In QuotedData’s morning briefing 24 January 2025:
- Starwood European Real Estate Finance (SWEF) has published a new quarterly portfolio update for the quarter ended 31 December 2024. The update says that the orderly realisation of the portfolio is progressing (to date, SWEF has returned £210.0m to shareholders through compulsory redemptions since the orderly realisation strategy was adopted in January 2023) and, while no redemptions were made in the quarter, SWEF says that a number of underlying loan investment repayments are forecast to be made during 2025 which will facilitate further return of cash to shareholders. SWEF says the current risk status of its remaining investments is as follows: four loan investments equivalent to 67 per cent of the funded portfolio as of 31 December 2024 are classified in the lowest risk profile, Stage 1; two loan investments equivalent to 19 per cent of the funded portfolio as of 31 December 2024 are classified as Stage 2; and one loan (equivalent to 14 per cent of the funded portfolio as of 31 December 2024) was reclassified from Stage 2 to Stage 3 and an impairment provision of €12.9m was made against this loan investment (as was already announced on 21 October 2024). No material changes to the value of this loan are considered to have occurred since. SWEF says that, as of 31 December 2024, it held cash balances of circa £45.7m, which includes a cash reserve of £23.0m to cover the group’s unfunded loan commitments as at the same date. On 24 January 2025, SWEF announced a dividend, to be paid in February 2025, in respect of the fourth quarter of 2024 of 1.375p per share in line with the 2024 dividend target of 5.5 pence per share. It says that, because of strong cash generation, the portfolio is expected to continue to support the annual dividend payments of 5.5p per share, paid quarterly. The weighted average remaining loan term of the portfolio is 1.2 years, 84 per cent of the portfolio is contracted at floating interest rates (with floors) and the weighted average Loan to Value for the portfolio is 64 per cent.
- Taylor Maritime Investments (TMI) has announced its unaudited NAV as at 31 December 2024 at US$1.28 per share, a drop of USc20 compared to a valuation of US$1.48 per share as at 30 September 2024. TMI says that the drop in the NAV has been driven mainly by softer asset values. TMI says that it has refinanced its debt under more favourable terms and, following shareholder approval, will be transferring its listing category from being a closed end fund to an equity investment. TMI has also declared an interim dividend in respect of the period to 31 December 2024 of USc6 per share, comprising an interim dividend of USc2 per ordinary share and an additional special interim dividend of USc4 per ordinary share.
- Care REIT (CRT – formerly Impact Healthcare REIT) has upped its dividend target for 2025 to 7.2p (from 6.95p in 2024). Rent increased 5.3% (£2.6m) in 2024, driven by rental growth from inflation-linked rent reviews (typically capped at 4%) plus two acquisitions.
- British Land (BLND) has announced that Broadgate REIT (which it owns in a joint venture with Singaporean sovereign wealth fund GIC) has sold a 50% stake to Abu Dhabi based holding company Modon Holding, to deliver 2 Finsbury Avenue, a 750,000 sq ft development at Broadgate, in the City of London. BLND and GIC will each retain 25% ownership in 2 Finsbury Avenue through their ownership of Broadgate REIT, while Modon will own a 50% stake in the asset. BLND will remain the development and asset manager for the project. 2 Finsbury Avenue will comprise dual high-rise towers – the 36-storey East Tower and the 21-storey West Tower and a 12-storey podium which will link the towers via a 7,000 sq ft winter garden.
We also have:
CQS Natural Resources reminds shareholders to VOTE AGAINST SABA’S PROPOSALS
abrdn European Logistics Income sells first three assets of managed wind-down
ISS recommends shareholders vote “AGAINST” Saba’s resolutions for Keystone Positive Change
