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QuotedData’s morning briefing 13 September 2022

In QuotedData’s morning briefing 13 September 2022:

  • Infrastructure India (IIP) has applied for, and has been granted, a three month extension to the deadline for publishing its audited annual accounts for the year ended 31 March 2022, which are now expected to be published in early November 2022. Proceeds from the sale of Indian Energy Limited are expected to be received during September, which is expected to give the company a cash runway until December 2022 [not much time at all really]. It has agreed with all material creditors that they will continue to withhold demanding payment for invoices due at the current time. Liquidity constraints and the increase in net debt are anticipated to impact the net asset value, which may be published in October. [Other assets may be sold but the delay in receiving the proceeds of IEL (the sale was announced in February) does not bode well.]
  • Custodian REIT (CREI) has acquired a 91,955 sq ft distribution facility between Glasgow and Edinburgh for £11.125m, reflecting a net initial yield of 5.25%. The property benefits from a strategic logistics location on the Eurocentral industrial estate, at Junction 7 of the M8 motorway, 15 miles from Glasgow and 35 miles from Edinburgh.  The asset is fully let to Gist, a national distribution business, with five years remaining on the lease and three years to a break option, and producing a passing rent of £623,160 per annum. The acquisition was funded from the company’s existing debt facilities, increasing net gearing to 24.0% loan to value, which remains within the company’s 25% target. This acquisition increases the industrial weighting within the company’s diversified portfolio of 165 properties to 48% by value.
  • Developer Harworth Group (HWG) has reported a 13.7% uplift in EPRA net disposal value (NDV) to 224.7p in the six months to 30 June 2022. This was driven by valuation gains across its industrial & logistics and residential sites. Chief executive Lynda Shillaw says: “However, as previously stated, it is our expectation that as a result of the market backdrop, valuation gains during 2022 are likely to be first half-weighted.”

We also have news of an acquisition by Home REIT and an update by Civitas Social Housing

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