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QuotedData’s morning briefing 9 February 2023

230209 morning

In QuotedData’s morning briefing 9 February 2023:

  • CC Japan Income and Growth (CCJI) has reminded investors that the last day for exercising their subscription shares is 28 February. The day after, they will be suspended from trading and cancelled (if not exercised). The numbers are tight – the exercise price is 161p and last night’s closing share price was 159.75p. The NAV is 169.81p.
  • Yellow Cake (YCA) says that following its £62m placing on 7 February 2023, it has informed JSC National Atomic Company Kazatomprom  that it has elected to purchase 1,350,000 lb of U3O8 at a price of $48.90/lb as part of its 2022 uranium purchase option under its agreement with Kazatomprom. The company expects to take delivery in the second half of 2023.
  • Great Portland Estates (GPE) has completed the sale of 50 Finsbury Square, EC2 (its first net zero carbon development) for £190m, reflecting a net initial yield of 3.85%. Construction of the 129,200 sq ft building completed in January, and is let to Inmarsat Global Limited, and various small retailers. With the lettings concluded, the sale to a wholly owned subsidiary of Wirtgen Invest Holding GmbH, a private German family office has also now completed. The proceeds will be initially used to pay down the group’s revolving credit facility and will reduce the company’s loan to value from 23.6% to19.4% based on a pro-forma September 2022 balance sheet.
  • LXI REIT (LXI) has provided a trading update for the quarter ended 31 December 2022 in which it carried out 54 rent reviews, representing 6% of the rent roll, at an average uplift of 3.5% per annum and adding £1.43m to the total rent and taking the total rent roll to £202m per annum. 100% of the company’s portfolio is let, with 98% of the rent benefitting from inflation-linked or fixed rental uplifts and 2% containing upward-only open market reviews. A further 52% of the rent is scheduled to go through a contractual rent review, across 94 leases, between now and 30 September 2023 which the company says “should provide a more significant increase in the total rent roll”. The company says that it is in early-stage negotiations on a number of small disposals from its portfolio and a pre-let forward purchase, which it expects to announce over the coming months. It has also hired former AEW UK REIT fund manager Alex Short as chief investment officer, and Alex MacEachin from Empiric Student Property as finance director. It declared a dividend of 1.575 pence for the quarter, in line with its annual dividend target of 6.3 pence for the year to 31 March 2023.

We also have updates from Third Point and Cordiant Digital Infrastructure, plus a new investment by VinaCapital Vietnam Opportunity

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