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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Invista | INRE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 14.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 14.75 |
| Top Posts |
|---|
Posted at 31/1/2012 10:50 by alanji At long last I have been able to discover a good deal more about the secretive IREIF and IREOF.I discovered that the co-investor in IREOF and IREIF are private funds issued by Friends First Life Assurance Co. Helpfully (unlike INRE!) they have published reports on the state of the funds (link below). The good news is that it now seems unlikely that the commitments will be drawn down and if they are it should maintain value. My previous concern was that the co's could be highly geared so the funds might be drawn down to pay off bank loans. According to the IREIF report the ltv was 36% at March 2011. The IREOF ltv is not stated but I do not think it can be too high - Funds drawn down to 31/3/11 were 48% of £56m = £26.9m Assets acquired to 31/12/2010 (2010 accounts) were £33.6m so ltv should not be more than 30% Subsequent to the above, I have now received confirmation from INRE: "I can tell you that as at our last reporting date (30 June 2011) both the unlisted funds (IREIF and IREOF) were approximately 40% levered (on an LTV basis) in each case." Another encouraging statement in the reports: "Invista the Investment Manager is now seeking to end their management of the Invista Portfolio and to sell their 50% interest in the Invista Portfolio. While they continue to manage the Invista Portfolio as usual, acquisition activity has been suspended pending further discussions and resolution." (my bold) It may be that some monies are drawn down to enhance existing assets (which should have a largely neutral effect on nav) but it looks extremely likely that cash assets should exceed the current share price There is a loan due for repayment in April 2012 within the IREIF investment but with the low ltv it should not be a problem. In any case INRE's share of the loan is only £4.175m so would only reduce the cash available by 4.2pps Also found the following why have INRE not published on their website? I cannot find one for IREOF. Given the above, I now think a reduction of 50% of the nav of IREOF and IREIF is excessive. Using a 25% reduction I calculate the adjusted nav (based on June 2011 interims) to be 20.7pps of which cash is 12.9p. At the current offer of 7.75p could be a multi-bagger and I have bought more shares. Unfortunately, we may have to wait a bit for our money. Attracting a buyer for IREOF and IREIF looks to be proving difficult and the co has indicated it may delist, although I cannot see shareholders agreeing to this. There is also the uncertainty of the Lloyds claim and counterclaim and the outstanding commitments to IREOF and IREIF so cash distributions are unlikely until these are resolved. IREIF and IREOF were launched as 5 year investments in May 2008 and Nov 2007, respectively, but not sure this means a lot and there is an option to extend their life by two one year periods. On the other hand, there could be an announcement anytime and there will certainly be more news in the 2011 finals. Good luck to any still holding. Link to IREOF and IREIF reports |
Posted at 20/9/2011 08:30 by horndean eagle Don't think I have come across a more incompetent set of management before. Crooked, lying thieving are ten a penny but what we have here is sheer incompetence. They should never have sold off Invista Castle without having the final 2 investments sorted out. In hindsight the rental market has been exceptionally strong and I am sure Grainger are laughing all the way to the bank with the price they paid for it. I think they have seriously peeved off their co-investors in the 2 remaining investments. As we have seen with all the other mandates, they scampered pretty quick what with all the uncertainty regarding Invista. Here they don't seem to have any inclination to do so. Its a terrible state of affairs. |
Posted at 24/6/2011 13:57 by loverat ROTFLMAOYou just have to laugh sometimes. Anyway - I believe SKYSHIP makes a very important point. In my view a balance needs to be struck between helping less experienced investors by delivering clear messages to the market. On the other hand - having witnessed the Room Service situation I also have sympathy with those who suggest investors need to take reponsibility for their own actions. As I say, a balance. Anyone who wishes to express their views elsewhere there is a shareholders rights section on here.... You need to register first however. |
Posted at 13/3/2011 18:19 by skyship OUTGOING Email:Mr Eastaugh I and a few other investors I am in touch with are seriously worried as to the impartiality of Duncan Owen and his intended MBO team. We wonder just how the Company can operate and how the Board can conduct negotiations with any prospective third party bidders "when the elephant remains in the room". Can I urge you to consider perhaps placing the entire MBO team on temporary leave; and to make a more detailed statement to shareholders hopefully to reassure that some semblance of business can continue without those parties at their desks. INCOMING Email response: Mr xxxxxx, as I have explained in our recent exchanges Mr Owen stood down from the Board in January. He and the other members of the MBO team play no part in Board discussions on the matter nor in negotiations. Regards Guy Eastaugh ==================== Hmm - it is to be hoped that there are "negotiations" ongoing for Duncan Owen not to be taking part in..... |
Posted at 24/1/2011 19:42 by scburbs I picked up another 25k today as I was sitting on the bid when the price collapsed. Difficult to see why people are so keen to sell. In a world where a safe 10+% p.a is a great return INRE seems a no brainer with a relatively safe 20-30+% return over a couple of years.With the 100% owned global securities fund being akin to cash and global securities having performed well since 30 June it is very difficult to see the group being worth less than £100m. Other than Invista Castle the main cash release needed is the sale of the International Fund which presumably accounts for the bulk of the £25.3m capital commitments (has anyone seen details of these?). As a newish fund with a substantial US investor coming on board as recently as December 2009 clearly they need to be careful with this one. However, I would have thought quite a few fund management groups would jump at the chance to establish a ready made Asian platform. Either way the sooner they make a preliminary c.£30m distribution (of free cash and the global securities) the better IMV. This is the best way to make it into a 20+% p.a return. |
Posted at 17/1/2011 17:05 by alanji I have followed you into this one - some following an initial look and doubled after a full analysis. The downside looks very limited. Many thanks to hoveite for drawing attention to it.First some background for those who have not looked yet. At the interim stage last June INRE was a property management company which had raised funds for various property investments including two listed investment trusts (IFD & IERE). It was (I think) originally set up by HBoS to manage various property investments and was floated on AIM in Sept 2006 (HBoS, now Lloyds, still owns 55%). Its major source of income was management fees from HBoS clients and pension schemes, private collective investor funds, the two investment trusts and a few other bits and pieces. It also owns a residential housing company (Invista Castle) formed as a PFI and 100% let to the MOD. It also has investments in the two IT's and shares in collective investments, including Asia. Following Lloyds acquisition of HBoS the management contracts with HBoS were terminated on 12 months notice in October last year and "it was decided the interests of both clients and shareholders of Invista would be best served through an orderly realisation of value from Invista's assets, including its asset management business, with the proceeds of such realisations returned to Invista shareholders in due course." It is likely that the remainder of the property management company will be sold off as a going concern under a management buyout. It is debatable how much this will fetch (there are still lucrative management contracts in place) so I have taken a conservative valuation. Without the property management there remain a number of assets and liabilities which totalled a net £135.6m last June. Not all will achieve their stated values as pointed out in the 7 Dec rns. Taking each in turn: Cash no discount Invista Castle (residential property let to MOD 15% discount. The June value is based on discounted cash flow. Not sure I agree with scburbs re valuation but it depends on what discount rate was used. The independent valuation last December was £121.5m. However I have used what I think is a conservative discount of 15%. IREIF & IREOF (collective property investments) 15% Global Secs Fund Ltd Partnership (quoted company shares) 10% I do not know what the terms of the partnership are. Does the share have to be sold or can investments be realised to 'buy out' Invista's share in which case discount would be less. IERE & IFD (Investment trusts) 10% I think this is generous? This gives a nav of 39pps to which must be added: Property management company. The Property Week article speculated a value of £20m. I have assumed £10m Income. The company is still earning a very good income. I have not carried out a full analysis but estimated what I think is a conservative 3p. This takes the nav to 46pps compared to the current offer of 35. Take a 2 year return period and it looks pretty good and there is considerable upside. I have based my nav on the shares plus options as stated in the 2009 accounts 275,147k. Please check the figures before relying on them. I have also posted this on the JDT thread. If anyone would like to look at my calculations I would appreciate comments/corrections |
Posted at 23/4/2009 14:09 by affc21 UK commercial property yields could be set to stabilize (UK)Thursday 23 April 2009 According to the latest research report produced by Invista Real Estate Investment Management, the stabilization of UK commercial property yields could now be set to stabilize which in Invista's opinion relies chiefly upon the success of the Government and Bank of England actions and their impact on steadying the financial markets and reducing corporate bond yields. Whilst domestic institutional investors continue to show concern over the effect of poor economic growth and occupational demand on the property sector, waiting for the yield margins to tighten and sentiment in the borrowing markets to improve, foreign and private investors appear to be ahead of the curve in providing the jump-start required for liquidity to return to the commercial property investment market. Such investors appear to be attracted by the high-yield margins, which are emphasized further by the weakness of the Sterling. However, this trend hinges on the actions of the Government and Bank of England over the coming months to review the corporate bond market structure and ease the illiquidity premiums substantially. Over the coming months, Invista also expects that two of the key attractions of UK commercial property, as a real investment asset, may increase in importance. These are namely, the relatively stable income stream it produces, resulting from the UK lease structure and diversity of its tenant base, and its appeal as a physical asset. With the quality of asset becoming key to determining performance over the next 12 months, Invista maintains its preference for prime, well-located properties. Furthermore it predicts that transactional yields on secondary properties will continue to move out, whilst the yields on prime property may have started to reach their turning point, reflecting a substantially revised investor appetite for the higher level of risk associated with the former property type. In the last quarter of 2008, industrial property proved to be the most defensive asset, outperforming the rest of the sector with a return of -12.1%, against falls of -12.7% and -13.7% recorded for the office and retail markets, respectively. In addition, conditions in the occupational markets are expected to worsen in the near term, as the current economic downturn continues to put downward pressure on sales and profits with an increased risk of tenant default. However, Invista predicts that rental falls are unlikely to repeat the lows experienced in the early 90s, owing to relatively favorable economic fundamentals, with lower inflationary pressures and bank rates, combined with restricted supply lines. Mark Long, Head of Investment Strategy and Research at Invista, commented: "In a normally functioning market, the current UK commercial property yields would in our opinion be considered good value. However, given the current exceptional economic climate there is still room for doubt and therefore we believe that market volatility reflects the great uncertainty, felt amongst banks and consumer alike, in the Government and Bank of England's ability to restore liquidity, confidence and positive growth to the wider economy. "We believe that in contrast to the 1990's, the modest levels of supply in 2009-2010 could be an important factor in mitigating the scale of rental declines and severity of this property cycle, and that foreign and private investors may now take the lead in providing the jump-start required for liquidity to return to the commercial property investment market." Source: FD |
Posted at 24/2/2008 15:05 by cerrito Today's TelegraphInvista Price 64½p Questor says Buy When property specialist fund manager Invista was spun out of HBOS towards the end of 2006, the market was starting to look over-heated. By June 2007, it was ready to pop. Considering values have been on the wane ever since, Invista's results last week looked healthier than expected. Pre-tax profits rose 116pc to £48.6m, while management fees were up 38pc to £50.3m. Invista said it had lost just 6pc of assets under management, which now sit at £8.7bn. Property companies have seen much larger falls. Invista's assets have been hit by outflows as investors withdraw from open-ended funds. Invista recently sold a £200m portfolio of offices, freeing up cash for redemptions. But as 50pc of its funds are closed, the manager has some protection. Moreover, where assets have been lost, they have been replaced by higher earning business. However, the message from the results was one of caution. Chief executive Duncan Owen said: "The outlook for the UK commercial property market remains challenging and we expect to see this trend continue, with the result that prices may over-correct before recovering." He is right to be wary. However, analysts think the company good value now that the share price has more than halved in the last 12 months and is trading well below the issue price of 90p. At this level Invista has cash and investments almost equivalent to its market cap, meaning shareholders are getting management fees for free. Life won't get easier for property stocks soon, but the strong results suggest the shares have been oversold. Buy. |
Posted at 25/4/2007 08:38 by johnsoho A very nice AGM statement released today....details as follows:Alastair Ross Goobey, Chairman of Invista Real Estate Investment Management Holding plc ("Invista"), will make the following comments at today's Annual General Meeting, to be held at JPMorgan Cazenove Limited, 20 Moorgate, London, EC2R 6DA, at 2.00pm. "2006 has been a year of both great achievement and transformation for Invista. We have successfully de-merged the business from HBOS, floated on the Alternative Investment Market of the London Stock Exchange and reported strong financial results in February. The flotation of the business has provided Invista with its own balance sheet, enabling it to acquire seed assets with which to launch new funds. Furthermore this provides the added benefit of being able to co-invest its own capital alongside investors. In February of this year we reported a strong set of figures in our maiden results (for the 4 months to 31 December 2006): on a 12 month pro-forma basis, profit before tax increased by 32% to #22.5 million; total income increased to #45.1 million, a 63% increase; and Assets under Management (AUM) grew by 35% or #2.4 billion in the 12 months. We were particularly pleased that 84%(1) of AUM out-performed their benchmarks in 2006. The Group was also very active over the year, with #3.5 billion of real estate transactions completed and 4 new funds launched, including the successful IPO of the Invista European Real Estate Trust in December 2006. This high level of activity has continued into 2007 with what was Invista's first balance sheet transaction in which it acquired a Euro348 million French portfolio through a joint venture. The portfolio consists of 34 high quality assets located across France with a concentration of about 50% by value in the Ile-de-France region, around Paris. We have identified France as a core market in Continental Europe and this recent transaction is exactly the type that at the time of IPO we told investors we sought to do. Alongside Continental Europe, UK residential is a further area of growth for the business going forward. We have built up a residential portfolio of circa #450m across the UK, which we are considering for a potential fund. We continue to make excellent progress in this area. The investment market in the UK has seen strong growth in recent years however we expect this to moderate during 2007 and 2008. The key difference going forward will be the polarisation of future returns between the different segments of the market and this remains a key area of Invista's strategic focus. Continental European real estate total returns have continued to perform well. More favourable economic conditions, particularly in Germany, France and the Netherlands, led to the record level of office leasing activity and investor capital continued to flow into the sector. As a result, European real estate is benefiting from accelerating rental growth and yield compression and with core countries providing total returns of up to 20%(2) in 2006. Invista continues to grow its Assets under Management in the UK and Continental Europe through new fund launches and sustained fund inflows. We are pleased to report that the net fund flows into the range of open ended funds we manage remains strong and we continue to work with our distribution partners to build on this success. 2006 has been a transformational year for the business and we look forward to building upon this momentum during 2007." (1) Source: IPD, Invista (2) Source: IPD Assets under Management AUM as at 31 Mar 2007 AUM as at 31 Dec 2006 -------------------- HBOS Funds #4.9bn #4.9bn -------------------- Separate Accounts #2.8bn #2.7bn -------------------- Collective Investor Funds #1.7bn #1.6bn -------------------- Total #9.5bn #9.2bn -------------------- The above figures are subject to rounding |
Posted at 28/3/2007 10:48 by johnsoho Very nice piece of news just released via an RNS:Invista Real Estate Investment Management Holdings plc ("Invista"), the UK's largest listed property fund manager, has announced a significant acquisition of a French portfolio through a Joint Venture using its balance sheet raised on IPO in September 2006. It has conditionally exchanged contract to acquire the portfolio which consists of 34 high quality assets located across France with a concentration of about 50% by value in the Ile-de-France region, around Paris. The sector spread is 38% office, 4% retail, 25% industrial and 33% mixed use. The portfolio includes several high profile tenants such as France Telecom, Areva and Carrefour. Invista has teamed up with a long standing JV partner Propinvest Group Ltd, in a 50:50 joint venture to acquire the investment portfolio, which will be held through a new Luxembourg domiciled holding company. The purchase will be financed with a relatively small equity investment from each joint venture partner with the remainder funded from third party bank debt. The structure has enabled Invista to efficiently deploy balance sheet capital by minimising its equity commitment, yet maximising new funds under management. This commitment to purchase marks the next step in the implementation of the strategy set by Invista at the time of its IPO in September 2006 when it raised almost #100m of balance sheet co-investment capital to set up and launch new funds. The property assets in the JV will be managed by Invista. Duncan Owen, Chief Executive commented: "We are delighted to have secured this substantial portfolio in France. We have identified France as a key investment area and this is exactly the type of transaction that we told investors we would seek to do following the IPO. Continental Europe remains central to our growth strategy and this is another step forward for our business development." |
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