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QuotedData’s morning briefing 25 October 2021

In QuotedData’s morning briefing 25 October 2021:

  • Schroder Asia Pacific (SDP) has appointed Julia Goh as an independent non-executive director, with effect from 25 October 2021. She will also be a member of the audit and risk, nomination and management engagement committees. Her 27 years of broad-based financial services experience includes being a managing director at Barclays Investment Bank from 2010-2018 in various senior front office positions as well as senior roles at Credit Suisse from 1998-2009. Prior to that, she was a risk manager at Nomura International.
  • Fidelity Emerging Markets (FEML) has completed its tender offer of 30,366,688 participating redeemable preference shares of no par value. All shares have been repurchased and cancelled. FEML’s issued share capital now consists of 91,100,066 shares carrying one vote each.
  • Custodian REIT (CREI) has sold a 42,289 sq ft car showroom in Stockport for £9.0m, 18% ahead of the 30 June 2021 valuation, representing a net initial yield of 6.7%. The property is let to Williams BMW and Mini and was purchased in July 2017 for £8.8m. Following the disposal, net gearing has decreased to 19.5%.
  • Greencoat Renewables (GRP) is buying a 101.1MW wind farm in Norrbotten County, Sweden from Enercon. The Ersträsk South wind farm consists of 26 Enercon E103 and 10 Enercon E126 turbines and was fully commissioned in January 2021. Enercon will continue to provide long term operations and maintenance services. This is Greencoat Renewables’ first transaction in Sweden, expanding the operating presence in the Nordics, which benefits from the ability to develop renewable energy projects on an unsubsidised basis. Ersträsk South forms part of a large emerging cluster of renewable generation in the Markbygden area, with a potential installed capacity of 4GW. Currently the wind farm is contracted as a merchant asset exporting electricity into Nordpool but has the flexibility in the future to contract the electricity produced via a corporate PPA. The acquisition will be financed by a drawdown from the existing revolving credit facility. Following the acquisition and post the closing of the recent fundraise, Greencoat Renewables’ total borrowings will represent 40% of its gross asset value.

We also have a change of management arrangements by EP Global Opportunities, IPO plans from Atrato Onsite Energy and plans to move to a main market listing by Urban Logistics REIT.

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