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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Duet Real Est | DREF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.52 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.52 | 0.52 |
| Top Posts |
|---|
Posted at 21/4/2016 14:38 by scburbs News should be imminent. Will be interesting to see if there is a c. 8 month early repayment premium (may not sound like much, but interest rate on the loan is 13.25%!)."State-owned HNA International Investment (0521) said it has acquired 17 Columbus Courtyard, a London commercial building, for HK$1.44 billion, with cash from a rights issue to UK-based investor Fourteen Ninety Two. The A-grade office building in Canary Wharf has a floor area of 195,400 square feet, and is single let to Credit Suisse until November 2024. Last year's rent was HK$70.4 million." hxxp://www.thestanda |
Posted at 08/11/2014 11:07 by skyship Sorry - O/T folks...scburbs - this one may be the best one to look at: A year ago JP Morgan Private Equity ("JPEL") had a major Strategic Review whilst also washing out weak holders and introducing new holders with a matched transfer @ 80c - yes, cents, they are listed on the LSE in US$. The key part of that Review is to provide shareholders with the ability, from Jan'16, to surrender portfolio gains through tenders at the full NAV - NB: currently JPEL trade at an above sector discount of 28.8%. This Investor Presentation tells all: I've been in and out of JPEL a number of times over the past 2years. I have very recently bought back in due to the discount, the future tenders and the US$ exposure - 28% is invested in the USA; but one possible weakness is the 40% invested in Euroland. Overall the portfolio is very mature, so disposals are likely to be frequent from now on... free stock charts from uk.advfn.com |
Posted at 24/10/2014 10:46 by scburbs Skyship,NAV estimate is 78.9p (June NAV) less capital distribution (13.62p) less dividend (1.3p) plus profits since June 2014. This gives a base of 63.98p before profits. The underlying master fund in which DREF investors receives a pretty impressive return. "As at 30 June 2014, the Master Fund consisted of 10 investments with a combined unrealised balance of £177.2 million. Based on the respective balance of each investment, the portfolio as at 30 June 2014 had a blended loan-to-value ratio of 68.7% along with a blended cash pay coupon and payment-in-kind coupon of 10.6% and 1.9% respectively." Therefore, the true look through NAV (not sure if they always fully report the results of the Master fund or maybe just distributions and capital value movements) should see profits increasing at c.10% p.a. so should be tracking somewhere between 66-67p. There is an FX swap which can impact on distributions by the master fund (e.g. margin requirements), but as it is swapping into sterling it should be NAV neutral. Only uncertainty in respect of settlement agreement on French loan is no reference to costs of enforcement being recovered so there could be a reduction for legal costs so 66p probably a sensible estimate. Looks much better value than other debt funds (although I do hold SWEF) and a sensible place to park money which might otherwise have been in the bank as long as you are prepared to bear a higher degree of risk for a much higher yield. I am expecting a return of c.10% p.a. There remains a degree of bad debt risk, but the very high earnings yield and current discount makes this look like a good yield play to me, albeit a relatively short term one as it will probably be finished inside 2 years. |
Posted at 19/3/2014 11:27 by davebowler Winterflood;Duet Real Estate Finance Investment update and return of capital On 13 February Duet Real Estate Finance announced that its NAV per share as at 31 December 2013 was 93.5p, down from 99.8p at the end of September. This represents an NAV total return for 2013 of 5.1% and -1.3% for the final quarter. The reduction during the fourth quarter was primarily driven by a write-down in the value of Loan 5, equivalent to 4.4p per share, which is slightly higher than the provision of 3.5p to 4.1p per share envisaged by the manager in the fund's interim management statement that was published in November. The master fund also continues to enforce its rights under the loan security package to recover outstanding amounts owed under Loan 4, and the investment adviser expects that these actions will result in full recovery of principal, accrued interest and expenses. Loan 4 is a mezzanine loan secured across a diversified portfolio of assets in France and currently accounts for approximately 14% of the fund's NAV. As previously announced the Master Fund has fully realised three of its mezzanine loan investments, with its share of the proceeds being £10m. This is equivalent to 13.35p per share, which was returned to investors through an issue of redeemable B shares, with settlement having been effected on 27 February. In addition the fund has also declared a dividend of 2.25p per share in respect of the fourth quarter, which is payable on 14 March. Following these returns of capital the fund now has a market cap of £66m and trades at a 6% discount to NAV. |
Posted at 13/2/2014 15:55 by scburbs Envirovision, Did you see DRC have raised another debt fund? Investors appear to rate DRC Capital. Target return is down to 10+% compared to 15% for the first fund in which DREF invests. This shows that the first fund was raising money/lending at the right time and the lower target reflects the improving market. The first fund may struggle to hit 15%, but 10% would provide a very good return given the NAV discount these can be bought at. "Mezzanine fund European Real Estate Debt II has made two more loans, both German refinancings. The fund, which was launched last year by London-based DRC Capital, has now made six investments and raised over £200m in two closings." hxxp://realestatepub |
Posted at 12/12/2013 10:29 by davebowler Liberum,20 November ;Specialist Finance Duet Real Estate Finance (DREF / BUY) - Underperforming loan to impact NAV n Q3 NAV TR +2.6%: NAV per share at the end of September was 99.8p (+2.6% total return in the quarter including dividends). n Underperforming loan to impact NAV: The manager has guided towards a future NAV fall of between 3.4p and 4.1p per share due to a reserve that will be taken against a £17.5m loan secured by a portfolio of UK care homes. The borrower's financial performance has not met expectations and a reserve of between 60%-70% of the loan amount may be made in Q4. n 5p dividend: DREF has announced a 5p dividend for the quarter to 30 September comprising 2.2p from the company's ordinary course of business and 2.8p following the receipt of £8.6m from the realisation of the Master Fund's investment in a UK office CMBS. Liberum View: n The anticipated NAV decline is very disappointing for investors. Today's announcement follows a breach of terms by an unrelated borrower on another loan in the portfolio in Q4 2012 although the Master Fund is in the process of enforcing its rights and expects to recover the full amount outstanding. n The shares were surprisingly unchanged following yesterday's announcement as we would have expected to see some weakness. We think the risk remains to the downside in the short term. DREF trades on a 1.8% discount to the latest published NAV and the share rating moves to a 1.9% - 2.7% premium range based on the guidance of the future NAV impact. |
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