In QuotedData’s morning briefing 14 March 2025:
- Digital 9 Infrastructure (DGI9) has refinanced the principal outstanding of £53.3m on its existing revolving credit facility (RCF) which was due to expire on 17 March 2025. The renewed RCF, which remains fully drawn, has been made available to the company for a committed three-month term expiring 17 June 2025, and if required two further three-month extension period options, subject to lender agreement at that time. The pricing for the initial tenor is at a margin of 4.25% per annum over SONIA in addition to the payment of £1.3m in fees, comprising an arrangement fee for the new facility and £1m relating to a duration fee applied in respect of the historical covenant breach reported in the results for the half year ended 30 June 2024. DGI9 says that upon receiving the sale proceeds from disposal of EMIC-1 and the release of the EMIC-1 construction commitments, it will repay around £40m of the RCF balance which will then amount to around £13m. DGI9 then expects to repay the remaining balance using further sales proceeds and working capital surpluses by the end of the first half of 2025. The new facility was agreed with the same lending group which includes: Royal Bank of Scotland International Limited, DNB (UK) Limited, Royal Bank of Canada and Banco Santander. DGI9 now expects to release full year results during April in order to allow for the conclusion of the year end audit process, which is in its final stages.
- The European Smaller Companies Trust (ESCT) has made a brief announcement this morning in relation to its ongoing discussions with Saba Capital in which it says “The Company and Saba Capital Management, L.P. (‘Saba’) continue to have constructive discussions and have agreed to allow the good-faith negotiations to continue for a further 30 days, with the aim of achieving an outcome that benefits all shareholders”. It adds that its board will provide a further update in due course.
- Target Healthcare REIT (THRL) has posted a 1.8% uplift in EPRA net tangible assets (NTA) to 112.7p over the six months to 31 December 2024. The company’s portfolio of care homes grew in value by 1.8% to £924.7m. Adjusted EPRA earnings per share increased 2.6% to 3.13p (2023: 3.05p), fully covering the dividend over the period of 2.942p. The group’s net loan-to-value (LTV) remains conservative at 22.7% (June 2024: 22.5%), with a weighted average cost of drawn debt at 3.95% and an average term to maturity of 4.7 years.
- AEW UK REIT (AEWU) has completed the purchase of a high-street retail asset in Hitchin for £10.0m, reflecting a net initial yield of 8.31%. The property, located in the centre of Hitchin’s high-street retail pitch, provides 46,905 sq ft of space across 12 retail units and a standalone office building. The retail units are fully let to tenants including Marks & Spencer, Next, Vodafone, The White Company and Holland & Barrett. The vacant office element provides various asset management options in the short-to-medium term, including new lettings or residential conversion.
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