In QuotedData’s morning briefing 3 March 2022:
- MSCI has decided to remove Russian securities from its indices. MSCI Russia Indexes will be reclassified from Emerging Markets to Standalone Markets status. The reclassification decision will be implemented in one step across all MSCI Indexes, including standard, custom and derived indexes, at a price that is effectively zero. The change will take effect after markets close on 9 March 2022. Another index provider, FTSE Russell, has come to the same conclusion. Russian stocks will be removed from its benchmarks over the weekend.
- BlackRock Greater Europe (BRGE) says its manager is monitoring the guidelines issued by regulators and taking all necessary actions to ensure compliance with applicable sanctions laws and regulations, including those of the US, UK and EU. As at 1 March 2022, it is estimated that 1.0% (with a value of circa £5.4m) of the portfolio was invested in securities with exposure to Russian companies.
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Custodian REIT (CREI) has acquired a 24,134 sq ft industrial unit on Moorgreen Industrial Park, Nottingham, for £1.875m. The unit is occupied by Hickling & Squires with a weighted average unexpired term to first break or expiry of 7.0 years. The unit has a passing rent of £130,000 per annum, reflecting a net initial yield of 6.53%.
- LXi REIT (LXI) has acquired another £73m of property as it completes the deployment of the proceeds of its recent £250m equity capital raise. It it latest batch of acquisitions, it has bought an Asda foodstore in Halesowen, Birmingham, and a Compass training and conference facility in Stone, Staffordshire. Its portfolio now comprises 191 properties, with 70 tenants, with a WAULT to first break of 22 years. 96% of the rental income is either inflation-linked (74%) or contains fixed uplifts (22%). The company’s sub-sector weightings are: Foodstores and essentials (25%), Industrial and logistics (17%), Budget hotels (13%), Healthcare (8%), Car parks (5%), Life sciences (4%), Drive-thru coffee (4%), Garden centres (4%), Pubs (3%), Education (2%) and Other (15%).
- Palace Capital (PCA) has completed the sale of Pelham House, Pelham Square, Brighton for £1.6m. The sale brings the total gross proceeds from the group’s disposal programme to £31.5m, which is 20% above the aggregate book value and 12% ahead of the original purchase prices paid plus any capital expenditure. Of the proceeds, £15.7m has been allocated towards debt reduction, leaving £15.8m for redeployment into properties that satisfy the company’s acquisition criteria.
We also have news of new investments by Schroder UK Public Private and HydrogenOne Capital Growth