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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 22/7/2016 11:27 by nk104 Confirmation of the return of capital. |
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 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 30/3/2016 17:39 by westcountryboy Interesting final results. NAV equivalent on 31 December (post capital return) was 14.27p if I have done my sums right. It has reduced like for like since 30 Sept, if it is meant to include the 2.91p uplift from the realisation of Loan 5. It should have been 15.2p. A number of possible reasons:- annual expenses may not have been charged to NAV before - they are now £340k which is going to have an impact (about 0.45p) - accrual for a performance fee is mentioned in the notes but I can't see any figure for this - the valuation of the three remaining loans other than Columbus Courtyard has reduced very slightly since 30 June - I am not entirely sure that the NAV given on 31 Dec is sensitive to the uplift for Loan 5: the sum received from the Master Fund for this in January is given at £10.979m. So might there still be some uplift due there? No dividend this quarter which is not a problem. No news on Columbus Courtyard, though there have been a couple more articles saying sale was imminent for a sum in excess of the £132.3m. I note the value of the loan in the accounts rose from £21m to £21.7m in the last six months. No reason to think that any of the loans will pose a problem, or that the wind-up date will pose a problem. I note that £170k of income was received on 12 Feb so if we include that then NAV would be 14.56p. Altogether I am not much clearer! But I hope that interest received this year will at least match expenses and that therefore we can expect the NAV to stay robust. |
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 19/2/2016 09:44 by westcountryboy Yes I was just about to post the same. The quarterly NAV and dividend announcement has been made on 13 Feb the last two years, so it seems fairly clear that they were waiting for resolution on Columbus Courtyard before releasing the latest NAV update, which should now be with us fairly soon. Meanwhile the shares are quite cheap - I picked up some more at 12.82p yesterday. |
Posted at 12/1/2016 08:15 by skyship Welcome OnwegoPresumably no coincidence that the one thing APT & DREF have in common is that they are both companies in liquidation. The SL thread covers many others, including favourites LMS, LSR & LXB. |
Posted at 11/1/2016 22:02 by onwego @WCB thanks for flagging this one up on the Fool. Your's and Skyship's posts also convinced me to finally open an ADVFN a/c too.Bought some DREF. Also involved in Axa APT. rgds |
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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