In QuotedData’s morning briefing 30 March 2022:
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Taylor Maritime (TMI) has agreed to sell a 2004 built Handysize vessel for $11.6m. The vessel was an IPO seed asset and the sale is expected to complete in Q2 2022, generating an IRR in excess of 200% and MOIC of 1.6x. It is the oldest vessel in TMI’s fleet at 18 years, and the sale is part of its stated policy to improve the efficiency of the overall fleet. The vessel will be sold to an independent leasing and financing platform.
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Triple Point Energy Infrastructure (TEEC) has entered into a loan facility agreement for a £40m Revolving Credit Facility with TP Leasing. The RCF has a two-year term, with the possibility to be extended and is priced at the Sterling Overnight Index Average plus 2.5%, before hedging costs. It is expected that the pricing will be fixed over the two year life of the facility. TEEC will make use of the RCF to fund its growing pipeline of high-quality investment opportunities.
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Aquila European Renewables Income (AERI) has announced that further to the RNS released on 25 March 2022, its wholly owned subsidiary, Tesseract Holdings Limited has successfully completed the acquisition of a 100% interest in Greco, a Spanish solar PV construction project. The 100 MWp Greco portfolio consists of two assets which are located in Andalucía, in the south of Spain, which benefit from attractive solar irradiation yields. Construction is currently underway and completion is dependent upon the project receiving all of the requisite licenses and authorisations from local authorities and is expected by late 2022.
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Great Portland Estates (GPE) has acquired the long leasehold interest at 7/15 Gresse Street and 12/13 Rathbone Place, W1, for £36.5m (£847/sq ft, 5.6% net initial yield). The building is currently let to the Fashion Retail Academy, which will soon move to new offices allowing GPE to refurbish the asset. The building is located in Fitzrovia, less than 200 metres from the Elizabeth Line Tottenham Court Road, and currently provides 43,000 sq ft of space across five floors. The group said following a comprehensive refurbishment, the building would be suited to its Fully Managed Flex offering. GPE has also announced several lettings across it portfolio. It has let 13,800 sq ft of space at its One Newman Street offices on Oxford Street. A global investment firm has committed to a 10-year lease to occupy the fourth floor for its new European headquarters, with the rent in line with September 2021 estimated rental value (ERV). Within its retail portfolio, the group has let 8,800 sq ft of space at a combined rent of over £2.0m per annum, on average 12% ahead of CBRE’s September 2021 ERV, which it says demonstrates increasing confidence in the continued recovery of the central London retail market by international and domestic retailers.
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Life Science REIT (LABS) has put in place its first debt facility, agreeing a £150m debt financing facility with HSBC UK Bank, comprising a £75m three year term loan facility and an equally sized revolving credit facility. The facility has an interest rate in respect of drawn amounts of 225 basis points over SONIA, which is currently equivalent to a total cost of 2.9%. The facility is secured on properties already acquired by the company since IPO in November last year, with market normal covenants on loan to value (LTV) and interest cover.
We also have final results from Pershing Square Holdings and Phoenix Spree Deutschland.