In QuotedData’s morning briefing 16 February 2022:
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The board of Smithson (SSON) has announced that its chair, Mark Pacitti, will retire on 28 February 2022. Diana Dyer Bartlett will become chair of the board and Lord St John of Bletso will replace Diana as chair of the audit committee. Meanwhile, Jeremy Attard-Manche has been appointed as a director, with effect from 1 March 2022. He will become chair of the management engagement committee.
- AEW UK REIT (AEWU) has acquired a nightclub in Cardiff for just over £3.6m, reflecting a net initial yield of 8%. The property, which is located close to the Principality Stadium and St David’s Shopping Centre and Cardiff’s leisure and late-night district, is single-let to a subsidiary of Rekom UK (formerly The Deltic Group), operating as PRYZM nightclub and Steinbeck & Shaw. The lease has 14 years unexpired. Despite being disrupted during the pandemic, the tenant has remained up to date with its rental commitments.
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LondonMetric Property (LMP) has sold a car showroom in Solihull for £15.0m, reflecting a net initial yield of 4.75%. The 52,000 sq ft asset was acquired as part of the Savills IM Fund acquisition in December 2021. It is let to Johnsons Cars operating as Volkswagen for a further 17 years and generates £0.8m per annum of rent (£15.00 per sq ft). Separately, LondonMetric has acquired a 40,000 sq ft retail asset in Middleway, Birmingham for £8.0m, reflecting a net initial yield of 7.8%. The prominently located property is let to Dunelm and Currys with a weighted average unexpired lease term (WAULT) of two years and generates £0.7m per annum of rent (£15.00 per sq ft, excluding ancillary income).
- Greencoat Renewables is buying Tullahennel wind farm from funds managed by affiliates of Apollo Global Management, Inc. The windfarm is located in County Kerry, Ireland and consists of 13 GE 2.85MW turbines that have been operational since September 2018. The windfarm’s revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until December 2032. GE will continue to manage the operations and maintenance contract. The acquisition is being funded from Greencoat’s credit facility and will take the company’s total borrowings to 43% of gross asset value (75% gearing).
We also have full-year results from Brunner and an investment by Tritax EuroBox.