In QuotedData’s morning briefing 14 November 2022:
- CT Private Equity Trust (CTPE) sold a portion of its investment in the Italian funeral services business of San Siro and related entities (HOFI S.p.A.) on 10 November 2022. CTPE initially invested in San Siro in January 2019 in a deal led by Augens Capital. This investment has generated a return of 8.8x cost and 87% IRR for CTPE as of 10 November 2022. As at 30 June 2022, CTPE’s investment in San Siro was valued at €13.2m (£11.4m). The total value of the transaction for the Company is €39.5m (£34.4m) representing an uplift of £23.1m or 4.8% of the Company’s 30 June 2022 Net Asset Value. This amount includes approximately €2.8 million of contingent consideration. CTPE says that €10.0m (approximately 25% of the total proceeds) will be re-invested into a new investment in HOFI S.p.A. alongside the existing manager, Augens Capital and the new investor for a further term. CTPE says that it expects to publish its 3rd Quarter results on 25 November 2022.
- Helical (HLCL) has let the sixth and seventh floors at The JJ Mack Building, 33 Charterhouse Street, Farringdon (comprising 37,880 sq ft of offices) to Partners Group, a leading global private markets firm. The JJ Mack Building, which is owned with joint venture partner Ashby Capital and completed on 30 September, comprises 200,450 sq ft of offices with 5,511 sq ft of ground floor retail. The building is EPC A and is anticipated to receive both a BREEAM Outstanding rating and a NABERS 5* assessment for energy in use. Farringdon Station, which following the opening of the Elizabeth Line is one of the best connected stations in London, is just 150 yards away. Gerald Kaye, chief executive of Helical, commented: “The letting to Partners Group shortly after completion of the building is a clear example of the bifurcation taking place in the market between the best in class office space and the rest.”