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QuotedData’s morning briefing 9 August 2021

In QuotedData’s morning briefing 9 August 2021:

  • Schroder UK Public Private (SUPP) has made a $13.7m investment in neobank, Revolut, as part of the business’ $800m Series E funding round  which values it at $3bn. The investment is in line with SUPP’s focus on backing innovative businesses founded in the UK with disruptive innovations, significant global growth potential, high quality management teams and supported by highly reputable co-investors. Co-managers,Tim Creed and Ben Wicks, said: “Revolut is the single most high-profile Fintech company to emerge from the UK offering a full range of banking services for consumers and small businesses. Across key metrics, Revolut is the clear market leader relative to its peers, placing it at the forefront of Europe’s nascent Fintech revolution. We are very excited about the significant opportunity ahead of this highly-disruptive business and remain optimistic about sourcing other similarly attractive opportunities as we continue making new investments”.
  • Octopus Renewables Infrastructure (ORIT) has invested €7.5m (c.£6.4m) into Simply Blue Holdings, the parent company of the Simply Blue Group, a developer of sustainable marine projects focused on floating offshore wind. The firm has developed a pipeline of over 9GW of floating offshore wind projects to-date, primarily in the waters of the UK and Ireland. With a background in marine development, it also has interests in wave energy and ancillary interests in sustainable aquaculture. The investment, which is a co-investment alongside another fund managed by Octopus Renewables, gives it a 12% interest in Simply Blue Group. Phil Austin, chairman of ORIT, said: “I am pleased to announce ORIT’s first investment into a renewable energy developer, as well as our first investment in the fast-growing offshore floating wind sector. This investment will further diversify ORIT’s potential to create capital growth and may in time bring opportunities to invest in construction-ready assets arising from SBG’s development pipeline.”
  • LondonMetric Property (LMP) has sold a retail park in Kirkstall, Leeds, for £25.2m, to a UK institutional investor, representing a 15% premium to the 31 March 2021 book valve and crystallising a total return on cost of 27%. The 120,000 sq ft Kirkstall Bridge Shopping Park was developed by LondonMetric in 2015 after acquiring the site in 2011. Following the recent re-letting of a 21,000 sq ft unit to The Range, the 18 unit park is fully let to occupiers including Home Bargains, Smyths Toys, Iceland, Pets at Home and JD Sports, with a WAULT of 8 years (6 years to first break).
  • Tufton Oceanic (SHIP) says that it raised gross proceeds of US$12.4m via an issue of 10,533,763 tap issue shares at a price of US$1.18 per share. The issue was materially oversubscribed.
  • BMO Real Estate Investments (BREI) is asking shareholders to approve a change in its investment policy. As it sells its retail property and reinvests in industrial property, it looks likely to breach a 50% limit on exposure to industrial property. The board plans to remove all restrictions on exposure to any sector.

We also have interim results from Smithson and a new music catalogue acquisition from Hipgnosis.

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