In QuotedData’s morning briefing for 15 May 2023:
- Chrysalis (CHRY) has announced a £12.5m follow-on investment in its existing holding in Smart Pension. This investment forms part of a $95 million Series E funding round. This funding round will be used to drive Smart Pension’s growth in key markets, finance a pipeline of acquisitions, and help drive it towards profitability. Smart Pension currently has an AuM of £5.5bn, and is already profitable in the UK, with the CHRY team remaining confident that its international business will achieve the same milestone in the coming years.
- GCP Infrastructure (GPC) has refinanced two existing loans valued at £85m, and committed to a new £50m loan note, all of which will be committed to a variety of biomass plants to help find its operations. The overall result will be the generation of £50m in net cash. The loans are secured against two biomass plants within GCP’s portfolio. The net cash proceeds of the refinance will be used to repay GCP’s revolving credit facility. The refinancing is expected to contribute c.1.2p per share to the company’s NAV, a 1.3% increase. GCP has also announced that it has secured 12-month fixed electricity prices for two onshore wind farms at a weighted average price of c. £208 / MWh, higher that the price forecast used in GCP’s most recent NAV. GCP has also signed a 16-month PPA at a fixed price of £180 per MWh for 8 digestion CHP projects in Northern Ireland, though this uplift is already reflected in its most recent NAV.
- Life Science REIT (LABS) has let 4,877 sq ft of space at building 2020 at Cambourne Business Park to Rakon Limited, a leading global precision timing designer and manufacturer. The lease is at a rent of £25 per sq ft for 10 years with a break clause and rent review at the end of the fifth year. This marks the company’s first life science letting at Cambourne, increasing the percentage of life sciences space at the park to over 25% by rent. The 230,000 sq ft Cambourne Business Park was acquired by LABS in 2021 with the intention of transitioning the asset to a dedicated life sciences and technology hub, establishing it as the premier science park west of Cambridge. Existing occupiers at Cambourne include Carl Zeiss AG, a global pioneer of scientific optics. The letting increases occupancy at the park to 82%.
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