London & Stam. Share Discussion Threads

[skyship] 14/2/2013 16:26

Our former host (Hywel) has been absent for 6 months, so I've decided to start the thread for the new LMP:



Hope that's alright with everyone...

[topvest] 04/2/2013 19:07

I'm not tendering mine. Can't see the point. Held Metric shares as well as these, but happy to hold the larger position.

[the other kevin] 04/2/2013 18:48

To tender or not to tender? An expert view would be appreciated

[irenekent] 04/1/2013 08:15

No BB comments since 17 February; is this a sign of investor disdain? A very well run company building for the recovery.

[w.bramley] 17/2/2012 16:09

No BB comments since 8 Dec, is this a sign of Investor satisfaction?

[kiwi2007] 08/12/2011 12:12

Still seeking opportunities but selective
L&S believe that prime asset values will be sustained by the low cost and availability of capital. As a result it is continuing to invest, but with caution. It believes that
opportunities are likely to be for larger lot sizes or more complex portfolio situations but the focus will continue to be on high cash returns on equity.
Residential REIT being created L&S has been keen on the Central London residential sector for the past couple of years and it has built up a portfolio (including Seward Street, Islington under construction) of 385 apartments in four locations with a valuation of c.£170m. The majority is let but some have been sold in order to test the capital values and we expect management to continue this strategy. The aim is to add to this portfolio either with JV partners or on its own to create a portfolio of c.£300m that could create the basis of a residential REIT.

FY2013E and 123p for FY2014E. The key areas of upside to our forecasts will be a letting at Tamworth, Goldman Sachs not breaking its lease at One Carter Lane and greater than expected growth from the residential assets. Our earnings growth forecasts are more exciting (FY2012E double earnings of FY2011, FY2013E +21% and FY2014E +17%) given that we are expecting at least £600m of acquisitions over the next few years (offset by £300m of disposals) and these lead to expected dividend growth of c.8% pa and an improving level of cover (ex any trading/investment sales).
Shares resilient but look fair value for now

L&S shares have held up well over the past month and whilst we think this can be
justified by the quality of the management and its track record, as well as the dividend
yield of 6.1%, at 115p (current NAV versus the sector at a 20% discount to current NAV) we believe the shares now look only fair value. We therefore downgrade our rating from

Buy to HOLD and await further newsflow.


Both courtesy of FTALPHAVILLE LIVE

[kiwi2007] 08/12/2011 12:10

London & Stamford (REDUCE) Secondary placement of 50m shares

LSP.L (115.2p, Target price 102p) Market cap: £628.8m

It has been announced this morning that GE Asset Management is selling its 9.2% stake or c50m shares in LSP. The sole bookrunner is Credit Suisse and Peel Hunt is joint lead manager. We recommended REDUCE holdings in our November 28 2011 note (Revising forecasts) on the basis that our NAV forecast for FY12E was lowered to 114p in the current challenging environment. Our target price of 102p represents just a 10% discount to this, lower than the current sector average discount of c20%, owing to our belief that the management are very capable of surprising with attractive transactions and because the dividend - albeit uncovered in the short term - provides an estimated 6% yield for FY12E. If the placement price provides investors with an opportunity to acquire the stock close to our target price, then we would expect the subscription to be attractive for longer term holders looking for yield. As we pointed out in our note, we admire the disciplined and unsentimental management approach and are aware that the deals they are considering are lumpy - potential sale of the Radial portfolio (c£240m) and contemplating a residential REIT (currently LSP's residential assets are c£170m) - and if well executed could add value for shareholders.

[typo56] 08/12/2011 11:59

Okay, it looks like they increased it "due to demand for shares" and sold their complete holding at 100p.

[typo56] 08/12/2011 11:50

GE are not bailing out completely, just reducing their stake. Looks like a good buying opportunity.

[skyship] 08/12/2011 11:33

Property Week report that US Blackstone are buying the Golden Triangle portfolio for £300m...

[the other kevin] 08/12/2011 10:22

I wonder why GE are bailing out?

[whilstev] 08/12/2011 09:00

Big fall today on sale of GE pension fund stake. Could be a great chance to buy coming at discount price.

[skyship] 13/11/2011 18:16

PROPERTY WEEK reports that:

London & Stamford has put up for sale 18 industrial properties known as the "Golden Triangle" portfolio.

15 of the properties are located in the Midlands and one in Scotland, the south-east and the south-west.

The largest single asset is the 484,000 sq ft Travis Perkins warehouse on Brackmills Industrial Estate in Northampton.

It also includes four properties totalling 830,000 sq ft at the Daventry International Railfreight Terminal.

16 of the properties were bought in May last year for £208.5m from a joint venture between Warner Estate and HBOS vehicle Uberior Ventures

Two additional properties have been added to the portfolio – a 446,411 sq ft shed let to Pearson at Central Park in Rugby and a 180,000 sq ft vacant shed on Magna Park, Leicestershire.

A second property is also vacant within the portfolio – a 184,000 sq ft warehouse at Radial Point, Stoke on Trent.

[badtime] 02/10/2010 09:39

I made a small turn on these last year...wish i hadnt taken them off my watch list ..if i had known they had drifted so far down i wud hav bought bak in

[irenekent] 02/10/2010 07:42

Amazing how such a well run company with fantastic prospects seems to be totally under everyone's radar. Admitted to main market yesterday and with strong institutional support I think this is one of the most stable plays on a commercial and residential property recovery.

DYOR

[skyship] 22/6/2010 16:44

This overlay chart shows that back in Nov'09 it was indeed right to switch into the smaller and more active CIC - until very recently. CIC have fallen back and this predator now stands at a 26% NAV discount, with much of its assets in CASH. A good time to follow recent director purchases and take a few on board @ 107p.

[roquefort] 27/5/2010 18:37

Very quiet on here.

Excellent results released today. Management rightly take a cautious approach in the current environment but they appear to have snapped up some prime investments at bargain prices. Increased dividend and stacks of cash available for further opportunities. One to tuck away for a couple of years I think.

[skyship] 19/11/2009 17:43

Thanks to Polarfox on the CIC thread for the above.

CIC is a similar predator, but one successfully identifying the bottom and participating in the game with its acquisition of the quoted TAP (stealing it @ 50% of NAV thanks to the 20% stake sold by a nervous Jack Petchey) and yesterday a £44m portfolio @ a 9.9% yield. Yet CIC stands at a 15%+ discount to NAV.

Sorry, has to be said, time to sell LSP & buy CIC.

[ydderf] 19/11/2009 11:18

a property investment co priced at a premium to nav - how stupid is that!

[ydderf] 13/10/2009 19:38

what a load of old cobblers the directors spout, property investment is not rocket science - see for example:

[trotters1001] 01/10/2009 17:05

I bought a load of these on the recommendation of a friend who knows a director of the company. He has also followed their two previous ventures and made tidy sums. They are superbly placed for an upturn. There have also been a few big institutional buys recently. Looking forward to watching this one.

[porsche boxster] 29/9/2009 14:06

Buy tip in today's Times

[kiwi2007] 08/8/2009 10:30

As they are sat on a hunk of cash and waiting to buy I'd have thought a further downturn would suit them even better than an upturn?

[badtime] 08/8/2009 10:00

Yep..quite happy to sit n wait