In QuotedData’s morning briefing 1 December 2021:
- Following the announcement on 3 November from BB Healthcare (BBH) that valid redemption requests in respect of 514,135 Ordinary Shares were received for the 30 November 2021 Redemption Point, the shares have been matched with buyers and sold at a calculated Redemption Price of 187.20 pence per share. It is expected that despatch of payments in respect of the valid redemption requests will be made on or around 14 December 2021.
- Yooma Wellness, one of the portfolio companies of SEED Innovations (SEED), has reported further growth and substantial operational progress over the three months to 30 September 2021. Ed McDermott, CEO of SEED, commented: “Yooma continues to integrate its existing operations with its recently completed acquisitions to leverage the global opportunities in the wellness and CBD sectors. The Company is achieving cost synergies and exploring new sales channels for its existing products through its buy-and-build strategy. Yooma has achieved significant revenue growth in the quarter and is now forecasting revenue for Q4 2021 in excess of US$5.0 million, or a US$20.3 million annualised run rate.”
- International Public Partnerships (INPP) has acquired additional interests in the Bradford and Lewisham Building Schools for the Future (‘BSF’) projects and interests in three healthcare Private Finance Initiative (‘Three Shires’) schemes. These interests have been acquired from Costain Pension Scheme Trustee Limited at a cost of c.£29.5m. The BSF Projects collectively comprise 14 schools providing education facilities to over 17,000 pupils across the Bradford and Lewisham areas in the UK while the Three Shires schemes comprise the design, build, funding and partial operation of four small community healthcare facilities under the Three Shires banner located in East Lincolnshire, Leicester and Derbyshire. The company’s investment will increase its share in the BSF Projects by between c.7% and 36% and provide a 50% share in each of the Three Shires schemes. The investment has been funded through the Company’s £250m revolving credit facility, which following the investment will be £137m drawn.
- Supermarket Income REIT (SUPR) has acquired a Sainsbury’s supermarket in Cannock, Staffordshire, for £75.8m, representing a net initial yield of 4.0%. The Sainsbury’s store opened in 1997 and was extensively refurbished in 2011. The 9.1 acre site comprises a 73,000 sq ft net sales area supermarket, a 12-pump petrol filling station and 490 car parking spaces. The store has a purpose-built online fulfilment centre which operates 12 vans. The asset is being acquired with an unexpired lease term of 15 years, with five-yearly, upwards only, RPI-linked rent reviews (subject to a 4.0% cap and 1.0% floor).
- Sirius Real Estate (SRE) has completed the acquisition of a business park in Neckartenzlingen, south of Stuttgart, for €34.5m. The transaction will be financed using existing cash resources and reflects an EPRA net initial yield of 5.6%. The Neckartenzlingen business park asset comprises 54,515 sqm of gross lettable area across three mixed-use buildings and is primarily comprised of production space (36%), warehouse space (30%) and out of town offices (27%) as well as other uses (7%). It is currently 80% let to two tenants in the electronics and communications sectors, at an average rent of €3.84 per sqm. The asset produces a total annualised rental income of circa €2.2m and has a WALE (weighted average lease expiry) of 8.1 years. Sirius has now completed nine acquisitions in Germany this financial year, representing a total investment volume of €153.9m. In addition, Sirius entered the UK market in November with the acquisition of BizSpace, a leading provider of regional light industrial, workshop, studio and out of town office units to a wide range of businesses for an enterprise value of £380m.
- UK Commercial Property REIT (UKCM) has announced the £25m forward funding transaction of three new warehouse units, known as Sussex Junction, which are currently under construction near Gatwick airport. It said the asset was expected to return a development yield of 5.8%. The development is due to complete in early summer 2022 when it will deliver around 107,000 sq ft of new multi-let industrial space across three units. Two of the units, covering 56% of the total, are pre-let on a 15-year lease to CGG Services, a global leader in geoscience technology, at an average rent of £13 per sq ft. The group said the development was being delivered to an institutional standard, with strong ESG credentials, and is expected to achieve a BREEAM ‘Very Good’ rating, as well as targeting an EPC A rating.
- The deadline for the results of the Alinda Capital Infrastructure IPO has passed and it looks as though it has failed to get away. Given the unqualified success of the Pantheon Infrastructure IPO this is perhaps surprising, but there have certainly been a lot of calls on investors’ cash over the past couple of months.
We also have a placing announcement from Chrysalis and the result of a placing from VH Global Sustainable Energy Opportunities.