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QuotedData’s morning briefing 6 October 2022

In QuotedData’s morning briefing 6 October 2022:

  • Pfizer has completed its acquisition of Global Blood Therapeutics. BioPharma Credit (BPCR) had a US$132.5m investment in a senior secured loan to Global Blood Therapeutics which was prepaid upon the closing of the deal. BioPharma Credit received US$175.4m in total, including US$42.9m of accrued interest, paydown, prepayment and make-whole fees, realising an IRR of 27.6%.
  • Atrato Onsite Energy (ROOF) sells power under a power purchase agreement (PPA) to Vale of Mowbray Limited. The company supplies behind-the-meter green energy generated through its rooftop solar installation. This asset is the smallest project in the portfolio and represents less than 0.6% of the NAV. Vale of Mowbray has entered into administration. The company has confirmed with the administrators that it will continue to sell energy to the site during the administration process, with any excess sold to the grid under an existing ‘spill PPA’ at a premium of 84% above the Vale of Mowbray’s contractual PPA price. If the site is vacated, all energy generated by the solar installation will be sold to the grid under the higher spill PPA price. Atrato Onsite does not expect any material adverse consequences because of this administration.
  • Tritax EuroBox (EBOX) is proposing to amend its investment management agreement with its manager Tritax Management. The key change proposed is a reduction in the base management fee to 1.00% on NAV up to 1bn and 0.75% on NAV above €1bn. Currently the management fee is 1.3% on NAV up to €500m, 1.15% on NAV between €500m and €2bn, and 1% above €2bn. Based on the last reported NAV at 31 March 2022, the proposed changes would result in a net €2.4m reduction in the annual costs to the company. A new 18-month fixed term management agreement will be effective from the date of the General Meeting after which the company would have a two-year rolling notice.
  • Sirius Real Estate (SRE) has completed the early refinancing of its next major debt expiry, a €170m facility with Berlin Hyp AG, a year ahead of the facility’s due date. The refinancing comprises a new 7-year, €170m facility at a fixed interest rate of 4.26%, which will replace and redeem the existing facility upon its expiry on 31 October 2023. As of 30 September 2022, the Group had a total of €993m of outstanding debt. This refinancing extends the group’s total weighted average debt expiry from 3.8 years to 5.0 years. When the new facility commences just over a year from now, the group’s weighted average cost of debt will increase from 1.4% to 1.9%.
  • abrdn Property Income Trust (API) has completed the sale of an industrial asset in Rainham, East London, for £21.65m, reflecting a yield of 2.84%. The property was the lowest yielding asset in the portfolio, and the sale price represented a discount to the end June valuation of 2.7%. The asset was purchased in late 2007 for £7.5m and has provided a return of 14.5% per annum from purchase to 30 June 2022. The sale follows the disposal of an office in Kidlington earlier in the quarter above valuation. Proceeds of the sales are being used to pay down debt drawn on its revolving credit facility (RCF).

We also have results from Ashoka India Equity and Strategic Equity Capital

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