In QuotedData’s morning briefing 21 April 2022 the news is dominated by annual results, but we also have:
- An unusual advance on the sale proceeds of Infrastructure India’s (IIP) wind farm assets – the buyer AVSR Constructions is supposed to pay INR 550m (approximately £5.5m), but the seller is yet to satisfy all the conditions of the sale. AVSR has agreed to provide an unsecured advance of INR 275m, 50% of the agreed consideration now. The seller must satisfy all outstanding conditions, including regulatory approvals, by an extended long stop date of 30 May 2022 or refund the advance. Infrastructure India’s lenders have waived the requirement to pay down a proportion of the company’s debt. The statement says that the company’s creditors continue to be supportive, however, should the outstanding conditions not be met and the sale not proceed, Infrastructure India will not have adequate funding to meet its liabilities when they fall due and will need to identify other sources of financing.
- JPMorgan Global Core Real Assets (JARA) says that a further $8.2m is now invested into the US Real Estate Mezzanine Debt strategy, making $19.3m in total. This is the final tranche of the trust’s commitment to this strategy. The investment was funded from cash and liquid real assets. JPMorgan’s Real Estate Mezzanine platform has agreed to fund eight assets so far this year. All of these have been floating rate loans and they also include the team’s first loan to industrial assets. Once fully executed, the trust will have exposure to a portfolio of 23 loans. This increases the portfolio’s sensitivity to rising interest rates – the Mezzanine strategy now has about 80% of its exposure to floating rate loans. This should help boost the revenue account. The Mezzanine startegy has made an average of 6.9% per year since inception.
- Taylor Maritime’s (TMI) NAV has jumped by 22% since end December 2021. The market value of the vessel portfolio was $546m, an increase of 8% or $39m versus the 31 December valuation of the same 31 vessels. In addition, the company made an profit of $33m and a 26.6% stake in Grindrod Shipping rose in value from an average $17.60 at the time of purchase to $25.44. Taylor Maritime also got a $3.5m dividend on this investment.
- Emirates is handing back an Airbus A380 (MSN090) to Doric Nimrod Air Two (DNA2) and paying it $12m in compensation for early termination of the lease.
- AEW UK REIT (AEWU) has reported a NAV total return for the quarter to 31 March 2022 of 7.4%. This was made up of a 5.6% uplift in NAV to 120.63p per share and a 2p per share dividend. The dividend was not covered by EPRA earnings, which were 1.55p per share for the period. The group says that it expects earnings to return to its target level of 2p per quarter once the sale of Bath Street, Glasgow, completes later in the year.
We also have an acquisition by Warehouse REIT, the outcome of Aquila Energy Efficiency’s strategy review, and results from: NB Global Monthly Income, RM Infrastructure Income, Menhaden, Invesco Perpetual UK Smaller, and Schroder Uk Public Private.