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QuotedData’s morning briefing 18 January 2022

In QuotedData’s morning briefing 18 January 2022:

  • TR European Growth Trust (TRG) is changing its name. With effect from 17 January 2022, the trust is now The European Smaller Companies Trust. The ticker will change to ESCT from tomorrow. [And so a chapter of investment trust history edges closer to closure. The TR (short for Touche Remnant) name was on many trusts when I started investing in them back in the 1980s.  Founded in the 1890s, the company became independent in 1974 and was taken over by Henderson in 1992. Now, only TR Property remains.].
  • Petershill Partners (PHLL) completed US$458m in acquisitions in the fourth quarter of 2021, all in the general partners of five private equity firms. In addition to topping up its stake in Industry Ventures, four were new investments including Arsenal Capital Partners, Wind Point Partners and Symphony Technology Group, all alongside the Petershill IV private fund. These deals add $20bn to aggregate assets under management and $10bn to fee-paying assets under management (+10% and +7%, respectively).
  • C share investors in Cordiant Digital Infrastructure (CORD) will get 0.944 ordinary shares in exchange for their C shares as the two share classes merge. The new shares will start trading on 20 January.
  • Industrials REIT (MLI) completed two multi-let industrial acquisitions for a total of £17m, reflecting a blended net initial yield (NIY) of 5.8%. The two properties total 173,000 sq ft and generate £1.06m of annualised rent. The first asset is Beacon Business Park in Caldicot, South Wales, which was acquired for £7.9m, reflecting a NIY of 6.0%. The property comprises 90,847 sq ft across 23 units and generates rent of £506,720. The estate is 97% occupied and the vendor is providing a six-month guarantee on the vacant unit. The second asset is on Belmont Industrial Estate, in Durham, where the group has acquired a further three industrial terraces comprising Redlake House, Ottery House and Waldon House for a combined value of £9.11m, reflecting a NIY of 5.7%. The company already owns 37 units at the estate. The three additional terraces, comprising 82,538 sq ft, are 87% occupied by 26 tenants with the vendor providing a six-month guarantee on the vacant units and generate an annual rent of £550,000. Following the acquisitions and the previously announced disposal of a property in Lugano, Switzerland, Industrials REIT’s UK multi-let industrial portfolio now accounts for 95% of total assets.

We also have news of a proposed fund raise by LXI REIT.

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