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QuotedData’s morning briefing 19 December 2023 – AIRE, BYG, CTPE, GSF, JGC

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In QuotedData’s morning briefing 19 December 2023:

  • Alternative Income REIT (AIRE) has completed the acquisition of a Virgin Active leisure club in Streatham, in South-West London for £5.1m. The price reflects a net initial yield of 9.8% and a discount to replacement cost. The acquisition of the asset redeploys the majority of the net proceeds from the group’s disposal of the Mercure Hotel, Glasgow for £7.5m, at a higher initial yield. The group expects to invest the remainder of the proceeds in the first quarter of 2024. The Virgin Active asset has been acquired with an unexpired lease term of over 10 years, which is subject to five-yearly upward only uncapped rent reviews linked to RPI. The asset has a passing rent topped up by the vendor to £390,121 per annum (equivalent current ERV level) until the next rent review, which is due on 29 September 2024.
  • Big Yellow (BYG) has completed the refinancing of its revolving credit facility (RCF). The group has put in place a new £300m ESG-linked facility for an initial term of three years, with the option to extend the facility by two additional one-year terms through to December 2028, subject to lender approval. The facility has been provided by Lloyds Bank, HSBC, Bank of Ireland, and Barclays Bank, with Barclays joining the existing three bank syndicate. The margin of 1.25% is unchanged from the existing facility. The facility’s ESG-linked KPIs include targets to reduce Scope 1 and 2 emissions, increase solar generation capacity, increase total annual grants to Big Yellow Foundation charity partners, and to increase the value of storage space provided free of charge to local charities. These will be measured annually, and a margin decrease or increase will be applied to the headline margin on the basis of performance.
  • CT Private Equity Trust (CTPE) announced that Craig Armour has been appointed to the board with effect from today, 19 December 2023. Until 2021 Craig was an investment partner at Edinburgh Partners where his roles included head of European portfolios and the manager of The European Investment Trust. Previously, he was a senior investment director at Lloyds Development Capital, a partner at Penta Capital, and a corporate financier at Noble Grossart.
  • Gore Street Energy Storage (GSF) announced the selection of Nidec Motor Corporation as the Engineering, Procurement, and Construction contractor for its Texas-based energy storage asset “Dogfish”. GSF is pleased to announce that, as part of the long-term strategic partnership with Nidec, the company will be subscribing for 14,000,000 new ordinary shares in the capital of GSF at 112.9 pence per ordinary share, resulting in gross proceeds of £15,806,000.
  • Jupiter Green Investment (JGC) announced its interim results for the period ended 30 September 2023. The company delivered NAV total return of -10.0%, vs +0.1% for the MSCI World Small Cap Index whilst the share price total return delivered -11.4% over the period. While the manager notes disappointment with the performance of the portfolio over the period, due to the prevailing macroeconomic environment, they are of the belief that the prospects for the portfolio companies and their respective addressable markets remains undimmed.

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