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QuotedData’s morning briefing 12 October 2021

In QuotedData’s morning briefing 12 October 2021:

  • Shareholders approved the liquidation of St Peter Port Capital (SPPC) yesterday. The company was launched in April 2007 to invest in pre-IPO companies but was caught holding a lot of resource companies that didn’t IPO when expected.
  • Partners Group says that its funds, including Princess Private Equity (PEY), have sold 25% of Foncia to TA Associates. Foncia is a European residential property management services company. The deal was struck at a small discount to Foncia’s end August valuation, implying a hit of about EUR3.5m to Princess Private Equity’s NAV.
  • Literacy Capital (BOOK) has issued 52,500 warrants to Jeroen Sibia, a member of the management team. The warrants have an exercise price of 286p, which compares to last night’s close of 285p.
  • Schroder European Real Estate Investment Trust (SERE) reports a 1.1% increase in the value of its portfolio to €201.1m in the quarter to 30 September 2021. It says this was primarily due to an improved yield re-rating at its Hamburg office investment, delivering a valuation increase of €1.2m, or 5.5%, and an improved ERV growth and yield re-rating at its Stuttgart office investment, delivering a valuation increase of €1.1m, or 5.6%. It also reports that it has collected around 95% of rent due for the quarter ended 30 September 2021. This is an increase on the March (92%) and June (94%) 2021 quarters. The company intends to declare two further dividend distributions with a target of around 4.75 cents per share each, by way of special dividend, over the next nine months, allowing shareholders to benefit from the profit associated with the successful execution of the Paris, Boulogne-Billancourt business plan.
  • Acorn Income Fund (AIF)’s shareholders approved the plan to liquidate the fund and the rollover option into an open-ended fund managed by Unicorn. The fund has been placed into liquidation. A further announcement is expected to be made on or around 10 November 2021. The ZDPs are getting paid their full entitlement on maturity next February. The payment will be made early but the company has not announced when that will be yet.
  • Hipgnosis Songs Fund’s manager has done a deal with Blackstone. Blackstone are buying a stake in the management company and the company is launching a new partnership, backed by funds managed by Blackstone, which will initially deliver c.$1 billion to acquire music rights and manage catalogues. The quoted fund will co-invest in future deals alongside this new partnership.

We also have results from PRS REIT.

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