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QuotedData’s morning briefing 22 July 2021

In QuotedData’s morning briefing 22 July 2021:

  • Riverstone Energy has sold its one-third stake in ILX Holdings III for about $172m in cash. This is equivalent to 1.0x the amount invested (they use the term MOIC, which stands for money on invested capital). The price is a 23% premium to the valuation at 31 December 2020. ILX III is a Houston-based joint-venture with Ridgewood, focused on the strategy of acquiring non-operated working interests in oil-focused exploration projects in the Gulf of Mexico. The money will be redeployed into investments in decarbonisation and low-carbon power generation, in-line with Riverstone Energy’s plans to transition its portfolio to a low carbon one.
  • Secure Income REIT has declared a quarterly dividend of 3.95p, up 8.2% on the previous quarter as rents recover from the effects of COVID.
  • Workspace Group says inquiries for space are now running at pre-COVID levels. It has collected 95% of rent due for the first quarter and 90% of rent due for the second quarter. Like-for-like occupancy is up 1.1% to 82.7%. However, rents are falling – by 2.4% on average to £35.69 per sq ft and, while customers are paying rent, they are only using 35% of the space that they were using pre-COVID. Workspace has three new projects coming on stream which will provide 117,000 sq ft of new and upgraded space.

We also have news that Apax has benefited from the Paycor IPO

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