In QuotedData’s morning briefing 27 March 2025:
- STS Global Income & Growth (STS) says that, with effect from 1st May 2025, Tomasz Boniek will become its co-manager, working alongside James Harries. Tomasz joined Troy’s investment team eight years ago and has been an assistant fund manager for STS Global Income and Growth since Troy’s appointment in 2020.
- Personal Assets Trust (PNL) says that, with effect from 1st May 2025, Charlotte Yonge will become its co-manager, working alongside Sebastian Lyon. Charlotte joined Troy’s investment team 12 years ago and has been its assistant fund manager for the past seven years.
- At the half-year mark (six months ending 31 December 2024), CQS Natural Resources Growth & Income (CYN) was outperforming the MSCI World Metals and Mining Index but lagging the MSCI World Energy Index, with a NAV return of -7.5% against -9.3% for the metals & mining index and -3.8% for the energy index. The share price return was -1.7%, reflecting a narrower discount on the back of Saba’s aggressive buying of the stock. The strategic review result will be announced during April 2025.
- Sirius Real Estate (SRE) has acquired a multi-tenanted business park in Mönchengladbach, Germany for €17.21m, representing an 8.21% net initial yield. Sirius has also exchanged contracts for the sale of its BizSpace Cardiff site for £5.075m, representing a 10% premium to current book value. The sale of Cardiff is the fourth disposal in the UK this current financial year, with these sales having collectively achieved an average premium of 13.5% to book value. The Mönchengladbach site is being acquired through a sale and partial leaseback agreement with the current owner, SMS group, which occupies approximately 26% of the site. The new leases with SMS group, which is one of the largest employers in Mönchengladbach and has its global headquarters adjacent to the site, have been secured on terms between 3 and 10 years, with a WALE of six years. These leases will contribute materially to the asset’s day one rent roll of €2.43 million. The business park is currently 66% occupied, leaving plenty of value-add opportunity for the Sirius operating platform. Once the acquisition of Mönchengladbach completes, Sirius will have successfully deployed €118m of the €181m (£152m) raised in July 2024 on six income producing assets.
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CLS Holdings (CLI) has exchanged on the sale of Spring Mews Student in Vauxhall, London to Rosethorn Capital Partners and Barings for £101.1m. The purchase price is in-line with the 31 December 2024 valuation. CLS constructed the student accommodation asset in 2014 as part of the mixed-use Spring Mews development, comprising student, hotel and office properties. The sale has allowed CLS to address upcoming loan maturities for New Printing House Square in Holborn and Artesian in Aldgate, which were due in June and December 2025, with the properties being substituted for Spring Mews Student into an existing portfolio loan with Aviva Investors. Consequently, on completion of the Spring Mews sale, the disposal proceeds will be used to repay £85.8m of debt for the two properties being substituted into the Aviva Investors portfolio. The restructuring of the financing allows CLS to repay more expensive debt whilst retaining the Aviva Investors portfolio loan largely intact, which is fixed at 2.54% and expires in 2030 and 2032. The sale of Spring Mews Student will therefore be marginally earnings enhancing. This will also reduce CLS’ year-end cost of debt by over 20 basis points and LTV from 50.7% to 47.9% on a pro forma basis.
We also have:
International Public Partnerships sets out measures to tackle discount
Asset allocation and strong fixed income returns boost Henderson High Income
M&G Credit Income in demand, manager taking a cautious stance
India Capital Growth lagged benchmark by wide margin over 2024
Did you see from yesterday?
Urban Logistics REIT requisitioned for removal of board members
Market volatility creates challenges for EPE Special Opportunities
Falling power prices dampen otherwise solid year for Downing Renewables
abrdn Asian Income Fund wraps up solid year, optimistic about future
The Renewables Infrastructure Group reduces management fee by 28%
Schroder UK Mid Cap Fund announces management fee reduction, continuation vote and buyback policy
