.6 million), and  Dividends of 2.5p were paid during the period, representing a Total NAV Return, excluding the FX impact, of 12.0% for the six month period.
  • Separately, Hipgnosis Songs Fund (SONG) has announced that it is contemplating another equity raise. It says that the net proceeds of the July 2020 and September 2020 equity fundraises have been deployed into high quality and attractive Catalogues, and that the C Shares from the July 2020 fundraise have today been converted into Ordinary Shares. SONG says that its investment adviser “continues to see attractive pricing on Catalogues of the finest quality and is in active discussions on a pipeline with an acquisition value of approximately £1 billion”. Consequently, SONG is now exploring the most appropriate way of funding further investments, including a potential equity raise, with a view to delivering further value for its shareholders. 
  • Stenprop has announced its interim results for the half-year ended 30 September 2020, which it says show continued progress towards the Company’s goal of being a specialist UK multi-let industrial (“MLI”) REIT by March 2022, as well as a strong performance during the period under review. During the Period, Stenprop saw growth of 4.3% in its EPRA Net Tangible Assets (‘NTA’) per share to £1.44 (31 March 2020: £1.38), which it says was driven by an asset management led uplift in property values, with like-for-like total portfolio valuation growth of 4.4%. It also saw a 4.4% increase in diluted IFRS net asset value per share to £1.43 (31 March 2020: £1.37). It also maintained a fully covered dividend of 3.375 pence per share for the period.

We also have Aquila European Renewables Income’s purchase of the Albeinz Solar PV construction project in southern Spain, a major letting for Great Portland Estates at The Hickman in Whitechapel and Landsec’s sale of 1 & 2 New Ludgate to Sun Venture.

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