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QuotedData’s morning briefing 11 August 2022

QuotedData Morning briefing

In QuotedData’s morning briefing 11 August 2022:

  • Princess Private Equity (PEY) notes that Kohlberg & Company is acquiring a 50% stake in United States Infrastructure Corporation, the leading North American provider of utility location services. Clients of Partners Group including Princess will retain a 50% co-lead interest. The transaction values Princess’ stake at approximately $34.4m versus a carrying value of $28.7m. Princess will retain an exposure of approximately $20.2m following closing of the transaction.
  • Empiric Student Property (ESP) says that occupancy to date for the forthcoming academic year 2022/23 is 92%. This is already 10% ahead compared to the same time pre-pandemic, and it now expects to deliver revenue occupancy at the upper end of its revised guidance of 90% to 95%. Energy costs have been hedged up until Q3 2024, and it has also fixed two thirds of its total debt facilities, which gives it significant protection from rising interest rates. The minimum dividend target for 2022 is still 2.5p. However, this will be reviewed in Q4, once occupancy levels are confirmed for the new academic year. The EPRA NAV is now 117.8p (up from 107.4p at end June 2021).

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