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QuotedData’s morning briefing 9 May 2023

  • RTW Venture Fund Limited (RTW) provided an update for one of its portfolio companies, Acelyrin which announced an up-sized $540 million initial public offering and admission to trade on the Nasdaq Global Market under ticker “SLRN”. Acelyrin is a late-stage clinical biopharma company focused on accelerating the development and delivery of transformative medicines in immunology. Its lead product candidate, Izokibep, is a small protein therapeutic designed to inhibit interleukin-17A (IL-17A) with high potency and the potential for robust tissue penetration due to its small molecular size. Izokibep is in late-stage clinical development across multiple indications including hidradenitis suppurative, psoriatic arthritis, uveitis and axial spondylarthritis.
  • Octopus Renewables Infrastructure Trust (ORIT) announced an update for Q1. The company NAV fell roughly 2%,  a decrease of around £23.5m for the three months ended 31 March 2023 as a result of a significant reduction in power market forward prices applied to forecasts over the 2023 to 2025 period.
  • AEW UK REIT (AEWU) has completed the sale of its industrial holding at Deeside Industrial Estate for £4.75m, reflecting a capital value of £49 per sq ft. The 96,597 sq ft industrial unit, known as Excel 95, was acquired in July 2017 for £4.31m (£45 per sq ft), reflecting a 7.9% net initial yield. The property was let to Magellan Aerospace, until it vacated in July 2022, paying a £250,000 dilapidations settlement. The company has disposed of the vacant asset to an owner-occupier, with the price reflecting an 8% premium to the 31 March 2023 valuation. By disposing of the asset, the company has also avoided a speculative refurbishment project costing around £1m. Following completion of the sale, the company will have around £9.6m to deploy on a pipeline of higher yielding assets, which should be more accretive to the company’s earnings.
  • Urban Logistics REIT (SHED) made 15 new lettings in the first quarter of the year, covering 490,188 sq ft of space and generating £1.6m of additional rental income. The like-for-like rental uplift was 24% for new lettings and 5% for regears. Within these new lettings the group’s recently completed developments at Nottingham and Rochdale are now fully let, with a blended yield on cost of 7.7%. Four further lettings have been agreed post quarter covering 237,163 sq ft and generating £0.8m in rent. The portfolio’s EPC rating has also been improved over the quarter, with 52% now rated EPC A or B (up from 40% at 31 December 2022). The group also announced the appointment of Lynda Heywood as an independent non-executive director, and the manager has hired Justin Upton (who previously managed a £2.2bn M&G property portfolio) as chief investment officer.
  • Custodian Property Income REIT (CREI) has announced the appointment of David MacLellan as an independent non-executive director of the company. The board anticipates David’s appointment as chair of the company, with effect from 8 August 2023, following David Hunter’s expected retirement at its Annual General Meeting that day. David MacLellan has over 35 years’ experience in private equity and fund management and an established track record as chair and non-executive director of public and private companies. During his executive career David was an executive director of Aberdeen Asset Management plc following its purchase of Murray Johnstone Limited in 2000. He is currently chair and managing partner of RJD Partners, a private equity business; non-executive director and audit committee chair of J&J Denholm Limited, a family owned business involved in shipping, logistics, seafoods and industrial services; and non-executive director and audit committee chair of Aquila Renewables plc. He was formerly chair and senior independent director of John Laing Infrastructure Fund, a FTSE 250 investment company, former chair of Stone Technologies Limited, former chair of Havelock Europa plc and former non-executive director of Maven Income & Growth VCT 2 plc. He was also chair of Britannic UK Income Fund for 12 years until 2013 as well as a director of a number of private equity backed businesses.
  • Civitas Social Housing (CSH) posted a 1.6% decline in NAV to 109.16 pence per share for the three month period to 31 March 2023. This reflected both a slight widening of the average net initial yield of the portfolio from 5.45% at 31 December 2022 to 5.55% at 31 March 2023 as a result of the broader macro-economic environment, and the effects of the mark-to-market valuations of the company’s financial swaps and caps. The company declared a quarterly dividend for the period of 1.425p, meaning it has paid or declared a dividend of 5.7 pence for the year to 31 March 2023.

We also have updates from Downing Strategic Micro-Cap, and GCP Infrastructure Investments Limited

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