Teesland Share Discussion Threads

[sandbank] 24/11/2005 10:34

THE TIMES TODAY "Revived hopes of a 130p a share offer enlivened Teesland, the property group, up 7½p at 96p, which drew a bid approach in September."

[sandbank] 24/11/2005 10:31

Teesland plc was listed on the London Stock Exchange in August 2002. In October 2004 Teesland acquired Property Fund Management plc, the holding company of the leading industrial property fund specialist, iOG.

Operating from offices in the UK, France, The Netherlands, Germany, Denmark and Poland, Teesland now has around £2.4 billion of property assets under management.

In September 2005 Teesland confirmed a bid approach : - " Teesland has noted press rumours and confirms that it has received an approach. Discussions are at a preliminary stage and may or may not lead to an offer being made for the company."

[sandbank] 24/11/2005 10:26

CHARLIE: Yes - what The Times said today is:-

"Revived hopes of a 130p a share offer enlivened Teesland, the property group, up 7½p at 96p, which drew a bid approach in September." However I think we need a thread with charts and news etc on it - don't you?

If everyone's OK about it I'll set one up this morning.

[charlie100] 24/11/2005 08:02

Times talking of 130p bid, today.

[tole] 23/11/2005 11:49

Seller gone or an announcement due today perhaps?

[tole] 23/11/2005 11:26

Well back into the 90's now as suggested...still unsure as to the positive outcome of the bid though - but in the meantime it is goingup... :)

[charlie100] 21/11/2005 11:57

You have to think their must be a largish seller, as so much went through at the mid price?

However bid price is 1p up today.........

[tole] 17/11/2005 09:24

Plenty of buying of late and share price looks to be recovering back into the 90's.....announcement to come soon??

[tole] 02/11/2005 14:30

Inching back slowly over the last few days...maybe something still in the offing.

[tole] 01/11/2005 14:26

Teesland receives takeover approach

Palmer is one party in talks with fund manager


23.09.2005

By Molly Dover

Property fund manager Teesland has received a takeover approach.

The company, which itself acquired John Sims' Property Fund Management business a year ago, confirmed to the stock exchange on Monday that it had received an approach, and said that discussions were at a preliminary stage.

Ray Palmer's Palmer Capital Partners is one party that has made an approach. It is understood to have been in discussions with Teesland in the past, and is believed to be in ongoing talks.

Teesland has received more than one approach, and Monday's announcement is expected to spark widespread interest in the company, which has £2.4bn of assets under management and a network of European offices.

Rival property fund manager Capital & Regional is not thought to be considering an approach for the company, and neither is Arlington Securities, which acquired fund management business Aberdeen Property Investors in May last year.

Arlington chief executive Patrick Deigman told Property Week: 'Arlington did have an interest in Teesland and, although we have not pursued discussions on this occasion, it is good to see that property fund management businesses are proving so popular.'

Warner Estate Holdings, which bought industrial investor and fund manager Ashtenne for £168m in April, had not approached Teesland before Monday's announcement.

It may now be prompted to do so.

Market experts have been surprised by Teesland's announcement. The company had been considered acquisitive rather than a candidate for takeover.

Teesland, headed by chief executive Mickola Wilson, will be attractive to existing fund managers looking to increase their assets under management, as well as to anyone looking for a presence in Europe.

It has offices in Paris, Amsterdam, Copenhagen, Berlin, Spain and Warsaw as a result of its acquisition of specialist industrial fund manager IOG Group.

Teesland's share price jumped 12.5% to close at 90p after the announcement on Monday and continued to rise to 97.5p the following day.

Teesland's market capitalisation is around £116m, but industry experts suggested that any bid for the company is likely to be in the region of £150m. This equates to around 125p a share.

Teesland's largest shareholder is chairman Kevin McCabe, who through his own stake and that of his company, Scarborough Group, controls 13.7% of the company.

A further 3.91% is owned by the other company directors including chief executive Mickola Wilson and finance director, Stephen McBride. Bank of Scotland owns 8.62% and fund manager Artemis holds 6.93%.

Other significant shareholders include global investment manager AMVESCAP, which has a 3.58% stake, and Fleming Mercantile Investment Trust, which owns 3.12%.

[tole] 01/11/2005 14:26

Teesland buys £100m industrial portfolio

Fund manager thought to be no longer in takeover talks

21.10.2005

By Molly Dover, Daniel Thomas

Property fund manager Teesland has bought a £100m industrial portfolio as speculation grows that talks to take over the company have ended.

Teesland has bought the Viking portfolio from Hemingway Properties. They comprise 1.6m sq ft (148,643 sq m), reflecting a net initial yield of about 7%.

The combined annual income is £7.2m and the average unexpired lease term is around 11 years.

Teesland has not yet decided what to do with the portfolio. It may put the properties into a single fund, split them between several of its existing funds or sell on part of the portfolio.

The 14 properties include the Wellsheads industrial estate in Aberdeen, which comprises 37 units and is let to tenants including John Wood Group, City Electrical Factors and Petrolvalves; two units let to Hozelock in Aylesbury; Unicorn Business Park in Bristol, which comprises nine multilet units; Gower Furniture's headquarters on the Holmfield industrial estate in Halifax; the Polestar complex, comprising two units in Worcester; and industrial units in Ipswich, Basildon, Portsmouth, Southam, Telford, Wrexham and Ellesmere Port.

Tenants of the properties include CGU International Insurance, Vauxhall Motors, Autobar Group and Johnson Apparelmaster.

Strutt & Parker advised Hemingway; John Miles & Co represented Teesland's operational arm Teesland IOG.

Teesland chief executive Mickola Wilson was unavailable for comment.

The company increased its industrial expertise last October when it acquired John Sims' Property Fund Management and its IOG brand.

Teesland, which held its annual general meeting yesterday, has been the subject of takeover talks. It made a stock exchange announcement in September saying it had received an approach.

Its share price hit a 52-week high of 100.5p in the week of the announcement, but has since settled back to 83.5p amid speculation that talks are no longer ongoing.

As Property Week went to press, it was understood that the original takeover discussions as well as other approaches, including one from Palmer Capital Partners, had not reached an advanced stage and it was unlikely that any formal offers would be made.

[tole] 01/11/2005 14:22

Rosemound to develop LDA's Olympic schemes

The London Development Agency has chosen shed developer Rosemound as its joint venture partner for two sites in east London to be used to relocate occupiers from Olympic areas.

28.10.2005

The LDA had shortlisted developers and funds including ProLogis, Kier, salmon Developments, TEESLAND, Slough Estates, Standard Life and AXA for the £77m partnership at Beckton Riverside and Leyton Business Park.

The LDA will enter into a profit-sharing arrangement with Rosemound, which will pay a set fee and could become part-landowner.

Rosemound will need to secure detailed consent at Beckton Riverside, a 23 acre (9.3 ha) site. It has outline consent and potential for 470,000 sq ft (43,664 sq m) of industrial space.

The site could contain between 15 and 25 units of 5,000-150,000 sq ft (464-13,935 sq m).

The 8 acre (3.2 ha) Leyton Business Park scheme does not yet have consent. The area could contain around 170,000 sq ft (15,793 sq m) in up to eight units of 5,000-70,000 sq ft (464-6,500 sq m).

The LDA has yet to secure formal board approval for the decision. Neither party was available for comment.

The LDA wants both schemes to be completed by early 2007.

It has not yet been decided whether relocated tenants will have their rents capped following the enforced move.

Knight Frank acted for the LDA on the Rosemound deal; CB Richard Ellis is acting for the LDA on the relocations.

[tole] 31/10/2005 09:33

British fund to buy Denmark's largest office building
18-10-2005

Property and construction:
The British-based estate investor, Teesland, has acquired Denmark's largest office building, "Store Hus" in Hvidovre, approx. ten km from Copenhagen City and the airport through its Danish subsidiary iOG Danmark.

The 70,000 square metre building was built by a Danish developer; however, in connection with his failure it was taken over by Realkredit Danmark that has now resold the property at 60 million Euros.

Presently half the property is empty; among others a 3,500 square metre shopping arcade at ground level which was supposed to service the other floors.

iOG Danmark will adapt the office building to decrease the idling to ten per cent over the next three years .

iOG has specialised in establishing estate funds for pension funds and institutional investors.

In Denmark there is an estate fund with eight pension funds as investors and since last summer they have acquired approx. 200 properties in Denmark for nearly 130 million Euros. Moreover, the fund is to invest another approx. 70 million Euros in non-residential properties within storage and light production and industry.

[njl53] 12/10/2005 17:04

Yet there seems to have been some positive support for the shares today and turnover was relatively high again.

[njl53] 12/10/2005 17:04

Yet there seems to have been some positive support for the shares today and turnover was relatively high again.

[diogenesj] 12/10/2005 12:07

Seems clear enough to me: the talks are off, someone knows about it and is selling, and it's time the company made an announcement.

[njl53] 12/10/2005 11:15

Annual meeting is on October 20th - maybe they will say something before then or at it - trend looked v negative this morning but seems to be stabilising.

[markhutch] 12/10/2005 09:31

Call me a cynic but do you suppose the talks aren't going well ?
Down 2p yesterday and now another 5p!

[njl53] 07/10/2005 10:58

My only thoughts are: 1) presumably bid talks are still taking place or they would have had to say they had terminated; 2) reading the profile of the activities of Macquarie of Australia in the Daily Mail today (the company hoping to bid for London Stock Exchange) makes me think Teesland is shaping up to be a property-oriented version of what Macquarie has done very profitably in utilities, roads, airports etc - ie placing investments with other holders and taking fees for both the placement and ongoing management etc.

[tatie] 04/10/2005 22:16

And more again by the end of the day, but there have been numerous days where there has apparently been a lot of activity but without any progress - price-wise at least. Cross-overs should be denoted differently from ordinary trades and most large trades in these shares aren't. I really don't know what to make of it - they are fairly narrowly held and it doesn't usually take much demand to move the price. Any thoughts?

[njl53] 04/10/2005 15:20

Shares now up 1p on better volume including 132800 trasded at 90p at 1506h which looks like a buy judging by previous trading range and also looks encouraging. Turning down an offer, of course, could also be a positive - WS Atkins rejected a bid at I think 110p and subsequently have soared to 6 times that figure. PS Another 40,000 traded at 90p at 1549 - volume now over 414000 for the day so far.

[njl53] 04/10/2005 09:55

The Times market report today says the shares fell on Monday on 'word' that bid talks have 'faltered' - but share price looks steady this morning.

[diogenesj] 03/10/2005 22:27

Yes, I'm beginning to fear that the offer has fallen through. Reasonable value at this price, though, even without an offer.

[tatie] 03/10/2005 21:37

Just a little concerned by today's drop in price. If the suggested level of the offer price is circa 125/130p, why such a disparity between that and today's 89/90p? Someone, perhaps, doesn't expect a positive outcome?

[njl53] 29/9/2005 14:59

Up a little today - has anyone seen the report and accounts that went out today and if so do they mention the bid talks? I hold through a nominee a/c so dont get company documents sent to me.