In QuotedData’s morning briefing 17 December 2021:
- Oryx International Growth (OIG) has published its interim results for the six months ended 30th September 2021. Both the chairman’s and manager’s statement are impressively succinct, so there’s surprisingly little that we can say here. However, we can report that during the period, OIG’s NAV has increased by 14.13% to £18.74, while OIG’s discount narrowed so that its share price returned 20.81%.
- Home REIT (HOME) has deployed a further £60.2m of the proceeds raised in the company’s equity issue in September 2021, meaning £289.1m of the £350m net proceeds has now been deployed at a weighted average net initial yield of 5.9%. The company has acquired an additional 20 portfolios comprising 89 properties located across England, providing 548 beds for those in need, bringing the portfolio total to 7,073 beds. They are let on an average lease length of 25 years on new, unbroken, full repairing and insuring leases to 10 different specialist registered homeless charities. The leases are subject to annual upward-only rent reviews, index-linked to the Consumer Prices Index, with an annual collar and cap of 1% and 4% respectively.
- Helical (HLCL) has exchanged contracts to acquire an office refurbishment opportunity at 100 New Bridge Street, London EC4, for £160m. The 167,026 sq ft office building, which is held on a 999-year long leasehold at a peppercorn from National Rail Infrastructure Limited, was completed in 1992 and is let to international lawyers Baker McKenzie, whose lease expires in December 2023. Including ground floor retail units, the passing rent is £7.3m per annum (net rents £6.5m). The transaction constitutes a Class I transaction under the Listing Rules and is therefore conditional on shareholder approval at a General Meeting, which is expected to be held in early February 2022.
- Circle Property (CRC) has completed the sale of One Castle Park, Bristol for £20m, a 3.9% uplift on the 31 March 2021 valuation. £18m of the proceeds will be used to pay down debt, reducing the group’s loan to value (LTV) to 36.9% (excluding cash at bank) and a net LTV of 29.9%. In addition, the company has also exchanged contracts to sell 141 Moorgate, London for £7.1m (of which 51.04% is due to CRC) representing a 27.3% increase on the 30 September 2021 valuation. The cash proceeds from the sale due to the company of £3.6m will be utilised to further reduce gearing.
- Conygar Investment Company (CIC) has announced its intention to conduct a placing of 6.7 million new Ordinary Shares at a price of 150 pence to raise £10m. The placing price represents a discount of 7.7% to the company’s closing share price of 162.5 pence on 16 December 2021 and a discount of 31.0% to net asset value of 217.4 pence as at 30 September 2021. The company said it will use the proceeds to progress the development of The Island Quarter site in Nottingham. This includes funding the completion of the construction for the first phase of the scheme, bringing a new electricity substation to the site, funding the equity component of the student accommodation scheme and potentially progressing the design and planning for an office scheme.
- Harworth Group (HWG) has exchanged contracts to sell a 278 acre plot of land in Ansty, Warwickshire, for £53.5m. Completion of the transaction is conditional on the granting of hybrid planning permission, which Harworth and the purchaser are working on in collaboration. The Ansty site is adjacent to Junction 2 of the M6 motorway, connecting to the M69. Harworth first acquired land at the site in October 2019 and has been undertaking land assembly works during the past two years. The site had a valuation of £23.9m as at 30 June 2021.
- Primary Health Properties (PHP) has acquired a medical and office facility in the North East of England for £10m. The acquisition will complete when a current comprehensive refurbishment of the premises is finished, which is expected to occur in the second quarter of 2022. The property comprises medical and office space arranged over five floors. On completion of the refurbishment, the NHS tenant will enter into a new long term lease, with index-linked rent reviews.
- Jade Road Investments has a $26.5m convertible loan to Fook Lam Moon Holdings (valued at $28.4m) which it thought was convertible into a company that owned a 71% stake in a couple of famous Hong Kong restaurants. Except now it turns out that it doesn’t and the loan might be valueless.
We also have Seraphim Space’s purchase of holdings in ICEYE Oy and D-Orbit Spa, as well as final results from Polar Capital Global Healthcare (strong outperformance of its benchmark)