In QuotedData’s morning briefing 11 July 2022:
- RM Infrastructure Income (RMI)) has closed on three social infrastructure loans totalling approximately £11m allocated to targeted infrastructure sectors, including the company’s first ESG sustainability linked loan. An aged care loan of up to £6m will be used to construct a 45-bed purpose-built aged care home, located in SE England. The loan contains a margin ratchet, which is linked to environmental building standards, and operational/governance conditions which align with RMII’s ESG reporting framework. An accommodation loan of up to £2m will be used to acquire and develop a PRS/co-living scheme in Central London, and is linked to the Bank of England base rate. A childcare loan of up to £3m will be used to acquire an operational high performing, London-based early years care business, linked to Sterling Overnight Interest Average (SONIA). All loans are secured via all-asset debentures, benefit from limited exposure to interest rate risk, and offer an initial weighted average cash yield of circa 10%.
- Syncona (SYNC) holding, Freeline Therapeutics, has presented safety and initial efficacy data from the first cohort of the Phase I/II dose-confirmation B-LIEVE trial for FLT180a, the company’s gene therapy candidate for people with haemophilia B. Following the data cut-off, two patients in cohort one have experienced a decrease in FIX expression together with a mild and transient increase in liver enzymes while all patients continue to have expression levels above baseline, and with no patients experiencing a bleed or requiring FIX supplementation. Freeline continues to focus its resources on executing on its strategic priorities to ensure that the company is well positioned to deliver value. As a result, the company is evaluating strategic options for FLT180a, which may include seeking a partner for the programme to advance it through clinical development. Chris Hollowood, CIO of Syncona, said: “Whilst we have continued to be encouraged by the data presented in haemophilia B, Syncona is supportive of Freeline’s decision to review the appropriate path forward for the programme. We continue to work closely with the company as it executes on its strategic priorities and advances these two lead programmes through the clinic.”
- Custodian REIT (CREI) has acquired two drive-through restaurants on Clifton Moor Retail Park, York, adjacent to York’s northern bypass which connects to both the A1(M) and M62. The units are occupied by Burger King and KFC franchisees with a weighted average unexpired term to first break or expiry of 9.7 years and an aggregate passing rent of £163,250 per annum, reflecting a net initial yield of 5.07%. The agreed purchase price of £3.025m was funded from CREI’s existing debt facilities, moving net gearing to 22.5% loan to value.
- Capital & Regional (CAL) has completed the sale of the residential development project at its 17&Central community shopping centre in Walthamstow, London, to specialist residential developer Long Harbour for £21.65m.
We also have final results from Sequoia Economic Infrastructure Income.