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QuotedData’s morning briefing 29 January 2024 – BOOK, GCP, DORE, LMS, BBOX

QuotedData's morning briefing

In QuotedData’s morning briefing 29 January 2024:

  • Literacy Capital (BOOK) has provided a quarterly trading update and NAV announcement for the fourth quarter of 2023. Over the period BOOK saw a NAV uplift of $4.6m, or 7.7p per share, equal to a quarterly return of 1.6%. Its total NAV for the end of 2023 was £300.3m. The majority of BOOK’s assets continue to perform well, despite what the BOOK team believed were more challenging UK macroeconomic conditions in H2 2023. No new investments were made in the quarter, but there were two bolt-on acquisitions made, worth £9.0m. Cash inflows in Q4 amounted to £22.2m and were the highest of any quarter in Literacy’s history. Most of this related to BOOK’s sale of its stake in Butternut Box.
  • GCP Infrastructure Investments (GCP) has provided an NAV and company update, as of 31 December 2023. GCP reported a NAV per share of 109.84p, a 0.05p increase on its Q3 2023 NAV. The main driver behind its NAV increase was the the updated inflation forecast, which offset losses made from lower power prices and higher discount rates. GCP has announced a dividend of 1.75p per share for Q4 2023, to be paid on 8 March 2024.
  • Downing Renewables & Infrastructure Trust (DORE) has announced that it has acquired five hydropower plants located in Sweden, for a total consideration of c.£6.0m, with a combined expected annual average production of 9 GWh investment and completed in December 2023. The acquisitions were funded using Downing Hydro AB’s long-term debt facility, and bring the total number of hydropower assets up to 34. The new assets are located in Sweden’s SE2 and SE3 pricing regions and all plants benefit from meaningful reservoir capacity that allows for better water storage and management to optimise production.
  • LMS Capital (LMS) has been informed by the general partner of Brockton Capital Fund I that the senior lender to Brockton’s “Super Prime” residential development in Mayfair appointed a receiver to the development on 26 January 2024. LMS has been informed that the senior lender intends to conduct an orderly sales process of the Mayfair development, and LMS will provide a further update in due course.
  • Tritax Big Box REIT (BBOX) has provided a trading update for 2023. The group’s portfolio value fell slightly by 0.8% on a like-for-like basis. Meanwhile, the company added £4.9m of rent through rent reviews and asset management initiatives (rent reviews achieved a 9.1% uplift in rent). The portfolio’s estimated rental value (ERV) was up 6.9%, meaning the portfolio has a 23.0% reversion potential (a record for the company). LTV stood at 31.6% at the year end, with a weighted average cost of 2.9% and weighted average maturity of 5.2 years.
  • Real Estate Investors (RLE) will conduct an orderly strategic sale of the company’s portfolio over the next three years. Assets will be sold individually, as smaller portfolios or as a whole portfolio sale, with the initial priority to repay the company’s debt. The company said that the ongoing substantial discount between the share price and NAV, combined with a lack of liquidity in its shares, was behind the decision. The pace of the disposals will depend on market conditions, however the company said it intends to secure disposals at book value or higher to maximise returns to shareholders.

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