In QuotedData’s morning briefing 5 November 2024:

• BBGI Global Infrastructure (BBGI) announced that the group has secured an amendment and extension to its multi-currency revolving credit facility (RCF) with three existing lenders (ING, DZ, KfW) and Barclays as the new fourth lender, replacing SMBC. Under the new agreement, the commitment size has been reduced from £230 million to £150m. The final maturity date has been extended by two years to May 2028, with options for two further one-year extensions post this date. The margin on the amended and restated RCF is 170 bps over the relevant reference rate. The revised RCF also includes a provision for a further uncommitted £100m incremental accordion tranche, for which no commitment fees will be paid. Duncan Ball, CEO of BBGI, commented: “The revised RCF will reduce commitment fees and is reflective of BBGI’s proactive financial management. Our financial liquidity remains strong with a net cash position of £20.6m as of 30 June 2024 and a strong dividend cover of 1.47x, providing us substantial headroom to consider any future investment opportunities.”
• Supermarket Income REIT (SUPR) has proposed changing the basis for calculating its management fee with Atrato Capital from NAV to market capitalisation. If approved by shareholders, the move will become effective from 1 July 2025. The current fee thresholds and rates applied to the net asset value-based calculations will be retained in the updated agreement. It is also proposed that the company will transfer its outsourced AIFM, company secretarial and payments processing functions to the investment adviser, subject to a separate fee. The board said the move would deliver material cost savings for the company, with its market cap at a 21.3% discount to NAV.
• Sirius Real Estate (SRE) has completed the acquisition of a multi-let light industrial park in Carnforth, Lancashire, for £9.05m, representing an 11.4% net initial yield including acquisition costs. The acquisition will add 172,152 sq ft of light industrial space to the group’s UK portfolio, and has been made using proceeds of the recent capital raise in July. The freehold asset is fully let to eight tenants on FRI (full repairing and insuring) leases. It produces a net operating income of £1.1 million per annum at an average rate of £6.47 psf, with a WAULT of 5.6 years to expiry (2.9 years to break). The site comes with planning permission for approximately 35,000 sq ft of new industrial space. In addition, SRE has completed the €3m acquisition of a strategic land parcel adjacent to its 77,600 sqm Oberhausen multi-use business park in the Ruhr area of northwest Germany, providing the opportunity to expand the park through a potential development.

We also have an update on JPMorgan Global Core Real Assets, and International Biotechnology Trust