News

QuotedData’s morning briefing 2 February 2022

In QuotedData’s morning briefing 2 February 2022:

  • 3i Infrastructure (3IN) has completed its further £258m investment in ESVAGT, the market leader in service operation vessels for the offshore wind industry, taking its equity stake to 100%.

  • Downing Renewables and Infrastructure (DORE) has acquired an operational 46 MW onshore wind project located in north east Sweden for a total consideration of approximately €23.8m (c.£19.8m). The acquisition has been funded on an ungeared basis using the group’s cash resources. Hugh Little, chair of DORE commented: “We are delighted to announce the acquisition of our first onshore wind farm adding further diversity to our existing portfolio. This Swedish wind asset fits well in the technology diversification DORE is pursuing. Our pipeline of potential acquisitions remains healthy, and we look forward to adding further attractive growth opportunities”.

  • Polar Capital Global Financials (PCFT) has raised gross proceeds of £29.4m through the issue of 16,869,893 new ordinary shares at 174.31 pence per new ordinary share. This price represented a premium of 1.5% to the unaudited net asset value, including current year income, per share as at close of business on 31 January 2022. An application has been made to be issued pursuant to the placing to be admitted to the premium segment of the Official List and to trading on the London Stock Exchange’s Main Market for listed securities. It is expected that admission will become effective and dealings will commence at 8.00 am on 3 February 2022.
  • Great Portland Estates will change its ticker from GPOR to GPE with effect from Monday, 7 February 2022. Its shares will continue to be traded on the main market of the London Stock Exchange..
  • Abrdn European Logistics Income (ASLI) has raised £38m (€45.6m) in a placing pursuant to the share issuance programme and the retail offer. A total of 34,545,455 new ordinary shares will be issued at a price of 110 pence. It is expected that admission of the new ordinary shares will be on Friday, 4 February 2022. On Admission, the company’s issued share capital will consist of 412,174,356 ordinary shares with voting rights.
  • Residential Secure Income (RESI) has announced a proposed placing of new ordinary shares to raise up to £20m. In addition to the placing for institutional investors, there will be a separate offer for retail investors via the PrimaryBid platform. The issue price of 108.5 pence represents a premium of 1.3% to the unaudited ex-dividend EPRA NTA per Ordinary Share of 107.11 pence as at 31 December 2021. The net proceeds of the issue will be used to finance up to £39m of shared ownership transactions which are currently in legal hands. The group said the transactions will provide secure, long-dated, RPI-linked income with social impact and are expected to be accretive to earnings with the target leases benefitting from annual uncapped RPI (or higher) rental uplift. 

  • Standard Life Investments Property Income Trust (SLI) has posted a NAV total return for the quarter to 31 December 2021 of 9.5%. This comprises an 8.5% uplift in NAV per share to 101.0p and a dividend for the period of 1p per share (a 12% increase on the previous quarter). The NAV rise was down to a 6.9% increase in the value of the group’s portfolio on a like-for-like basis as well as two new purchases, bringing the portfolio value to £499.9m. The group has £50m available for new investments from its revolving credit facility. The group’s loan to value (LTV) ratio at 31 December 2021 was 19.2%.
  • McKay Securities (McKay) has exchanged contracts to sell the freehold interest of Great Brighams Mead, an office building located in Reading’s town centre, to residential property developer King’s Oak. The sale price of £19m reflects a premium of 21.0% to the 30 September 2021 book value. Completion of the sale is conditional on delivering vacant possession and is anticipated in April 2022. Great Brighams Mead was developed by McKay in 2000 and has been let since then on a 21 year lease which expires on 24 March 2022. The current rent is £2.28m per annum. The 84,840 sq ft three-storey building sits on a 2.6 acre site in a prime central location within Reading’s town centre, and benefits from its close proximity to Reading Railway Station. McKay said it reviewed a range of options to maximise the asset’s value ahead of lease expiry and was subsequently successful in obtaining planning approval for the conversion of the building to 110 residential apartments, enabling the freehold to be marketed for a range of commercial and residential uses. Proceeds from the sale will initially be used to reduce borrowings, prior to reinvestment in value add opportunities including acquisitions, development and asset management initiatives.

We also have news of an acquisition by British Land.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…

Exit mobile version