QuotedData’s morning briefing 12 June 2024 – SOR, GPE, SHED, DGI9, BCPT

In QuotedData’s morning briefing 12 June 2024:

• Special Opportunities REIT (SOR) has pulled its proposed IPO after falling short of its target fundraise. The company had targeted a £500m raise to acquire commercial property at distressed prices. It had lined up three cornerstone investors for up to £114m, but still fell short of its minimum level of target £250m. It is now thought the management team will look to raise equity in the private market.
• Great Portland Estates (GPE) has raised £350m in a rights issue. The company received acceptances for 96.8% of the total shares offered under the three for five rights issue. The rest will be taken up by the sponsors of the issue under their underwriting agreement. GPE will invest the proceeds into office development sites in London.
• Urban Logistics REIT (SHED) has appointed Cherine Aboulzelof as an independent non-executive director, and a member of the audit committee, management engagement committee and nomination committee. Aboulzelof is an experienced, senior real estate executive spanning a 19 year real estate investment tenure. She is currently global co-head of BGO Strategic Capital Partners (part of BGO, a global real estate investment firm with $84bn of assets under management), which provides equity capital solutions globally to real estate sponsors. She previously held the position of managing director at The Carlyle Group from 2017 to 2021 and partner at 90 North Real Estate Partners, the real estate investment firm from 2013 to 2017.
• Digital 9 Infrastructure (DGI9) announced the appointment of Andrew Zychowski as an independent non-executive director of the company, following an independent external recruitment process led by the board’s nomination committee. Separately, the company announced that Gailina Liew stepped down as a non-executive director of the company on 11 June 2024, and on an interim basis Eric Sanderson will assume Gailina’s current responsibilities as chair of the nomination committee and chair of the management engagement committee.
• Balanced Commercial Property Trust (BCPT) has updated on its strategic review, stating that it has received interest from a number of parties to buy the company. It adds that “there can be no certainty at this stage that the final terms of any proposal that may be received would be sufficiently attractive to merit a board recommendation”. The company is also considering other options such as a managed wind down.