In QuotedData’s morning briefing 31 August 2023:
- Balanced Commercial Property Trust (BCPT) says it has secured two key leasing initiatives in its industrial portfolio. At unit 8, Hams Hall Distribution Park, Birmingham, Nestle Purina, a leading pet care and food company, has agreed a 10-year lease extension commencing March 2025, with a break at the end of year five. A rent review in March 2025 is anticipated to show a significant uplift to the current passing rent. The tenant will benefit from a 3.5 month rent free period on commencement of the new lease. At Hurricane 52 on the Estuary Business Park, Liverpool, Montirex Ltd, a sportswear clothing brand, has signed a 10-year lease with a break at the end of year five. Hurricane 52 is a newly constructed and highly specified logistics unit of 52,500 sq ft with strong ESG credentials. The trust says that this letting followed a competitive ‘best bids’ process between three occupiers, and the rent achieved at £8.25psf shows an attractive uplift in excess of 7% to the unit’s estimated rental value (ERV).
- We should get an updated investment policy from Nippon Active Value (NAVF) tomorrow, in advance of it moving up to trading on the Premium Segment of the London Stock Exchange. Over the first half of 2023, the NAV total return was 6.7%, but a narrrowing discount meant shareholders have had a return of 23.2%.
- The maturity date on Infrastructure India’s (IIP) debt faciliities has been extended to 31 October. Unpaid interest has been accruing on its loans for years and now stands at $82m. Discussions about the sale of its largest asset – which have been going on since 28 February 2022 – are still ongoing. [There is no guarantee that the company will be able to pay its debts even if a sale does goes through.]