Kenmore Euro Share Discussion Threads

[thepsychic] 10/11/2009 19:52

Am I being too optimistic in thinking they will report a higher NAV figure?

[kramch] 29/10/2009 21:53

I've bought a few but can't fathom their 1/2 yr accounts, they show operational income as £18.2m for H1, but then state the rental return is 7.6% (on portfolio of £328m,) which I make to be £25m pa.
Interest on debt of £240m = 9.6m, & expenses 12m (this seems very high) doesn't leave a lot of free cash., unless I've missed something - if anyone else can shed some light..? K.

[kanwar] 29/10/2009 13:36

Are these all sells? MM playing with my mind...

[kanwar] 16/10/2009 15:37

So we got a month before some news, is that right??....

[thepsychic] 16/10/2009 12:21

It would be good if we close above 37p as we are just above the 23.6% fibbonaci level with a clear run up to 54p.

[martincc] 16/10/2009 11:46

top up time again,

as you say, breakout

[thepsychic] 16/10/2009 10:32

I've bought in on the breakout! I think this is too good to ignore. It's a long term hold for me as in time value will come through.

[cmpf] 15/10/2009 11:21

Am I being a bit slow (I am new to all this) but are we all waiting for something to happen.

Everything I read, and all the figures I look at, are positive, so as KANWAR says what is the resistance?

[kramch] 14/10/2009 20:36

anyone have a feel for their underlying rental income?
they show £18.2m for half year to 06/09 and £4.3m other income.
Then they say the portfolio yield is 7.6% and show a portfolio value of £328m on the B\S, (which I make to be £25m pa). But they made £35m y\e 12-08.
With say £13m interest pa (5% on £260m) and nearly £10m admin costs in the first 1/2 yr, it will make a big difference to the bottom line! K

[affc21] 14/10/2009 20:34

Within the above report (which is free once registered with ProLogis), it states that:
"Market conditions across Europe, however, vary widely. Those in Germany
are arguably in the best shape, with France close behind".
Bearing in mind that KEIF holds 44% of their property portfolio within France and 7% within Germany (percentage holdings taken from their last half yearly report, so percentages may differ slightly now since property disposals).

[affc21] 14/10/2009 20:05

European shed occupancy levels continue to drop says ProLogis
12:20 | 13.10.09

By Nick Duxbury

Occupancy levels in the pan-European sheds market slipped to 86% in the second quarter of 2009 according to research from ProLogis.

In a report entitled 'Looking for the Rainbow' the developer revealed that across the European leasing market, the occupancy rate had dropped from 87% in the previous quarter – and from 89% a year ago.

It said that new deliveries to the continental European markets have remained "relatively stable" throughout the current steep recession, largely because of the sizable overhang of construction projects begun last year before the credit crisis erupted.

Unsurprisingly, it showed that across Europe, new starts have tapered off and are now limited almost exclusively to build-to-suit projects.

However, it concluded that investors have developed a renewed appreciation for market risk and are now making sharper distinctions between countries in Europe regarding economic, currency and property market risks.

It said that there is a "renewed market focus on prime properties in Europe, where the leases have strong covenants and lease terms of five years".

Len Sahling, first vice president of the ProLogis Research Group, said: "Europe's logistics property markets are feeling the weight of both a severe economic downturn and a lingering credit crunch.

"The European economies are starting to emerge from several quarters of negative Gross Domestic Product (GDP) growth, and the logistics property leasing markets will follow suit, albeit with a lag. Meaningful GDP growth combined with obsolescence and no new supply will eventually pull Europe's logistics property leasing markets out of their slump."

See the full report at

[nickcduk] 13/10/2009 13:18

What looking at APT yesterday and noticed the discount over there is much narrower than currently afforded to us. Not really sure why when they have currency hedging issues and roughly about the same underlying income. Would expect the difference to narrow markedly as soon as positive NAV rises are announced. KEIF NAV being unhedged on currency will have gained 10% since end June.

[kanwar] 13/10/2009 13:02

What do you think the resistance point is here?..

[martincc] 13/10/2009 12:44

Volume coming back, some solid buying since Friday.
Doesn't take much to move the price.
Looks ready to move up again.


free stock charts from www.advfn.com

[cfro] 10/10/2009 20:24

Looks like we are finally awakening here.

Those disposals are being made above valuations....gotta be good for the share price.

[rambutan2] 10/10/2009 06:25

nick, i don't expect their overall interest rate costs to fall on any new fixes as lower euribor will be offset by the banks taking a wider margin and chucking in any rearangement fees they can think of.

[nickcduk] 09/10/2009 18:18

I think the worst is pretty much over for KEIF now. LTV is totally under control and values have stopped falling and are now beginning to rise. In a great position where interest rate hedges don't have too much longer to run. That should allow KEIF to fix rates at exceptionally low levels going forward and boost income. Think a solid re-rating is on the cards very soon.

[crawford] 09/10/2009 16:29

"Kenmore European Industrial Fund is pleased to announce that it has sold 85/109 rue Auguste Renoir, in Aulnay-sous-Bois in France, to an owner occupier for a net price of EUR2.4 million, which is significantly above the property's last valuation. "

[crawford] 09/10/2009 16:28

NICE DISPOSAL

[kanwar] 08/10/2009 11:17

nickcduk ...THANKS..

[nickcduk] 08/10/2009 09:55

Mid November should have an interim management statement. I think the odds are quite close as to whether or not they will report a higher NAV figure.

[kanwar] 08/10/2009 09:44

Hi , any idea when the next important date may be, regarding KEIF?? Thanks.....

[nickcduk] 07/10/2009 18:58

Not really Alan. I think I was happy to go along with your estimates at the time!

[alanji] 07/10/2009 17:26

Below 60% now.
thepsychic - if you have not already done so have a look at posts from 30 on this thread. I found it impossible to accurately estimate profits going forward - did you manage to get an estimate, Nick?

[nickcduk] 07/10/2009 13:13

LTV is a lot lower now. Think it is near 60%.