|Speymill Deutsche Immobilien Co
||EPS - Basic
||Market Cap (m)
|Real Estate Investment & Services
Speymill Deutsche Immobilien Share Discussion Threads
Showing 1551 to 1573 of 1575 messages
i hope mr mellon isnt involved in this outfit?|
German residential exits continue to deliver for Benson Elliot
August 3, 2015 Germany, News, Residential
Benson Elliot, the UK-based private equity real estate fund manager, has announced the sale of 700 units from its German residential portfolio to Frankfurt Stock Exchange listed LEG Immobilien AG. The total consideration for the transaction represents a rental yield of 6.8%.
The properties sold to LEG are all located in North-Rhine Westphalia. They constitute part of the TOR Portfolio, which originally encompassed more than 3,000 residential and ancillary commercial units across Germany. The portfolio, which secured a c. €187m loan to subsidiaries of Speymill Deutsche Immobilien Company PLC, was acquired by Benson Elliot out of an Isle-of-Man receivership in 2012. That process was directed by special servicer Hatfield Philips International Limited and receiver Ernst & Young, in conjunction with the borrower. Benson Elliot’s purchase of the TOR Portfolio represented one of the first defaulted CMBS portfolio loans to be resolved in the aftermath of the Global Financial Crisis.
Since acquisition, Benson Elliot and joint venture partner Wertgrund Immobilien have undertaken a wide range of asset management initiatives: reorganising management, conceiving and implementing a carefully targeted capex programme, and developing and rolling out a dynamic new marketing and leasing strategy. Over 1,000 leases have been signed to date, and occupancy across the portfolio – which is concentrated in prime metropolitan areas such as Berlin, Frankfurt, Munich, Hamburg and Cologne – has been increased from 90% to 97%.
With this latest sale Benson Elliot has realised well over €200m of disposal proceeds from the TOR Portfolio investment, exiting 69 of the original 80 assets (c. 2,300 units). Benson Elliot investors have received distributions to date above 150% of invested capital, with significant additional value embedded in the remainder of the portfolio.
Georg Strassner, Principal and co-head of Germany at Benson Elliot, commented: “We have seen strong income and capital growth across the TOR Portfolio since we acquired it some three years ago. We were confident at the time of purchase that quality residential assets like these – once stabilised – would prove attractive to buyers seeking reliable income in a low interest rate environment. The asset management programme has been highly focused, and demonstrably effective: we’ve created desirable investments, and been disciplined about harvesting these as we’ve progressed. We’ll look to wind down the remaining assets in the near term, crystallising the remaining value in what has been a highly successful investment for Benson Elliot.”|
|sharesoc says "We won’t shirk from tackling companies, the Government or other institutions if we think you are not being treated fairly."
What do you reckon?|
|I wonder if it's worth getting www.sharesoc.org involved?
They are on the side of the private investor and make sure our voices get heard.|
|Is it worth contacting this lot with regard to a compensation claim (given the stated NAV and content of previous RNSs) on a simialr basis to Quindell?:
|davidosh - that would be great but there must be a legal obligation somewhere along the line here?
I only have 50,000 shares so it's not life-changing. But it's a lot of money to me, particularly as I work hard for a living and have three children to look after. I was investing in a company that was 'safe' in that, if the cash position deteriorated, there was substantial value in the underlying assets or so they said.|
|I think shareholders should demand a meeting with Jim Mellon...He must have the answers and half the SDIC property no doubt !|
|Can anyone explain to me what is happening here?
I’ve never heard anything via my broker but it seems impossible that there can’t be any residual value – yet it’s been three and a half years now since they said anything.
But the last we knew, we had 34 Euro cents per share and they were "actively seeking to put together a re-financing package to present to the lending banks and the Receivers in order to regain control of the SPVs with a view to re-building shareholder value…
“The Company's recently published annual report for the year ended 30 June 2010 reported total equity value of about €116 million and therefore the directors believe that there is substantial equity value attributable to SDIC through loans provided by SDIC to the SPVs.”
What will happen next …. EVER? Does anyone know?|
|On a side note, I have a vague memory of JM and co. having received stock options in consideration for working capital loans, with pretty low maximum prices to be paid for converting them, so if there's any value left those would most certainly come into play. I believe there was something about it in the last annual report I saw.|
|Has anyone seen an Administrators report ?|
if you are talking of Jim Mellon
...personally I wouldnt trust him...
based on what he did at Manx Bank...
"mega" dilution via conv. loans
at a moment when the share price meant he knew he was 99% sure of making a killing...|
|Well maybe I'm naive but the last we knew, we had 34 Euro cents per share and:
"The ongoing directors of SDIC will be actively seeking to put together a re-financing package to present to the lending banks and the Receivers in order to regain control of the SPVs with a view to re-building shareholder value. SDIC remains in contact with the lending banks in this regard. The Company's recently published annual report for the year ended 30 June 2010 reported total equity value of about 116 million and therefore the directors believe that there is substantial equity value attributable to SDIC through loans provided by SDIC to the SPVs.
So yes - there should be value attributable left to ordinary shareholders???|
|We tried to set up a meeting with Mellon but he put every hurdle and block on it that he could possibly find ! maybe we need to have another go ?|
|Return of cash? Hah.|
|Does anyone know when we're likely to hear anything about realisation of the assets and return of cash?|
|interview with Mellon 'THE Master Investor......' in April Spreadbet Mag.,
it mentions the pile of cash he's about to make from 'his' German properties but I cannot see any reference to this. I wonder why ??|
|take circa 400mill capital add borrowings and invest in an asset class that has done well should= a good investment.
what have we been paying all these mangement fees for and what were the directors doing.
hope mr m private german residential investments have been performing better for his sake.|
|do we have any idea of the extent of the claims they are persuing it is very vague and given the lack of trust unhelpfull.
i agree a london meeting would be good but I understand that mr mellon is quite ellusive
perhaps a secrety meeting in a coffee shop.|
|Instead of Agms on Christmas Eve in the Isle of Man why is it not possible for a director to arrange a meeting in London at a reasonable time and date so that they can explain exactly what they are trying to do on behalf of shareholders and hopefully explain how they ended up where we are today ?
JM agreed to do this when I saw him at a London Investor event face to face but then went back into a shell claiming a meeting may prejudice a legal claim !!|
|The 2013 accounts are now available by contacting the company secretary, Nigel Caine:
This is the reply I had from him on its wind-up proposal:
Further to our last correspondence, SDIC plc is still progressing some outstanding claims and the directors consider that there is still potential value available to the company in pursuing these items based on current legal advice. Therefore the company will continue to advance these claims for the immediate future, and monitor their progress as long as there is a reasonable expectation that this will benefit the shareholders. Were this not to be the case then the directors would likely recommend the winding up of the company on that basis.
Some of the claims are likely to continue into 2014, and therefore there is no immediate plan to wind up the company whilst this process is ongoing. Further updates will be made to shareholders as matters are progressed.|
|It has also been a long while since they shut down the website and the Fairfax bargain settlement facility and said they were liquidating shortly...|
|Are we ever likely to see any kind of return post-administration etc. here?
And if not - why is that? I realise administrators always have a vested interest in maximising their fees, but it's now over two years since they said:
"The Company remains confident that a proposal satisfactory to all stakeholders will be adopted, in due course."
- before which time we had Net assets per share of 0.34 - so if we aren't to get anything back ever - can someone explain to me in ways I can understand exactly why that is?
As for Jim Mellon-linked investments of any kind, I'm afraid the man is on my personal blacklist "no way" filter along with a few others.|
|Can anyone upload somewhere the last accounts? They are not online, not even at Isle of Man public registry...|