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QuotedData’s Spring Webinar Series – Specialist Income playback

On 12th May 2021, QuotedData hosted the first of three Spring webinars. This webinar was focused on Specialist Income and included presentations and Q&As from 4 investment companies’ managers, covering different income plays. We would like to thank all of our speakers and attendees for joining us.

Click on the links below to watch the presentations –

  1. Philip Kent from GCP Infrastructure
  2. Nalaka de Silva from Aberdeen Diversified Income & Growth Trust
  3. Georgina Cooper from Dunedin Income Growth Investment Trust
  4. Paul Bridge from Civitas Social Housing REIT

We have compiled a short survey on this event, which we would be grateful if you could complete – click here.

Click here for information on the rest of the series and the link to register.

Answers to the questions from Philip Kent –

  • You recently agreed a new RCF. How has this impacted your overall cost of debt? And how geared is the portfolio?

The recent RCF saw a slight increase in margin (190 bps to 200 bps) and base reference changed from LIBOR to SONIA in anticipation of the cessation of LIBOR at the end of this year.  We believe the increase in margin is reflective of an increased cost across the market of this type of debt.  The RCF capacity is £165m and this is materially fully drawn at the current time.  Debt across the portfolio varies depending on sector.  There is a summary of this on pp 35 of the annual report.

  • What does your investment pipeline look like? And what impact do you think there might be on the portfolio’s yield from further acquisitions?

The pipeline is currently as strong as it has been in recent years.  We are actively reviewing c. £150m of opportunities at various stages.  There are both: (i) a number of investment opportunities in existing assets; and (ii) new investments in existing asset classes (principally anaerobic digestion and biomass) and some new areas.  We are seeing new public sector support emerging – such as the Green Gas Support Scheme which is due to be launched later this year, that we expect will drive further pipeline opportunities. 

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