In QuotedData’s morning briefing 17 March 2022:
- Gulf Investment has published details of the 100% tender offer that it promised investors late last year. Shareholders will need to be on the share register at 5:30pm on 21 March and tender forms must be submitted by 1pm on 31 March. The fund will be valued as at 5:30 pm on 1 April. Investors will elect either to cash in their shares or hold onto them. The portfolio will be divided between a realisation pool and a continuation pool. The realisation pool bears the costs of the tender (estimated at $100,000). If there are fewer than 38m shares in the continuation pool, the tender will be scrapped and the board will reconsider the future of the company.
- Corporation Financière Européenne S.A. increased the price of its hostile, mandatory cash offer for CIP Merchant Capital from 55p to 60p. CIP Merchant Capital’s board is urging shareholders to reject it, but hasn’t yet said why. [Until CIP Merchant Capital comes up with a realistic proposal to narrow its discount, shareholders should be giving serious consideration to this bid.]
- Hibernia REIT (HBRN) has exchanged contracts to sell the Forum to a company controlled by Spear Street Capital for €30.8m. The price is in-line with the September 2021 carrying value and the transaction is expected to complete in the second quarter of 2022. The Forum, which is currently vacant, is located on Commons Street in Dublin and comprises 47,000 sq ft of office accommodation over two floors.
- Residential Secure Income (RESI) has agreed to acquire 182 shared ownership freehold houses for £21m. The portfolio is fully occupied and primarily located in the South East and East of England and has a current annual passing rent of £0.7m. The homes benefit from annual uncapped RPI-linked rent increases, with an average outstanding lease term of 95 years. The leases are fully repairing and insuring, and the portfolio’s rental income is underpinned by residents’ 40% average ownership stake in the homes.
- SEGRO (SGRO) has launched a €1.15bn senior unsecured Green Bond issue. It is split into two tranches: a €650m with a four-year term, priced at 70 basis points above euro mid-swaps with an annual coupon of 1.25%; and a €500m with an eight-year term priced at 110 basis points above euro mid-swaps with an annual coupon of 1.875%. The bond issuance, which was six times oversubscribed, will principally be used to finance and/or refinance eligible green projects, including the continued development programme, as well as providing funding for general corporate purposes.
We also have results from Digital 9 Infrastructure and AVI Japan Opportunity, plus an acquisition and fundraise by Renewables Infrastructure and news of Russian real estate investor Raven Property de-listing.