In QuotedData’s morning briefing 15 February 2023
- JZ Capital Partners (JZCP) has announced that following a number of recent realisations of its investments, it has undertaken an early voluntary redemption in full of its subordinated 6 per cent. loan notes, paying approximately US$32 million in respect of the principal and interest outstanding. Following the voluntary redemption of the Subordinated Loan Notes, the Company has approximately US$105 million of cash and cash equivalents.
- Impact Healthcare REIT (IHR) has sold a non-core care home for £1.25m, in-line with the latest valuation as at 31 December 2022. IHR has exchanged on the sale of Mulberry Manor, a 49-bed care home in Mexborough, which was acquired as part of the seed portfolio in May 2017. Completion is expected during the first quarter.
- Helical (HLCL) has been selected as the preferred investment partner by Transport for London (TfL) for the development of its commercial office portfolio across central London. Helical was selected on the basis of its sustainability strategy, partnering approach, and investment proposals for its development sites at Bank, Paddington and Southwark. The partnership will see the delivery of new high-quality and sustainable office space above or close to the three Tube stations. All three sites have full planning permission. The Bank development – located above the new station entrance on Cannon Street – will be an eight-storey development measuring around 140,000 sq ft. A start on site is envisaged next year. The Paddington development – located by Grand Union Canal and close to the new Elizabeth line station at Paddington – will comprise a 19-storey building measuring around 235,000 sq ft. A start on site is anticipated in 2026. The Southwark development – located above Southwark Tube station on the Jubilee line – will be a 17-storey hybrid timber building is set to be one of the greenest and healthiest large-scale commercial buildings in the UK. Measuring around 220,000 sq ft, it will provide a mixture of commercial office space and retail space and has external terraces on most floors. It is expected that construction would start in 2025. The sites will be developed directly by the company, which is to be funded with equity and debt. Other properties and development opportunities may in the future be acquired by the joint venture, expanding the partnership’s portfolio, subject to feasibility and assessment. The buildings will be constructed on the basis of Net Zero Carbon and the joint venture will collaborate with tenants to target a rating of BREEAM Outstanding and Platinum WELL v2 Core.