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QuotedData’s morning briefing 5 October 2021

HBM Healthcare tops biotech trust league in 2017

In QuotedData’s morning briefing 5 October 2021:

  • Following shareholder approval, BioPharma Credit (BPCR) is transferring to a listing on the Official List of the Financial Conduct Authority and to trading on the Premium Segment of London Stock Exchange’s Main Market. It has also created a sterling line of stock – ticker BPCP – which will be identical to the existing US dollar shares except for the currency that they trade in. [This is great news for retail investors who should now find it much easier to invest in these shares if they want to.]
  • Octopus Renewables Infrastructure (ORIT) has bought two onshore wind farms currently being built in Poland from the PNE Group, an experienced German developer of wind projects across Europe. The “Krzecin” and “Kuslin” wind farms, with a combined capacity of 58.8 MW once completed, will benefit from a high percentage of fixed price revenues under the Polish CfD scheme, until 2038. Construction of the “Krzecin” wind farm in the north-west of Poland and the “Kuslin” wind farm in western Poland commenced in Q4 2020 and these projects are expected to be commissioned in Q4 2021 and in mid-2022 respectively. Total investment amount including debt funding for both projects is expected to be PLN 568m (c.£105m). The projects are financed by the European Bank for Reconstruction and Development and BayernLB. Onshore wind capacity in Poland reached 5.9 GW by 2019, and has been growing since following the success of the CfD scheme introduced in 2018. Poland also has ambitious plans for growing its offshore wind and solar sectors over the coming years.
  • The Great Ropemaker Partnership, a 50:50 joint venture between Great Portland Estates (GPE) and Ropemaker Properties (the property nominee of the BP Pension Fund) has sold 160 Old Street, EC1 to a fund advised by J.P. Morgan Global Alternatives. The headline price of £181.5m reflects a 5% premium to the March 2021 valuation. The building was comprehensively refurbished by the partnership in 2018 to provide 166,300 sq ft of high-quality accommodation arranged over lower ground, ground and eight upper floors. The office space is 70% let to Turner Broadcasting to 2034. The balance of the office and retail space is let to a variety of occupiers including Robert Bosch, Pusher and Sensat Surveying together with a small amount of vacant space and some near-term asset management opportunities.
  • Tufton Oceanic Assets (SHIP) says its NAV at the end of September was $1.368. Rates for charters have risen by so much that the portfolio would be worth more siting idle than engaged on charters – the manager says the value of the fleet if it were charter-free would be $488.3m while its with-charter value reflected in the estimated NAV is $361.6m.
  • BMO Real Estate Investments (BREI) has acquired two freehold properties for £19.4m. The first property, an industrial asset in Colnbrook, Heathrow, was acquired for £12.1m and a net initial yield of 4.0%. The second property comprises a retail warehousing scheme in Banbury, Oxfordshire, occupied by home-improvement tenants Wickes and Topps Tiles for a further 4.2 years. The property was acquired for £7.3m, reflecting a net initial yield of 6.3%. The acquisitions follow the disposal of the office property Marlborough House, St Albans, in July 2021, which was sold at a premium of 8% to the Q2 2021 valuation, and in advance of the lease expiry in early 2022.
  • Secured Income Fund is undertaking a review of a loan that had a book value of £5,619,975 at 30 June 2021. The carrying value of the loan had been based upon repayment of the loan at the end of September, which has not yet occurred due to a delay in the borrower obtaining refinancing elsewhere. The review of the loan is expected to result in a substantial increase in provisioning. KKV is working proactively with the borrower to ensure the best possible outcome for shareholders. A further announcement will be made once the review is concluded.

We also have results from Bluefield Solar Income and Schroder British Opportunities

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