QuotedData’s morning briefing 13 September 2023 – ROOF, EGL, RSE

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In QuotedData’s morning briefing 13 September 2023:

  • Primary Health Properties (PHP) has acquired Ireland’s first Enhanced Community Care (ECC) facility at Ballincollig, near Cork, for €29.64m. The property is fully let to the Health Service Executive on a 25-year lease and benefits from five yearly, compounded annually, Irish CPI indexed rent reviews. The government led ECC programme is a €240m initiative to enhance and increase community-based health services aimed at reducing pressure on hospital services in Ireland. The building will provide a variety of services primarily to support elderly care and those suffering from a variety of chronic diseases including cardio, respiratory and endocrine issues. The building has strong ESG credentials, with a BREEAM rating of “Very Good” and a Building Energy Rating of A3 equivalent to a Near Zero Emission Building status. In addition, it benefits from solar roof panels and an air source heat pump. The property will be managed by Axis Technical Services, PHP’s Irish property management business, and the acquisition increases PHP’s portfolio to 514 assets, of which 21 are in Ireland, with a contracted rent roll of over £149m.
  • Unite Students (UTG) has entered an option agreement to acquire a new 800-bed development scheme in central Glasgow, subject to planning. Glasgow is home to three university institutions within the UK’s top 75 universities. The acquisition increases Unite’s portfolio in the city to 3,000 beds. The group expects to deliver the scheme as a university partnership with at least half of the beds to be let on a multi-year nominations agreement to a leading university. The scheme has a total development cost of £95m and is expected to deliver a yield on cost of around 7.5%. Planning approval is targeted for the first half of 2024, enabling delivery for the 2026/27 academic year. The group expects to fund the project from capital recycling through disposals.
  • Ecofin Global Utilities and Infrastructure (EGL) has announced that Joanna Santinon has been appointed as a non-executive director of the trust with immediate effect. Joanna is a chartered accountant, and chartered tax adviser. She specialised in tax, transactions and private equity, and gained wider experience including mergers and acquisitions, strategic investments, capital raisings and listings in her 24 year career at Ernst & Young. Joanna was a founder member of the 30% Club in the UK. She is a non-executive director, and audit committee chair, of Octopus Future Generations VCT Plc and of Guinness VCT Plc. She is a trustee of The Centre For Entrepreneurs.
  • Riverstone Energy (RSE) has made an announcement that it describes as “Important information for United States shareholders”, which relates to its tender offer. It says that this applies to any shareholder that is a United States person for United States federal income tax purposes. RSE says that any US Shareholder that intends to participate in the Company’s tender offer, which commenced on 17 August 2023 is asked to file a completed Form W-9 with the Company’s registrars, Link Group, before the closing of the Tender Offer at 1.00 p.m. (London time) on 26 September 2023. Details of how to do the are in the company’s RNS announcement. RSE says that “Failure by any such US Shareholder to file a completed Form W-9 on a timely basis may result in any consideration payable to that shareholder pursuant to the Tender Offer being subject to US backup withholding”. It also says that US Shareholders with any queries regarding the submission of a Form W-9 should contact Link Group on +44 (0)371 664 0321 (see the announcement for more details).

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