In QuotedData’s morning briefing 3 November 2022:
- Gresham House Energy Storage (GRID) has announced that it has agreed £155m of additional debt through an accordion facility on its existing senior debt facilities that were secured in September 2021. The interest rate remains unchanged at SONIA + 3%, while the term of the debt facility has been extended by two years. The additional debt, together with the original £180m secured last year, will be used to fund GRID’s near term pipeline. John Leggate CBE, GRID’s chair, says “This transaction demonstrates our lenders’ continued support for the Company and its commitment to scale up the portfolio. GRID maintains its measured approach to leverage and this extension further optimises the Company’s capital structure on attractive terms.” GRID describes itself as the UK’s largest fund investing in utility scale battery energy storage systems.
- abrdn Property Income Trust (API) says its NAV has fallen 4.1% in the quarter to 30 September 2022 to 106.1p per share, as valuations in the real estate sector decline on the back of high interest rates. The group’s portfolio valuation was down 4.2% in total to £509.1m, led by its industrial assets (which make up 55.9% of the portfolio) down 5.8%. Retail (11.9%) was down 0.9% and offices (22.4%) down 3.5%. NAV total return (including dividends) for the period was -3.3%. On the debt side, loan to value was 21.7%, with an existing cost of debt of 2.77% until April 2023. The company announced in October the refinancing of its debt and has entered into a forward interest rate Swap on the full amount of the new term loan. The cost of the Swap is 5.47% (giving an all-in rate of 6.97% on the £85m borrowed under the term loan).
- Life Science REIT (LABS) has announced its intention to be admitted to the premium segment of the main market of London Stock Exchange and delist from AIM. It is expected that the company will publish the prospectus in mid-November 2022 and it is expected that admission will occur (and the company’s admission to trading on AIM will be cancelled) by early December 2022.
We also have Schroder British Opportunities first cash from its private equity portfolio.