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QuotedData’s morning briefing 6 December 2021

In QuotedData’s morning briefing 6 December 2021:

  • Foresight Sustainable Forestry (FSF) has announced that Blackmead Forestry II, which FSF has an option to acquire, has fully completed the purchase of two substantial afforestation opportunities in Dumfries and Galloway, Scotland. Rorie Hill, one of the key afforestation opportunities, has a freehold area of 303 hectares and will be developed as a mixed forestry and afforestation site. A cash consideration (inclusive of tax and other transaction costs) of £5.59m was deployed to acquire the asset. Meanwhile Auchenbrack, which BFL II also previously had under offer, has a freehold area of 470 hectares and will be developed as an afforestation site. A cash consideration (inclusive of tax and other transaction costs) of £5.30m was deployed to acquire the asset. Richard Kelly, Co-Head of FSF, said: “The acquisition of these sites cements two more substantial afforestation opportunities within our Target Seed Portfolio that will both drive attractive risk-adjusted returns for investors, whilst also directly contributing to the fight against the twin threats of climate change and biodiversity loss.”
  • APAX Global Alpha (APAX) funds, Apax IX and Apax Europe, have agreed to sell their stakes in Unilabs, a pan-European provider of laboratory and imaging diagnostics services, to A.P. Møller Holding. The transaction is expected to close in Q1 2022 subject to customary closing conditions and regulatory approvals. The Apax IX investment in Unilabs is expected to deliver a total gross MOIC of 3.3x and a gross IRR of 27%. The Apax Europe VI investment is expected to deliver a total gross MOIC of 5.5x and a gross IRR of 15%. The transaction values APAX’s total look through investment in Unilabs at approximately €72.4m. This would represent an uplift of c.13% to Unilabs’ last Unaffected Valuation and an uplift of c.€8.5m (c.€0.02 per share) in the adjusted NAV of APAX as at 30 September. Over the past years Apax has supported Unilabs in its transformation, helping it to become a pan-European leader in diagnostic services and a pioneer in digital radiology and pathology. 
  • BH Macro has announced that the following share conversion ratios have been determined in accordance with the articles of incorporation of the company for the purposes of the 31 October 2021 share conversion date: 0.760864 Sterling shares for each US Dollar share and 1.314296 US Dollar shares for each Sterling share. On the basis of aggregate applications received and using the conversion ratios listed above, 17,546 Sterling Shares of no par value will be issued and 23,085 US Dollar Shares of no par value will be cancelled, all with effect from 3 December 2021.
  • Life Science REIT (LABS) has completed the acquisition of two assets for a combined £11.85m. The group has bought Lumen House on the Harwell Science and Innovation Campus, near Oxford, for £7.05m at a net initial yield of 4.4%. The property comprises more than 18,000 sq ft of office space, which is 100% let to a single tenant, and generates annual rent of £330,000. Lease expiry is within 18 months, creating a number of opportunities for LABS to re-let the space on better terms. The second property is Merrifield Centre in Cambridge, which was acquired for £4.8m, representing a net initial yield of 5.9%. The property comprises more than 12,000 sq ft of office and laboratory space and is located just to the east of Cambridge city centre in a mixed-use commercial area. It is let to two tenants working in drug discovery. The property currently generates £290,000 of rent per annum and has an unexpired lease term of 10 years.

We also have news on Schroder UK Public Private, Seraphim Space and 3i Infrastructure plus an annual report from Barings Emerging EMEA Opportunities and details of India Capital Growth’s redemption facility.

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