In QuotedData’s morning briefing 20 July 2022:
- The Renewables Infrastructure Group (TRIG) has exchanged contracts to acquire a further 2.4% equity interest in the Hornsea One offshore wind farm from Global Infrastructure Partners (from whom the company announced the acquisition of its original stake in March 2022). Upon completion of this incremental investment, TRIG will hold a 10.2% interest in Hornsea One, representing 9% of its portfolio, by value. The project benefits from an inflation-linked Contract-for-Difference subsidy with 13 years remaining and operational management of the windfarm by Orsted under a long-term operations & maintenance contract. With a generation capacity of 1.2GW and covering an area of 407km2, the project is the largest operational offshore wind farm in the world and generates enough clean electricity to power more than one million homes.
- RTW Venture (RTW) portfolio company Immunocore Holdings has agreed to sell an aggregate of 3,733,333 ordinary shares, consisting of 2,000,000 American Depository Shares with each representing one ordinary share, and 1,733,333 non-voting ordinary shares, to certain institutional accredited investors through a private investment in public equity financing (PIPE) at a price per ADS/non-voting ordinary share of $37.50. Immunocore is a UK-based commercial-stage biotechnology company pioneering the development of a novel class of T-cell receptor bispecific immunotherapies designed to treat a broad range of diseases, including cancer, infectious and autoimmune disease. It expects gross proceeds from the PIPE will be approximately $140m, before deducting estimated offering expenses. The closing of the PIPE is expected to occur on or about July 20, 2022, subject to customary closing conditions. RTW participated in the financing round together with Rock Springs Capital and General Atlantic. Immunocore has been a part of RTW’s portfolio since its launch on 30 October 2019.
- LXi REIT (LXI) has fully hedged the cost of the £385m acquisition debt facility used to complete the merger with Secure Income REIT using an interest rate cap. As a result, it says that 100% of the enlarged group’s debt is either fixed or capped, with the same maximum all-in rate of 4.1% per annum.
- Custodian REIT (CREI) has acquired two DFS-let retail warehouses – in Measham, Leicestershire, and Droitwich, Worcestershire – for £8.9m. The units combined total 40,077 sq ft and are let at an aggregate passing rent of £894,103 per annum and on a weighted average unexpired lease term of 8.0 years. The net initial yield was 9.4%. The deal was funded from the company’s existing debt resources, increasing its loan to value ratio to 23.4%. Following this acquisition the company’s diversified portfolio’s weighting to retail warehouses has increased to 24%, with 38% industrial, 16% office, 11% high street retail and 11% other, comprising 164 properties located across the UK.
We also have final results from Polar Capital Technology.