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QuotedData’s morning briefing 3 April 2023

Energy

In QuotedData’s morning briefing 3 April 2023:

  • Greencoat UK Wind (UKW) has announced the purchase of Dalquhandy wind farm from BayWa r.e. for approximately £50m. Dalquhandy is a 42MW wind farm located near Coalburn in South Lanarkshire. The wind farm benefits from a 10 year fixed price PPA with BT for 80% of its output. Dalquhandy is the sixth wind farm that UKW has bought from BayWa and brings UKW’s generating capacity to 1,652MW across 46 wind farms.
  • Triple Point Energy Transition plc (TENT) has announced a £5 million debt investment in Innova Renewables, one of the UK’s leading solar, battery and energy storage systems  developers and operators. The facility has a 12-month term and delivers contractual returns that are higher than TENT’s target return of 7-8%. TENT is now fully committed which will have a positive impact on both portfolio income and dividend cover, and hopefully see its dividend become fully covered by its financial year end. It was 0.98x covered as of its 30 September interims.
  • Sirius Real Estate (SRE) has completed the disposals of two assets for a combined total of €12.2m, representing an average net initial yield of 4.1%. The most recent disposal, which completed on 1 April 2023, was achieved at a 5.3% premium to book value (30 September 2022: €8.3m). The 15,000 sqm (162,000 sq ft) mixed-use business park in Wuppertal, in North Rhine Westphalia, Germany comprises office, warehouse and production space as well as workshop space and was around 80% let. This disposal follows the €3.4m sale at book value of a 82,000 sq ft (7,620 sqm) vacant office building in Ipswich, UK, which completed in December 2022.
  • Hammerson (HMSO) has completed the disposal of its 25% stake in Italie Deux, a 62,000 sqm shopping centre in central Paris, and 100% of the 6,500 sqm Italik extension, for €164m to Ingka Centres via a simultaneous exchange and completion. This represents a 4% discount to 31 December 2022 book value and a net equivalent yield of 5.0%. The proceeds will be used to reduce net debt. Together with the £195m of disposals completed in 2022, the group has generated total proceeds of £360m against its commitment of £500m of disposals by the end of 2023. On a pro forma basis, headline LTV improves to 36%.
  • Great Portland Estates (GPE) has secured The Fragrance Shop, the UK’s largest independent fragrance retailer, to lease space for their new global store concept in London at 70/88 Oxford Street, completing the leasing at the development. The brand will occupy Unit 2, the final retail unit at 70/88 Oxford Street, spanning 2,300 sq ft.
  • abrdn Property Income Trust (API) has completed the purchase of a Morrison’s supermarket in Welwyn Garden City for £18.29m. Due to commercial sensitivities, it did not disclose the yield on purchase but says it will update in future. The acquisition was a sale and leaseback, with Morrison’s entering into a new 25-year lease with rent reviews linked to CPI. The purpose-built 60,000 sq ft supermarket sits on a 5.5-acre site and has an 8-pump petrol filling station.

We also have news of a potential £500m offer for Industrials REIT, and annual results from UK Commercial Property REIT

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