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QuotedData’s morning briefing 23 May 2022

In QuotedData’s morning briefing 23 May 2022:

  • Pantheon Infrastructure (PINT) has invested approximately $46.1m (£37m) in Cartier Energy, a district energy platform in the US. The business is made up of eight district energy systems located across the Northeast, Mid-Atlantic and Midwest and provides diversified energy services such as heat (steam, hot water), cooling (chilled water) and electricity to around 190 buildings across the higher education, healthcare, commercial, manufacturing, hospitality, government, and retail sectors. PINT co-invested through funds managed by Vauban Infrastructure Partners, a leading alternative investment firm.

  • SDCL Energy Efficiency Income (SEIT) has signed an agreement to finance a portfolio of geothermal projects owned by Baseload Capital Sweden AB through a €25m senior debt facility. This will be used to finance the capex of existing and pipeline projects, with an initial expected draw down of up to €6m at closing, to re-finance current operational assets and assets in construction or late-stage development. The facility will be senior secured over all the underlying project cashflows. Meanwhile, SEIT has also signed an agreement to provide a preferred equity investment of $10m in the upcoming Series C financing round of Turntide, a sustainable technology developer. SEIT and Turntide have also signed a Term Sheet regarding the provision of a project financing facility of up to $100m, whereby SEIT will finance the capex of future qualifying energy efficiency projects delivered by Turntide, so that it can deliver infrastructure as a service. In addition to these two investments, SEIT has also completed follow-on investments into existing projects, Onyx, Sparkfund, Tallaght, EVN and Biotown to support the roll-out of new sites as well as providing construction funding.
  • LondonMetric Property (LMP) has acquired two retail parks for £23.3m, reflecting a blended net initial yield of 6.7%. The properties generate a rent of £1.6m p er annum and have a WAULT of six years. The first property is a 76,000 sq ft retail park in Evesham, which is predominantly let to The Range and Halfords with other occupiers including Costa, Greggs and Pets at Home, whilst the second is a 42,000 sq ft retail park in Burton-upon-Trent, which is let to Dunelm, Halfords and Pets at Home.

  • Big Yellow Group (BYG) has sold its industrial warehouse scheme at Harrow, London for £61m. Completion of the sale is conditional on practical completion of the development, and is expected to occur in August of this year. The company expects to have deployed £31.5m on developing the scheme, including the cost of the land. Big Yellow is left with an acre of land on which it is building a new 82,000 sq ft self-storage store which is scheduled to open later this summer.

  • Life Science REIT (LABS) reported results for the short time from raising £350m at IPO in November 2021 to the end of the year. In the period the group acquired five properties, and despite the short time frame the portfolio gained in value by £14.5m to £192.2m at 31 December 2021. Since the year end, the company has fully deployed the IPO proceeds with two further transactions – the acquisition of Oxford Technology Park and 7-11 Herbrand Street in London. The company intends to declare its first dividend later this year for the period from admission to 30 June 2022 and thereafter adopt a progressive dividend policy, with dividends paid twice a year.
  • AVI has published proposals that it has put to the board of Tokyo Radiator (a subsidiary of Marelli, which is controlled by KKR). These cover a range of points but chief among them is a request to stop using Tokyo Radiator as a cheap source of cash for its parent. The equivalent of 47% of Tokyo Radiator’s market cap has been on deposit with Marelli. AVI made a similar request last year but was rebuffed.

We also have an acquisition from Bluefield Solar Income and interim results from Schroder Oriental Income.

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