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QuotedData’s morning briefing 24 December 2021

In QuotedData’s morning briefing 24 December 2021:

  • Octopus Renewables Infrastructure Trust (ORIT) has completed its purchase of two onshore wind farms in Finland for about €140m. The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW, and are in the final stages of commissioning, but the risks associated with the residual construction cost and timing of commissioning remain with the seller. The sites are expected to generate sufficient energy to power over 45,000 Finnish homes, avoiding the equivalent of 68,000 tonnes of carbon dioxide emissions per annum.
  • HICL Infrastructure is taking its stake in RMG up to 58.3%. It is buying a further 25% interest in the company which owns two UK shadow toll roads: the A417/A419 SwindonGloucester and the A1(M) Alconbury-Peterborough. The interest is being acquired from KBR Inc. for consideration of up to about £25m and is expected to complete in the first quarter of 2022.
  • SEGRO (SGRO) has bought back a portfolio of offices on the Bath Road, Slough, that it sold in January 2016. The portfolio represents 89,000 sq m of built space spread across 39 acres of land with a passing rent of £20m. The price was £425m, reflecting a net initial yield of 4.6%, and the seller was clients of AEW. SEGRO says that the offices are ageing and some are on relatively short lease terms. The space will be used to satisfy growing demand for data centres, creative industries, life science occupiers and other potential users of industrial space in Slough.
  • Yew Grove REIT shareholders have approved its takeover by Slate Office Ireland. The deal still needs court approval but it is expected that the last trading day in the company’s shares will be 7 February 2022.
  • Infrastructure India (IIP)’s NAV continues to fall – at 30 September 2021 it was 10.6p, down from 13.7p at end March 2021. The debt continues to mount up and the board has decided to explore the sale of its Indian Energy subsidiary. As at 30 November 2021, the group had unaudited cash and cash equivalents available of approximately £0.5m and about US$1.2m (£0.9m) of cash receivables still outstanding. This position amounted to approximately 2 months of runway and the company’s forecasts continue to indicate that it does not have sufficient cash reserves to meet creditors as they fall due beyond January 2022. [Steer clear, as we have been saying for many years now].
  • Marwyn has launched another cash shell – MAC Alpha – and Marwyn Value Investments (MVI) has invested just shy of £500,000 into it. The two realisation share classes have no exposure to it.

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