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QuotedData’s morning briefing 23 December 2021

In QuotedData’s morning briefing 23 December 2021:

  • GCP Asset Backed Income (GABI) has been having issues with its loan to the Co-Living Group (which is currently in administration). An acquisition vehicle was established as planned and two of six agreed assets were transferred across to this vehicle. These two assets have subsequently been sold. Of the remaining four, three are in the process of transferring across. The one remaining asset, the US property, will be sold directly from the Co-living Group. An offer has been received and sales documents are being negotiated. Beyond those six, there are a further three assets where talks are developing between the lenders to the Co-living Group (including GCP Asset Backed) and a conflicted party about the purchase of the three remaining assets. The operational assets are said to be performing well, with the two UK assets operating at c.98% and c.96% occupancy. The NAV is unaffected by these developments.
  • Gresham House Strategic’s name has been changed to Rockwood Realisation Plc. The ticker is now RKW and the new website www.Rockwoodrealisation.co.uk.
  • New River REIT (NRR) and Bravo Strategies III have completed the sale of Poole Retail Park in Dorset for £58.0m (the company’s share of this is £5.8m). The sale price is equivalent to a net initial yield of 6.6% and is 7.4% higher than the last valuation and 30% more than they paid for it in October 2019.
  • Greencoat Renewables (GRP) is buying Torrubia solar farm from Lightsource bp, a leading global solar developer. This is its first solar transaction and first investment in Spain. The 50MW asset is currently under construction in La Muela, Spain, with commencement of commercial operations expected in Q4 2022. The transaction is structured under a forward sale model and will only complete once Torrubia is fully operational.

In other developments: International Public Partnerships and Impact Healthcare REIT have made new investments. We also have news about  Odyssean/Strategic Equity Capital and a new twist in the row between Third Point and AVI.

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