Circle Property Share Discussion Threads

[2wild] 18/5/2023 07:34

Final return no more than 4p.

Sold last of mine for 16.5p

[sbb1x] 17/5/2023 08:47

Last day of trading 31st may

[apollocreed1] 05/5/2023 11:34

So they just sold their last asset. But what a big write down! It was valued at £5.5m at the end of September 2022 and they sold it for £2.9m. Rental income of £390k pa means it was sold on a yield of more than 13%.

[sbb1x] 18/4/2023 11:06

Delisting may 2023

[tp6] 22/3/2023 09:57

Timescale of about 6-8 weeks to wrap this one up?

[2wild] 17/3/2023 16:23

Ex 158p. Sold 1000 at £1.50. Then VID fell to 10p and was unable to sell any more.

[catabrit] 24/2/2023 11:47

Yeah I think I got my numbers wrong and there’s a bit more in it than I realised. It’s not a lot though but considering the lack of risk, it’s probably a decent investment. I concur with your thoughts on Palace. I think the discount is a bit harsh but there’s probably not as much upside as people assume. The office assets are really secondary and there’s no demand for them at institutional or 2021 prices. The only buyers are value-add guys and they all want value-add prices. It’s why I have avoided Regional REIT despite the attractive yield.

[hpcg] 24/2/2023 09:32

I made it 228p and that is not accounting for taxes and costs. Risk is much lower though. Annualised people can still make a decent turn but personally it isn't much of an opportunity. I took my losses in Palace as ultimately in the market there are going to be plenty of offices that are only worth brownfield redevelopment value.

[catabrit] 24/2/2023 07:25

Just had a quick look at this after the latest RNS. Unless I am mistaken, it looks like the total net proceeds will be coming in at a smidgen above the current MC. So, not a lot of margin in it. Makes you realise why stuff like Regional REIT and Palace trade at such large discounts to NAV.

[apollocreed1] 25/1/2023 17:17

@jane deer - Thanks. So doesn't look like there's a sure risk-free return to be made on this. I'll stick with my small position as looks quite opaque what the final return will be - and as you said, the easiest sales have gone through and there will be write-downs on the subsequent ones.

[jane deer] 25/1/2023 15:10

Apollo

I suggest you look at the outlook section of the Half Year Results (to end Sept) released on 9 Dec.

The NAV as at the end-Sept was £2.73 but you have start making deductions from there. Taking account of the LTIP, the NAVps falls to £2.64p. But in addition, the future sales will not be done at book value - therefore the actually realised value will be less than that. Presumably, the easier to sell properties have already been sold. For example, today's announcement of the sale of Victory House was done at a 14% discount to book.

[2wild] 21/1/2023 00:31

Using 46 million figure, we should get 157p in 6 to 8 weeks.

[nickrl] 22/12/2021 14:04

Brummy git Christopher Mills says very little actually "If they don't narrow the discount we will" make what you want of a comment like that!!

[brummy_git] 22/12/2021 11:17

Christopher Mills talks positively about Circle Property (54:10) here.

www.linkedin.com/feed/update/urn:li:activity:6879354290515841026/

www.youtube.com/watch?v=cG7_82WZdmc&t=2135s

[pdosullivan] 18/12/2021 09:37

These lads should have engaged with Palace Capital and done an all share merger when PCA was on their register. The cost synergies from having a single management team and (presumably) on renegotiating lending facilities would have been very accretive. The market also pays more attention to the larger property groups.

[nickrl] 17/12/2021 20:17

Couple of office sales gone through today with the price achieved on Moorgate pretty impressive - who says offices are going out of vogue

"In addition, the Company is pleased to announce that it has exchanged contracts to sell 141 Moorgate, London to Moorgate (141) Properties Ltd. The total sale price of approximately GBP7.1 million (of which 51.04% is due to the Company as head lessee) represents a 27.3% increase on the 30 September 2021 valuation of GBP2.85 million (the valuation of the Company's 51.04% interest). The cash proceeds from the sale due to the Company of GBP3.6 million will, on completion, be utilised to reduce the Company's gearing"

[nickrl] 27/9/2021 21:56

PCA have 5% and have previously attempted a merger with them but didn't go anywhere. I see they've had quite a fire sale over last month getting good prices but depleting their income earning assets.

[george stobart] 27/9/2021 13:51

this looks like a sitting duck waiting for a takeover

[skyship] 16/10/2020 09:30

Good, today's Update states a few sales may take place to reduce the high LTV.

[shieldbug] 27/8/2020 18:16

I note a recent RNS from Vianet - while "working from home, has been very successful, we recognised that this way of working is difficult for many and is often less productive and inspiring than our office environment."

Vianet are very unlikely to be a tenant of Circle but they may be quite typical of a regional office.

[nickrl] 14/4/2020 09:39

CRC C19 update today. Rental collection at 70% forecasting 79% by end of month. They have put out a NAV update to 31/03/20 which is pretty good going. Year end results deferred for six months and expects divi to be maintained.

[2wild] 21/2/2020 16:25

Nice 10% rise, well overdue IMHO.