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QuotedData’s morning briefing 18 July 2022

No dramas for aircraft leasing funds

In QuotedData’s morning briefing 18 July 2022:

  • Doric Nimrod Air One (DNA) has confirmed it will sell one of its assets, an Airbus A380-861 aircraft, which is currently leased in a 12 year agreement to Dubai airline, Emirates, to the company at its lease end date of 16 December 2022. The sale proceeds to be paid by Emirates are £25.3m. The directors intend to distribute the sale proceeds to shareholders, net of any liquidation and other costs and assuming successful completion and no further or unexpected costs or events, as soon as possible following the lease end date. It is currently anticipated that the process for liquidation of DNA will commence as soon as practicably possible thereafter. [The share price has leapt on the news – there has long been a worry that these planes wouldn’t have much of a secondhand value.]
  • Atrato Onsite Energy (ROOF) has acquired 100% of the shares of Hylton Plantation Solar Farm, a company set up to develop a 20MWp solar PV system for Nissan Motor Manufacturing UK. The £10.6m transaction sees ROOF take on the ownership of a behind-the-meter private wire solar installation project for Nissan in Sunderland and will complete the installation of a 20MW ground mounted system, using c. 37,000 panels, next to Nissan’s manufacturing facility. Nissan has entered into a 20 year Power Purchase Agreement on a 100% take-or-pay basis.
  • Chelverton UK Dividend (SDV) has posted its annual results for the year to 30 April 2022, during which time its NAV fell by 12.6% while its benchmark, the MSCI Small Cap Index, decreased by 15.22%. Total dividends of 11p per ordinary share were paid and proposed over the year, including the fourth interim dividend of 2.75p. The total dividend in 2022 represents an increase of 7.1% year on year. SDV partially used its revenue reserves, built over many years, to declare the core dividend.
  • Derwent London (DLN) has exchanged contracts to sell Bush House, South West Wing, in London WC2, a 103,700 sq ft freehold office building, for £85m, reflecting a premium to December 2021 book value. The building is being sold with vacant possession. The company said the proceeds of the sale will be used to swell its funds to invest in its development pipeline.
  • Industrials REIT (MLI) has completed the sale of Rose Kiln Court, Reading for £5.88m. The sale price represents a 2.2% discount to the 31 March 2022 valuation. The property, which comprises 31,687 sq ft of hybrid office/industrial accommodation on a 1.88 acre site, is currently vacant following the expiry of a lease across the entire building to Thames Water in April 2022.

We also have annual results from Henderson Diversified Income, Jupiter Green, Ruffer and a new investment from HICL Infrastructure.

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