In QuotedData’s morning briefing 6 February 2025:
- JPMorgan Core Real Assets (JARA) will return £33.7m to shareholders by way of a compulsory redemption of up to 34,753,090 shares at 97.0465p per share on 27 February 2025. For example, a holder of 10,000 shares will have 1,688 shares redeemed, and will receive £1,638 in cash. Although the redemption will take place at end February, the money may not hit bank accounts until 19 March 2025.
- Dealing in Asia Dragon (DGN) shares has been suspended as the merger with Invesco Asia (IAT) goes through.
- The Renewables Infrastructure Group (TRIG) says it has refinanced and reduced the size of its multi-currency Revolving Credit Facility (RCF). £500m has been made available for a three-year committed term expiring 31 March 2028 at improved pricing compared to the previous £600m facility. The RCF was £309m drawn as at 31 December 2024 but the sale of a 15.2% stake in Gode offshore wind farm will complete shortly and reduce the RCF balance to about £230m. The interest charged continues to be linked to the company’s ESG performance. The margin is 175bps (1.75%) over the prevailing reference rate for Sterling and Euro borrowings, prior to adjustments for ESG. This margin is 10bps lower than under the previous facility.
- Great Portland Estates (GPE) has announced it has let around 10,800 sq ft of ‘fully managed’ office space (with an additional 3,400 sq ft under offer) at the recently refurbished 31 Alfred Place, in London. The space has been let both faster than GPE’s underwrite and 8.6% ahead of ERV and at an average rent of £222 per sq ft to four new tenants. The rent it is achieving on its managed office space (where GPE manages all of the office requirements and offers greater amenity) is far superior to (around double) the traditional office and is justifying the capex.
- Sirius Real Estate (SRE) has acquired the Earl Mill business park in Oldham, for £5.7m, representing an EPRA net initial yield of 13.9%.
- Ground Rents Income Fund (GRIO) has received a fifth non-binding indicative cash offer at a price of 40.0p per share, which has again been rejected by the board that says that it “continues to significantly undervalue the company and does not reflect the progress being made in implementing the (wind-down) strategy approved by shareholders”. The board has agreed to grant Victoria Property access to certain materials requested so that it may conduct due diligence. Victoria has until 25 February 2025 to make an improved offer.
We also have:
Cash bid for BBGI Global Infrastructure exposes madness of discounts
Octopus Renewables ups investment in Finnish wind and solar developer
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