In QuotedData’s morning briefing 26 September 2024:
- RM Infrastructure Income (RMII) says its latest tender was taken up in full – 19,738,338 shares will be bought back at the tender price of 88.59p (equivalent to the NAV as at 30 August 2024). The money should be in your account on Monday.
- Iona Star LP, the Castelnau-backed, venture capital fund dedicated to accelerating technology innovation with artificial intelligence and data, has today announced the successful first close of its Fund. Castelnau (CGL) and Frasers Group are committing up to £10m each. A final close is targeted for the fourth quarter of 2024.
- Ecofin US Renewables (RNEW) has published interim results that reflect the recent dramatic drop in its NAV. It has also announced that “it will likely become necessary to consider alternative management arrangements for the company at some point going forward”. It says Tortoise-Ecofin is refocusing its strategy away from the renewable energy sector. There is a suggestion that the job of overseeing the managed wind down may fall on director Brett Miller, who joined the board in July.
- RTW Biotech Opportunities (RTW) says it is planning to scrap its sterling quote (RTWG), citing “feedback received and with a regard to providing maximum liquidity to all shareholders and removing any barrier to entry for prospective shareholders”. [We cannot fathom the logic behind this, but it might save the company some money at the margin].
- Life Science REIT (LABS) has posted a 5.5% fall in EPRA net tangible assets (NTA) to 75.5p per share in the six months to 30 June 2024. The fall was mainly due to a 3.8% like for like decline in the value of its portfolio to £382.6m. This was driven by a 33 basis points outward movement in the portfolio yield, partly offset by ERV growth. Contracted rents increased over the period by 7.9% to £15.1m, with a further £0.6m from developments. Adjusted earnings was up 6.3% to £3.4m, with adjusted earnings per share up 11.1% to 1.0p per share. This fully covered its dividend of 1.0p. Loan to value increased to 28.3% (Dec 2023: 24.7%). The debt is fully hedged at 4.5% to March 2025 and there are no major refinancing due until June 2026.
- Phoenix Spree Deutschland (PSDL) has modified conditions on its debt facility with Natixis Pfandbriefbank AG to allow a greater number of buildings to be sold as condominiums from 6 currently to 40, representing around 900 units. The debt amendment is conditional on the company paying down other debt to provide more properties as collateral. PSDL said it was in advanced discussions to sell a portfolio of 16 rental buildings to allow this to happen. In line with its accelerated condominium sale strategy, the company has engaged two leading Berlin condominium sales platforms and earmarked 10 buildings for the first sales tranche, increasing the total number of condominiums that can be made available for sale from 75 units currently to 250 units by year-end 2024, with a further 24 properties expected to be made available for sale in the first half of 2025. The company is targeting condominiums sales because of the substantial premiums that can be achieved to equivalent single rental building valuations. During the first half of 2024, PSDL notarised 15 condominiums for sale at an average price of €4,292 per sqm. This represents a 23% premium to the portfolio valuation and a 57% premium to the portfolio value implied by the current share price.
- In half year results to 30 June 2024, PSDL reported a 7.1% fall in EPRA NTA to €3.68 per share. Its portfolio value decreased by 3.3% to €646.4m in the period. Rents grew 3.4%, while vacancy fell to 1.4%.
We also have:
Strategic Equity Capital discount control effort seems to be working
Invesco Global Equity marginally behind benchmark in year of restructuring
Pantheon Infrastructure passing up attractive opportunities for lack of capital
