In QuotedData’s morning briefing 18 November 2024:

• Following its recently announced partial compulsorily redemption (which is expected to take place on 29 November 2024), CATCo Reinsurance Opportunities (CAT) will have redeemed the entirety of its interest in the Master Fund and distributed substantially all of the redemption proceeds it has received. Consequently, CAT’s board is recommending that the company is placed into members’ voluntary winding up and has published a circular and is convening a special general meeting (SGM) for this purpose. The SGM is to be held at 9:00 a.m. (Bermuda time) on 18 December 2024.
• Sirius Real Estate (SRE) reported a 1.2% increase in adjusted NAV per share to 112.49 euro cents in the six months to 30 September 2024. The company saw total annualised rent roll from its portfolio of light industrial business parks in Germany and the UK increase 14.9% (5.5% on like-for-like basis when strip out acquisitions). Adjusted earnings were down 0.5% to 4.19 euro cents per share due to the dilutive effect of the equity raises in November 2023 and July 2024. The dividend for the period was up 2.0% to 3.06 euro cents.
• LondonMetric Property (LMP) has sold 24 properties across various non-core sectors for a total of £57.9m, reflecting a 6% profit over prevailing book values. The sales include 22 former LXi properties and include an Asda foodstore in Halesowen, sold for £28.0m. Since 31 March 2024, LMP has sold 52 assets for £209m, reflecting a net initial yield of 7.6%. Separately, LMP has acquired a retail park on the outskirts of Basildon for £10.0m, reflecting a net initial yield of 6.7% rising to 7.3% following upcoming rent reviews. The property is let to Pets at Home, Poundland, Farmfoods, McDonald’s and KFC with a WAULT of five years.

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