In QuotedData’s morning briefing 14 February 2025:
- Foresight Environmental Infrastructure (FGEN) posted a 2.2% fall in NAV to 197.4p per share over the quarter to 31 December 2024. After paying the quarterly dividend of 1.95p, the NAV total return for the period was -0.34%. Portfolio performance was below forecast primarily due to a period of lower than expected solar irradiance and wind speeds, as well as downtime due to unrelated technical issues across six of FGEN’s wind sites (which it says have since largely been resolved and partial recovery is anticipated through warranty/insurance claims). Overall cash generation remains strong, with full year dividend cover expected to remain in line with guidance and greater than 1.20x. During the quarter the company sold a solar rooftop asset at a premium to NAV and a 1.3x multiple on invested capital. Total sales proceeds for the financial year now stand at £88.6m – representing 9.9% of the portfolio value at the start of the financial year. Surplus cash received from investments and asset disposals means the company has one of the lowest levels of gearing in the sector.
- Greencoat UK Wind (UKW) has completed the £100m share buyback programme that was launched in October 2023. The company now holds 60,815,746 shares in treasury.
- Helical (HLCL) and its joint venture partner TfL have entered into a development financing arrangement with HSBC to provide £125m to fund the construction of 10 King William Street, the over-station development at Bank underground station. Simultaneously, the joint venture has signed a building contract with McLaren, with construction work already underway and the building scheduled to complete in December 2026. The eight-storey office development will deliver 139,000 sq ft of office space, with 7,260 sq ft of terracing, 1,950 sq ft of ancillary retail and extensive occupier amenity provision. The building is targeting the highest ESG credentials including BREEAM Outstanding, NABERS 5* and WELL Platinum. The four-year facility with HSBC (which includes a one-year extension) will fund the remaining development costs.
- Grit Real Estate Income Group (GR1T) reported a 12.4% fall in EPRA net reinstatement value (NRV) to $50.7 cents per share (30 June 2024: $57.9 cents) in half year results to 31 December 2024. The fall was predominantly driven by higher debt costs and a 4.5% decrease in the value of its investment properties during the period. Property portfolio net operating income increased 13.0%, largely due to the impact of the full period inclusion of the consolidated results of GREA (its development company) post the acquisition of this business on the 30 of November 2023. The group’s focus continues to be on debt reduction over the foreseeable future through asset recycling in non-core sectors.
We also have:
Did you see these stories yesterday?
US and Mag 7 underweight weighs on Scottish American’s returns
