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QuotedData’s morning briefing 16 August 2021

In QuotedData’s morning briefing 16 August 2021:

  • NB Global Monthly Income (NBMI) has invested in a new 2nd lien senior secured loan from Parexel, which came to the market in July. The company helps pharmaceuticals manage and execute clinical trials. Following a 3-year turnaround plan under a new management team, NBMI believes it is well positioned to capitalise on the expected growth in R&D spend in the industry. The 2nd lien term loans due 2028 priced at 98 with a 700bps margin above SONIA.
  • Bluefield Solar Income (BSIF) has completed the acquisition of an operating portfolio of 109 small scale onshore wind turbines, for approximately £63m, and the grid connection and associated land, ready to build a 45MWp solar asset and co-located 25MWp battery project for approximately £5m. Construction is expected to begin in 2022. John Rennocks, chair of BSIF, said: “Following strong support from our shareholders in the recent oversubscribed equity raise, we are delighted to have completed the acquisition of the 109 wind turbines outlined in the Company’s recent prospectus, as well as our first co-located solar and energy storage project. Both investments mark important steps in fulfilling Bluefield Solar Income Fund’s strategic objective of adding complementary renewable assets, up to 25% of GAV, to its high performing UK solar portfolio.”
  • Literacy Capital (BOOK) has released its inaugural interim results for the six months to 30 June 2021, following its IPO earlier this year. During the period, its NAV was up 28.2%. Growth was driven by good progress from several portfolio companies, but especially from RCI Health Group and Grayce, which, the manager says, continue to enjoy strong demand for their services. Investment manager, Richard Pindar, said: “Despite the challenges posed by Covid-19, several of our businesses are exceeding our expectations. In particular, many of our larger assets are enjoying buoyant demand and strong momentum, which we expect to fuel further NAV uplifts in H2 2021. Looking ahead, due to the growth, strong trading and cash generation of several of our portfolio companies, we believe we can unlock opportunities to generate cash from the portfolio to finance future new portfolio company investments for Literacy Capital. This ensures we can avoid falling into the trap of selling high performing investments prematurely.”
  • Custodian REIT (CREI) has sold a 31,062 sq ft retail warehouse unit in Galashiels for £4.5m (67% ahead of the 30 June 2021 valuation) representing a net initial yield of 5.73%. The property was purchased in May 2017 for £3.1m and has a current weighted average unexpired lease term (WAULT) of 3.3 years. Following the disposal, net gearing has decreased to 23.7%.
  • Grit Real Estate (GR1T), the African real estate investor, has released an operational update in which it has collected 92.5% of rent for the year to 30 June 2021. Its office, corporate accommodation and industrial portfolios (which account for 51% of the portfolio) recorded 100% or near 100% collection rates. Its retail portfolio saw 90.2% collected, while its hospitality portfolio saw 77.2% collected. Overall, the group has agreed rent deferrals on 2.3% of rent during the period and agreed concessions on a further 5.6%.
  • RTW Venture Fund is considering issuing new ordinary shares at $1.90, a 6.7% premium to the 31 July 2021 NAV.

We also have news of a sale by LondonMetric.

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