Custodian Property Incom... Share Discussion Threads

[spectoacc] 10/4/2024 09:17

It's good, but was announced with the trading update in February. The 15% premium amounts to about £300k, which I guess pays for a small part of what they spent on the API merger attempt.

Might have hoped for more with the "..Strong demand from residential developers..".

The full proceeds would pay slightly under half of the API costs.

[nickrl] 10/4/2024 08:55

Its an empty property so cash in hand and savings on operating costs.

[cwa1] 10/4/2024 07:57

Nice bit of business

[ammons] 10/4/2024 07:29

Disposal at 15% premium to 31 Dec 2023 valuation.

[skyship] 03/4/2024 15:08

I'm sure you're right - yet API languishing down to 49p. In wind-down mode they look pretty likely to hit a 20%pa GRY, so looking a real bargain.

[nickrl] 03/4/2024 14:44

Im sure both CREI and SHED and no doubt others will make informal offers for API assets and see if a deal can be done.

[pharmaboy3] 03/4/2024 13:48

Richard Sheperd-Cross is an exceptional CEO.Mattioli Woods/Custodian Capital needs to keep him on board .He has built an exceptional team that have intimate knowledge of their properties/ tenants. I'm sure he will now be cherry-picking the abrdn properties.

[nickrl] 02/4/2024 08:06

Couple of disposals but the Warrington one is exceptional. Its an industrial is vacant but has planning permission sold for 61% premia.

[skyship] 01/4/2024 10:16

Hmm - highly unlikely as both Investment Managers would want to be top dog!

[nickrl] 31/3/2024 22:32

So we have CREI and PCTN both jilted perhaps they will have a conversation

[skyship] 31/3/2024 09:01

Likewise with CLI; though of course it is XD 5.35p, so equivalent to c91.5p...

[badtime] 30/3/2024 21:21

Thanks...I think very few thought CREI or SHED wouldn't succeedI saw your comments re API over on its thread ...toying with buying sub 50Really hoping CLI picks up!

[nickrl] 29/3/2024 18:23

@riverman how have the board tarnished there reputation. They pitched a low ball offer and got the API BoDs to support it. Unfortunately the risk was always there that the API shareholders could vote it down.

I also never know why they traded so much better than their peer group, especially pre covid, but 70p was nice entry point for the yield.

[skyship] 29/3/2024 07:28

Badtime - well done - good trade. I screwed it up as never sold cheaply bought API, thinking the CREI offer success inevitable. Traded out a few; but now bought back as below 50p API really cheap on wind-up. GRY could well be more than 20% pa...

[riverman77] 28/3/2024 15:54

Well done to those who got out first thing - surprised it bounced back so strongly, but don't think it was justified as the board have tarnished their reputation somewhat and would expect it to take a while to recover. And frankly never understood why CREI always had such a high rating, when it doesn't really look any better than the other REITS on much wider discounts

[pharmaboy3] 28/3/2024 15:49

Liberium thinks that CREI is in play now HTTps://www.investmentweek.co.uk/news/4190911/custodian-property-income-reit-considered-takeover-target-failed-abrdn-merger

[pharmaboy3] 28/3/2024 08:49

Depends on how the new owners of Mattioli Woods,Pollen Street Capital, view it.MW created CREI.I do believe this will have shone a positive light on CREI and its management team.PSC might well supply funds to increase the portfolio.

[essentialinvestor] 28/3/2024 08:19

Also out, lovely result.
Mid 80's was my 12 month target.

Luck to holders.

[cwa1] 28/3/2024 08:14

Seems a very decent reaction. So I've decided to take the ill gotten gains here and get out of Dodge. Good luck to those that stay

[essentialinvestor] 28/3/2024 08:07

Lovely, sold a few.

[glavey] 28/3/2024 07:05

Does this now leave CREI vunerable to an approach?

[riverman77] 27/3/2024 23:18

Well they would need to pay cash now, and for the best assets would need to much pay closer to NAV (certainly not at a 25% discount which they would have got with this deal)

[l2s] 27/3/2024 23:00

Presumably CREI will now be in a position to cherry-pick just some of the best assets from the wind-up so overall it could be to their advantage?

[essentialinvestor] 27/3/2024 18:58

Surprised tbh. Although it's the reason I opted for CREI, over API (on recent trades) - I had rejection as an outside possibility.

API might possibly be worth a look tomorrow, price dependent.

Not all PI's will be happy with a wind up situation, difficult to judge an attractive price - tax implications as well.

And tax implications need to be allowed for in any buy price.


Expensive diversion for CREI, but we should open higher Thursday.