In QuotedData’s morning briefing 17 May 2022:
- Sequoia Economic Infrastructure has received £10m from the administrators of Simple Energy (the parent of Bulb Energy). £2.5m of this covers the interest on the loan that has accrued since Simple went into administration. The other £7.5m reduces the fund’s exposure to Simple/Bulb to about 1.5% of its NAV. That NAV fell during April as long-dated government bond yields rose, dragging down the values of long-dated debt.
- HICL Infrastructure has made its first investment in Germany with the purchase of a 50% equity interest in the B247 Mühlhausen-Bad Langensalza Road PPP from Vinci Concessions Deutschland GmbH, paving the way for future partnership on the German road PPP pipeline. HICL’s total investment into the project will amount to €12.0m. The B247 is a new 22km road that will link the cities of Mühlhausen and Bad Langensalza, in the Land of Thuringia. The 30-year PPP covers the design, financing, construction, maintenance and operation of the B247. The project reached financial close in September 2021 and construction is expected to be completed by VINCI Group companies in June 2025. The client is the Federal Republic of Germany.
- Shaftesbury (SHB) has acquired the leasehold interest in the lower floors of 92-104 Berwick Street, Soho, for £27.5m. The property comprises 15,600 sq ft of retail accommodation and 3,600 sq ft which is suitable for restaurant uses. Of the total space, 5,400 sq ft has been let to a supermarket, which is now open and trading. The remainder is vacant. The group expects capital expenditure of £2.6m to bring it up to market-standard specification. The acquisition takes SHB’s ownership of active frontages on Berwick Street to over 50%.
- Tritax EuroBox (EBOX) has posted a 10% increase in EPRA net tangible assets (NTA) for the six months to 31 March 2022 to €1.49 per share and a total return of 12.4% for the period. The group’s portfolio of logistics assets in continental Europe rose in value by 8.1% on a like-for-like basis and is now worth just under €1.7bn (including new purchases during the period totalling €234.5m). New lettings have included at its 15,000 sqm development in Bornem, Belgium, where an online grocery retailer has taken the scheme on a nine-year lease for €0.7m a year, delivering a profit on cost of 70% and a yield on cost of 7.0%. In Hammersbach, Germany, EBOX has signed a lease for 43,000 sqm of space to a German third-party logistics provider, growing the rent by 24% to €3.1m. The lease includes annual and uncapped CPI linked indexation uplifts.
We also have news of results from JPMorgan Multi Asset Growth and Income, a new investment by Schroder British Opportunities and JLEN’s NAV announcement that we trailed on last week’s news show.