In QuotedData’s morning briefing 14 February 2023:
Regional REIT (RGL) says the vast majority (99%) of its office tenants have returned to the office, with a hybrid work pattern of three to four days in the office and one to two days at home the favoured combination. The company says its regional office portfolio, which comprises 156 buildings with 1,042 tenants located across the UK outside of London, lends itself to more people being in the office more of the week than in London where the commute tends to be longer. Manager Stephen Inglis says: “We expect this momentum to continue through 2023, until employers and employees strike the right balance for them between WFH and WFO. We are of the opinion that by the end of 2023 this will have played out. From the trends we are seeing, we believe employees working fully from home (that were not doing so pre-pandemic) will be in a small minority.”
Palace Capital (PCA) has sold an industrial property in Plymouth for £3.2m, marginally ahead of the 30 September 2022 book value and 2.6% below the 31 March 2022 book value. The proceeds of sale were used to reduce the company’s gross and net debt which now stands at £74.3m and £62.2m respectively. Steven Owen, interim executive chairman, says there are “encouraging signs of stabilisation in asset pricing in the commercial real estate market” and the group is now looking to selectively market other assets where it has completed asset management initiatives.
- RTW Venture Fund (RTW) portfolio company Mineralys Therapeutics priced an upsized $192m IPO yesterday. Mineralys is a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone. On the first day of trading, Mineralys’ share price rose by 15.25%. Mineralys represents just 0.3% of the company’s NAV. Mineralys’ IPO pricing announcement can be accessed on its website at: www.mineralystx.com