QuotedData’s morning briefing 8 May 2025 – APAX, SSIT, CREI, THRL

In QuotedData’s morning briefing 8 May 2025:

• Apax Global Alpha says it will invest (on a look-through basis) about €14m as part of Apax XI’s plan to acquire Norva24, a leading provider of underground infrastructure maintenance services in Northern Europe, with market-leading positions in Norway, Denmark, Germany, and Sweden. 
• Seraphim Space (SSIT) has published its latest monthly newsletter – you can read this here – [JC comment: There is a lot in the Seraphim letter as usual, but what caught my eye was the story that Astroscale US and Orbit Fab will launch a mission in 2026 aimed at refuelling a US Department of Defense Satellite. Given the cost of getting satellites into orbit, finding ways like this to keep them there longer rather than launching replacements makes a lot of sense.]
• Custodian Property Income REIT (CREI) has posted a 1.8% uplift in NAV to 96.1p per share over the quarter to 31 March 2025. The quarter’s NAV total return (with dividends of 1.5p) was 3.4%. The value of the company’s portfolio of 151 assets at the quarter end was £594.4m, a like-for-like increase of 1.2%. Over the 12 months to the end of March, the company’s portfolio valuation increased 2.2%. EPRA earnings for the quarter was 1.6 per share.
• Target Healthcare REIT (THRL) reported a marginal uplift in EPRA net tangible assets (NTA) of 0.3% to 113.0p over the first quarter of 2025. This was the ninth consecutive quarterly NAV uplift for the company. The company’s portfolio grew in value by 0.3% on a like-for-like basis to £930.0m. The NAV total return for the quarter was 1.6%, with dividends paid of 1.471p. This was fully covered by EPRA earnings of 1.472p. [RW comment: That is impressive given the state of the real estate market over that period, and testament to the fundamentals of the care home sector].

We also have:

Damaging Labour budget holds back BlackRock Smaller Companies

3i Infrastructure has another good year despite widening discount

Chrysalis launches shareholder consultation in face of AVI’s calls for a continuation vote

European Opportunities launches new tender offer

Small improvement in ICG Enterprise’s discount but there is a long way to go

Did you see yesterday?

AVI launches campaign to push for governance reforms at Wacom

NASCIT delivers solid returns and hikes dividend as it eyes selective deployment of cash

Tritax Big Box REIT closes in on hyperscaler letting for data centre development

UK-India free trade agreement 2025: What it means for markets and stocks