QuotedData’s morning briefing 11 July 2024 – RNEW, SRE, LMP, SERE

In QuotedData’s morning briefing 11 July 2024:

• Brett Miller has joined the board of Ecofin US Renewables (RNEW) as a non-executive director of the company with immediate effect. Brett, who has wide-ranging investment trust experience, particularly in the restructuring and managed run-off of a number of listed closed end funds across a range of asset classes, will work closely with RNEW’s manager (Ecofin Advisors, LLC) on the company’s ongoing strategic review, which RNEW’s board says is taking longer than expected. As part of this, it is intended that Brett will provide consultancy services to RNEW. He will also join RNEW’s audit committee, risk committee and management engagement committee. RNEW’s board says it will make an announcement to shareholders regarding the outcome of the strategic review as soon as it can. Brett is currently a director of Manchester and London Investment Trust Plc and SLF Realisation Fund Limited. He has been involved (as executive and non-executive director) in the management of numerous LSE and AIM listed closed end funds across a wide range of asset classes. Brett’s previous directorships in the last five years include Digital 9 Infrastructure Plc, The Local Shopping REIT Plc and HWSI Realisation Fund Limited.
• Sirius Real Estate (SRE) raised £150m in a capital raise (as announced yesterday). In all, 159,574,468 new ordinary shares will be placed representing 11.8% of shares prior to the capital raising. The issue price of 94p represents a discount of 3.5% to the closing share price of 97.45p on 10 July 2024, but is in line with the company’s adjusted NAV per share as at 31 March 2024.
• LondonMetric Property (LMP) has sold five office and retail properties, in separate transactions, for £26.7m, reflecting a 6% profit over 31 March 2024 book values. They comprise: a 51,000 sq ft convenience-led retail asset in Weymouth for £14.3m, a 19,000 sq ft office in High Wycombe (former CTPT asset) for £3.9m, a 15,000 sq ft office in Halesowen (former Mucklow asset) and adjacent land for £3.2m, an 11,000 sq ft drive-thru site in Birstall for £4.1m, and a 1,400 sq ft high street retail unit in Kingston (former CTPT asset) for £1.2m.
• Schroder European REIT (SERE) reported a slight increase in portfolio values in the quarter to 30 June 2024. The diversified portfolio was independently valued at €208.3m, reflecting a marginal increase of 0.1%. This signals a stabilisation in values, particularly for the industrial (up 0.8%) and retail (up 1.9%) sectors, which offset the continued outward yield movement for offices (down 0.8%).

We also have:

• Apax Global Alpha on the sale of Genius Sports
• Annual results from Schroder British opportunities