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QuotedData’s morning briefing 28 February 2023

In QuotedData’s morning briefing 28 February 2023:

  • Princess Private Equity (PEY) is abandonng (from April 2023) its currency hedging strategy, which had a considerable negative impact on the fund last year. Dividends based on 5% of NAV will resume in June with a 36 cent payment. The chair Richard Battey, who has been on the board for 13 years, is stepping down at the AGM in June. He will be succeeded by Steve Le Page.
  • Bluefield Solar (BSIF) has published a decent set of half-year figures helped by solar generation 6% above budget, offset a little by the wind portfolio where the adviser elected to replace the operations and maintenance provider for Delabole wind farm. It has updated on progress within its pipeline. Over the second half of 2022 it obtained consent on 215MW of solar developments, adding about 2p to the December 2022 NAV. The pipeline of solar and storage currently under development stands at 1.38 GW (956 MW solar and 424 MW battery storage). Construction is underway at Yelvertoft.
  • London office developer Derwent London (DLN) posted a 8.3% drop in EPRA net tangible assets (NTA) to 3,632p per share in the year to 31 December 2022. Like most of the property sector, the company suffered from an outward shift in yields as interest rates rose. The value of its portfolio fell 6.8% in the year to £5.36bn. Net rental income was up 6.0% to £188.5m but earnings per share was down 1.8% to 106.6p per share. The full year dividend was up 2.6% to 78.5p. The company has a low loan-to-value ratio of 23.9%, with net debt of £1,257.2m and available capital of £577m. Chief executive Paul Williams said there was a “depth of demand for our distinctively designed, sustainable offices and we anticipate rental growth accelerating for the best buildings over the medium-term”. The group announced it had made £14.7m of lettings so far in 2023 including: a 106,100 sq ft pre-let at 25 Baker Street to PIMCO worth £11.0m a year on a 15-year lease with no breaks; and a 31,100 sq ft letting at The Featherstone Building to Buro Happold at a rent of £2.3m a year, also on a 15-year lease with a break a year 10.
  • Workspace Group (WKP) announced its chairman Stephen Hubbard will step down on 6 July 2023 after serving nine years on the board. Duncan Owen will succeed him as chairman and chair of the company’s nominations committee from that date. Owen joined the board as a non-executive director on 22 July 2021, with his appointment forming part of the company’s long term succession planning. He has over 30 years’ experience in the real estate sector, serving as the chief executive of both public and private companies including the global head of real estate at Schroders plc, and the chief executive of Immobel Capital Partners, a pan-European specialist ‘Green’ real estate investor in the office and residential sectors

We also have results from Lar Espana, Unite Group, Smithson, Law Debenture and Fondul Proprietatea.

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