In QuotedData’s morning briefing 9 March 2022:
- Taylor Maritime (TMI), has agreed to sell one 2006 built Handysize vessel and one 2011 built Supramax vessel for a combined $33.3m of proceeds, realising a premium to the Fair Market Values included in the NAV reported as at 31 December 2021. The transactions represent IRRs in excess of 100% for each vessel and a MOIC of 1.4x and 1.7x respectively. Both of the vessels were IPO seed assets and sales are expected to complete in Q2 2022. Meanwhile, the company revealed that one of its vessels is currently located in one of Ukraine’s Black Sea ports, and had been when the war broke out on 24 February. The vessel remains on charter and insured and is unable to be moved. While there may be regional trade turbulence in the near-term, TMI expects that international trade patterns will adapt as demand needs to be satisfied from other sources; as current buyers of Black Sea grain potentially look to North and South America as a substitute, a greater proportion of Black Sea grain will be picked up by China.
-
Grit Real Estate Income Group (GR1T), the pan-African real estate company, has completed the acquisition of Orbit Africa warehouse asset in Nairobi, Kenya, in a sale-and-leaseback transaction. The purchase was made using debt facilities raised from the International Finance Corporation, the investment arm of the World Bank, and the issue of perpetual note to Ethos Mezzanine Partners GP Proprietary Limited and BluePeak Private Capital GP. Grit will redevelop and expand the Orbit Africa warehousing and manufacturing facility, which is expected to be completed in the fourth quarter of 2023 when it will be let on a new 20-year triple net lease to Orbit Products Africa Limited. The total investment in the property is expected to be $53.6m, comprising of the initial sale and leaseback on a new 25-year US dollar denominated triple net lease to Orbit Products Africa Limited at a net acquisition yield of 9.6%, alongside the redevelopment and expansion of the facility at an attractive contractual development yield of 16.0%. The company said that it expects the transaction to be accretive to NAV and earnings from inception and to realise capital value enhancement and rental growth.
We also have annual reports from Foresight Solar and Premier Miton Global Renewables while Jupiter Emerging and Frontier Income is considering a scheme of construction.