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QuotedData’s morning briefing 6 October 2021

BBGI buys stake in Canadian hospital

In QuotedData’s morning briefing 6 October 2021:

  • Apax X, of which Apax Global Alpha (APAX) is a limited partner, has signed a definitive agreement to acquire a majority ownership stake in Eating Recovery Center, a leading provider of eating disorder and mood and anxiety treatment in the US, in partnership with Oak HC/FT and management. The transaction is expected to close in Q4 2021, subject to customary closing conditions. On a look through basis, APAX is expected to invest approximately €23m in the company, depending on final closing arrangements.
  • The board of Jupiter Emerging & Frontier Income (JEFI) has noted the marked improvement in performance of the trust for the 2020/21 financial year which ended on 30 September 2021. The NAV return was 28.8% while the total return was 31.7%, both outperforming the MSCI Emerging Markets Index return of 13.7%. The board said this was achieved in part because of an underweight position in China and its exposure to companies in frontier markets which do not form part of the benchmark. JEFI has also restored its level of dividends to that seen before the pandemic. The current yield stands at 4.1%, and the board intends to grow quarterly distributions.
  • Symphony International Holdings (SIHL) has invested in House of Kieraya (HoK), a pan-India online furniture and lifestyle brand. The funding round, led by Symphony, included investments from Signet family office and The Parekh family office of Nilkamal. SIHL’s investment was less than 5% of its NAV. The fresh capital will go toward the growth of HoK’s existing digital-first brands and in building new consumer offerings. Ajith Karimpana, founder and CEO of HoK, said: “Our goal is to create brand affinity among consumers who are at different stages of their lives, with changing lifestyle needs. The funds we have raised will help us reach our goal of dominating the furniture segment through additional investment in our design and technology elements.”
  • Hibernia REIT (HBRN) has sold One and Two Dockland Central office complex in Dublin to Commerz Real AG for €152.3m. The price was marginally ahead of the March 2021 book value and reflects a net initial yield of 4.75% and a capital value of €1,032 per sq ft for the office accommodation. The property consists of 147,500 sq ft and is fully let to a range of occupiers, primarily from the technology, banking & capital markets and state agency sectors, with contracted rental income of €8.0m per annum. Hibernia purchased One and Two Dockland Central in July 2014 for €90.8m, equating to a net initial yield of 6.6% and a capital value of €629 per sq ft.  A further €21m was invested in refurbishing and expanding the office accommodation and facilities. The sale price gives Hibernia an ungeared IRR on its investment in excess of 12%.  The net sales proceeds are expected to be reinvested in Hibernia’s near term development pipeline.
  • Schroder Real Estate Investment Trust’s (SREI’s) chairman Lorraine Baldry has announced she is to retire as chairman at the end of July 2022. Alastair Hughes, the current senior independent director of the company, will succeed her as chairman with effect from 31 July 2022.
  • Investment Week has a story that the Blackfinch Renewable European IPO has been pulled and yesterday the Times carried a story that the Responsible Housing REIT IPO has been put on hold.
  • James Agar, fund manager for the Ground Rents Income Fund (GRIO) since its IPO in 2012, has stepped down from his role at Schroder Real Estate James was part of the team taken on by Schroders in May 2019 from the previous manager, Brooks Macdonald. Chris Leek (also ex Brooks Macdonald) assumes day to day responsibility for the portfolio, reporting to Nick Montgomery, head of UK Real Estate. Chris will continue to be based in Manchester with the core team working on the fund. The board remains supportive of the Schroders team as it works to deliver improved returns in advance of the continuation vote, which is to take place no later than August 2023.

We also have full results from Ruffer.

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