In QuotedData’s morning briefing 14 August 2024:

• Home REIT says that it has reached an agreement with Mansit Housing CIC, a non-performing tenant, for the surrender of its leases on 68 properties. The majority of the properties are occupied by private rented sector tenants on Assured Shorthold Tenancies. This should boost Home REIT’s rental income. The properties account for about 4% of its portfolio. [These announcements beg more questions – why did Mansit run into trouble if the majority of the properties were let? Why weren’t they let to homeless people? Who are the people behind Mansit and will they face any penalty?]
• Hammerson (HMSO) says that it and PIMCO Prime Real Estate have arranged a €350m non-recourse term loan of up to seven-years secured on Dundrum Town Centre (a shopping/leisure complex in south Dublin). The lenders are Rothesay, BNP Paribas and Deka, and Hammerson’s share of the asset is 50%. The loan is repayable on or before September 2031 at an all-in interest cost expected to be about 5.5%. Hammerson’s reported LTV at 30 June will be unchanged and average maturity of its debt extends from 2.2 to 2.9 years.
• The board of Downing Strategic Micro Cap (DSM) asks shareholders to back it at the AGM next Wednesday, saying “We urge shareholders to vote in favour of all the motions at the AGM, which will enable the Board to finish the job [of winding up the trust].”
• The UK’s awful weather this year dampened returns at NextEnergy Solar (NESF), the lack of sunshine knocked 1.7p off its NAV over the quarter ended 30 June. Power price forecasts were trimmed slightly but that was offset by inflation assumptions, the gain on the sale of Whitecross and an uplift in the value of ts stake in NextPower III ESG. Also a stronger pound had an impact on the valuation of its overseas assets. The net effect was a small fall in the NAV to 101.3p from 104.7p. All eyes are on the next phase of the capital recycling programme, with 150MW of assets “progressing positively through exclusive negotiations with selected third-party bidders”.
• Following the commencement of Riverstone Credit Opportunities Income’s (RCOI) managed wind down the company has announced that it will return approximately US$23,033,221 to holders of its ordinary shares of US$0.01 each by way of a compulsory redemption of approximately 22,701,309 ordinary shares. Approximately 25% of the company’s total issued share capital will be redeemed. Following the payment of the proceeds of the compulsory redemption, the company will hold cash equal to approximately US$8m.