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QuotedData’s morning briefing 2 November 2021

In QuotedData’s morning briefing 2 November 2021:

  • VH Global Sustainable Energy Opportunities (GSEO) says it has invested £30m of the £78m it committed to fund innovative net zero flexible power generation projects in the UK. The initial tranche will fund the construction of one project in Nottinghamshire, UK, consisting of a 10MW high efficiency combined heat and power with carbon capture and re-use plant.
  • Electra (ELTA)’s demerger of Hostmore completes today. The rump, mainly Hotter Shoes, will be renamed Unbound and trading will shift to AIM. It will no longer be an investment company.
  • The Apax Digital Fund, in which Apax Global Alpha (APAX) is a limited partner, announced an investment in Lever, a recruitment software company. On a look through basis, the trust is expected to invest approximately €2m.
  • Custodian REIT (CREI) has sold a 22,720 sq ft car showroom in Stafford for £4.9m, £1.15m (31%) ahead of the 30 June 2021 valuation, representing a net initial yield of 5.8%. The property is let to VW Group UK Limited and was purchased in July 2018 for £4.55m. Following the disposal, net gearing has decreased to 18.5%.
  • Law Debenture (LWDB) is issuing £20m of 2.5% series A senior secured notes and £30m of 2.53% series B senior secured notes. The funding date is today, 2 November 2021, with interest payable semi-annually. The principal repayment dates will be 2 November 2041 and 2 November 2050, respectively. Total structural borrowing will increase from £115m to £165m. The weighted average interest payable on structural borrowings falls from 4.59% to 3.97%.
  • Sirius Real Estate (SRE) has acquired an office and two business parks in Frankfurt, Erfurt and Essen in Germany, in separate transactions for a total of €45m. The acquisitions have been made using the proceeds of the company’s €400m  corporate bond issuance in June 2021 and will add a further 44,000 sqm of primarily office and industrial space to the company’s 1.5 million sqm portfolio.

We also have news of an acquisition and fundraise by Greencoat UK Wind, a fundraise by Schroder BSC Social Impact and a new investment by Round Hill Music.

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