- Unbound group (UBG), formally Electra Private Equity, announced a statement regarding an offer from WoolOvers Group Limited for the entire issued and to be issued share capital of Unbound. Under the terms of the possible offer, Unbound shareholders would receive 10.5 pence in cash and 1 contingent value right per Unbound share. The terms of the cash consideration of the possible offer represents a premium of approximately 162.5% to the Unbound closing share price on 27 March 2023. The board of Unbound has indicated that it would be minded to recommend the offer contingent on the right for shareholders to receive any net proceeds of Unbound’s ongoing business interruption insurance claim relating to Covid-19.
- LondonMetric Property (LMP) has exchanged on the sale of five assets in two transactions for £34.8m, which reflects a NIY of 5.0% and a 4% discount to 30 September 2022 book value. Four of the assets have been sold as a portfolio for £25.5m. The properties have a WAULT of four years and comprise: 82,000 sq ft in Coventry; 42,000 sq ft in Warrington; 37,000 sq ft in Golden Cross, Birmingham; and 37,000 sq ft in Redfern, Birmingham. In a separate transaction, LondonMetric has sold an additional 91,000 sq ft unit in Coventry for £9.3m. The property is let for a further nine years and is held on a long leasehold interest with 87 years unexpired. Since acquisition, LondonMetric has carried out various asset management initiatives on these assets including lease re-gears, rent reviews and removal of break clauses. The sales crystallise an ungeared IRR of 11% and a 28% profit on cost.
- Land Securities (LAND) has secured 100% ownership of St David’s shopping centre, Cardiff, with the purchase of the debt secured against the 50% share of the asset previously owned by intu plc. Comprising separate transactions with two debt holders, the overall purchase price represented a “meaningful discount” to the £113m September 2022 book value of Landsec’s existing 50% share of the centre, and a net initial yield of 9.7%.
We also have an update from Regional REIT, and results from Invesco Bond Income, abrdn Smaller Companies Income , Impact Healthcare, VH Global Sustainable Energy , CT Private Equity and Schiehallion Fund.