In QuotedData’s morning briefing 13 January 2025:

• AIM-listed Crystal Amber (CRS) has announced that the board of Morphic Medical Inc. has approved the conversion of its entire interest in convertible loan notes in Morphic, totalling US$25.4m and accrued interest of US$3.0m, into 194,358,367 common shares in Morphic. CRS says that these new common shares will be issued following approval of Morphic shareholders at a general meeting and the necessary amendments to Morphic’s Articles of Incorporation. CRS currently owns 95.3% of Morphic’s issued share capital. The convertible loan notes were converted at a range of share values, ranging from US$0.088 to US$0.48 per share, as determined by the terms of the individual loan agreements, with an average weighted conversion price of US$0.146 per share. Following the loan notes conversion, CRS’s shareholding will increase to 399,462,824 common shares and preference shares in Morphic, equivalent to 97.6% of Morphic’s share capital as enlarged by the issue of the conversion shares. A further announcement will be made once the necessary approvals have been given and the new shares issued.
• Cordiant Digital Infrastructure (CORD) says that the acquisition by it and another fund managed by Cordiant of a 47.5% interest in DCU Invest NV and the combination of DCU Invest with the data centre business of Proximus Group, DCU Brussels NV – as previously announced on 25 October 2024 (click here to see our coverage of this – has received the required regulatory approvals. CORD says that both transactions have been approved under foreign direct investment legislation in Belgium by the Interfederal Screening Authority and cleared by the Competition and Consumer Protection Commission in Ireland, a requirement arising as result of the turnover of the acquiring parties in Ireland. CORD adds that the remaining conditions required to close the deal relate to the transfer of the relevant businesses and the closing of both transactions, which remain on track to close as expected to occur during the first quarter of 2025.
• Empiric Student Property (ESP) has updated on the deployment progress of its equity raise in October 2024. The company completed the acquisition of Tatton House in Manchester, a 136-bed scheme, for £19.75m in December. The property is expected to deliver a 7% net initial yield from September 2025. A second acquisition is under offer and expected to conclude by the end of the first quarter of 2025. Preparatory works have begun at three existing sites earmarked for conversion to the company’s postgraduate product, with over £10m on track for investment during 2025. These refurbishments are expected to deliver unlevered IRRs in excess of 12%. The company has also been granted detailed planning permission for the comprehensive redevelopment and reconfiguration of Victoria Point site in Manchester. The permission allows the redevelopment of two of the existing buildings and extensions of the remaining four. In aggregate, Victoria Point has been granted consent to increase the current provision of beds by 310 to 876. Works are not anticipated to begin until late 2026 and may be completed in a phased manner.
• Schroder European REIT (SERE) ​has reported its property portfolio fell in value by 0.9% to €194.55m, over the quarter to 31 December 2024. The group’s industrial portfolio valuation increased 2.2%, driven by positive investment sentiment translating into stronger investment volumes and yield compression. Assets in Rumilly (4.6%), Houten (4.9%), Venray I (4.9%), and II (5.0%) all saw significant increases in value over the quarter. Its office portfolio valuations declined -2.4%, with a reduction across assets in Paris, Hamburg, and Stuttgart. Following the recent grocery store sale in Frankfurt, the company’s Berlin DIY store is now the sole retail asset in the portfolio. Its value decreased by 3.2% as valuers revised their cap rates owing to the short remaining lease term. Negotiations are in progress regarding a potential lease extension, the company said. Alternative portfolio valuations fell by 2.4%, with the Cannes car showroom remaining unchanged, while the mixed-use data centre in Apeldoorn declined 3.7%, due to the decreasing remaining lease term.
• Great Portland Estates (GPE) has announced that ITN has renewed both of its leases for 117,000 sq ft of workspace at 200 & 214 Gray’s Inn Road, in London. The contracted annual rent at £4.1m a year is ahead of March 2024 ERV and current passing rent. The lease will commence from March 2025 for a term of 10 years (with a break at year five). The scheme, which is owned by a 50:50 joint venture between GPE and Ropemaker Properties (the property nominee of the BP Pension Fund), is currently undergoing a wholesale repositioning.

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