In QuotedData’s morning briefing 16 January 2023:
- ThomasLloyd Energy Impact Trust (TLEI) has announced that it has successfully completed the acquisition of the remaining 57% economic interest in SolarArise India Projects Private Limited, taking its total ownership to 100%, having purchased the initial 43% in August 2022. The consideration of $38.5m was funded from existing cash resources. SolarArise is a Delhi based renewable energy platform which owns seven solar power projects in India with capacity totalling 434 MW.
- ICG-Longbow Senior Secured UK Property Debt Investments (LBOW), has announced that it has received repayment in full of the remaining £6.47m balance of the LBS loan, following a refinancing of the underlying property. The repayment is accompanied by interest and fees of approximately £0.3m in aggregate. LBOW also saw heightened volatility in its share price on Friday 13 January following publication of an anonymous report which appears to question the loan to value (LTV) ratio of one of LBOW’s loans. The company commented that the reported LTVs on all of LBOW’s investments are based on independent, third-party valuations of the underlying properties. The investment manager is procuring updated valuations on its security portfolio in preparation for its annual report and accounts for the period ending 31 January 2023.
- Derwent London (DLN) has sold 19 Charterhouse Street, in the City of London for £54.0m to Morgan Capital and BNF Capital Limited. The 63,170 sq ft building, which was purchased in November 2013 for £41.3m after costs, is occupied by the London College of Accountancy at a rent of £2.6m per year and on a lease expiring in August 2025. The disposal price represents a 4.6% net initial yield, a capital value of £855 per sq ft and reflects a marginal discount to June 2022 book value. Chief executive Paul Williams said the sale was part of its ongoing strategy of reducing exposure to smaller buildings with less repositioning potential. He added: “As the flight to quality continues and occupiers become increasingly selective, proceeds will be recycled into our exciting development pipeline where we are currently on site with 435,000 sq ft of net zero carbon projects which we expect will deliver attractive returns.”
We also have results from Ruffer and TwentyFour Select Monthly Income