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GCP Infrastructure Investments Ltd on Friday said it continued to progress disposals as it announced a slight decline in net asset value per share.
The firm is advised by Gravis Capital Management Ltd, the closed-ended investment company aiming to pay dividends and preserve capital from exposure to UK infrastructure debt and similar assets.
GCP Infra reported a net asset value of 100.27 pence per share at December 31, with a portfolio valued at £853.8 million across 47 investments. The NAV per share was down 1.1% from 101.40p it had reported for September 30.
Net debt stood at around £14 million at the period end, compared with £8 million at September 30, with £24 million drawn under its revolving credit facility.
The company said it continues to progress disposals of at least £150 million of assets in targeted sectors, which are expected to facilitate at least £50 million of capital returns to shareholders and reduce outstanding debt to nil.
It added that exchanged contracts on certain supported social housing assets are expected to generate £43 million of day-one cash proceeds, materially in line with prior valuations.
GCP Infra shares were up 0.1% at 76.20 pence each on Friday morning in London.
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