QuotedData’s morning briefing 28 September 2023 – BRGE, USF, RSE, AERI, ASLI, UKCM, SERE

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In QuotedData’s morning briefing 28 September 2023:

  • BlackRock Greater Europe (BRGE) says that Alexandra Dangoor is being made co-portfolio manager, alongside lead manager Stefan Gries. The effective date for this appointment will be from close of business on 29 September 2023. Alexandra joined the BlackRock Fundamental European Equity Team in 2019 after two years in BlackRock’s graduate rotation programme where she was an analyst in the Natural Resources and European Equity teams. Alexandra earned a BSc degree in Mathematics and Economics at Bristol University, graduating in 2015, and an MSc in Investment and Wealth Management at Imperial College Business School, graduating in 2016.
  • US Solar Fund (USF) says its NAV at 30 June 2023 was $284.2m or $0.855 per share, 11.2% lower than its 31 December 2022 NAV of $320.0m or $0.963 per share. There is an impact from the adoption of a higher discount rate to value the portfolio – given the failure to find buyers for the portfolio, the board opted for a valuation at the lower end of the range indicated by the valuation process.
  • Riverstone Energy (RSE) says that 3,182,196 shares were tendered, equal to 7.0% of its shares in issue. The tender price was £5.78 per share. [The low take up – 30.4% of shares could have been bought back under the tender offer – likely reflects the low price offered.]
  • Aquila European Renewables (AERI) is seeking admission of all of its ordinary shares to trading on Euronext Growth Dublin. No new money is being raised. It is expected that such admission will become effective, and that dealings may commence, on 2 October 2023. [The ambition is that this broadens the range of investors that can hold the stock and helps narrow the discount in time.]
  • abrdn European Logistics Income (ASLI) saw its NAV fall 8.9% to 108.29 euro cents per share in the six months to 30 June 2023, reflecting outward yield movement. The value of its portfolio of logistics assets fell by 6.4% on a like-for-like basis to €693m. Headline passing rent grew to €33.7m (from €28.3m) following several asset management initiatives. Loan to value notched up slightly to 35.3% (from 34.0%), while the group has an all-in fixed cost of debt of 2.0% and no refinancing until mid-2025.
  • UK Commercial Property REIT (UKCM) saw its NAV increase 1.8% to 81.1p over the six months to 30 June 2023. EPRA earnings per share increased 6% to 1.67p, while it paid a dividend of 1.7p. The group has low gearing of 15.6%, with a weighted cost of debt of 3.35% and a blended maturity of 5.3 years.
  • Schroder European REIT (SERE) posted a 1.5% fall in NAV to 130.4 euro cents per share over the quarter to 30 June 2023. Its property portfolio was valued at €218.4m, reflecting a marginal like-for-like decrease over the quarter of 0.8%. The quarterly dividend of 1.48 euro cents was 108% covered by earnings.

We also have results from Henderson EuroTrust and Bluefield Solar Income, plus a new investment by Triple Point Energy Transition, a disposal by HICL Infrastructure, a new manager for ThomasLloyd Energy Impact, and updates from Digital 9 Infrastructure and Hipgnosis.

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