In QuotedData’s morning briefing 3 February 2022:
- Gravis Capital Management plans to launch a new company GCP Co-Living REIT Plc which will acquire three assets that are transferring out of the Co-living Group. Readers may recall that Co-Living Group was a problem investment within the GCP Asset Backed Income (GABI) portfolio. The new REIT has been granted exclusivity in respect of these assets, conditional on the launch, and, once launched, Gravis will receive management fees in relation to this new fund. As Gravis is a related party of GABI these arrangements fall within the related party transaction rules. The GABI board says that it has taken steps to manage this conflict, including overseeing all commercial and price discussions alongside the other Co-living Group lenders and the co-investors in two of the assets. GABI’s NAV is unaffected at this time.
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Residential Secure Income (RESI), which invests in independent retirement living and shared ownership to deliver secure, inflation-linked returns, raised gross proceeds of £15m from a placing of 13,824,884 new ordinary shares. Together with debt facilities, the group plans to buy £39m of shared ownership transactions. On Admission, the company’s issued share capital will consist of 185,056,620 ordinary shares.
- UK Commercial Property REIT (UKCM) has posted a 7.9% increase in NAV per share to 102.0p for the quarter to 31 December 2021 (30 September 2021: 94.5p), reflecting a 17.6% increase for the year. This has resulted in a NAV total return of 8.7% for the fourth quarter and 21.5% for the year. The value of the group’s portfolio rose 7.6% on a like-for-like basis in the quarter and is now valued at £1.5bn, with 63% weighted to the industrial sector. The group declared a quarterly dividend of 0.75p per share, an increase of 16.4%. This was covered by EPRA earnings per share for the period of 0.9p. In the quarter the company spent £154m, using cash sat in reserves and some debt, on three assets (two industrial and one life science) and is now fully invested. Its loan to value (LTV) ratio at the end of the quarter was 13.5%.
we also have a trading update from Gore Street Energy Storage