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QuotedData’s morning briefing 22 December 2022

221222 christmas morning

In QuotedData’s morning briefing 22 December 2022:

  • Temple Bar (TMPL) has appointed Frostrow as its AIFM (with effect from 1 July 2023). Redwheel will continue to manage the assets of the trust, but Frostrow will take on responsibility for marketing and distribution.
  • Palace Capital (PCA) has sold £7.6m of property since 30 September 2022, reducing its loan to value ratio to 29.6%. The sales took place at an aggregate 3% premium to the 31 March 2022 book valuation. Disposals include:
    • 127 Above Bar Street, a leisure asset in Southampton, for £3.75m, reflecting a 21% premium to 31 March 2022 book valuation.
    • Staple House, an office building in Winchester, for £3.55m, 10% below the 31 March 2022 book value.
    • A residential unit in Banbury for £0.3m, in line with the 31 March 2022 book value.
    • A further eight apartments at Hudson Quarter in York for a total of £3.4m, with one unit exchanged to the value £0.7m. A further seven units are under offer to the value of £2.8m, leaving 22 units remaining.
  • Circle Property (CRC) has sold two more assets – 36 Great Charles Street, Birmingham and 710 Aztec West, Bristol – as part of its disposal strategy. The seven-storey office building 36 Great Charles Street has been sold for £3.66m, a 29.6% decrease on the 31 March 2022 valuation of £5.2m. The sale of 710 Aztec West was for £2.3m, a 10.7% decrease on the 31 March 2022 valuation of £2.6m. The net proceeds from the disposals, following completion, will be held as cash and the board expects that a minimum of two returns of capital will be made to shareholders, the first of which is expected to occur in the first quarter of 2023.

We also have results for JPMorgan Indian, and a major change of direction for VPC Speciality Lending, and perhaps also for Ground Rents Income

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