There will be no other offer, as 2/3rds of the shares are already comitted to the Cash Offer and all will still be controlled by Shore Capital.
I purchased Shore Capital yesterday and am in profit today.|
|if you are correct then presumably this will shake another offer out of the woodwork...I hope!|
|This is not a good Offer to holders of Ordinary Shares in Puma Brandenburg.
Puma will be sold at a DISCOUNT of 40% to NAV.
Shore has been buying Puma shares for some little time and will now make around a 50% gain on such shares, knowing that an Offer would be made.|
|The German Institute for the Study of Labour (IZA), and the German press, report that unemployment figures in Germany are expected to drop below three million for the first time since 1992, primarily due to the labour reforms over the past years finally bearing fruit. This trend is having a positive impact on the German economy as a whole.
The IZA report claims, "With less unemployment there will be less welfare payments, a higher tax take and thus higher revenue available for Government expenditure.
This combined with the relaxation of the immigration policies means bluntly that there is a required demand for both residential space and commercial space, currently not being met by new constructions."
"With the large majority of German property being cheaper to buy rather than build, and a staunch limit of city centre availability due to high population densities and a lack of available space, there will be a higher demand for well located properties whether residential, retail or commercial."
|it was cheap now its dear cos the macro environment (the stockmakret) has got cheaper - you gotta move with the times....|
|I am watching this on for some time|
|Puma Brandenburg Limited
27 December 2007
Puma Brandenburg Limited
Further Property Acquisitions
Puma Brandenburg Limited ("the Company" or "Puma Brandenburg"), the AIM listed
investment company established to invest in German real estate, announces that
it has entered into a legally binding agreement for a further major acquisition
of properties at Euro108.4 million plus costs.
* Puma Brandenburg has purchased 45 edge-of-town retail units 100% let to
German discounter Lidl
* Comprises 54,803 square metres of retail space (plus 5,217 parking spaces)
* Base purchase price of Euro108.4 million, before acquisition costs
* Euro1,984 per square metre (equivalent to approximately £134 per square foot)
* Long-term lease contracts with an average duration of 11.2 years
* Potential to add up to 5-6% of additional income through building
expansions and third-party revenues
* Puma takes over Euro79.5 million of bank financing on pre-credit crisis terms
* Transaction generates a 10.0% post-leverage cash-on-cash yield on day 1
The Chairman of Puma Brandenburg, Peter Freeman, commented: "We are pleased to
announce the acquisition of this portfolio of geographically well-diversified
retail properties with stable cash flows through long-term lease contracts. The
edge-of-town food discount segment is expected to have the strongest growth
prospects of all retail trading formats. The tenant, Lidl, is a market-leader
in its area, and part of the Schwarz group with sales of U$ 45bn per annum. In
addition, the portfolio itself offers further development potential through
expansion of floor space or co-location of complementary businesses."
For further information:
Puma Brandenburg Limited - Howard Shore - +44 (0) 20 7468 7911
Grant Thornton Corporate Finance - Philip Secrett - +44 (0)20 7383 5100
Citigate Dewe Rogerson - Sarah Gestetner/ Fiona Mulcahy - +44 (0) 20 7635 9571
The Board of Puma Brandenburg is pleased to announce that it has entered into a
contract to acquire a portfolio of 45 retail properties in Germany for Euro108.4
million before acquisition costs. The portfolio comprises a total lettable area
of 54,803 square metres and 5,217 parking spaces.
The portfolio has potential for development through expansion of floor space or
co-location of complementary businesses, including specialised fast-food chains,
bakeries or third party revenues (eg. ATMs, recycling stations). The
acquisition will be funded from the Company's cash resources together with the
transfer of existing financing in place.
The combination of low non-recoverable running costs and the attractive terms on
which the Euro75.9m of long-term bank financing was taken over by the Company means
that this transaction generates a deal-level 10.0% cash-on-cash yield and will
add approximately Euro3.0 million of free cash flow. The Company's aggregate equity
commitment to the deal is Euro29.8 million.
Notes for Editors
Puma Brandenburg floated on AIM on 16th March 2006, raising £185 million in new
equity to take advantage of the opportunity it sees to create value by investing
in German real estate. Prior to this transaction, the Company had acquired over
Euro588 million of assets with a yield of 6.58%. The Company's primary objective
is to generate income and capital growth by acquiring, actively managing and
selling real estate, as opportunities arise.
The Company is a Guernsey registered closed ended investment company. The
property investment advisor to the Company is a subsidiary of Shore Capital.
This information is provided by RNS
The company news service from the London Stock Exchange
|US sale deals blow to Germany property hopes
By Reinhard Hönighaus in Frankfurt and Betrand Benoit in Berlin
Published: June 26 2007 07:31 | Last updated: June 26 2007 07:31
Expectations of a rebound in Germany's moribund property market took a hit on Monday as it emerged that a significant foreign investor was to sell a large portfolio of flats in the country.
The planned sale of 20,000 former trade union flats by Cerberus, the US private equity group that bought the portfolio for 1bn ($1.3bn, £670m) just three years ago, suggests large investors are losing patience at the poor performance of the market.
"Cerberus is disappointed by the investment," a person familiar with the situation told FT Deutschland, the Financial Times' sister paper. Expected returns had not been achieved, the person said, adding that the fund might even have to inject fresh capital.
Germany is virtually alone in Europe not to have experienced a property boom in the past decade. Large acquisitions by US funds in recent years had raised hopes of a turnaround, however, and triggered a spate of acquisitions by private individuals.|
|HIFX, the currency specialists, released their latest Global Property Hot Spots Report this week which reveals where Brits are buying property abroad. Although France and Spain remain at the top as ever, with more than 50 per cent between them, HIFX confirm that British investors are turning to value-for-money, per-square-metre cities for their investments. Berlin is one where money is going into the central district of Schonëberg, old-monied Charlottenburg and East Berlin's Friedrichshain. Bucharest in Romania has been growing at some 20 per cent a year for three years now and is tipped. Warsaw and Krakow in Poland are on the up too.
DDE and FAB look interesting and of course SGR share price has already improved 25% in
I am looking to establish a company along the lines of SVG, PUMA and DDE. I have laid the foundations by purchasing 38 apartments in Berlin. The existing property portfolio has market value of EUR1.8m, 50% LTV and rental income of EUR130,000.
I am looking for 1-3 partners with the capital, expertise and time to take this project to the next level. If this project is of interest and you can bring added value then please email me at [email protected]
|Hi all, I didn't even know of the existence of PUMA and DDE when I last looked for such investment companies to compare to Speymill, SYG, which I think is the cheapest of all.|
I tried to purchase 5,000 DDE shares but it was above the market quantity.
To purchase 1,000 shares also seemed to be above the market quantity.
Seems a good prospect, but where are the shares?|
|Thx Wonderbuy, u have mail.|
|DDE, DEVELICA, seems much cheaper than this and in the same sector-trading
below asset value
rather than above it like Brandenburg.|
|Hi Woracle, email address is [email protected] .|
I got some stuff through from berlin-capital who are launching a turnkey investment on some refurbished occupied apartments in Wilmersdorf and Holanderhoff. Have you got an email I can send you the details.
I'm looking for the apartments in nice areas midway between the financial and entertainment districts. More professional that family orientated rentals..
|Woracle, I'll give you an opinion if you want to post the details.|
|Does anyone with properties in Berlin want to give me an expert opinion on an area I have in mind and prices..|
|The main reason why it is on such a premium is Shore Capitals reputation in managing property funds. The Puma property fund had an IRR of over 40% before being wound up. The Hotels fund they launched has performed similarly. German residential property is currently very popular amongst investors and there will be some amazing gains made due to low borrowing costs and high yields. Mostly these come about from ridiculously low property values rising in the coming years.
You can see from the premium that Puma trades to SDIC how highly investors rate Shore Capital. Both were launched around the same time and even though Puma were much slower to invest their funds, they have consistently traded at a premium to SDIC. The current difference is around 9% although I do expect that to narrow soon.
The potential returns are 8% a year net dividends. If property prices rise 25% over 5 years the NAV of Puma will have doubled.|
|According to the results, NAV is 1.44 euro (94 pence). Can anyone explain why a 25% premium is justified? Thanks|
|Hi all, check out www.BrandenburgProperty.com|
|there seems to be a lot of buys re this share yet the share price does not seem to move|
|Extract from Moneyweek this week:
Abroad I think I'd look to the same two markets I suggested last year - Japan and Germany. The Japanese market has had a boring year but all the bullish fundamentals I've discussed in this column over the past 12 months remain in place. I think it looks very good for this year.
Germany has had a much better year than many expected but there is still good reason to stay invested in stocks exposed to its property and consumer sectors. Bank lending is rising nicely, consumer confidence is up, unemployment is down and retailers are more upbeat than they have been for a good five years.
Those looking for property plays might consider shares in the AIM-listed property investment companies Speymill (SEA:SYG) and Puma Brandenburg (SEA:PUMA).|
|Results as expected. Profit due to bank interest.
This is a long term investment for me.
Once cash is invested, growth will come by raising further funds through borrowing against properties in the portfolio.
Within 5 to 10 years PUMA could show property assets in excess of one billion
euros. However, I will wait until a full years results are published before I increase my investment PUMA.|
|Any views on todays interims?|