Axa Property Share Discussion Threads

[skyship] 11/9/2013 18:19

...found some loose change when I was dusting behind my computer...

[badtime] 11/9/2013 17:26

That 99k must have helped

[skyship] 11/9/2013 14:51

Great 40.75p-41.5p - looks as though we've left 40p behind, I hope for good!

Perhaps not surprising after that excellent sale yesterday.

[jaws6] 11/9/2013 08:56

no note out yet after RNS last night.

[skyship] 10/9/2013 17:40

Great news - Keyser completed for E9.028m - that's c£7.65m versus my own working estimate of just £6.4m. Well pleased. The managers look to be making rapid progress.

Next up will be news over Agnadello; then hopefully a release of further properties onto the salebook.

[rearsky] 10/9/2013 17:02

rather good: Keyser was last valued towards E7.7m I recall so this 9.02m is above. This should help support the bid of APT.

[asmodeus] 10/9/2013 16:56

The sale of the Keyser Centre, Antwerp in Belgium has been completed at a price of EUR9.028m. The retail property is situated in the city centre of Antwerp on the Keyserlei between the central railway station and the Meir which is the principal shopping street. It totals some 4,800m(2) of retail and restaurant space and has as principal tenants Match, the supermarket chain, Healthcity and Wagamama. The purchaser is Teychene Invest Belgique SPRL part of the group Financière Teychene.

The sale of the asset at Braunschweigerstrasse in Berlin has also been completed at a disposal price of EUR1.625m.
(10/9/13)

[skyship] 05/9/2013 16:06

Interesting little piece from some EDISON research today. A positive view on German retail property - perhaps they'll bid for some of ours...
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Fair Value REIT (FVI) reported solid progress in H1, yet the discount to NAV of 56% remains unusually wide. Management is optimistic about the prospects for German retail property in particular, and continues to explore significant acquisition opportunities. This would require the support of existing, and potentially new, shareholders for an expansion of the capital base. In which case, NAV dilution would seem inevitable, but could well be compensated by a reduction in the discount. Directly owned and distributable earnings would increase to support enhanced dividends, cost efficiency should also improve, and trading liquidity too.

Fair Value REIT-AG (FVI) is a real estate investment trust managing c 400,000m2 at 61 commercial properties in 11 German states. It has a diversified portfolio of office and retail assets, with a focus on regional locations
=============================================================

[badtime] 03/9/2013 18:17

Back to wide spread

[badtime] 02/9/2013 22:11

Yep...i saw u had flagged it..might take a punt as someones building a good sized stake..not much spare cash at mo though

[skyship] 02/9/2013 16:36

BT - have you taken a look at LSR? As I've said elsewhere, looks like an APT Mark2.

[skyship] 02/9/2013 16:22

Yes, a bit of a landmark reached...& will hopefully hold.

[badtime] 02/9/2013 16:14

Havnt seen 40p on the bid for a while

[skyship] 30/8/2013 16:52

Well, well, well .... nice to see a 50K trade @ 40.24p this afternoon.

May well break through that 40p ceiling next week.

[skyship] 30/8/2013 12:24

BT - "...could be the weakness" - no, as I've often stated, indeed as the Company has often admitted - Italy, or more accurately Agnadello, IS the weakness, the only weakness here.

The 66% in Germany is a compensating strength.

That Italian logistics site, being just outside Milan, has real value; the question is how readily can it be sold. Answer? - perhaps readily enough if they take a hit just to get rid of it. Valuation Jun'12 = £11.18m; Valuation Dec'12 = £10.59m. The debt on the asset has been reducing fast. Should be down to just E2m in September. Accept £7m and we would take a write-down of 3.6p/share.

I would be happy with that as my personal liquidation targets are:

# Low-ball - 52p to 31/12/15. GRY @ 40p = 11.89%pa
# High-ball - 55p to 31/12/15. GRY @ 40p = 14.61%pa

[mozy123] 30/8/2013 11:18

Yes agree - the Italian stuff is thier weakness but i think the German stuff c60% of the portfolio more than compensates. A discount of 15% to Nav is were I would ascribe fair value.

I have a few - 2% of my portfolio - thats enough for me at the mo.

[badtime] 30/8/2013 11:01

i guess the italian stuff could be the weakness

[rearsky] 30/8/2013 10:40

Hello Skyship, totally agree, I see a total of EUR 32m that is 27p per share price of sales agreed to be completed in Q3 and Q4 2013. That is 21% of their property ptfolio and they could afford to repay half of their borrowings.

[skyship] 30/8/2013 07:43

Those sales shown below deliver £25k - c50% of total borrowings

"Good progress continues to be made with sales across the Company in the implementation of the wind down strategy of the Company's portfolio. The sale of the asset at Dresden, Germany, has been successfully completed for GBP1.80 million (EUR2.1 million), whilst the sale of the asset at Braunschweiger Strasse in Berlin, Germany, has been notarised with completion is expected 30 August 2013 for GBP1.40 million (EUR1.63m). An offer has also been accepted for the retail gallery Keyser Center in Antwerp, Belgium and the disposal is expected to be completed during the second half of September. The Advisor has also agreed sales at Karben, Köthen and Montabaur (all in Germany)."

NAV very marginally lower, down 1% from 60.48p to 59.83p - so no problem there.

Would like to have heard of their plans as to the next properties to be released to the Market. Should hear more on that score as the above sales are finalised.

[badtime] 29/8/2013 18:45

NAV and accounts out

[sharpshare] 29/8/2013 11:02

ERET interim results out today.
European Real Estate Investment Trust Limited
NAV is up 1p to 194p per share.
Current share price 80p
So discount to NAV is 59%
Net LTV 58.4%

ERET is also in self liquidation like APT.
APT is further ahead in terms of asset sales.

[jaws6] 28/8/2013 09:56

skyship
today M Stanley upgraded german property co ,yesterday there was from 2 other brokers.

[badtime] 28/8/2013 09:32

:)

Content to wait too..but prefer plays like NRI where at least you get a divi in the meantime

[skyship] 28/8/2013 09:26

BT - certainly not top-slicing - would add perhaps, but don't want to go through the 3% declaration level!!!

Seriously, the Interims are due any day now and there should be further portfolio news in September, so expecting the rise to continue - slow perhaps, but I'm in no hurry...

[nil desperandum] 28/8/2013 08:50

Interesting... it was there last evening.