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QuotedData’s morning briefing 2 February 2023

QuotedData's Morning briefing

In QuotedData’s morning briefing 2 February 2023:

  • Ecofin US Renewables’ (RNEW) manager increased its holding in the fund, buying 59,096 shares in the market at an average price of $0.835 in part settlement of its management fee due for the three-month period ended 31 December 2022. It and its associates now hold 346,887 shares.
  • abrdn Property Income Trust (API) posted a fall in NAV of 20.1% to 84.8p per share for the final quarter of 2022. This was largely due to a 13.9% decrease in the value of its portfolio on a like-for-like basis to £416.2m. The manager expects that the value of prime real estate will stabilise this year, whilst secondary assets will see further capital values declines. It added: “The pace of repricing for UK real estate will mean opportunities will arise over the course of 2023, particularly as the path of monetary policy turns more accommodative. Those sectors that benefit from longer- term growth drivers, such as the industrial and living sectors, will see greater demand return and at more attractive pricing levels.” The group has available resources for investment of £57.8m. API’s £165m debt will be refinanced in April 2023 with a term loan of £85m and a revolving credit facility (RCF) of £80m. The new facility is at a margin of 150 basis points (1.5%) over SONIA and an interest rate cap on SONIA has been put in place at 4%.  As at 31 December 2022, the company had a Loan to Value (LTV) of 22.6%.
  • Target Healthcare REIT (THRL) reported an 8.1% drop in NAV to 103.0p per share for the quarter to 31 December 2022. This was largely driven by a like-for-like portfolio valuation decrease on its portfolio of care homes of 5.0% – reflecting the sector-wide outward yield movement following recent interest rate rises (THRL’s portfolio net initial yield moved out by 34 basis points (0.34%) to 6.22%). Rental value growth of 2.6% was recorded in the quarter reflecting: a 1.5% increase from the completion of a development site and a 1.1% increase from 24 inflation-linked upwards-only rent reviews. Net LTV was 25.1%, with a weighted average term to expiry of 6.7 years. Interest costs hedged on 96% of the drawn debt.
  • CT Property Trust (CTPT) said its NAV was down 21.0% to 95.4p per share in the quarter to 31 December 2022. The value of its portfolio fell 18.4% in the period to £286.0m. The group’s £90m long-term debt with Canada Life and £20m RCF with Barclays (which is undrawn) equate to an LTV (net of £32.3m of cash) of 22.7%. The debt facilities do not need to be refinanced until November 2026 and March 2025 respectively.
  • Augmentum Fintech (AUGM) has made a further £4m investment alongside other investors into Zopa, as part of a £75m funding round. The funding will be used to support Zopa’s next phase of growth, meeting the capital requirements of its growing balance sheet, and supporting M&A activity. Since being awarded a UK banking licence in 2020, Zopa has attracted £3bn in deposits, more than £2bn in balance sheet loans and issued more than 400,000 credit cards. Zopa continues to grow revenue by more than 100% year on year, and became profitable in April 2022.

We also have news of a new investment and a portfolio update from Apax Global Alpha, results from BlackRock Income and Growth and BlackRock Energy and Resources Income, and more information on Castlenau’s bid for Dignity.

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