In QuotedData’s morning briefing 18 March 2022:
- NB Private Equity has announced that it has been informed by its Registrar, Link Group, that the Company’s dividend payment for shareholders who elected to receive a Sterling dividend on 28 February 2022 was incorrectly processed due to an administrative error. Reflecting this, Link Group will be distributing a further payment for the corrective amount of 0.49434 pence per share and new tax vouchers to Electing Shareholders on the register on 21 January 2022, the original record date of the dividend payment. The Electing Shareholders will receive the corrective amount per share based on their elections at that time. Link Group expects to make the corrective payment of 0.49434 pence per share on 25 March 2022.
- JPEL Private Equity (JPEL) has released its interim results for the six months ended 31 December 2021. During the period, JPEL’s NAV fell by 7.5%. The primary driver of the NAV decline was JPEL’s investment in Corsicana Bedding Inc. Corsicana was marked down during the period reflecting ongoing challenges to the business from various supply chain and inflationary pressures”. JPEL was also negatively impacted by stock price movements in Fibrogen and Paratek, which are indirectly held in investments managed by Omega Funds.
- Tritax EuroBox (EBOX) will forward fund the development of a logistics warehouse near Düsseldorf, Germany, on a speculative basis for a price of €76.4m. The asset, currently being constructed by the company’s development partner Dietz, will comprise three adjacent units with a total gross internal area of 36,437 sqm. It benefits from an 18-month rental guarantee from Dietz at a rent reflecting €5.60 per sqm per month for warehouse space, which equates to a net initial yield of 3.3% based on the rental guarantee. The acquisition is part of EBOX’s deployment strategy following its successful equity raise in September 2021.
- Impact Healthcare REIT (IHR) has acquired two care homes in Mansfield, Nottinghamshire, comprising 107 beds, for £11.1m. The homes were owned and operated by Woodleigh Care, whose owners are retiring from the care home business. Following purchase, both homes will be operated by Welford Healthcare. The consideration of £11.1m has been made initially by way of a loan to Welford Healthcare, which will allow it to complete the acquisition of Woodleigh Care immediately. The structure enables Welford Healthcare to take immediate operational control of the homes, thereby avoiding a potentially lengthy transition period while regulatory approvals are sought to register the operation of the homes in new legal entities. Once the regulatory approvals are received, Impact then has the option to acquire the property assets from Welford. Impact will receive interest payments equal to 7.7% per annum for the duration of the loan and, if the option is exercised, new 30-year leases have been pre-agreed with Welford Healthcare. Initial rent under the new leases is set at £713,750, reflecting a gross initial yield of 6.4%.
- Duke Royalty (DUKE) has announced a follow-on investment of CAD10.3m (approximately £6.2M) into its existing royalty partner Creō-Tech Industrial Group Inc, a Canadian holding company that acquires businesses within the engineering, procurement and construction (EPC) sector, in both commercial and industrial settings. Creō-Tech will use this contribution from Duke to acquire California based MD Stainless Services, which specialises in the design, engineering, fabrication and installation of sanitary processing systems for the pharmaceutical, biotech, diary, food and beverage industries. The financing increases Duke’s total investment into Creō-Tech to CA$18.5 million (approximately £10.9 million) and the purchase of MD Stainless Services represents Creō-Tech’s first acquisition supported by Duke, in line with Creō-Tech’s stated buy-and-build strategy. All other terms of the follow-on contribution are the same as Duke’s previous investment into Creō-Tech.
We also have annual results from both Dunedin Enterprise (which is making progress on realisations) and Fidelity European (it benefitted from a rebound in Continental Europe).