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QuotedData’s morning briefing 12 May 2021

Schroder Income Growth continues to increase dividends

In QuotedData’s morning briefing 12 May 2021 –

  • Schroder Income Growth’s (SCF’s) reported interim results to 28 February 2021, with the NAV returning 16.1% (compared to 12.0% delivered by the FTSE all-share index.). SCF’s share price outperformed the NAV, with a total return of 19.6%.
  • Law Debenture (LWDB) announced yesterday evening that further to the recent announcement regarding the issuance of shares for the purpose of refinancing the acquisition of the UK company secretarial business from Eversheds Sutherland, the amounted targetted to raise has increased from £20m
  • LXI REIT (LXI) has fully deployed the £125m it raised in March with an agreement to forward fund a portfolio of Costa Coffee drive-thrus and an industrial asset for £36m. The nine drive-thru units will ve built in the car park of Morrisons supermarkets and are located across the UK. The industrial facility is located in the Midlands. Together, the acquisitions have an unexpired lease term to first break of 22 years with index-linked rental uplifts. The group said it would make further acquisitions using its revolving credit facility.
  • Great Portland Estates (GPOR) has completed the letting of 18 Hanover Square with a 16,500 sq ft letting to a financial services company. The nine-storey building is produces an annual rent of £14.8m and has a weighted average unexpired lease term (WAULT) of 15.7 years.

We also have updates from Polar Capital Global Financials, as it set out its growth plans, and RM Secured Direct Lending, which is set for a change in name to RM Social & Environmental Infrastructure Income. Additionally, we reflect on a major development in the shareholding relationship between South Africa-based Naspers and Prosus, its Netherlands-based technology-focused spinoff listing. Naspers is best known for being one of Tencent’s largest shareholders. Aberdeen Emerging Markets and AVI Global stand to benefit, as we discuss.

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