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QuotedData’s morning briefing 14 April 2022

Jupiter Emerging & Frontier Income - Income objective exceeded

In QuotedData’s morning briefing 14 April 2022:

  • Jupiter Emerging and Frontier Income Trust’s (JEFI) board has looked at the candidates available for a rollover option and decided not to offer any of them. Shareholders will receive cash instead. A proposal to wind up the company will be put to a vote shortly – expect to see a circular published in May. [This is the course of action that we thought made most sense when the board’s decision to give up was announced on 9 March.]
  • Just 2567 new shares were issued in Jupiter Green’s (JGC) latest subscription exercise, 0.12% of those available for subscription. The reason for this is not hard to fathom. The trust is trading on a 10.8% discount.
  • Custodian REIT (CREI)  has bought a 86,922 sq ft industrial facility in Grangemouth, adjacent to the M9. The unit is let Thornbridge Sawmills for a further 18 years and has a passing rent of £388,261 per annum, with a reversion in September 2023, linked to RPI. This is expected to reflect a net reversionary yield of 5.5%. The £7.49m purchase price was funded from existing debt facilities, resulting in net gearing increasing to 20.9% loan to value.
  • Primary Health Properties (PHP) has bought the Chiswick Medical Centre, London for £34.5m. The property is fully let to HCA International with an unexpired term of just under 20 years and benefits from five yearly annually compounded RPI led rent reviews. The property has been subject to a comprehensive tenant led fit-out to create a bespoke diagnostic and private healthcare facility providing some of the best medical technology available in London. The facility provides a number of services and expert teams specialising in neurology, cardiology, orthopaedics, urology and gastroenterology as well as women’s healthcare services and a dedicated children’s unit.
  • Trian Investors 1 benefited from a 52% uplift in the price of Ferguson (until recently, its sole investment) over 2021 but has seen that share price and its NAV fall over the first quarter of 2022. Trian hopes that a planned re-listing of Ferguson (from London to New York) will revitalise the share price. Investors would have been much better off investing in Ferguson directly, Trian’s discount has been problematic. It has been buying back shares but still trades on a 28% discount. $50m has been invested in another – as yet unnamed – publicly-listed company using funding from a new $100m borrowing facility.

We also have news of a dividend increase for NextEnergy Solar, results from UK Commercial Property, and Fair Oaks Income, plus new investments by RTW Venture and Impact Healthcare REIT

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