In QuotedData’s morning briefing 22 January 2024:
- HgCapital Trust (HGT) has announced that it has sold its entire stake in Argus Media, a leading independent provider of intelligence to the global energy and commodity markets. HGT will sell its shareholding to Argus’s current CEO Adrian Binks, and General Atlantic, a major minority shareholder. The transaction will value HGT’s stake at c.£52m, and will represent a 7% uplift on its most recent valuation. HGT expects the transaction to be completed over the next month.
- Custodian Property Income REIT (CREI) has sold an industrial unit in Milton Keynes for £8.0m, representing a 9.5% or £0.7m premium to the 30 September 2023 valuation.
- Warehouse REIT (WHR) has updated on leasing activity for the three months to 31 December 2023, in which it completed 0.9m sq ft of lettings, securing £5.2m of contracted rent, on average 22.1% ahead of previous contracted rent. The leasing activity comprised 15 new lettings, 33.2% ahead of previous contracted rent and 8.4% ahead of March 2023 ERV; 16 renewals, 38.2% ahead of previous contracted rent and 9.8% ahead of March ERV; and six rent reviews, 13.7% ahead of previous contracted rent and 1.4% ahead of March ERV. This brings total leasing activity for the nine months to 31 December 2023 to 1.4m sq ft and £8.5m, on average 26.9% ahead of previous contracted rent, with £1.2m of reversion captured. Like-for-like contracted rental growth for the nine month period is 3.7%.