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- QuotedData’s morning briefing 4 June 2024 – ROOF, CRS, HOME, LMP, SMIF, GABI
In QuotedData’s morning briefing 4 June 2024:
- Atrato Onsite Energy (ROOF) has bought a solar portfolio for £9.3m, using money from its revolving credit facility. The portfolio includes three solar assets with a total capacity of 13MW and comprises: 7.7MW of solar PV systems situated on residential rooftops owned by three different UK housing associations across the UK which benefit from payments under the feed-in-tariff (FIT) scheme, with a remaining term of 11 years and 100% uncapped RPI linkage; a 3.7MW subsidy free ground mounted asset, commercialised under a utility power purchase agreement; and a 1.7MW ground mounted asset accredited under the ROC regime with a 13-year unexpired term.
- Crystal Amber says Morphic Medical (which it owns an 81.5% equity stake and some interest bearing loan notes in) has received approval from the U.S. Food and Drug Administration that should accelerate the time to making first sales of its RESET diabetes treatment device by 18 months.
- One of Home REIT’s (HOME) tenants – Noble Tree Foundation Limited (a tenant of 143 properties in the company’s portfolio and representing 7% of rent) – has entered into administration. The company is working with the appointed administrator, CBW Recovery LLP, to arrange the surrender of Noble Tree’s leases and a comprehensive handover of its tenancies. Underlying residents of the properties will not be impacted by the surrender of Noble Tree’s tenancies. Following the surrender of Noble Tree’s leases, the tenancies will transfer to Home REIT. This will enable the company to collect underlying income from the properties, increasing rent collection and facilitating other asset management activities. The company will either relet the properties to a social use provider or appoint a property manager, who will be responsible for the day-to-day management and rent collection.
- LondonMetric Property (LMP) has exchanged contracts to sell two offices in Scotland to a single buyer for £36.6m, reflecting a blended net initial yield of 7.0%. The sales are former LXi assets and comprise an 85,000 sq ft office in Dundee let to BT on a 17.5 year lease with CPI linked rent reviews; and a 60,000 sq ft office in Glasgow let to STV Plc for a further 17 years with five yearly compounded fixed reviews of 1.5% per annum. Separately, LondonMetric has sold a former LXi care home in the West Midlands for £0.5m. LondonMetric has now sold £55.4m of non-core LXi REIT assets at an average of 7% above prevailing book values.
- TwentyFour Select Monthly Income (SMIF) says 269,036 shares were tendered by the deadline date of 31 May 2024 to its latest tender offer.
- GCP Asset Backed Income (GABI) says it has just received a £45.6m cash loan repayment for loans secured against a portfolio of property investments. That borrower has now repaid in full and the fund made an 8.0% per annum return on the loans. That pushes the cash balance up to £144.5m. The first compulsory redemption of GCP Asset Backed’s shares will be increased to 37.5% from the previously announced 22.5%. 159.6m shares will be redeemed at a cost of £143.1m.
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