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QuotedData’s morning briefing 15 July 2021

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In QuotedData’s morning briefing 15 July 2021:

  • Schroder BSC Social Impact (SBSI) has invested a further £5m into Social and Sustainable Housing LP (SASH), following its first £5m commitment in December 2020. The holding sits in SBSI’s high impact housing allocation of its portfolio. Following this development, the trust’s portfolio is now 97% committed, with 66% of net proceeds of its IPO now invested. SBSI manager, Jeremy Rogers, said: “We are pleased that this follow-on commitment will enable SASH to provide more investment capital to charities that have deep local knowledge and experience in delivering housing and support services to vulnerable people, while aiming to generate resilient, inflation-linked returns for investors.”
  • SDCL Energy Efficiency Income (SEIT) has released its full year results for the 12 months ended 31 March 2021. During this time, the trust delivered an 8% NAV return while dividends paid during the year totalled 6.625p. Beyond combined heat and power, solar, storage and district energy, the manager is evaluating investments in heat pumps, micro grids, cooling, low carbon fuel for transport (including green gases as well as electricity) and hydrogen.
  • Gore Street Energy Storage (GSF) has posted its annual results for the year to 31 March 2021, which includes a staggering 192% NAV increase. The share price return for the period was 18.2%, slightly behind its benchmark FTSE All-Share which was up 23.3%. A 1p per share dividend will be paid next month. Investment advisor, Alex O’Cinneide, said: “I am delighted to report that Gore Street had another exceptional period of successful growth as we continued to deliver successfully against our strategy and targets, delivering attractive returns to our investors in an important ESG sector. We grew substantially during the year with our portfolio of assets totalling 520 MW in aggregate, of which 210 MW is already operational, delivering strong cashflows for the company and underpinning quarterly dividends to our shareholders. During the period, we successfully raised a total of £90.7 million and post period-end raised a further £135 million in April 2021. This reflects the ongoing momentum of attractive opportunities in our pipeline, in May 2021, we acquired Stony Energy Storage Limited, an 80 MW project and our largest single asset acquisition to date.” 
  • Supermarket Income REIT (SUPR) has amended its investment advisory fee to allow for an additional fee level of 0.4% of net asset value over £2bn. The group said this showed its desire to grow to a multi-billion pound company and ensures shareholders benefit from economies of scale as it grows. The investment manager’s notice period to terminate its services will be extended to two years, from the current one year, from 1 July 2022.
  • Regional REIT (RGL) has updated on rent collection figures for the current quarter, in which it has received 90.9% with a further 2.2% coming in monthly payments and 1.6% on agreed collection plans. It has now received 96.5% of the previous quarter’s rent.
  • Hammerson (HMSO) has also updated on rent collection stats, and has collected 79.9% of the £264m rent billed in 2020 (£26m waived, written off or not yet due and £27m still outstanding); and 55.8% of the £154m billed in 2021 so far (£15m waived, written off and not yet due and £53m still outstanding).
  • Central London office developer Helical (HLCL) has said it has seen a “marked increase in enquiries from potential tenants” as confidence returns to the letting market. In a trading update, the group said “best-in-class offices will outperform in a bifurcated market”. HLCL has received 87.3% of rent for the current quarter, with agreements in place on a further 6.7% to be paid by the end of September 2021. It said it anticipates collecting between 94% and 96% by the end of the quarter.

We also have full year reports from Aberdeen New Dawn.

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