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QuotedData’s morning briefing 2 December 2021

In QuotedData’s morning briefing 2 December 2021:

  • ICG Enterprise Trust (ICGT) is investing in European Camping Group alongside funds advised by PAI Partners. The investment is being led by PAI Europe VII. ICGT will invest as a limited partner in that fund and also through a direct co-investment. Altogether, ICGT’s investment will be about €11.2m. European Camping Group is a European leader for mobile home holidays. Headquartered in France, it operates a fleet of over 22,000 units across more than 310 campsites in destinations such as France, Italy, Spain and Croatia. It operates through four complementary brands: Homair, Eurocamp, Al Fresco and Roan.
  • Triple Point Energy Efficiency (TEEC) is now over a year old. However, it is still not fully invested – the board says it expects ‘full deployment’ in coming weeks. That’s funds committed. At 30 September, just 30% of the NAV (which is down by 6.5% from the IPO price) was invested, the rest was in cash. Unsurprisingly, net revenue per share is minimal – 0.005p for the six months ended 30 September. Despite this it is paying a dividend of 1.375p, eating further into capital. The new investments it has planned are in operational hydroelectric power projects. These should provide much needed revenue. The invested portfolio is heavily exposed to APS Salads – counterparty to the trust’s Spark Steam, Harvest Generation and Glasshouse Generation projects. The statement cautions that APS’s profitability has been hit by the Brexit/COVID-19 impact on labour availability and distribution. The trust was trading on a hefty 7% premium ahead of this announcement.
  • Riverstone Credit Opportunities (RCOI) has committed $6.8m to a $20m first lien, delayed-draw term loan to “a sponsor-backed leader in environmentally-advanced treatment solutions and equipment for hydrogen sulfide (H2S) in energy, renewable fuels, wastewater, landfill gas, biogas, and industrial processes“. $1.6m of the $6.8m has been drawn down so far. The loan matures in November 2024 and has an estimated all-in yield to maturity of 11.1%. The loan is structured as a sustainability-linked loan – the cost of the loan to the borrower will increase if it does not meet a sustainability target tied to new construction of H2S treating plants, which eliminate poisonous H2S gas and reduce toxic sulfur dioxide (SO2) emissions by eliminating routine flaring.
  • Macau Property Opportunities (MPO) is aiming to persuade shareholders to extend its life to allow the piecemeal sale of its Waterside apartment complex rather than a quick sale of the whole block. This company has been in wind down mode for many years now.
  • Schroder UK Public Private (SUPP) is selling its holding in Seedrs for £12m as that company is taken over by Republic, a US-based private investment platform. The stake was valued at £9.1m at the end of June and £11.8m at the end of September.
  • Tritax EuroBox (EBOX) has signed an agreement with institutional investors for a new private placement of €200m senior unsecured notes. The notes comprise three tranches with a weighted average coupon of 1.368%, and a weighted average maturity of nine years. The three tranches comprise: €100m at a fixed coupon of 1.216%, with 7-year maturity; €50m at a fixed coupon of 1.449%, with 10-year maturity; and €50m at a fixed coupon of 1.59%, with 12-year maturity. The group said it would use the proceeds on its acquisition pipeline and will be deployed in conjunction with the €250m of new equity raised by the company in September 2021.
  • Industrials REIT (MLI) has exchanged contracts for the sale of its penultimate non multi-let industrial asset, a health and leisure club for around £10m. The transaction leaves Industrials REIT with just one non-MLI asset, a portfolio of four care homes in Germany which is held in a joint venture, and means the company remains on track to complete its strategic transition to being a fully focused MLI REIT by the end of the current financial year. The disposal was agreed at a 17% discount to the 31 March 2021 sterling book value, reflecting the impact of the COVID-19 pandemic on the asset’s occupier and its ability to pay rents. The company said it took the decision to sell the asset rather than to invest time and resources into stabilising it and/or wait for the impact of the pandemic to pass in order to achieve a price in line with valuation. In a separate transaction, Industrials REIT has acquired Harmony Court in Glasgow for £5.25mn, reflecting a net initial yield of 5.6%. The 48,169 sq ft, 10-unit industrial estate is 100% let and generates a total annual passing rent of £311,051, which equates to an average rent of £6.46 per sq ft.
  • Home REIT (HOME) has finalised an additional £130m interest-only debt facility with Scottish Widows. The facility has been secured on a 15-year term with a low fixed all-in rate of 2.53% per annum. The margin charged on this facility is five basis points lower than that of the company’s existing £120m facility, also with Scottish Widows.

We also have news of a new investment by EPE Special Opportunities and a maiden investment by Life Science REIT.

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