QuotedData’s morning briefing 17 May 2024 – IVPG, SOHO, BCPT, MYI

In QuotedData’s morning briefing 17 May 2024:

• Invesco Select Trust has announced that, following the results of its restructuring announcement on 3 May 2024 and the reclassification of its non-Global shares into Global Shares effective 7 May 2024, it has, with effect from today, changed its name to Invesco Global Equity Income Trust Plc. The new name and ticker (IGET) take effect on the London Stock Exchange from 8am today. The Company’s ISIN, SEDOL and LEI remain unchanged. New share certificates for shareholders of Global Shares will be dispatched during week commencing 20 May 2024.
• Triple Point Social Housing REIT (SOHO) has posted a slight uplift in NAV to 114.15p per share in the quarter to 31 March 2024. An increase in inflation-linked rents more than offset a marginal outward move in the portfolio yield. The company has decided to hold its dividend level for the full year 2024 to ensure dividend cover as it continues to work out issues with two tenants (where it plans to transfer the lease of 38 properties to another provider).
• Balanced Commercial Property Trust (BCPT) has reported a 2.3% fall in NAV to 107.3p per share in the quarter to 31 March 2024. NAV total return was -1.1%, while share price total return was +14.3% (due to the company announcing a strategic review that could see the company sold). The value of its portfolio fell 1.6% to £957.0m, with the group’s largest asset, St Christopher’s Place in central London, falling 3.3% due mainly to The Body Shop ceasing trading from its Oxford Street store.
• Murray International (MYI) has announced that it has repaid its maturing £30m five-year fixed rate loan with The Royal Bank of Scotland International Limited, London Branch. Following this , MYI’s borrowings will consist of £50m in unsecured loan notes, maturing in May 2031 and £60m in unsecured loan notes maturing in May 2037. The weighted cost of borrowing based on these borrowings will be 2.56%.