In QuotedData’s morning briefing 21 December 2021:
- HarbourVest Global Private Equity Limited (HVPE) has announced that its multi-currency credit facility has been increased by US$100 million (from US$600 million to US$700 million) with immediate effect. The additional US$100 million is being provided by Credit Suisse AG London Branch, one of the existing lenders, which has increased its total commitment from US$300m to US$400m. Mitsubishi UFJ Trust Banking Corporation, acting through its New York Branch, will retain its current commitment of US$300 million. There are no changes to the key terms of the Facility as announced to the market on 4 January 2019. The Facility is structured as a five-year evergreen, giving it a guaranteed term of five years. The lenders are able to serve notice, but this must be a minimum of five years. Credit Suisse continues as agent. The enlarged Facility will provide further support to HVPE’s unfunded commitments as the Company continues to grow. As reported on 20 December 2021, HVPE held cash of US$253.0 million at 30 November 2021. As of the date of this announcement, the Facility remains undrawn.
- Hibernia REIT (HBRN) has pre-let 288,500 sq ft of its office development at Harcourt Square, in Dublin to KPMG Ireland. KPMG has signed a 20-year lease without break from practical completion of the 347,000 sq ft development (scheduled for early 2026). KPMG will pay initial rent of €17.0m per annum from lease commencement and will receive the equivalent of 40 months rent free through an incentive and enhanced fit-out. A cap and collar at the first rent review after five years has been agreed. KPMG has options to lease up to a further 48,500 sq ft on the same terms, which could take its occupancy at Harcourt Square to 337,000 sq ft in total. Hibernia acquired Harcourt Square, which is located in the centre of Dublin a short distance from St. Stephen’s Green, in 2015. The leases on the existing 122,000 sq ft of office accommodation expire by the end of December 2022 and Hibernia received a final grant of planning permission for the redevelopment of the 1.9 acre site in 2020.
We also have annual results from Ecofin Global Utilities and Infrastructure (it celebrates fifth birthday with a strong record of outperformance).