In QuotedData’s morning briefing 8 June 2022:
- International Public Partnerships (INPP) has posted a portfolio update for the period 1 January to 31 May 2022. During this time, approximately £48m of investments and commitments were made, including an additional c.£40m investment being announced into Tideway, the company building a 25km ‘super-sewer’ under the River Thames. The trust also completed a significantly oversubscribed £325m capital raising during the period exceeding the initial target of £250m. Around £160m of the proceeds were used to pay down INPP’s revolving credit facility with the remaining proceeds available to support the investment pipeline.
- EP Global Opportunities (EPG) has completed its transition to becoming a self-managed investment trust following receipt of approval from the Financial Conduct Authority. Its management agreement with the AIFM, Franklin Templeton Investment Trust Management Limited, has been terminated and its affiliate, Franklin Templeton Investment Management Limited has been appointed to act as investment manager in respect of around 80% of EPG’s assets. Following a resolution of the board, the company intends to change its name to Global Opportunities Trust plc and to update the ticker of the Company to GOT as soon as is practicable.
- Custodian REIT (CREI) has sold a 24,178 sq ft Volkswagen car showroom in Derby for £5.6m, 26% ahead of the 31 March 2022 valuation, representing a net initial yield of 5.7%. Following the disposal, net gearing has decreased to 20.5%.
- Oakley Capital Fund IV has reached an agreement to sell its stake in Contabo, a leading cloud hosting platform offering easy-to-use and cost-effective cloud services used by SMEs, entrepreneurs and developers. The exit will generate a gross return in excess of 10x the amount invested and over 100% IRR to Fund IV. As part of the transaction, Oakley Capital Fund V will acquire a minority stake in Contabo alongside majority investor KKR, to benefit from the anticipated future growth of the business. Oakley Capital Investments’ (OCI) share of proceeds will be about £59m, a 105% premium to the 31 March 2022 carrying value, an uplift of about 17p on the NAV. Oakley Capital Investments indirect contribution to the Fund V investment will be about.£37m.