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QuotedData’s morning briefing 16 March 2022

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In QuotedData’s morning briefing 16 March 2022:

  • BH Macro (BHMG) has announced it may sell sterling shares at a price of 3,770 pence per share, reflecting a 5.9% premium to the estimated net asset value per share as at 11 March 2022 and a 8.9% premium to the monthly final net asset value per share as at 31 January 2022. The company intends to issue new sterling shares on this basis until 4pm today (16 March).
  • Life Science REIT (LABS) has provided a NAV update for the short period from launch on 19 November 2021 to 31 December 2021. In that period the group completed five acquisitions, totalling nine individual properties, for a total value of £184.2m at an average net initial yield of 4.9%, with a current passing rent of £9.1m and an average unexpired lease term of 6.4 years. At 31 December 2021, the portfolio was independently valued at £192.2m. It said the uplift was a result of the acquisitions being agreed off-market and in advance of the IPO, further progress with lettings, and some yield shift arising from the strength of investment demand in the life science sector. The company’s unaudited NAV at 31 December 2021 was £350.6m or 100.2 pence per share.
  • Target Healthcare REIT (THRL) reported a slight increase in NAV for the six months to 31 December 2021 of 0.4% to 110.8 pence per share. The group’s care home portfolio valuation rose 2.2% on a like-for-like basis and with new acquisitions during the period is now worth £870.5m.
  • Town Centre Securities (TOWN) has reported a bounce back in earnings during the six months to 31 December 2021 as it recovered from the depths of the pandemic. The group posted EPRA earnings per share of 5.0p (up from 0.0p). This allowed it to up its dividend to 2.5p per share (from 1.75p per share). The group’s portfolio, which includes retail, offices, hotels and car parks, saw an uplift in value of 2.4% from June 2021 to £321.9m. NAV was up 6.2% to 313p per share as a result of the portfolio increase and NAV enhancing share buybacks.

We also have final results from Baillie Gifford Shin Nippon, Fundsmith Emerging Equities, Witan and CLS Holdings.

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