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QuotedData’s morning briefing 12 December 2022

In QuotedData’s morning briefing 12 December 2022:

  • SME Credit Realisation Fund (SCRF) has announced that it has completed its asset realisation strategy, initiated in 2019 following consultation with shareholders accounting for over two-thirds of the register, through the sale of all of its remaining UK and continental European (Germany and Netherlands) loans to a third-party buyer. About £20.5m is expected to be raised from the sales, based on the 30 September valuation. Following completion, the board intends to publish proposals for SME Credit Realisation to be delisted from the public market and placed into liquidation at an appropriate time. The proposals are expected to be published following the next quarterly return of capital in January 2023, which will distribute substantially all of the company’s free cash.
  • Following Life Settlement Assets’s (LSAA) 5 December announcement in relation to the sale of Mutual Benefits Keep Policy Trust (MBC), Life Settlement Assets is pleased to announce that Acheron Portfolio Trust, on behalf of Life Settlement Assets, has entered into a high-level agreement with Mutual Benefits Keep Policy Trust to acquire all remaining policies held by that entity.
  • Rockwood Strategic (RKW) has announced that its largest investment, Crestchich, has been subject to a takeover offer, which the manager supports. If approved by shareholders, the purchase should reflect an IRR of 31.5% for RKW shareholders, and a money multiple of 6.4x [Impressive stuff].
  • The board of Triple Point Energy Transition (TENT) has announced that it, alongside Virmati Energy (aka Field), have partnered with The Chancery Lane Project to publish a version of the “Interest Ratchet Clause for Carbon Saving” contained within the recent debt facility agreed between the company and Field in March 2022, linking the interest rate to carbon savings. Recognising the opportunity to maximise the contribution of battery energy storage systems (“BESS”) to energy transition, the clause, as originally designed, incentivises the asset operator to utilise the systems to balance the supply of intermittent renewables with steady daily demand curves. The linking of interest rate and carbon savings is the first of its kind in the BESS sector.
  • Warehouse REIT (WHR) has completed four lettings totalling 121,400 sq ft, 7.9% ahead of estimated rental values (ERVs). The deals increase the portfolio occupancy to 93.3% from 92.7% and the portfolio’s WAULT to 5.7 years from 5.4 years. At Valley Point, Rugby, the company has completed a 38,600 sq ft lease for 20 years with no break to PWR Europe, a leading developer and manufacturer of cooling solutions. At Unit 1, Granby Trade Park, Milton Keynes, the company has concluded a 20,200 sq ft lease for 10 years with no break to Superbike Factory Ltd, a large motorbike retailer. The company has signed a new lease at Unit 3, Carisbrooke Industrial Estate, Isle of Wight for a headline rent of £185,000 per annum for 10 years with a break at 5 years. The tenant is a leading manufacturing business. Finally, at Shaw Lane, Doncaster, the company has let an additional 5,000 sq ft  to existing tenant Turners Garage Ltd, on a 10-year lease with no breaks.
  • Primary Health Properties (PHP) has announced that chief executive Harry Hyman will retire at its annual general meeting in 2024. PHP will commence the search for a new CEO in the New Year and it is expected to be in a position to make an appointment during 2023. The search will be led by the chairman, Steven Owen, who, after consultation with a number of the group’s major shareholders and the agreement of the board, will, subject to shareholder approval at the 2023 AGM, remain as chairman until the conclusion of the 2024 AGM in order to deal with the appointment of the new CEO. Owen was appointed as a non-executive director in January 2014 and chairman in April 2018 and under the UK Corporate Governance Code will have served nine years by January 2023. From this date he will not be considered independent under the provisions of the code.
  • Empiric Student Property (ESP) has sold Emily Davies House, Southampton to Far East Orchard Limited for £13.9m, reflecting a net initial yield of 5.7%, with pricing ahead of 30 June 2022 book value. The sale remains conditional on the completion of minor works. Once the sale concludes, the company would have generated £71.5m from its disposal programme of non-core assets. Emily Davies provides 180 beds and is comprised of three-to-four-bedroom apartments with shared bathrooms and kitchens.

We also have an update from Home REIT and results from Polar Capital Technology, Polar Capital Global Healthcare and Keystone Positive Change

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