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QuotedData’s morning briefing 7 September 2023 – GRID, IEM, SWEF, SOHO, HOME

a cup of tea, a croissant and some magazines

In QuotedData’s morning briefing 7 September 2023:

  • Gresham House Energy Storage (GRID) reports a fall in its NAV and a -3.5% return for the six months ended 30 June 2023. Most of the negative impact comes from lower revenue forecasts (these took 15.5p off the NAV). The discount rate used to value the portfolio has been left unchanged at 10.9%. Inflation and new projects coming on stream were the main positives, adding 4.0p and 3.4p to the NAV, respectively.
  • Impax Environmental Markets (IEM) has agreed a new two year £80m multi currency revolving credit facility (RCF) with Scotiabank from 6 September 2023. The RCF has an initial committed amount of £35m with a floating interest rate priced at the relevant reference rate plus a margin of 1.6%. That £35m has been drawn down. This debt is on top of €60m of loan notes which were issued on 1 September 2023 (€20m maturing in 2030 paying Euribor +1.35%, €30m in 2033 paying 4.48%, and €10m in 2035 paying 4.63%). All the debt ranks the same in the event that there is a problem or the company is wound up.
  • Starwood European Real Estate Finance (SWEF), which is in wind down mode, says the weighted average remaining loan term of its portfolio is 1.4 years.
  • Triple Point Social Housing REIT (SOHO) saw a marginal increase in its NAV over the first six months of 2023 – up to 111.3p from 109.1p. Within that, rents went up (to £40.5m from £39m) but valuation yields rose too (from 5.46% to 5.65%) – weighing on the NAV. 88.1% of rent due was collected during the period, and 25 out of the Group’s 27 lessees recorded no material rent arrears. There is now a creditor agreement in place with Parasol in respect of future rental payments. Similarly, a creditor agreement is being negotiated with My Space in respect of future rental payments together with a payment plan for arrears. Simultaneoulsy a transfer of properties to alternative Registered Providers is being considered.
  • Home REIT says Supportive Homes CIC, a tenant of 209 properties in the portfolio representing 11.3% of rent demanded in August 2023, has today entered into creditors’ voluntary liquidation. Liquidation unlocks the ability for the company to re-tenant properties or carry out other asset management initiatives as soon as possible. Discussions with other prospective tenants to take on new leases on the properties have already commenced.

We also have news from Fondul Proprietatea, Infrastructure India, Schroders Capital Global Innovation, and International Public Partnerships

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