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QuotedData’s morning briefing 16 December 2021

In QuotedData’s morning briefing 16 December 2021:

  • Triple Point Social Housing REIT (SOHO) says that Parasol, a registered provider focused on the supported housing sector, has been deemed non-compliant with regards to elements of the  Regulator’s governance and financial viability standard. The Regulator would like to see Parasol demonstrate improvement in the areas of business planning and risk management. As Parasol had fewer than 1,000 social housing units under management based on the most recent statistical data return, no formal rating was given. The fund has 38 assets worth £60m leased to Parasol. Parasol represents 10% of the portfolio value and 10.2% of the rent roll. Rents are still being paid and to date, the fund has been paid approximately 98.3% of rent due for the year.
  • 3i Infrastructure has agreed to take part in a fundraising to invest a further €25m into VALOREM, raising its stake to about 33%. VALOREM is one of the largest independent renewable power producers and developers in France, with additional operations in Finland and Greece.
  • Industrials REIT (MLI) will start trading on the premium segment of the main market (transferring from the specialist funds segment) on 20 December.
  • GCP Student Living (DIGS)’s takeover has been approved by shareholders and the High Court. Its shares will be suspended from dealing on 20 December.
  • Schroders is considering the potential acquisition of a stake in Greencoat Capital LLP, the investment manager to Greencoat UK Wind (UKW). Any such transaction would relate to Greencoat Capital LLP, not Greencoat UK Wind. The fund’s board says that should a transaction proceed, it would not impact Greencoat Capital’s role as investment manager to Greencoat UK Wind.
  • CLS Holdings (CLI) has secured five leases across its German office portfolio, totalling 91,865 sq ft (8,535 sqm), in Cologne, Essen, Berlin and Munich. The Federal State of North Rhein-Westphalia has agreed a 10-year lease for 35,908 sq ft (3.336 sqm) of space at Office Connect, Wilhelm-Jacob-von-der-Wettern-Strasse 27, Cologne. The multi-let property is located in the Cologne Airport Business Park. The second lease is for 28,062 sq ft (2,607 sqm) on a 10-year term with an educational institution at The Brix, Kruppstraße 16, Essen. The Brix was acquired by CLS on 1 April 2021 with 28% vacancy and, following the above letting and others, it is now over 90% let. The third lease is for 14,176 sq ft (1,317 sqm) with Humboldt University for a seven-year lease at Adlershofer Tor, Rudower Chaussee 12, Berlin. Humboldt University Berlin is a public research university and one of Germany’s most prestigious higher education institutions. The final two leases are for 13,719 sq ft (1,275 sqm) in Flexion, Kaiserin-Augusta-Allee 112-113, Berlin and Ideenwerk, Unterhachinger Straße 75, Munich. On a combined basis, the five leases were completed at 2% above the independent estimated rental value (ERV).
  • Palace Capital (PCA) has appointed Steven Owen as chairman of its board of directors, with effect from 1 January 2022. Steven has held the position of non-executive chairman of FTSE 250 property investment group Primary Health Properties since April 2018. He began his earlier career with KPMG before moving into property with Brixton plc where he became finance director and subsequently deputy chief executive. Current chairman Stanley Davis will stand down from the board of PCA on 31 December 2021.
  • Amedeo Air Four (AA4) says that it has agreed that Thai Airways will now pay rent for the planes it leases from the company on a power by the hour basis (“PBH”) until December 2022. The MSN 123, 130, and 142 aircraft have been operated in commercial service, and MSN 177 is scheduled to re-enter commercial service in the next few days. Consequently, the company has been receiving some rent, defraying its current interest payments to the lenders. MSN 142 is currently undergoing scheduled maintenance and MSN 177 will be inducted for its C-Check in Q1 2022, with MSNs 120 and 130 already having completed this process, the company expects good utilisation rates of its aircraft thereafter. From January 2023 the leases will switch to fixed monthly payments and the company and its lenders have entered into hedging arrangements for the debt service. Under the terms of the restructured debt, any surplus rent in excess of debt service, and agreed cost contribution to the company, will be applied towards paying down the outstanding debt (principal amortisation).

We also have news of investments by International Public Partnerships, Riverstone Energy, Syncona, Schroder UK Public Private and LXI REIT and results from Schroder UK Mid Cap

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