In QuotedData’s morning briefing 31 October 2023:
- Oakley Capital (OCI), a leading pan-European, mid-market private equity investor, is pleased to announce that Oakley Capital Origin Fund I has agreed to acquire a majority stake in Alerce, a leading Spanish provider of transport and logistics software solutions. Origin will invest alongside Alerce’s founding family, including CEO Pablo Pardo Garcia, who will retain a significant stake in the business, underscoring their continued commitment to the company’s success. OCI’s indirect contribution via Origin will be about £9m.
- OCI also announces the retirement of Stewart Porter who, after five years of service, has decided to step down from his role as non-executive director to the board. This will take effect from the company’s annual general meeting on 28 November 2023.
- Capital Gearing Trust (CGT) is having to limit its share buyback activity as it is running out of distributable reserves. The company is seeking approval from the Northern Irish Courts to reclassify its share premium account as distributable reserves, but it looks like this might take around three months to conclude. That leaves it with just £23.8m to fund buybacks. In September alone it did £15.8m worth.
- Regional REIT (RGL) has let 29,383 sq ft of space at Norfolk House, Birmingham, bringing the 118,530 sq ft office to fully let. An existing tenant, Global Banking School (GBS) has increased its occupancy, taking the previously vacant Grade A office space on the fourth and fifth floor. The tenant already occupied the ground, first and third floors (44,245 sq ft), with Accenture (UK) Ltd occupying the second floor. The additional space taken will provide a rental income of £558,277 per annum (£19/sq ft). The lease is to December 2037, with a break option in 2032 to be coterminous with the existing GBS lease. When combined, the GBS lettings provide annual rental income of £1.4m.
We also have an update from USF Solar Fund.