In QuotedData’s morning briefing 15 November 2021:
- Sequoia Economic Infrastructure Income (SEQI) has refinanced and increased its existing multi-currency Revolving Credit Facility of £280m that was due to mature on 7 December 2021. The new £325m multi-currency Sustainability-Linked Revolving Credit Facility is provided by The Royal Bank of Scotland International, ING Bank, Macquarie and Raiffeisen Bank International, has a three-year tenor and benefits from a £75m Accordion Facility. An arrangement fee will be payable upfront in addition to a commitment fee on the undrawn portion of the new RCF on equivalent terms to the previous facility. The facility is sustainability-linked, with margin premium or discount linked to the ESG score of the SEQI investment portfolio as verified by an independent assurance process.
- Triple Point Social Housing REIT (SOHO) has completed the acquisition of a portfolio of 19 properties and exchanged contracts on a further two, comprising an aggregate of 185 individual units. In addition, the group has acquired a further five properties, comprising 38 individual units in total. The aggregate consideration paid for all 26 properties is £29.9m. The properties are located in Yorkshire (195 units), the West Midlands (16 units) and the North West of England (12 units). The group has taken over the existing FRI leases, which all have a remaining term of between 56 and 60 years (with tenant break options after 25 and 50 years), and has entered into new FRI leases in respect of each of the further three properties acquired for periods of 20 to 25 years. The leases are with housing associations regulated by the Regulator of Social Housing, including Highstone Housing Association, Inclusion Housing and Partners Foundation. The rents received under these leases are subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index.
- Primary Health Properties (PHP) has acquired the Bersted Green Surgery, West Sussex, for £5.34m. The property is a modern purpose-built primary care facility which is fully let to a substantial GP practice and a pharmacy. The lease has an unexpired term of over 14 years which is accretive to the overall portfolio WAULT. The transaction increases PHP’s portfolio to a total of 519 assets, of which 20 are in Ireland, with a contracted rent roll of over £139m.
- Tufton Oceanic (SHIP) raised $39m from investors last week and will issue 28,057,140 shares at a price of US$1.39.
- Holders of 8,721,365 Acorn Income shares opted to receive income shares in Unicorn UK Income Fund and holders of 7,095,322 shares opted for cash.
We also have a new issue from Ruffer, a placing from Nippon Active Value and Urban Logistics REIT and new acquisitions by Tritax EuroBox and LondonMetric.