In QuotedData’s morning briefing 28 August 2024:
- abrdn Property Income Trust (API) has sold Bastion Point, a single-let industrial unit in Dover that is let to the Secretary of State for Housing Communities and Local Government, for £9.475m. The sale price is in line with the end June 2024 valuation but 4.8% below the end March 2024 valuation. With just over two years left on the occupational lease, the sale price reflects a net initial yield of 6.1%. Mark Blyth, Deputy Fund Manager of API commented: “This is the fifth asset sale that the Company has completed this year, and the first since the shareholder vote to proceed with a managed wind down of the Company. As outlined in previous communications on the managed wind down strategy, the available proceeds will be used to pay down the Company’s Revolving Credit Facility.”
- Further to the company’s announcement on 18 July 2024 (which we discussed here), Octopus Renewables Infrastructure Trust (ORIT) announced that it has completed the sale of the Ljungbyholm onshore wind farm in Sweden to DWS Infrastruktur Europa, a DWS core infrastructure fund. The sale price of €73.7m delivers an IRR of 11.3% over the lifetime of the company’s investment. The proceeds represent a premium of £1.4m to the prevailing valuation of Ljungbyholm prior to agreeing the sale, of which £0.8m was incorporated into the NAV as at 30 June 2024, with the additional c.£0.6m to be reflected in the 30 September 2024 NAV, which will be published in early November 2024. The proceeds of the transaction will predominantly be used to partially repay ORIT’s short-term debt facility, which is expected to fall to approximately £134m, reducing total gearing from 46% as at 30 June 2024 to 43%.
- RM Infrastructure Income’s (RMII’s) investment manager, RM Capital Markets Limited, has acquired 172,011 of RMII’s ordinary shares at 73 pence per share, taking its holding to 1,553,347 ordinary shares. This is equivalent to 1.32% of RMII’s issued share capital.
