In QuotedData’s morning briefing 1 June 2022:
- Atrato Onsite Energy (ROOF) has invested £6.6m into an operational rooftop solar photovoltaic system for Marks & Spencer. The asset is immediately income producing for the company through the sale of green electricity onsite under a long-term power purchase agreement with M&S. The PV system is installed on an M&S logistics warehouse in Leicestershire which has over 24,000 PV panels on its roof which provide a capacity of 6.1 megawatts peak. The project has been operational since 2015 and is accredited under the Renewable Obligation Certificate regime at a rate of 1.6 ROCs per megawatt hour of generation. The project generated almost 5 gigawatt hours of clean energy in 2020, representing an emission saving of over 1,200 tonnes of CO2e.
- International Public Partnerships (INPP) has conditionally agreed to acquire a further shareholding in Thames Tideway Tunnel, the 25-kilometre ‘super sewer’ being built under the River Thames to create a healthier environment for London. This is conditional on third party approvals, and has arisen as a consequence of another existing investor, DIF Capital Partners, having to dispose of its stake as an underlying investment fund is coming to the end of its life. The stake is being acquired by the other continuing investors in Tideway and if completed, the acquisition would result in INPP increasing its stake in Tideway to approximately 18% and deploying approximately £40m of additional capital. The investment will be funded with proceeds from INPP’s capital raise in April 2022.
- NB Global Monthly Income (NBMI) has announced plans to implement the first tender offer under its Cash Exit Facility, which offers eligible Shareholders the opportunity to tender up to 25% of their holdings at a price equal to the prevailing Net Asset Value per Share, less 2%. If the board decides to exercise its discretion, the first Cash Exit Facility Offer is expected to close on 30 June 2022. Further details will be in a circular which is expected to be published on or around 16 June 2022.
- Impact Healthcare REIT (IHR) has completed the accretive acquisition of three properties with an existing Group tenant, Welford Healthcare, for £25m, plus transaction costs. The portfolio includes a 61-bedroom specialist dementia nursing home in Devon which was purpose-built in 2011 and benefits from 100% en-suite wet rooms, and two part-converted and extended nursing and residential homes in Devon and Somerset registered for 54 and 69 elderly clients, respectively. The homes have CQC ratings ranging between Good and Outstanding and benefit from favourable underlying demographics in the local catchment areas with attractive demand/supply fundamentals. Initial rent under the new leases is set at £1.7m, reflecting a gross initial yield of 6.8% and rent cover is expected to be greater than 2x. Meanwhile, one home has an EPC rating of B and the other two of C, with a clear pathway to convert both to EPC B. All of the acquisitions will be leased on Impact’s green leases, with fixed terms of 30 years and annual upward-only rent reviews linked to the Retail Price Index, with a floor of 2% p.a. and a cap of 4% p.a., with commitments to a minimum annual expenditure by the tenant on the maintenance of the care homes.
We also have an annual report from Biotech Growth and the result of Bluefield Solar Income’s placing offer.