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QuotedData’s morning briefing 29 April 2022

In QuotedData’s morning briefing 29 April 2022:

  • Gulf Investment Fund says that all assets in its tender pool have been sold. As at 27 April 2022, the final tender offer asset value was $11,284,711, giving a tender price of $2.1639. The 5,214,956 tendered shares will be cancelled. It is expected that the proceeds payable to shareholders who tendered shares will be made on or around 11 May 2022.
  • GCP Infrastructure says that at 31 March 2022, its portfolio of 48 investments had an unaudited valuation of £1.1bn, a weight-adjusted average annualised yield of 7.9%, principal outstanding of £1.0bn and an average life of 11 years. Over the first quarter of 2022, the company made three investments totalling £6.2mn. This included £5.7m to fund the acquisition of a portfolio of anaerobic digestion projects and further advances of £0.4m to a portfolio of domestic rooftop solar assets.
  • Marwyn Value Investors says that the NAV return on its ordinary shares for 2021 was 18.6%. The 2016 realisation shares made a return of 38.8%, and the new 2021 realisation shares made a return of 3.3%. Dividends on the ordinary shares totalled 9.06p. £6.4m was distributed to holders of the 2016 realisation shares from the proceeds of a Zegona tender offer (Zegonal sold Euskatel for €428m during the year). Within the rest of the portfolio, Le Chameau is said to be doing well, AdvancedAdvT is still courting M&C Saatchi, and there may be cash to come from gaming business Praesepe.
  • International Public Partnerships (INPP) raised £325m, ahead of its £250m target. The proceeds will be used to pay down the corporate debt facility (about £156.2m as at 6 April 2022) and to provide additional resources to pursue the investment pipeline.
  • Pantheon Infrastructure (PINT) has three further transactions in legal closing that it expects to close over the coming weeks – a North American electricity generation asset with a provisional investment commitment of $57m, a North American district heating asset with a provisional investment commitment of $46m, and a North American data centre asset with a provisional investment commitment of $32m. At current exchange rates, these investments amount to a total of £96m and would take investment and committed capital to £240m, or approximately 61% of IPO proceeds.
  • Industrials REIT (MLI) says it had a record quarter of leasing activity, with total rental value of new leases signed during the first quarter of 2022 up 90% across 54 new lettings and 32 lease renewals over 399,326 sq ft amounting to £2.9m (previous quarter: up 31% to £1.54m of new income over 43 new lettings and 17 renewals on 238,009 sq ft). At 31 March 2022, there were a further 436,000 sq ft of new lettings and renewals under offer across 89 transactions. There was a 22% average uplift in passing rent on the leasing activity, with new lettings averaging uplifts of 34% and renewals averaging uplifts of 16% over the previous passing rent.

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