In QuotedData’s morning briefing 20 December 2021:
- Tufton Oceanic Assets Limited (SHIP) has agreed to divest the Containership Swordfish for $19m. The realised net IRR will be 27% and realised net MOIC will be 2.4x. Swordfish was acquired in January 2018 for $10.25m as one of the company’s first two investments together with the Containership Kale, which was sold earlier this year. SHIP continues to identify an attractive pipeline of opportunities across a range of its target sectors and expects to redeploy these proceeds promptly. Prospective investments include chemical or product tankers as well as bulkers.
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BB Healthcare (BBH) has renewed and amended its mutli-currency revolving credit facility with The Bank of Nova Scotia, London Branch. Under the terms of the amended RCF, the company may draw down loans up to an aggregate value of $235m. The new facility will expire in December 2024.
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ThomasLloyd Energy Impact (TLEI) has completed its investment in Negros Island Solar Power Inc with a 40% economic interest in its three solar power projects in the Philippines, totalling 80 MW. Following the acquisition, the company has now invested c.22% of the funds raised at IPO. Chairperson, Sue Inglis, said: “We are delighted to announce the completion of our first acquisition, which represents a significant initial step in our commitment to deploy the IPO proceeds in the coming months. NISPI will provide clean electricity to 127,000 people, avoid the production of 81,330 tonnes of CO2 annually and generate first year dividend income, which will support the target dividend in 2022.“
- Gore Street Energy Storage (GSF) has posted its interim results for the six months to 30 September 2021. During the period, its NAV per share increased by 2.4% and its quarterly dividend was 4 pence per share. Following the issuance of further shares in April 2021, Issued Share Capital (ISC) increased to 276.2. million shares. CEO, Alex O’Cinneide, added: “We grew substantially during the period, with our portfolio of assets totalling over 600 MW in aggregate post-period, of which 210 MW is already operational, delivering strong cashflows for the company. We successfully raised a total of £135 million in April, and post period-end raised a further £73.6 million in October 2021. This reflects the ongoing momentum of attractive opportunities in our pipeline.”
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Supermarket Income REIT (SUPR) has bought a Tesco supermarket in Sheffield, Yorkshire, for £73.2m, representing a net initial yield of 4.5%. The store was developed for Tesco in 2011 and occupies a 7.0 acre site comprising an 88,000 sq ft net sales area supermarket, a 12-pump petrol filling station and 640 car parking spaces. The store serves as a hub for omnichannel fulfilment in the region, operating 14 home delivery vans and click & collect functionality. The asset is being acquired with an unexpired lease term of 17 years, with annual, upwards only, RPI-linked rent reviews (subject to a 4.0% cap and 0.0% floor).
- Target Healthcare REIT (THRL) has completed the acquisition of a portfolio of 18 care homes. With this purchase, the group has now invested £173m on new assets this quarter following the previously announced acquisition of a pre-let development site in Weymouth. The portfolio, which has in excess of 1,200 beds, generates annual contracted rent of £9.2m and has collected 100% of rent throughout the pandemic. The properties each benefit from long-term occupational leases with RPI-linked caps and collars, with a weighted average unexpired lease term of approximately 22 years. These acquisitions, which follow the company’s recent £125m equity fund raise, take the group’s portfolio to 98 assets, let to 32 tenants.
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Life Science REIT (LABS) has completed the acquisition of three buildings at Cambourne Business Park near Cambridge. The purchase price of £50.1m reflects a net initial yield of 5.5%. This acquisition follows the £38.7m purchase announced on 7 December 2021 of an initial three properties at Cambourne Business Park. Following today’s announcement, the company’s office and laboratory space at the park exceeds 230,000 sq ft across six adjoining properties, representing 100% of the commercial property on the site. This latest acquisition comprises almost 130,000 sq ft of office space let to a variety of occupiers. Occupancy is currently 77.48% with a rental guarantee for 18 months on unoccupied space. The properties currently generate £2.92m of contracted rent per annum, including guarantees, and has a weighted average unexpired lease term (WAULT) of 5.67 years.
- Palace Capital (PCA ) has completed the sale of Russell House, Walton on-Thames, Surrey for £2.625m and exchanged contracts to sell Westminster House, Gerrards Cross, Buckinghamshire for £1.9m. Both are being sold at a premium to book value and bring the value of properties sold under the company’s £30m disposal strategy to £28.2m.
- Ediston Property Investment Company (EPIC) has posted a NAV total return for the year to 30 September 2021 of 9.6%. This is made up of a 4.2% increase in EPRA NAV to 89.6p per share and 4.42p of dividends paid in the year.
We also have full-year reports from Lowland Investment Company, JPMorgan Indian and Scottish Investment Trust, an equity raise by Grit Real Estate and details of an investment by Urban Logistics REIT.