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QuotedData’s morning briefing 25 April 2022

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In QuotedData’s morning briefing 25 April 2022:

  • Digital 9 Infrastructure (DGI9) has signed a sale and purchase agreement for the acquisition of Nordic data centre and cloud services provider, Ficolo Oy for a total consideration of €135m. The acquisition is expected to complete later this year following customary regulatory approval. It builds upon DGI9’s strong presence in the Nordic data centre market and delivers on its environmentally sustainable data centre strategy. Jack Waters, chair of Digital 9 Infrastructure, said: ‘Ficolo adds to our portfolio of Nordic data centres and represents some of the cleanest, lowest carbon footprint data centres globally.’
  • NB Distressed Debt (NBDD), which is in realisation mode, has posted its annual report for the year to 31 December 2021. By the year-end, the company had returned a total of $132.8m of investors’ original capital of $124.5m, $286.9m of NBDX investors’ original capital of $359.4m and £56.1m of NBDG investors’ original capital of £110.8m. The board hopes to fully harvest NBDD during the next 18 months and continues to monitor all costs to ensure that they are appropriate. With effect from 18 March 2021, the investment manager agreed to waive all future fees. There will be no further distribution for NBDD until the final distribution to investors and the wind-down of the share class. The investment manager is evaluating options to wind down NBDD and will keep investors informed once there is more clarity.
  • LondonMetric Property (LMP) has acquired six London urban logistics warehouses in separate transactions for £26.7m, reflecting an anticipated blended initial yield of 4.3%. Three properties in Colliers Wood, Stratford and Stockwell have been acquired with vacant possession and will be redeveloped or refurbished at an anticipated yield on cost of 4.5%. The remaining properties in Hackney, Acton and Thamesmead are fully let with a WAULT of 11.4 years and have been acquired at a NIY of 3.9% and a reversionary yield of 4.7%. The assets are expected to generate a total rent of £1.2m per annum. Separately, the company has sold a multi-let industrial estate in Crawley for £8.5m, reflecting a NIY of 3.5%. The units have a WAULT of three years and have been sold at a material premium to book value.
  • AEW UK REIT (AEWU) has agreed terms to sell its office asset located in Eastpoint Business Park, Oxford for £37m. The agreed sale price represents a significant premium to the carrying value of the asset at 31 March 2022. The group said (for illustrative purposes only) if this valuation had been included in the 31 March 2022 NAV, it would have added around 11 pence to NAV per share.
  • Impact Healthcare REIT (IHR) reported a 2.2% uplift in NAV for the quarter to 31 March 2021 to 114.93 pence per share. The unaudited NAV total return for the quarter was 3.6%, comprising dividends paid in the quarter of 1.6025 pence and 2.50 pence per share growth in NAV. A dividend of 1.635 pence declared today for the period, in line with the company’s annual dividend target of 6.54 pence per share for the year to 31 December 2022. The group’s property portfolio was valued at £484.0m, representing a 2.9% increase in value on a like-for-like basis in the quarter, and a total increase of 5.3% over that period, including the acquisition of two homes.

We also have news of transactions by British Land and Urban Logistics REIT.

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