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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Duet Real Est | LSE:DREF | London | Ordinary Share | GG00B628S547 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.52 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.52 | GBX |
Duet Real Est (DREF) Share Charts1 Year Duet Real Est Chart |
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1 Month Duet Real Est Chart |
Intraday Duet Real Est Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 02/2/2020 | 17:04 | :::: Duet Real Estate Finance Ltd :::: | 195 |
| 20/12/2013 | 14:31 | DUET REAL ESTATE | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 10/2/2017 18:53 by westcountryboy So we are to get a final, or nearly final, 6.63p per share in capital and dividends.By my calculation the return between April 2015 and April 2016 was 25.89p, and the NAV which had been 36.92p came out at 14.48p rather than the residual 11.03p, thus making a gain of 3.48p over the year. This continued the pattern of consistent yearly gains in real NAV in previous years, which have made this such a good investment for long-term holders. But since April 2016 the return has been/will be 14.3p, marginally less than the 14.48p NAV at that point. I suppose this is because management costs are disproportionally large once the investments are reduced to a rump. |
Posted at 22/12/2016 18:20 by scburbs And then there were two."The board of the Company is pleased to announce that the full repayment of all principal and accrued interest has been received on the Master Fund's UK Healthcare bonds (CMBS 1), earning returns in-line with its investment criteria. The Company's share of proceeds realised by the Master Fund totals £1.1 million, equivalent to 1.56 pence per share. The board is anticipating the full realisation of its investment in the Master Fund in the short term and is exploring the best method of distributing proceeds to shareholders shortly thereafter." |
Posted at 22/7/2016 11:27 by nk104 Confirmation of the return of capital. |
Posted at 15/7/2016 07:54 by westcountryboy So, 7.93p to be received. I note that the valuation of the loan (£21.7m) did not change between December 2015 and March 2016 - I wonder why not?So if the 7.93p is distributed (and I guess it may not quite all be) that leaves 6.55p, or £4.7m, left. I am struggling to find any way of reckoning potential upside on the three remaining loans - which incidentally have hardly changed in valuation in the last 15 months. However the euro value of E15.8m for two of them is now worth £13.1m as against £12.4m at the end of March. In all, still rather opaque, but difficult to see too much downside from a current share price of 13p! |
Posted at 18/5/2016 18:12 by scburbs Hi grahamg8,The effective interest rate (before costs) is 11.18% (being 6.55% in cash and 4.63% paid at maturity/redemption) The position is further complicated by the fact that the portfolio numbers are referring to the Master Fund into which DREF invests, i.e. £39.2m is the loans in the Master Fund not the loans which DREF participates in (its holding is in the c.25-30% range). |
Posted at 18/5/2016 17:53 by grahamg8 The share price drop today brought me very close to my top up price so I thought I ought to run the slide rule over the FY figures to be sure I knew what I was buying. NK104 I agree the results are far from clear on those matters that existing and prospective shareholders really want to know. These 3 Directors are pocketing £82,500pa to do a pretty lousy job of explaining where we are NOW. Far too much dwelling on what happened many years in the past, which seems like an attempt to justify their own existence.Westcountryboy I think you are a bit on the optimistic side. Only 5 loans 'exist' at 31 December. The German hotels were loan 12 and aren't mentioned at all as current assets. So any uplift can logically only be included in the NAV figure rather than be added on. Loan 5 is in fact UK Healthcare at zero value. The other four are loans 2,10,11 and CMBS1. Use an exchange rate of 1.225 Euros per GBP and you get exactly the stated value of £39.2m. The NAV is quoted as 29.3pps but in the accounts it is 29.2pps. So take off the distribution of 14.93p and 12 months admin cost of by my reckoning 0.48pps which leaves a shareholder value of 13.89pps. That's not much incentive to buy shares at 13+pence and wait the best part of a year, bearing in mind the many risks. However the elephant in the room is the loan interest payments less borrowing costs. This could make all the difference to any investment case. And yet we get next to nothing in the results. My reasoning ends up with 'hidden' value of 1.02pps: If £39.2m loans earn 6.6% cash or 4.6% in kind, say 5.5% average; assume the debt at 68.7%LTV costs about the same in financing costs: £12.27 net loan assets; then divide by shares in issue 71.813m. DYOR |
Posted at 21/4/2016 14:41 by scburbs More detail here, looks like contractual exchange, but completion may be a few months away (although interest will be clocking up at 13.25%) so DREF news may still be a while."HNA, the owner of China-based Hainan Airlines, confirmed it had agreed a sale and purchase agreement with Brian and Mary Patricia O’Donnell̵ The group yesterday paid a deposit of £13.1m to secure the deal, 50% of which it will lose if the deal does not complete by 1 September. HNA will fund the acquisition through proceeds raised from a £246m rights issue last November and said it will complete its purchase by September, conditional on approval from shareholders and the Hong Kong Stock Exchange." hxxp://www.costar.co |
Posted at 23/2/2016 10:58 by scburbs One potential stumbling block to the Canary Wharf sale was the action by Bank of Ireland against Brian O'Donnell transferring the shares which are being sold to his son Blake O'Donnell. If BoI were making any claim over the shares this could have delayed any sale (indeed this could potentially have been a reason why the sale was removed from the Knight Frank website).Happily it seems that Bank of Ireland are only taking action against the £6m proceeds which Blake O'Donnell is due to receive imminently. Proceeds of £6m to the equity holder means senior, junior A (DREF) and junior B (Partners Group) being paid out in full, hopefully with a nice early repayment fee! Looks like news can't be far away now, perhaps contracts have exchanged but not completed. Good spot on the withdrawal from the Knight Frank website which does indeed appear to indicate imminent sale, now confirmed by this article. "Blake O’Donnell, a son of retired solicitor Brian O’Donnell, has described as “scurrilous&rd Blake, who is also a solicitor, was responding in the High Court to claims made last week by Bank of Ireland (BoI) when it sought orders preventing Blake, his brother Bruce and three British Virgin Island-registered companies dissipating an estimated £6 million (€7.7 million) proceeds expected from sale of a property, Columbus Courtyard, in Canary Wharf. ... Stephen Dowling BL, for the bank, said his client was concerned about the proceeds of the sale being dissipated and was standing over the claims it had made to the court. A six week adjournment was too long, counsel argued." |
Posted at 08/1/2016 15:13 by scburbs Hi Erstwhile2,For reference my numbers for the £107m refinancing are: £77m senior loan £15.4m junior A loan (DREF Master Fund) £7.6m junior B loan (Partners Group) £7.7m preference share funding (Partners Group) The PIK element on the junior A loan is 6.75% which after c.5 years of PIK takes you to c.£21m. The senior loan has a small amortisation on it (£770k p.a., but not starting from year 1). I have assumed senior is currently around £75m, putting DREF in the 57-73% LTV tranche based on asking price. Whilst the ultimate controlling party is disclosed as Blake O'Donnell the current Directors are primarily representatives of Partners Group who have the junior debt and senior equity tranches. The maturity date of the loan was July 2015, but it has been extended to 31 December 2016 to facilitate the sale of the asset/SPV. "In July 2015 the Master Fund successfully secured the extension of the facility on mezzanine loan investment 2 beyond the initial termination date of July 2015 to December 2016. The sponsor had approached its lenders for an extension of the facilities in order to market the property and maximise the sale price over the extension period. The cash interest and payment-in-kind interest rates remain unchanged and the investment has benefited from an extension fee." |
Posted at 05/1/2016 12:19 by scburbs Fully disagree, the loans have repaid at a rapid rate and the remaining portfolio looks sound, especially the two largest loans thereby reducing the impact of concentration risk. A lot of further info is available on the two largest loans if you look for it.76% of the latest reported loan portfolio constitutes: 17 Columbus Courtyard (Canary Wharf office) - 28% of portfolio. Here it is on the market for £132.3m. The DREF loan represents a mezz tranche between 57-73% LTV based on this asking price and yields 13.25% (including 6.75% PIK). Not a risk free loan, but it is yielding 13.25% to more than adequately compensate for that risk and the underlying asset is on the market for sale at an asking price which would comfortable see the loan and interest repaid in full. 20 German Hotels - 48% of portfolio. Not too much to say on these other than they appear to have been sold in December 2015 at a massive profit to the shareholder so would expect DREF loan and interest to repay in full. Some form of announcement must be imminent. "Fattal Hotels, owned by David Fattal, together with its British partner Leopard Group, has signed a deal for the sale of 18 hotels in Germany, with a total of 3,415 rooms, to Swedish hotel chain Pandox AB for €400 million (NIS 1.7 billion). The hotels in question are 18 of the 20 Holiday Inn hotels that Fattal bought together with partners in 2013 for NIS 1.2 billion. The deal gives Fattal Hotels a 322% return on equity." The completion of this sale was reported yesterday. "Pandox’s acquisition of 18 hotel properties in Germany, which was communicated 5 December 2015, has been completed. The acquisition strengthens Pandox’s position on the important German market." Here is the original loan in March 2013. "The Company is pleased to announce that the Master Fund has completed the penultimate transaction of its investment programme, having today provided a €37.5 million mezzanine loan backed by a portfolio of 20 hotels located across Germany. The portfolio consists of fifteen Holiday Inns, four Best Western Hotels and one Queens Hotel and has been acquired by a consortium led by Fattal Hotels." |
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