The Financial Conduct Authority has said that its decision to close its inquiry into the Home REIT (HOME) scandal represented its view that it was better to divert its resources to helping the Serious Fraud Office in the criminal investigation that saw police make six arrests earlier this year. “We have carefully considered the case and believe the best way forward is to support the SFO’s ongoing investigation,” a spokesperson told Citywire.
The Renewables Infrastructure Group (TRIG) has completed the £150m share buyback programme it launched in August last year which saw it purchase 193m or 8% of its shares, adding 2.1p to net asset value per share that currently stands at 101.6p. It said share repurchases remained an important part of its capital allocation strategy, alongside reducing borrowing and investing in higher-returning construction and development projects. “Share repurchases continue to provide the hurdle rate for new investments on a risk-adjusted basis and further share buybacks beyond the share buyback will be considered following the future realisation of capital from asset sales or debt issuance.” TRIG is in the middle of a £400m asset realisation programme. Its shares trade 22% below NAV, a discount that has narrowed from 29% in June when it sold a 17.5% stake in the Beatrice offshore wind farm for £155m.
Helical (HLCL), the £205m London property developer, has published a half-year trading update covering 1 April to 22 October in advance of its interim results on 25 November. Chief executive Matthew Bonning-Snook said: “The period has seen tangible progress across the business, with a major letting secured at Brettenham House, positive asset management activities delivered at The Bower and capital successfully returned to shareholders.”
QuotedData senior analyst David Batchelor said: “HLCL’s update provides further evidence that demand for the very best London office space remains resilient, even as the wider market continues to face challenges. The letting at Brettenham House, at rents exceeding £140 per sq ft for the best space, is an encouraging endorsement of its development strategy and establishes a useful benchmark for the remaining floors. There has also been good progress at The Bower, where new lettings and rent reviews are helping to capture additional income. However, securing tenants for the remaining development pipeline, particularly 10 King William Street, which is due for completion in December, will be important in demonstrating that this demand can be sustained.
“More importantly for shareholders, HLCL is showing that it can translate development activity into realised profits and cash returns. The £31m profit on the sale of 100 New Bridge Street has already supported £17m of capital returns, including share buybacks. That looks a sensible use of capital, although the substantial discount also illustrates the market’s continued scepticism towards the sector. The expected £15.5m receipt from the Southwark development provides another near-term milestone, and successful execution across the remaining projects should help strengthen the case for a narrowing of the discount.”
Unite Group (UTG), the under pressure student accommodation group, has sold the academy school at Hawthorne House in London for £40.7m. The disposal was part of the £225m of assets under offer referred to in the third quarter trading update. Chief executive Joe Lister said: “We are moving at pace to further increase our alignment to the UK’s strongest universities and remain on track to deliver £300-400m of disposals this year.”
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