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QuotedData’s morning briefing 29 June 2021

Civitas Social Housing - Solid foundations for future growth

In QuotedData’s morning briefing 29 June 2021:

  • Civitas Social Housing (CSH) has acquired three supported living properties and exchanged on one further property for a total consideration of £2.5m. All properties are based in the East of England and are self-contained single occupancy properties which have been specially adapted for adults with learning disabilities and mental health care needs. They are leased to Chrysalis Supported Association, with rents adjusted in like with CPI over the full-term on an annual basis, and are subject to a lower limit of inflation of 0% and a maximum indexation of 4% per annum.  The properties also benefit from nomination agreements with their respective local authorities that support the rental income for between ten and twenty years.
  • Aberdeen Standard Equity Income (ASEI) has agreed a new £30m revolving credit facility with the Royal Bank of Scotland. It will use the proceeds drawn to repay in full the existing £20m revolving credit facility and the remainder will be drawn in due course for investment purposes. The new facility will expire on 25 June 2023.
  • Chrysalis Investments’ (CHRY) adviser Jupiter IM has entered a cornerstone agreement with cosmetics company Revolution Beauty as part of its expected IPO, anticipating an investment of around £45m. Chrysalis met the brand as part of a ‘pilot fishing” exercise and believes it is a significant runway for growth. While CHRY’s primary goal is to secure access to exciting companies prior to their IPOs and capture their subsequent growth in private markets, one of its other aims is to position itself favourably at point of IPO to secure a good allocation. ,Co-managers Nick Williamson and Richard Watts, said: “Over the last seven years, Adam and Tom have (Revolution Beauty’s CEO and executive chair) built an amazing company, able to bring exciting products that customers want to market significantly faster than its competition. With a small market share in a huge market and a compelling customer proposition, we believe Revolution Beauty is well placed to grow aggressively in the years ahead.”
  • John Laing Group (JLG) has increased its equity stake in its current shareholding of the Denver Eagle P3 infrastructure project in Denver, Colardo, from 45% to 50%, representing an additional $14m (£10m). Since investing in Denver Eagle, John Laing has played an active role in the delivery of the project through construction and operations in 2019, holding key positions within the project company and at board level, including as CEO. JLG has worked closely with its partners throughout each phase of the project and most recently led and secured a refinancing at the end of last year, resulting in improved cash yields and a gain share with RTD.
  • Aseana Properties has requested a suspension of trading in its shares as it is not in a position to file its 2020 accounts by the 30 June deadline – the issue is said to be COVID-19 restrictions in Malaysia and Vietnam affecting the audit.

We also have interim results from Standard Life Private Equity.

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