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QuotedData’s morning briefing 16 August 2022

In QuotedData’s morning briefing on 16 August 2022:

  • LondonMetric Property (LMP) sold four assets, in two separate transactions, for £25.6m, reflecting a blended net initial yield (NIY) of 5.3%. In the first transaction, the company sold a portfolio of three multi-let industrial assets totalling 53 units across 235,000 sq ft, located in Halesowen and Aston, Birmingham. The properties have a WAULT of three years and have been sold to The Ardent Companies UK for £21.6m, reflecting a NIY of 5.7%. They were acquired by LondonMetric in 2019 as part of the Mucklow acquisition for an allocated price of £15.8m and have delivered an ungeared IRR of 20%. The second sale was a roadside asset in Stamford Hill, London, for £4.0m, reflecting a NIY of 3.5%. The property is let to TG convenience for a further 19 years.
  • Impact Healthcare REIT (IHR) published half-year results to 30 June 2022, in which NAV per share increased 3.3% to 116.18p, primarily due to valuation uplifts across its care home portfolio of 4.9% to £568.9m stemming from inflation linked rent reviews. NAV total return for the period was 6.2% including dividends paid of 3.24p. The dividend was 129% covered by EPRA earnings in the period of 4.22p, which was up 2.9% on the first half of 2021.
  • HarbourVest Global Private Equity (HVPE) has secured a $100m increase to its multi-currency credit facility which takes the total size to $800m. The additional $100m was arranged by Credit Suisse AG London Branch and is being provided by The Guardians of New Zealand Superannuation, a Crown entity established to manage the New Zealand Superannuation Fund. There are no changes to the key terms of the facility, which is structured as a five-year evergreen, giving it a guaranteed term of five years.
  • ThomasLloyd Energy Impact (TLEI) has completed its acquisition of a 43% economic interest in SolarArise India Projects Private Limited (which owns seven solar power projects situated in five states across India, with a total generating capacity of 434 MW). In exchange, the company has issued 26,014,349 ordinary shares, at an issue price of $1.16035 per share. Factoring in an associated withholding tax payment of $2.67m, the total consideration payable was $32.9m. This was a bit less than budgeted due to the strengthening of the US Dollar offset by underlying increases to enterprise value driven by ongoing operations.

We also have news of a new investment by SDCL Energy Effficiency

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