The Daily Update: 3 April

The latest updates from the JSE and NYSE over the past 24 hours.

South Africa

Sirius Real Estate Limited

• Sirius Real Estate completed the sale of two assets for a combined total of EUR12.2 million.
• In the last 12 months, the company has sold six assets at an aggregate premium of 25% to book value.
• The proceeds from the sales were used to acquire three new sites in Germany for a total consideration of EUR44.6 million.
• The new sites offer value-add accretive asset management opportunities for the company.
• The CEO of Sirius Real Estate, Andrew Coombs, commented that the strategic disposal of assets demonstrates the company's ability to create value by investing in new opportunities within its portfolio.

Industrials REIT Limited

• The Board of Industrials REIT and Blackstone Inc. have reached agreement on the key financial terms of a final proposal for a possible cash offer for Industrials REIT to be made by a new entity controlled by one or more of the investment funds advised by Blackstone or any of its affiliates.
• Under the terms of the Final Offer, Industrials REIT shareholders would receive 168 pence per ordinary share in cash, which represents a premium of 42.4% to the Industrials REIT closing price of 118.0 pence per share on 31 March 2023, and 40.6% to the Industrials REIT 1-month volume weighted average share price of 119.5 pence on 31 March 2023.
• The share is up 37% today.

The U.S.

Tesla

• Tesla just announced it delivered 422,875 vehicles in Q1 beating expectations of 421K.

Nio

• Nio delivered 10,378 vehicles in March 2023 up 4% YoY.
• Additionally, the Company delivered 31,041 vehicles in Q1 up 20.5% YoY.

UBS

• UBS reportedly plans to cut its workforce by between 20%-30% after completing its takeover of Credit Suisse.
• UBS and Credit Suisse together employed around 125,000 people as of the end of 2022 meaning the layoffs could impact as many as 36,000 jobs.

Oil Production

• Russia to implement voluntary cut in oil production of 500,000 bpd till the end of 2023.
• Saudi arabia will reduce its oil production by 500k barrels per day, starting from May until the end of 2023 - state media.
• UAE to lower oil production voluntarily by 144,000 bpd starting from May to end of 2023 . 
• Iraq decides to start a voluntary oil production cut of 211,000 barrel per day as of May and until end 2023.
• Kuwait to voluntarily cut oil production by 128k bpd starting from May to end of 2023. 
• Oman to reduce oil production voluntarily by 40k bpd starting from May to end of 2023.

ByteDance

• The Chinese owner of TikTok generated more than $80 Billion in annual revenue last year up more than 30% YoY.