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- QuotedData’s morning briefing 20 June 2024 – GCP, GSF, NRR, SRE, HWG
In QuotedData’s morning briefing 20 June 2024:
- GCP Infrastructure’s half-year numbers to end March 2024 showed a small positive NAV return of 1.2% but a much greater uplift in the share price as the discount narrowed giving shareholders a return of 12.5%. As usual, the dividend is maintained at 3.5p for the six-month period. No new loans were made but advances to existing borrowers totalled £12.3m. Loan repayments were £19.5m from renewables and PPP/PFI projects, and another £28.8m has come in since then. The Blackcraig disposal came after the end of March. The key message is that the £50m capital recycling programme is on track. [Encouraging stuff from GCP and very much inconsistent with its 28% discount and 9.1% yield].
- Gore Street Energy Storage (GSF) has published an update as at its financial year end on 31 March 2024. The NAV at the period end was 107.0p and the NAV return for the 12 month period was -3.6%. The two major influences on that were much lower revenue assumptions (particularly in the UK – where all battery storage companies have been hit) offset by the benefit of bringing projects online. The fourth quarterly dividend is 1.5p, making a total of 7.5p for the 12-month period as a whole (unchanged from the previous year). The company’s full results will be announced on 15 July.
- The deadline for NewRiver REIT (NRR) to firm up an offer for Capital & Regional (CAL) has been pushed back to 18 July.
- Sirius Real Estate (SRE) has completed the acquisitions of two industrial assets in the UK, in Banbury and Wembley, for just over £31m, representing a 9.2% net initial yield. The acquisitions add more than 492,000 sq ft of light industrial space to the group’s UK portfolio. Separately, the company has notarised the disposals of two sub scale assets located in Hartlepool and Letchworth, for a combined total of £1.9m. The assets, which comprise just over 60,500 sq ft of space, were sold at a combined 2.7% premium to the last reported book value.
- Harworth Group (HWG) has completed the sale of a land parcel at Benthall Grange, in Shropshire, to Taylor Wimpey for £19.55m. The 16-acre land parcel represents the second phase of Harworth’s regeneration of the mixed-use site, and following the sale of a nine-acre land parcel to Barratt and David Wilson Homes Mercia in December 2022, nearly a third of the total plots available have now been sold. Taylor Wimpey plans to develop 200 homes in addition to the 110 homes already planned for development by Barratt and David Wilson Homes. The £19.55m sale price reflects a premium to the 31 December 2023 book value.
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