In QuotedData’s morning briefing 27 July 2023:
- AVI Global Trust (AGT) has completed an agreement to issue JPY4.5bn (£25m) of fixed rate unsecured debt, for a term of ten years. The annual interest rate on the debt is 1.44%. The company is about 4% geared currently.
- Greencoat UK Wind’s (UKW) NAV dropped from 167.1p to 165.8p over the first half of 2023, reflecting an increase in discount rates (used to calculate the NAV) and lower short term power prices offset by higher short term inflation and valuation gains from recent and committed investments. The valuation assumes that UK CPI inflation is 5% at the end of 2023 and 2.5% by the end of 2024. The company is targeting net total returns of 10% per annum.
- SVM UK Emerging (SVM) says its NAV fell by 17.3% and share price fell by 25.1% over the year ended 31 March 2023. The net assets of the trust were £5,577,000 at that point [we aren’t sure why the fund still exists to be honest].
- Schroder REIT’s (SREI) NAV notched up 0.2% to 61.6p per share in the quarter to 30 June 2023, resulting in a NAV total return for the period of 1.5% including a dividend of 0.836p (covered 103% by EPRA earnings). The portfolio valuation fell slightly by 0.1% to £469.0m. Meanwhile, net loan to value was 35.7%, with an average interest cost of 3.4%, an average loan duration of 10.5 years and no debt maturities until 2027.
- Sirius Real Estate (SRE) has exchanged contracts to acquire two mixed-use industrial assets, in Liverpool and Barnsley, for £9.5m. With a combined area of 71,957 sq ft of predominantly workshop accommodation, the purchase price represents a net initial yield of 9.6%.
- Warehouse REIT (WHR) has completed a debt refinancing for a new £320m facility, which replaces the company’s previous £320m debt facility, extending the tenure from January 2025 to June 2028. It comprises a £220m term loan and a £100m revolving credit facility (RCF) with a club of four lenders – HSBC, Bank of Ireland, NatWest and Santander. The debt covenants have been improved, with the minimum interest cover now 1.5 times compared to 2.0 times under the previous facility and the maximum LTV extended to 60% from 55%. Both the term loan and the RCF attract a margin of 2.2% plus SONIA for an LTV below 40% or 2.5% if above. The company has £230m of interest rate caps in place of which £200m fixes SONIA at 1.5% and the remaining £30m fixes SONIA at 1.75%. WHR has also completed £29.9m of sales, predominantly made up of the £27m disposal of Dales Manor Business Park in Cambridge at a 4.5% net initial yield. Following receipt of the sales proceeds, the group’s net debt is now £275m.
We also have results from Taylor Maritime and an update from Ecofin US Renewables. Plus MIGO Opportunities has a new manager.