In QuotedData’s morning briefing 20 November 2024:

• Starwood European Real Estate Finance (SWEF) reports a drop in its NAV from 105.61p at end September to 99.38p at end October. Most of this fall relates to an impairment provision made against one asset, but it is not saying what this is.
• HICL Infrastructure (HICL), reporting six-month numbers to end September, says its NAV has fallen by 1.7p after it made an increase in the discount rate applied to the cashflows of some of its UK PPP assets to calculate its NAV. It has sold enough assets to repay its entire revolving credit facility and start a £50m buyback. The board has reiterated its 8.35p full-year dividend target for FY 2026, up from 8.25p for the current financial year. Lastly, Helen Price, HICL’s chief financial officer, is leaving the manager in December and a new CFO will be appointed in January.
• British Land (BLND) reported an uplift in EPRA net tangible assets (NTA) of 1% to 567p per share in half year results to 30 September. Portfolio values were stable with a marginal increase of 0.2% to £8,867m. Its retail parks portfolio grew 5.1% in values, offsetting falls in its office campuses portfolio of -1.7% and London urban logistics of -2.6%. Underlying earnings per share was up 1% to 15.3p, while its dividend for the period was 12.24p. Pro forma loan to value (LTV) was stable at 37.8%. During the six months the company sold £456m of assets, including Meadowhall, and acquired £711m of retail parks, at a blended net equivalent yield of 7.0%, partly funded by proceeds of its £301m equity raise in October.
• Ground Rents Income Fund (GRIO) sold its largest asset, a freehold ground rent interest at Lawrence Street in York, for £7.9m. This price was in line with the unaudited independent portfolio valuation as at 30 September 2024 and reflects a net initial yield of 4.2% based on the current annual rent of £356,455. The asset is operated by Vita Student as purpose built student accommodation, and has been acquired by the long leaseholder. The disposal is in line with the company’s new investment policy to sell assets to optimise the net realisation value of the company’s investments. The proceeds will be used to repay debt. Further assets are being marketed for disposal.
• Greencoat Renewables (GRP) has completed its sale of its 43.2 MW Kokkoneva wind farm located in Finland. The buyer was Aneo, a Norwegian renewable energy company and Norway’s second largest owner of onshore wind assets. Kokkoneva was originally acquired in 2022. The sale price is at a 6% premium to its value in the NAV. The proceeds will be used to reduce debt, resulting in a reduction of overall gearing of about 1%.

We also have:

Impax Environmental Markets adopts ‘Sustainability Impact’ label

VH Global commissions its third Australian solar and storage project

HydrogenOne’s Sunfire investment gets new 50MW electrolyser contract

Shake-up for Edinburgh Worldwide as it commits to hand back £130m to investors

Oakley Capital backs Konzept & Marketing