QuotedData’s morning briefing 11 April 2024 – ONWD, AEIT, GPE, SERE

a green cup of something hot - tea or coffee? - sitting on an open bookon which is also resting what looks like a napkin 230406 morning

In QuotedData’s morning briefing 11 April 2024:

  • Onward Opportunities (ONWD) says its NAV total return from IPO on 30 March 2023 to end December 2023 was 11.3%. This compares to a 3.7% fall in the value of the UK AIM All Share index. The company trades at a premium and raised more money last month, but still has a market cap of just £18m. The top five contributors to unrealised returns were Angling Direct plc, MPAC Group plc, EKF Diagnostics Holding plc, Windward Limited and Springfield Properties plc. It doesn’t look like there will be a dividend as yet.
  • Asia Energy Impact (AEIT) has reviewed its options and plumped for an orderly realisation of its assets. This will need to be approved by shareholders at a meeting to be held over coming months. The board expects that, subject to shareholders approving the proposal, Octopus Energy Generation, the company’s transitional investment manager, will be appointed to continue to manage AEIT’s investments and their orderly realisation. [Given the apparent lack of appetite even for renewables funds with bright prospects (see today’s Downing Renewables’ results, for example), it is no great surprise that an option couldn’t be found for a re-set and new fundraise for this company, which now has a market cap of just £35m.]
  • London office developer and landlord Great Portland Estates (GPE) has released a business update in which it says that it has signed £22.5m of leases across its portfolio in the year to 31 March 2024, 9.1% ahead of the March 2023 estimated rental value (ERV). A further £5.3m of rent was also under offer; 20.3% ahead of the March 2023 ERV. Portfolio vacancy is now sub-2.0%. Committed developments are delivering profit on cost of 21.2%, at a development yield of 6.7%.
  • Schroder European REIT (SERE) reported a 1.0% fall in the value of its portfolio to €208.1m over the quarter to 31 March 2024. The decrease was driven by continued outward yield movement, particularly for offices and select retail. Rent collection remains high, while occupancy is 96%.

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