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QuotedData’s morning briefing 11 June 2021

QuotedData Morning briefing

In QuotedData’s morning briefing 11 June 2021:

  • Grainger, the UK’s largest listed residential landlord, has acquired The Forge, in Newcastle, a Build-to-Rent (BTR) asset comprising 283 rental apartments, for £57m from Moorfield Real Estate Fund III. The purchase price represents a gross yield of 6.25%.

  • Target Healthcare REIT has completed the acquisition of a luxury care home in Scotland for £33m and has also acquired a site in Buckinghamshire and contracted to forward fund the subsequent development of a pre-let care home.

  • International Public Partnerships (INPP) says that Ofgem has published a notice under Section 8A of the Electricity Act 1989 on 9 June 2021 relating to the Beatrice Offshore Transmission project, which is a key step towards reaching financial close on the investment that INPP expects to make in the project. INPP expects to invest around £ 50 million into the project upon financial close, which is anticipated to be in July 2021. The project will be the Company’s eighth Offshore Transmission project investment and relates to the transmission cable connection to the offshore wind farm located in the Outer Moray Firth, approximately 13.5km off the Caithness coastline in Scotland. The wind farm consists of 84 x 7MW wind turbine generators with an installed capacity of 588MW connected to two offshore substation platforms (‘OSP’) located within the boundaries of the Beatrice wind farm. It is Scotland’s largest operational offshore wind farm. The Beatrice OFTO will transmit green electricity equivalent to around 450,000 UK homes, increasing the number of homes that are powered by the Company’s OFTO portfolio to approximately 1.8 million homes.

We also have results from Aberdeen New India (despite a strong rebound in its NAV, it underperformed its benchmark), and Stenprop. Meanwhile, Sigma Capital Group has received cash offer by private equity company PineBridge Benson Elliott, Seraphim Space Investment Trust has issued an intention to float and Third Point Offshore has announced details of an exchange facility that require a minimum $10m investment

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