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QuotedData’s morning briefing for 8 January 2024 – AERI, CORD, SMIF, ICG, CLDN, RTW, LMP, PSDL

230124 morning

In QuotedData’s morning briefing for 8 January 2024:

  • Aquila European Renewables (AERI) has announced that it has entered into a €50m five-year debt facility with ING Bank N.V. Sucursal en España. The facility is secured by AERI’s wholly owned Spanish solar PV portfolio, with the leverage equal to 26%. The pricing of the debt remains confidential, but AERI believes it has been made on “attractive terms”. AERI intends to use the debt to repay its revolving credit facility, and thus its current gearing level will remain unchanged at 34% though the trust will have the ability to re-tap its revolving credit in future capital allocation decisions.
  • Cordiant Digital Infrastructure (CORD) has announced that its Czech portfolio company, České Radiokomunikace a.s. (“CRA”) has completed the acquisition of the cloud services and data centre businesses, Cloud4com and DC Lužice from Aricoma a.s. The transaction was first announced on 20 December 2023. CORD has also announced the signing of CRA’s acquisition of Prague Digital TV s.r.o. for a nominal sum.
  • Caledonia (CLDN) announced its NAV for the nine months to December 2023. As of 31 December 2023, CLDN’s NAV per share was 5180p, with its entire portfolio valued at £2.8m. This represents a NAV total return of 3.6%, for the 9 months to December 2023. Its private companies portfolio was up 6.1%, while its public companies portfolio was up 6.8% and its funds portfolio was up 1.0%.
  • RTW Biotech Opportunities (RTW) has, alongside Bayer AG, announced an equity investment in JIXING amounting to USD $35m and USD $127m respectively, as part of a series D fundraising, alongside a new strategic collaboration focused on cardiovascular diseases and ophthalmology in China. JIXING is a clinical-stage biopharmaceutical company that was founded and backed by RTW and is committed to bringing innovative medicines to underserved patients with serious and life-threatening diseases. As of 30 November 2023, JIXING represented 9.1% of the company’s net asset value, its largest private position.
  • India Capital Growth (IGC) has announced that its redemption price for the forthcoming payment on 15 January will be 172.807p.
  • TwentyFour Select Monthly Income Fund (SMIF) has announced that 532,836 shares were purchased in the quarterly tender offer, which closed on 29 December 2023, at a price of 78.4 p per share. SMIF now has 243.2m shares in circulation.
  • LondonMetric (LMP) has acquired a distribution warehouse in Doncaster let to Next for £21.2m, reflecting a net initial yield of 6.3%. The 264,000 sq ft regional logistics warehouse is let to Next for a further 13 years at a rent of £1.42m per annum, which equates to a low £5.37 per sq ft. The lease benefits from annual fixed rental uplifts of 2.5% which will increase the purchase net initial yield to 7.1% within three years. Separately, LMP has sold an 18,000 sq ft office investment in Chiswick for £7.4m. The multi-let office is 59% occupied with a WAULT of 1.5 years and was acquired as part of the A&J Mucklow takeover in 2019.
  • Phoenix Spree Deutschland (PSDL) has terminated its forward funding commitment to a portfolio of development properties in Brandenburg, on the outskirts of Berlin. The development was a forward funded transaction to develop 34 semi-detached houses that was due to complete in Summer 2024. The company has elected not to continue with the project given the decline in property values that has been observed across Berlin during the past 18 months and more expensive financing conditions. The counterparty to the transaction is The Grounds, a German real estate developer. The company had made an initial payment of €5.5m after notarisation in March 2022, and the disposal removes the requirement to fund a further €13m of development payments in 2024. No penalty payments are attached to the cancellation of the project and no further payments will be made by the PSDL. The company anticipates that it will be able to reclaim €1.2m in real estate transfer tax which had previously been incurred on the project.

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